Home > 106th Congressional Bills > S. 2410 (is) To increase the authorization of appropriations for the Reclamation Safety of Dams Act of 1978, and for other purposes. [Introduced in Senate] ...

S. 2410 (is) To increase the authorization of appropriations for the Reclamation Safety of Dams Act of 1978, and for other purposes. [Introduced in Senate] ...


Google
 
Web GovRecords.org








108th CONGRESS
  1st Session
                                 S. 240

To amend the Internal Revenue Code of 1986 to allow allocation of small 
   ethanol producer credit to patrons of cooperative, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 29, 2003

 Mr. Fitzgerald (for himself, Mr. Johnson, Mr. Hagel, and Mr. Harkin) 
introduced the following bill; which was read twice and referred to the 
                          Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to allow allocation of small 
   ethanol producer credit to patrons of cooperative, 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. SMALL ETHANOL PRODUCER CREDIT.

    (a) Allocation of Alcohol Fuels Credit to Patrons of a 
Cooperative.--Subsection (g) of section 40 of the Internal Revenue Code 
of 1986 (relating to alcohol used as fuel) is amended by adding at the 
end the following new paragraph:
            ``(6) Allocation of small ethanol producer credit to 
        patrons of cooperative.--
                    ``(A) Election to allocate.--
                            ``(i) In general.--In the case of a 
                        cooperative organization described in section 
                        1381(a), any portion of the credit determined 
                        under subsection (a)(3) for the taxable year 
                        may, at the election of the organization, be 
                        apportioned pro rata among patrons of the 
                        organization on the basis of the quantity or 
                        value of business done with or for such patrons 
                        for the taxable year.
                            ``(ii) Form and effect of election.--An 
                        election under clause (i) for any taxable year 
                        shall be made on a timely filed return for such 
                        year. Such election, once made, shall be 
                        irrevocable for such taxable year.
                    ``(B) Treatment of organizations and patrons.--The 
                amount of the credit apportioned to patrons under 
                subparagraph (A)--
                            ``(i) shall not be included in the amount 
                        determined under subsection (a) with respect to 
                        the organization for the taxable year,
                            ``(ii) shall be included in the amount 
                        determined under subsection (a) for the taxable 
                        year of each patron for which the patronage 
                        dividends for the taxable year described in 
                        subparagraph (A) are included in gross income, 
                        and
                            ``(iii) shall be included in gross income 
                        of such patrons for the taxable year in the 
                        manner and to the extent provided in section 
                        87.
                    ``(C) Special rules for decrease in credits for 
                taxable year.--If the amount of the credit of a 
                cooperative organization determined under subsection 
                (a)(3) for a taxable year is less than the amount of 
                such credit shown on the return of the cooperative 
                organization for such year, an amount equal to the 
                excess of--
                            ``(i) such reduction, over
                            ``(ii) the amount not apportioned to such 
                        patrons under subparagraph (A) for the taxable 
                        year,
                shall be treated as an increase in tax imposed by this 
                chapter on the organization. Such increase shall not be 
                treated as tax imposed by this chapter for purposes of 
                determining the amount of any credit under this chapter 
                or for purposes of section 55.''.
    (b) Improvements to Small Ethanol Producer Credit.--
            (1) Definition of small ethanol producer.--Section 40(g) of 
        such Code (relating to definitions and special rules for 
        eligible small ethanol producer credit) is amended by striking 
        ``30,000,000'' each place it appears and inserting 
        ``60,000,000''.
            (2) Small ethanol producer credit not a passive activity 
        credit.--Clause (i) of section 469(d)(2)(A) of such Code is 
        amended by striking ``subpart D'' and inserting ``subpart D, 
        other than section 40(a)(3),''.
            (3) Allowing credit against entire regular tax and minimum 
        tax.--
                    (A) In general.--Subsection (c) of section 38 of 
                such Code (relating to limitation based on amount of 
                tax) is amended by redesignating paragraph (4) as 
                paragraph (5) and by inserting after paragraph (3) the 
                following new paragraph:
            ``(4) Special rules for small ethanol producer credit.--
                    ``(A) In general.--In the case of the small ethanol 
                producer credit--
                            ``(i) this section and section 39 shall be 
                        applied separately with respect to the credit, 
                        and
                            ``(ii) in applying paragraph (1) to the 
                        credit--
                                    ``(I) the amounts in subparagraphs 
                                (A) and (B) thereof shall be treated as 
                                being zero, and
                                    ``(II) the limitation under 
                                paragraph (1) (as modified by subclause 
                                (I)) shall be reduced by the credit 
                                allowed under subsection (a) for the 
                                taxable year (other than the small 
                                ethanol producer credit).
                    ``(B) Small ethanol producer credit.--For purposes 
                of this subsection, the term `small ethanol producer 
                credit' means the credit allowable under subsection (a) 
                by reason of section 40(a)(3).''.
                    (B) Conforming amendments.--Subclause (II) of 
                section 38(c)(2)(A)(ii) and subclause (II) of section 
                38(c)(3)(A)(ii) are each amended by inserting ``or the 
                small ethanol producer credit'' after ``employee 
                credit''.
            (4) Small ethanol producer credit not added back to income 
        under section 87.--Section 87 of such Code (relating to income 
        inclusion of alcohol fuel credit) is amended to read as 
        follows:

``SEC. 87. ALCOHOL FUEL CREDIT.

    ``Gross income includes an amount equal to the sum of--
            ``(1) the amount of the alcohol mixture credit determined 
        with respect to the taxpayer for the taxable year under section 
        40(a)(1), and
            ``(2) the alcohol credit determined with respect to the 
        taxpayer for the taxable year under section 40(a)(2).''.
    (c) Conforming Amendment.--Section 1388 of such Code (relating to 
definitions and special rules for cooperative organizations) is amended 
by adding at the end the following new subsection:
    ``(k) Cross Reference.--For provisions relating to the 
apportionment of the alcohol fuels credit between cooperative 
organizations and their patrons, see section 40(g)(6).''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
                                 <all>

Pages: 1

Other Popular 106th Congressional Bills Documents:

1 H.R. 3803 (ih) To suspend until June 30, 2003, the duty on transformers for use in certain radiobroadcast receivers capable of receiving signals on AM and FM frequencies. [Introduced in House] ...
2 H.R. 5034 (ih) To expand loan forgiveness for teachers, and for other purposes. [Introduced in House] ...
3 H.R. 4430 (rfs) To redesignate the facility of the United States Postal Service located at 8926 Baltimore Street in Savage, Maryland, as the ``Alfred Rascon Post Office Building''. [Referred in Senate] ...
4 H.R. 3686 (ih) To amend the Clean Air Act and titles 23 and 49, United States Code, to provide for continued authorization of funding of transportation projects after a lapse in transportation conformity. [Introduced in House] ...
5 S. 2721 (is) To amend the Internal Revenue Code of 1986 to restore the deduction for lobbying expenses in connection with State legislation. [Introduced in Senate] ...
6 H.R. 1383 (ih) To amend the Internal Revenue Code of 1986 to allow registered vendors to administer refunds of Federal excise taxes on kerosene used in unvented heaters for home heating purposes. [Introduced in House] ...
7 H.R. 3323 (rfs) To designate the Federal building located at 158-15 Liberty Avenue in Jamaica, Queens, New York, as the ``Floyd H. Flake Federal Building''. [Referred in Senate] ...
8 H.R. 4315 (ih) To designate the facility of the United States Postal Service located at 3695 Green Road in Beachwood, Ohio, as the ``Larry Small Post Office Building''. [Introduced in House] ...
9 S. 380 (is) To reauthorize the Congressional Award Act. [Introduced in Senate] ...
10 H.R. 1143 (eas) [Engrossed Amendment Senate] ...
11 S. 1542 (is) To amend the Federal Food, Drug, and Cosmetic Act to require any person who reprocesses a medical device to comply with certain safety requirements, and for other purposes. [Introduced in Senate] ...
12 S. 2992 (is) To amend title XVIII of the Social Security Act to reimburse essential access home health providers for the reasonable costs of providing home health services in rural areas. [Introduced in Senate] ...
13 H.J.Res. 121 (enr) Making further continuing appropriations for the fiscal year 2001, and for other purposes. [Enrolled bill] ...
14 H.Res. 188 (ath) Designating minority membership on certain standing committees of the House. [Agreed to House] ...
15 H.R. 5219 (ih) To amend the Internal Revenue Code of 1986 to allow a credit against income tax for research related to developing vaccines against widespread diseases and ensure that such vaccines are affordable and widely distributed. [Introduced in Hous...
16 H.Res. 341 (eh) [Engrossed in House] ...
17 S. 3268 (is) To amend the Oil Pollution Act of 1990 to improve provisions concerning the recovery of damages for injuries resulting from oil spills. [Introduced in Senate] ...
18 S.Res. 371 (is) Expressing the sense of the Senate that a commemorative postage stamp should be issued to honor sculptor Korczak Ziolkowski. [Introduced in Senate] ...
19 S. 2945 (is) For the relief of David Bale. [Introduced in Senate] ...
20 H.R. 4601 (ih) To provide for reconciliation pursuant to section 213(c) of the concurrent resolution on the budget for fiscal year 2001 to reduce the public debt and to decrease the statutory limit on the public debt. [Introduced in House] ...
21 S. 777 (es) To require the Department of Agriculture to establish an electronic [Engrossed in Senate] ...
22 H.R. 4979 (ih) To amend the Agriculture Market Transition Act to extend the [Introduced in House] ...
23 S. 880 (rs) To amend the Clean Air Act to remove flammable fuels from the list of substances with respect to which reporting and other activities are required under the risk management plan program. [Reported in Senate] ...
24 H.R. 5508 (ih) To amend the Public Health Service Act to establish a demonstration [Introduced in House] ...
25 H.R. 4690 (rds) Making appropriations for the Departments of Commerce, Justice, and State, the Judiciary, and related agencies for the fiscal year ending September 30, 2001, and for other purposes. [Received in the Senate] ...
26 H.R. 1256 (ih) To amend the Securities Exchange Act of 1934 to provide for an annual limit on the amount of certain fees which may be collected by the Securities and Exchange Commission. [Introduced in House] ...
27 H.R. 5495 (ih) To amend the Agricultural Marketing Act of 1946 to enhance dairy markets through dairy product mandatory reporting, and for other purposes. [Introduced in House] ...
28 S. 2156 (is) To suspend through December 31, 2003, the duty on textured rolled glass sheets. [Introduced in Senate] ...
29 S. 348 (rs) To authorize and facilitate a program to enhance training, research and development, energy conservation and efficiency, and consumer education in the oilheat industry for the benefit of oilheat consumers and the public, and for other purposes...
30 H.R. 2816 (eh) To establish a grant program to assist State and local law enforcement in deterring, investigating, and prosecuting computer crimes. [Engrossed in House] ...


Other Documents:

106th Congressional Bills Records and Documents

GovRecords.org presents information on various agencies of the United States Government. Even though all information is believed to be credible and accurate, no guarantees are made on the complete accuracy of our government records archive. Care should be taken to verify the information presented by responsible parties. Please see our reference page for congressional, presidential, and judicial branch contact information. GovRecords.org values visitor privacy. Please see the privacy page for more information.
House Rules:

104th House Rules
105th House Rules
106th House Rules

Congressional Bills:

104th Congressional Bills
105th Congressional Bills
106th Congressional Bills
107th Congressional Bills
108th Congressional Bills

Supreme Court Decisions

Supreme Court Decisions

Additional

1995 Privacy Act Documents
1997 Privacy Act Documents
1994 Unified Agenda
2004 Unified Agenda

Congressional Documents:

104th Congressional Documents
105th Congressional Documents
106th Congressional Documents
107th Congressional Documents
108th Congressional Documents

Congressional Directory:

105th Congressional Directory
106th Congressional Directory
107th Congressional Directory
108th Congressional Directory

Public Laws:

104th Congressional Public Laws
105th Congressional Public Laws
106th Congressional Public Laws
107th Congressional Public Laws
108th Congressional Public Laws

Presidential Records

1994 Presidential Documents
1995 Presidential Documents
1996 Presidential Documents
1997 Presidential Documents
1998 Presidential Documents
1999 Presidential Documents
2000 Presidential Documents
2001 Presidential Documents
2002 Presidential Documents
2003 Presidential Documents
2004 Presidential Documents

Home Executive Judicial Legislative Additional Reference About Privacy