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108th CONGRESS
1st Session
S. 106
To amend the Internal Revenue Code of 1986 to increase and modify the
exclusion relating to qualified small business stock, to reduce the
depreciation recovery period for certain restaurant buildings, and for
other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
January 9, 2003
Ms. Collins introduced the following bill; which was read twice and
referred to the Committee on the Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to increase and modify the
exclusion relating to qualified small business stock, to reduce the
depreciation recovery period for certain restaurant buildings, and for
other purposes.
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 ``Small Business Growth and Worker
Assistance Act''.
SEC. 2. INCREASED EXCLUSION AND OTHER MODIFICATIONS APPLICABLE TO
QUALIFIED SMALL BUSINESS STOCK.
(a) Increased Exclusion.--
(1) In general.--Section 1202(a) of the Internal Revenue
Code of 1986 (relating to partial exclusion for gain from
certain small business stock) is amended by striking ``50
percent'' each place it appears and inserting ``75 percent''.
(2) Empowerment zone businesses.--Subparagraph (A) of
section 1202(a)(2) of the Internal Revenue Code of 1986
(relating to empowerment zone businesses) is amended by
striking ``60 percent'' and inserting ``85 percent''.
(b) Reduction in Holding Period.--
(1) In general.--Paragraph (1) of section 1202(a) of the
Internal Revenue Code of 1986 is amended by striking ``5
years'' and inserting ``3 years''.
(2) Conforming amendments.--
(A) Subparagraph (A) of section 1202(g)(2) of such
Code is amended by striking ``5 years'' and inserting
``3 years'',
(B) Subparagraph (C) of section 1202(h)(2) of such
Code is amended by striking ``5-year'' and inserting
``3-year'', and
(C) Subparagraph (A) of section 1202(j)(1) of such
Code is amended by striking ``5 years'' and inserting
``3 years''.
(c) Repeal of Minimum Tax Preference.--
(1) In general.--Section 57(a) of the Internal Revenue Code
of 1986 (relating to items of tax preference) is amended by
striking paragraph (7).
(2) Technical amendment.--Section 53(d)(1)(B)(ii)(II) of
such Code is amended by striking ``, (5), and (7)'' and
inserting ``and (5)''.
(d) Other Modifications.--
(1) Working capital limitation.--
(A) In general.--Section 1202(e)(6) of the Internal
Revenue Code of 1986 (relating to working capital) is
amended--
(i) in subparagraph (B), by striking ``2
years'' and inserting ``5 years''; and
(ii) by striking ``2 years'' in the last
sentence and inserting ``5 years''.
(B) Limitation on assets treated as used in active
conduct of business.--The second sentence of section
1202(e)(6) of such Code is amended by inserting
``described in subparagraph (A)'' after ``of the
corporation''.
(2) Exception from redemption rules where business
purpose.--Section 1202(c)(3) of such Code (relating to certain
purchases by corporation of its own stock) is amended by adding
at the end the following:
``(D) Waiver where business purpose.--A purchase of
stock by the issuing corporation shall be disregarded
for purposes of subparagraph (B) if the issuing
corporation establishes that there was a business
purpose for such purchase and one of the principal
purposes of the purchase was not to avoid the
limitations of this section.''.
(e) Excluded Qualified Trade or Business.--Section 1202(e)(3) of
the Internal Revenue Code of 1986 (relating to qualified trade or
business) is amended--
(1) by inserting ``, and is anticipated to continue to
be,'' before ``the reputation'' in subparagraph (A), and
(2) by inserting ``but not including the business of
raising fish or any business involving biotechnology
applications'' after ``trees'' in subparagraph (C).
(f) Increase in Cap on Eligible Gain for Joint Returns.--
(1) In general.--Section 1202(b)(1)(A) of the Internal
Revenue Code of 1986 (relating to per-issuer limitations on
taxpayer's eligible gain) is amended by inserting
``($20,000,000 in the case of a joint return)'' after
``$10,000,000''.
(2) Conforming amendment.--Section 1202(b)(3) of such Code
is amended by striking subparagraph (A) and redesignating
subparagraphs (B) and (C) as subparagraphs (A) and (B),
respectively.
(g) Decrease in Capital Gains Rate.--
(1) In general.--Subparagraph (A) of section 1(h)(5) of the
Internal Revenue Code of 1986 (relating to 28-percent gain) is
amended to read as follows:
``(A) collectibles gain, over''.
(2) Conforming amendments.--
(A) Section 1(h) of such Code is amended by
striking paragraph (8).
(B) Paragraph (9) of section 1(h) of such Code is
amended by striking ``, gain described in paragraph
(7)(A)(i), and section 1202 gain'' and inserting ``and
gain described in paragraph (7)(A)(i)''.
(h) Increase in Rollover Period for Qualified Small Business
Stock.--Subsections (a)(1) and (b)(3) of section 1045 of the Internal
Revenue Code of 1986 (relating to rollover of gain from qualified small
business stock to another qualified small business stock) are each
amended by striking ``60-day'' and inserting ``180-day''.
(i) Effective Date.--The amendments made by this section shall
apply to stock issued after the date of enactment of this Act.
SEC. 3. DEPRECIATION RECOVERY PERIOD FOR RESTAURANT BUILDINGS.
(a) 15-Year Recovery Period.--Section 168(e)(3)(E) of the Internal
Revenue Code of 1986 (relating to 15-year property) is amended by
striking ``and'' at the end of clause (ii), by striking the period at
the end of clause (iii) and inserting ``, and'', and by adding at the
end the following new clause:
``(iv) any section 1250 property which is a
retail restaurant facility or an improvement
thereto.''.
(b) Retail Restaurant Facility.--Section 168(e) of the Internal
Revenue Code of 1986 (relating to classification of property) is
amended by adding at the end the following new paragraph:
``(6) Retail restaurant facility.--The term `retail
restaurant facility' means any building if more than 50 percent
of the building's square footage is devoted to preparation of,
and seating for on-premises consumption of, prepared meals.''.
(c) Alternative System.--The table contained in section
168(g)(3)(B) of the Internal Revenue Code of 1986 is amended by
inserting after the item relating to subparagraph (E)(iii) the
following new item:
``(E)(iv)................................................... 20''.
(d) Effective Date.--The amendments made by this section shall
apply to property placed in service after the date of the enactment of
this Act and to all improvements made after such date.
SEC. 4. INCREASE IN SECTION 179 EXPENSING.
(a) In General.--Section 179(b)(1) of the Internal Revenue Code of
1986 (relating to dollar limitation) is amended to read as follows:
``(1) Dollar limitation.--The aggregate cost which may be
taken into account under subsection (a) for any taxable year
shall not exceed $50,000.''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2002.
SEC. 5. EXTENSION OF THE TEMPORARY EXTENDED UNEMPLOYMENT COMPENSATION
ACT OF 2002.
(a) In General.--Section 208 of the Temporary Extended Unemployment
Compensation Act of 2002 (Public Law 107-147; 116 Stat. 30) is amended
to read as follows:
``SEC. 208. APPLICABILITY.
``(a) In General.--Except as provided in subsection (b), an
agreement entered into under this title shall apply to weeks of
unemployment--
``(1) beginning after the date on which such agreement is
entered into; and
``(2) ending before July 1, 2003.
``(b) Transition for Amount Remaining in Account.--
``(1) In general.--Subject to paragraphs (2) and (3), in
the case of an individual who has amounts remaining in an
account established under section 203 as of June 28, 2003,
temporary extended unemployment compensation shall continue to
be payable to such individual from such amounts for any week
beginning after such date for which the individual meets the
eligibility requirements of this title.
``(2) No augmentation after june 28, 2003.--If the account
of an individual is exhausted after June 28, 2003, then section
203(c) shall not apply and such account shall not be augmented
under such section, regardless of whether such individual's
State is in an extended benefit period (as determined under
paragraph (2) of such section).
``(3) Limitation.--No compensation shall be payable by
reason of paragraph (1) for any week beginning after September
27, 2003.''.
(b) Effective Date.--The amendment made by this section shall take
effect as if included in the enactment of the Temporary Extended
Unemployment Compensation Act of 2002 (Public Law 107-147; 116 Stat.
21).
SEC. 6. WORKFORCE INVESTMENT.
Section 137 of the Workforce Investment Act of 1998 (29 U.S.C.
2872) is amended to read as follows:
``SEC. 137. AUTHORIZATION OF APPROPRIATIONS.
``(a) Youth Activities.--There is authorized to be appropriated and
there is appropriated to carry out the activities described in section
127(a), $1,000,000,000 for fiscal year 2003.
``(b) Adult Employment and Training Activities.--There is
authorized to be appropriated and there is appropriated to carry out
the activities described in section 132(a)(1), $2,000,000,000 for
fiscal year 2003.
``(c) Dislocated Worker Employment and Training Activities.--There
is authorized to be appropriated and there is appropriated to carry out
the activities described in section 132(a)(2), $2,000,000,000 for
fiscal year 2003.''.
SEC. 7. TEMPORARY STATE FISCAL RELIEF.
(a) Temporary Increase of Medicaid FMAP.--
(1) Permitting maintenance of fiscal year 2002 fmap for
last 2 calendar quarters of fiscal year 2003.--Notwithstanding
any other provision of law, but subject to paragraph (5), if
the FMAP determined without regard to this subsection for a
State for fiscal year 2003 is less than the FMAP as so
determined for fiscal year 2002, the FMAP for the State for
fiscal year 2002 shall be substituted for the State's FMAP for
the third and fourth calendar quarters of fiscal year 2003,
before the application of this subsection.
(2) Permitting maintenance of fiscal year 2003 fmap for
fiscal year 2004.--Notwithstanding any other provision of law,
but subject to paragraph (5), if the FMAP determined without
regard to this subsection for a State for fiscal year 2004 is
less than the FMAP as so determined for fiscal year 2003, the
FMAP for the State for fiscal year 2003 shall be substituted
for the State's FMAP for each calendar quarter of fiscal year
2004, before the application of this subsection.
(3) General 1.35 percentage points increase for last 2
calendar quarters of fiscal year 2003 and fiscal year 2004.--
Notwithstanding any other provision of law, but subject to
paragraphs (5) and (6), for each State for the third and fourth
calendar quarters of fiscal year 2003 and each calendar quarter
of fiscal year 2004, the FMAP (taking into account the
application of paragraphs (1) and (2)) shall be increased by
1.35 percentage points.
(4) Increase in cap on medicaid payments to territories.--
Notwithstanding any other provision of law, but subject to
paragraph (6), with respect to the third and fourth calendar
quarters of fiscal year 2003 and each calendar quarter of
fiscal year 2004, the amounts otherwise determined for Puerto
Rico, the Virgin Islands, Guam, the Northern Mariana Islands,
and American Samoa under subsections (f) and (g) of section
1108 of the Social Security Act (42 U.S.C. 1308) shall each be
increased by an amount equal to 2.7 percent of such amounts.
(5) Scope of application.--The increases in the FMAP for a
State under this subsection shall apply only for purposes of
title XIX of the Social Security Act and shall not apply with
respect to--
(A) disproportionate share hospital payments
described in section 1923 of such Act (42 U.S.C. 1396r-
4), or
(B) payments under title IV or XXI of such Act (42
U.S.C. 601 et seq. and 1397aa et seq.).
(6) State eligibility.--
(A) In general.--Subject to subparagraph (B), a
State is eligible for an increase in its FMAP under
paragraph (3) or an increase in a cap amount under
paragraph (4) only if the eligibility under its State
plan under title XIX of the Social Security Act
(including any waiver under such title or under section
1115 of such Act (42 U.S.C. 1315)) is no more
restrictive than the eligibility under such plan (or
waiver) as in effect on January 1, 2003.
(B) State reinstatement of eligibility permitted.--
A State that has restricted eligibility under its State
plan under title XIX of the Social Security Act
(including any waiver under such title or under section
1115 of such Act (42 U.S.C. 1315)) after January 1,
2003, but prior to the date of enactment of this Act is
eligible for an increase in its FMAP under paragraph
(3) or an increase in a cap amount under paragraph (4)
in the first calendar quarter (and subsequent calendar
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