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United States · Bill · S

S. 1162 (108th)

Working Taxpayer Fairness Restoration Act

openUnited States· United States Congress· EN

Introduced

2 June 2003

Last action

9 July 2003 · Floor

Status

Motion to proceed to consideration of measure tabled in Senate by Yea-Nay Vote. 51 - 45. Record Vote Number: 266. (consideration: CR S9094-9095)

Sponsors

Sen. Lincoln, Blanche L. [D-AR], Sen. Snowe, Olympia J. [R-ME], Sen. Warner, John [R-VA], Sen. Rockefeller, John D., IV [D-WV], Sen. Collins, Susan M. [R-ME], Sen. Reed, Jack [D-RI], Sen. Jeffords, James M. [I-VT], Sen. Bingaman, Jeff [D-NM], Sen. Landrieu, Mary L. [D-LA], Sen. Johnson, Tim [D-SD], Sen. Harkin, Tom [D-IA], Sen. Kennedy, Edward M. [D-MA], Sen. Pryor, Mark L. [D-AR], Sen. Breaux, John B. [D-LA], Sen. Edwards, John [D-NC], Sen. Clinton, Hillary Rodham [D-NY], Sen. Corzine, Jon S. [D-NJ], Sen. Durbin, Richard J. [D-IL], Sen. Lieberman, Joseph I. [ID-CT], Sen. Reid, Harry [D-NV], Sen. Schumer, Charles E. [D-NY], Sen. Lautenberg, Frank R. [D-NJ], Sen. Kerry, John F. [D-MA], Sen. Graham, Bob [D-FL], Sen. Baucus, Max [D-MT], Sen. Sarbanes, Paul S. [D-MD], Sen. Mikulski, Barbara A. [D-MD], Sen. Murray, Patty [D-WA], Sen. Leahy, Patrick J. [D-VT], Sen. Nelson, Ben [D-NE], Sen. Nelson, Bill [D-FL], Sen. Levin, Carl [D-MI], Sen. Carper, Thomas R. [D-DE], Sen. Hollings, Ernest F. [D-SC], Sen. Biden, Joseph R., Jr. [D-DE], Sen. Specter, Arlen [R-PA], Sen. Cantwell, Maria [D-WA], Sen. Daschle, Thomas A. [D-SD], Sen. Stabenow, Debbie [D-MI], Sen. Dodd, Christopher J. [D-CT], Sen. Conrad, Kent [D-ND], Sen. Voinovich, George V. [R-OH], Sen. Akaka, Daniel K. [D-HI], Sen. Dorgan, Byron L. [D-ND], Sen. Chafee, Lincoln [R-RI], Sen. Kohl, Herb [D-WI], Sen. Feinstein, Dianne [D-CA], Sen. Boxer, Barbara [D-CA]

Subjects

Taxation

Source updated

18 August 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

Working Taxpayer Fairness Restoration Act - Amends the Internal Revenue Code, with respect to the refundability of the child tax credit, to accelerate the increase to the 15 percent rate. Limits, to fair market value immediately following a transaction, the importation of net built-in loss by a corporation. Prohibits an allocation of any decrease in the adjusted basis of partnership property to stock in a corporation which is a partner in the partnership. Repeals part V (Financial Asset Securitization Investment Trusts) of subchapter M (Regulated Investment Companies and Real Estate Investment Trusts). Expands the definition of a disqualified debt instrument with respect to deduction disallowance on certain debt instruments of corporations. Expands the authority to disallow deductions, credits, or other allowances under provisions disallowing such benefits due to acquisitions made to evade or avoid income tax. Amends provisions affecting passive foreign investment companies to state that the term "qualified portion" (of a shareholder's holding period) does not include any period if there is only a remote likelihood of an inclusion in gross income under subpart F (Controlled Foreign Income). Adds to the definition of the term "real estate investment trust" by stating that such term includes a corporation, trust, or association which is not a controlled entity. Directs the Secretary to establish a program requiring the payment of user fees, until September 30, 2013, for: (1) requests to the Internal Revenue Service for ruling letters, opinion letters, and determination letters; and (2) other similar requests.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 2 June 2003

    Introduced

    Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

    Source: Calendars

  2. 2 June 2003

    Introduced

    Sponsor introductory remarks on measure. (CR S7189-7190)

    Source: IntroReferral

  3. 2 June 2003

    Introduced

    Introduced in Senate

    Source: IntroReferral

  4. 3 June 2003

    Calendars

    Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 118.

    Source: Calendars

  5. 9 July 2003

    Floor

    Motion to proceed to consideration of measure made in Senate. (consideration: CR S9089-9090)

    Source: Floor

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Placed on Calendar Senate (text)

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  • Placed on Calendar Senate (text)

    Placed on Calendar Senate · EN · 3 June 2003

    ViewDownloadOpen at official source

  • Placed on Calendar Senate (PDF)

    Placed on Calendar Senate · EN · 3 June 2003

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 2 June 2003

    Open at official source

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Sponsors

Showing 48 of 53 sponsors and actors.

Related records

Sources

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