S.277: Job Preservation and Economic Certainty Act of 2013

About this Bill

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Sponsor Sheldon Whitehouse, D-R.I.
Total Cosponsors 3 (2 Democrats, 1 Independent)
Introduced Feb. 11, 2013
Latest Major Action Feb. 11, 2013
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Bill Progress

  • Bill introduced in the Senate   
  • Bill passed in the Senate   
  • Bill passed in the House   
  • Bill signed into law

Bill Summary

Job Preservation and Economic Certainty Act of 2013 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to revise discretionary spending limits for FY2012-FY2021. Repeals the requirement that the President order a sequestration for FY2013.

Amends the Internal Revenue Code to: (1) require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year; (2) require a shareholder of a subchapter S corporation engaged in a professional service business to include all items of income or loss attributable to such business in determining such shareholder's net earnings from self-employment for purposes of computing employment tax liability; (3) increase the recovery period for the depreciation of general aviation aircraft; (4) limit itemized deductions for taxpayers whose adjusted gross ...

(Source: Congressional Research Service)

Bill Actions

Date Description
Feb. 11, 2013 Read twice and referred to the Committee on Finance.