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S.278: Job Preservation and Sequester Replacement Act of 2013

About this Bill

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Sponsor Sheldon Whitehouse, D-R.I.
Total Cosponsors 7 (6 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 Sequester Replacement Act of 2013 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to modify the formula for calculating total deficit reduction requirements for FY2013.

Amends the American Taxpayer Relief Act of 2012 to repeal the requirement that the President order a sequestration (automatic cuts in discretionary spending) 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 r...

(Source: Congressional Research Service)

Bill Actions

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