| Home > 106th Congressional Bills > H.R. 5081 (ih) To amend part B of title IV of the Social Security Act to create a grant program to promote joint activities among Federal, State, and local public child welfare and alcohol and drug abuse prevention and treatment agencies. [Introduced in H...
H.R. 5081 (ih) To amend part B of title IV of the Social Security Act to create a grant program to promote joint activities among Federal, State, and local public child welfare and alcohol and drug abuse prevention and treatment agencies. [Introduced in H...
108th CONGRESS 2d Session H. R. 5080 To amend the Internal Revenue Code of 1986 to allow employers a $1,000 credit against income tax for every 3 years that they employ a veteran. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES September 15, 2004 Mr. Saxton (for himself, Mr. Burr, Mr. Wilson of South Carolina, Mr. Cardoza, Mr. Meehan, Mr. Walsh, Mr. Garrett of New Jersey, Mr. Stenholm, Mr. Sherwood, Mr. LoBiondo, Ms. Ros-Lehtinen, Mr. Sandlin, Mr. Sensenbrenner, Mr. Gibbons, and Mr. Towns) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to allow employers a $1,000 credit against income tax for every 3 years that they employ a veteran. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Veterans' Employment Act of 2004''. SEC. 2. $1,000 INCOME TAX CREDIT EVERY 3 YEARS FOR EMPLOYING A VETERAN. (a) In General.--Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to business related credits) is amended by inserting after section 45F the following new section: ``SEC. 45G. EMPLOYER CREDIT FOR EVERY 3 YEARS OF FULL-TIME EMPLOYMENT OF VETERAN. ``(a) In General.--For purposes of section 38, the veteran employment credit determined under this section for the taxable year is $1,000 for each veteran (as defined in section 101 of title 38, United States Code) whose has a 3-year employment period ending during the taxable year. ``(b) 3-Year Employment Period.--For purposes of this section, a veteran's 3-year employment period is each 3-year period throughout which the veteran is a full-time employee of the taxpayer (or a predecessor) in a trade or business. A day of employment shall be taken into account under the preceding sentence with respect to any employment period only if not taken into account with respect to any prior period. ``(c) Special Rules.-- ``(1) Inflation adjustment.--In the case of any taxable year beginning in a calendar year after 2005, the dollar amount contained in subsection (a) shall be increased by an amount equal to-- ``(A) such dollar amount, multiplied by ``(B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting `calendar year 2004' for `calendar year 1992' in subparagraph (B) thereof. Any increase determined under the preceding sentence shall be rounded to the nearest multiple of $50. ``(2) Other rules.--Rules similar to the rules of section 52 shall apply for purposes of this section.'' (b) Credit Made Part of General Business Credit.-- (1) In general.--Subsection (b) of section 38 of such Code (relating to current year business credit) is amended by striking ``plus'' at the end of paragraph (14), by striking the period at the end of paragraph (15) and inserting ``, plus'', and by adding at the end thereof the following new paragraph: ``(16) the veteran employment credit determined under section 45G(a).''. (2) Limitation on carryback.--Subsection (d) of section 39 of such Code is amended by adding at the end the following new paragraph: ``(11) No carryback of veteran employment credit before effective date.--No portion of the unused business credit for any taxable year which is attributable to the credit determined under section 45G may be carried back to any taxable year beginning on or before the date of the enactment of this paragraph.''. (c) Clerical Amendment.--The table of sections for subpart D of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 45F the following new item: ``Sec. 45G. Employer credit for every 3 years of full-time employment of veteran.''. (d) Effective Date.--The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act; except that such amendments shall take into account periods of employment on or before such date. <all>
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