| Home > 106th Congressional Bills > S. 2500 (is) To authorize the Secretary of Transportation to issue a certificate of documentation with appropriate endorsement for employment in the coastwise trade for the vessel PUFFIN. [Introduced in Senate] ...
S. 2500 (is) To authorize the Secretary of Transportation to issue a certificate of documentation with appropriate endorsement for employment in the coastwise trade for the vessel PUFFIN. [Introduced in Senate] ...
108th CONGRESS 1st Session S. 24 To amend the Internal Revenue Code of 1986 to exclude from gross income dividends received by individuals. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES January 7, 2003 Mrs. Hutchison 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 exclude from gross income dividends received by individuals. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. EXCLUSION OF DIVIDEND INCOME FROM TAX. (a) In General.--Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 (relating to amounts specifically excluded from gross income) is amended by inserting after section 115 the following new section: ``SEC. 116. EXCLUSION OF DIVIDENDS RECEIVED BY INDIVIDUALS. ``(a) Exclusion From Gross Income.--Gross income does not include dividends otherwise includible in gross income which are received during the taxable year by an individual. ``(b) Certain Dividends Excluded.--Subsection (a) shall not apply to any dividend from a corporation which, for the taxable year of the corporation in which the distribution is made, or for the next preceding taxable year of the corporation, is a corporation exempt from tax under section 501 (relating to certain charitable, etc., organization) or section 521 (relating to farmers' cooperative associations). ``(c) Special Rules.--For purposes of this section-- ``(1) Exclusion not to apply to capital gain dividends from regulated investment companies and real estate investment trusts.-- ``For treatment of capital gain dividends, see sections 854(a) and 857(c). ``(2) Certain nonresident aliens ineligible for exclusion.--In the case of a nonresident alien individual, subsection (a) shall apply only-- ``(A) in determining the tax imposed for the taxable year pursuant to section 871(b)(1) and only in respect of dividends which are effectively connected with the conduct of a trade or business within the United States, or ``(B) in determining the tax imposed for the taxable year pursuant to section 877(b). ``(3) Dividends from employee stock ownership plans.-- Subsection (a) shall not apply to any dividend described in section 404(k).'' (b) Conforming Amendments.-- (1)(A) Subparagraph (A) of section 135(c)(4) of such Code is amended by inserting ``116,'' before ``137''. (B) Subsection (d) of section 135 of such Code is amended by redesignating paragraph (4) as paragraph (5) and by inserting after paragraph (3) the following new paragraph: ``(4) Coordination with section 116.--This section shall be applied before section 116.'' (2) Subsection (c) of section 584 of such Code is amended by adding at the end thereof the following new flush sentence: ``The proportionate share of each participant in the amount of dividends received by the common trust fund and to which section 116 applies shall be considered for purposes of such section as having been received by such participant.'' (3) Subsection (a) of section 643 of such Code is amended by redesignating paragraph (7) as paragraph (8) and by inserting after paragraph (6) the following new paragraph: ``(7) Dividends.--There shall be included the amount of any dividends excluded from gross income pursuant to section 116.'' (4) Section 854(a) of such Code is amended by inserting ``section 116 (relating to exclusion of dividends received by individuals) and'' after ``For purposes of''. (5) Section 857(c) of such Code is amended to read as follows: ``(c) Restrictions Applicable to Dividends Received From Real Estate Investment Trusts.-- ``(1) Treatment for section 116.--For purposes of section 116 (relating to exclusion of dividends received by individuals), a capital gain dividend (as defined in subsection (b)(3)(C)) received from a real estate investment trust which meets the requirements of this part shall not be considered as a dividend. ``(2) Treatment for section 243.--For purposes of section 243 (relating to deductions for dividends received by corporations), a dividend received from a real estate investment trust which meets the requirements of this part shall not be considered as a dividend.'' (6) The table of sections for part III of subchapter B of chapter 1 of such Code is amended by inserting after the item relating to section 115 the following new item: ``Sec. 116. Exclusion of dividends received by individuals.'' (c) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2002. <all>
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