Stop Child Summer Hunger Act of 2014 - Amends the Richard B. Russell National School Lunch Act to require the Secretary of Agriculture to establish a program providing eligible households with summer Electronic Benefits Transfer (EBT) cards that give children access to food during the summer months to: (1) reduce or eliminate children's food insecurity and hunger, and (2) improve their nutritional status.
Defines an "eligible household" as a household that includes one or more children who are eligible to receive free or reduced price meals under the school lunch or breakfast programs.
Sets the amount on each summer EBT card at $150 per child in 2016, with adjustments thereafter reflecting changes in reimbursement rates for school meals under the school lunch program.
Requires children to be enrolled in the program without further application if they are enrolled to receive free or reduced price meals under the school lunch or breakfast programs.
Requires summer EBT cards to be used only to purchase food from retail food stores that have been approved for participation in the supplemental nutrition assistance program (SNAP, formerly known as the food stamp program).
Amends the Internal Revenue Code to limit the amount of a taxpayer's foreign-related interest expense that is allowed as a deduction for any taxable year. Sets that limit pursuant to a formula that takes into account a domestic corporation's undistributed foreign earnings.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2366 Introduced in Senate (IS)]
113th CONGRESS
2d Session
S. 2366
To amend the Richard B. Russell National School Lunch Act to establish
a permanent, nationwide summer electronic benefits transfer for
children program.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 21, 2014
Mrs. Murray introduced the following bill; which was read twice and
referred to the Committee on Finance
_______________________________________________________________________
A BILL
To amend the Richard B. Russell National School Lunch Act to establish
a permanent, nationwide summer electronic benefits transfer for
children program.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Stop Child Summer Hunger Act of
2014''.
SEC. 2. SUMMER ELECTRONIC BENEFITS TRANSFER FOR CHILDREN PROGRAM.
Section 13(a) of the Richard B. Russell National School Lunch Act
(42 U.S.C. 1761(a)) is amended by adding at the end the following:
``(13) Summer electronic benefits transfer for children
program.--
``(A) Definitions.--In this paragraph:
``(i) Eligible household.--The term
`eligible household' means a household that
includes 1 or more children who are eligible to
receive free or reduced price lunches under
this Act or free or reduced price breakfasts
under the Child Nutrition Act of 1966 (42
U.S.C. 1771 et seq.).
``(ii) Summer ebt card.--The term `summer
EBT card' means an electronic benefit transfer
card that is issued to an eligible household
under this paragraph and limited to food
purchases.
``(B) Program.--The Secretary shall establish a
program under which the Secretary shall provide to
eligible households summer EBT cards for the purpose of
providing access to food for children during summer
months--
``(i) to reduce or eliminate the food
insecurity and hunger of children; and
``(ii) to improve the nutritional status of
children.
``(C) Use.--An eligible household may use a summer
EBT card only to purchase food from retail food stores
that have been approved for participation in the
supplemental nutrition assistance program established
under the Food and Nutrition Act of 2008 (7 U.S.C. 2011
et seq.), in accordance with section 7(b) of that Act
(7 U.S.C. 2016(b)).
``(D) Amount.--Each summer EBT card issued shall be
in an amount of--
``(i) for calendar year 2016, $150 in food
assistance per child per summer; and
``(ii) for each subsequent calendar year,
the amount specified in clause (i) as adjusted
to reflect changes in reimbursement rates for
school meals under this Act between calendar
year 2016 and the most recent calendar year.
``(E) Timing.--Summer EBT cards shall be issued at
the end of the regular school year.
``(F) Funding.--
``(i) In general.--On October 1, 2015, and
on each October 1 thereafter, out of any funds
in the Treasury not otherwise appropriated, the
Secretary of the Treasury shall transfer to the
Secretary such sums as are necessary to carry
out this section, to remain available until
expended.
``(ii) Receipt and acceptance.--The
Secretary shall be entitled to receive, shall
accept, and shall use to carry out this section
the funds transferred under clause (i), without
further appropriation.
``(G) Regulations.--
``(i) In general.--Not later than October
1, 2015, the Secretary shall issue regulations
to carry out this paragraph.
``(ii) Requirements.--Regulations issued
under this subparagraph shall require that--
``(I) children shall be eligible to
participate and shall be enrolled into
the program under this paragraph for a
summer without further application if
the children are enrolled to
participate in the free or reduced
price lunch program under this Act or
the free or reduced price breakfast
program under the Child Nutrition Act
of 1966 (42 U.S.C. 1771 et seq.) during
the school year immediately preceding
the summer; and
``(II) local educational agencies
shall distribute to the families of all
children enrolled in schools
participating in programs authorized
under this Act and the Child Nutrition
Act of 1966 (42 U.S.C. 1771 et seq.)
and, to the maximum extent practicable,
the families of all children enrolled
in schools of the local educational
agency information, as provided by the
Secretary--
``(aa) regarding the
program authorized under this
paragraph, including
eligibility rules and how
children in eligible households
that are not automatically
enrolled under subclause (I)
may apply for program benefits;
and
``(bb) to assist households
receiving summer EBT cards in
making healthy food choices and
maximizing resources.
``(iii) Alternative timing.--
``(I) In general.--In issuing
regulations under this subparagraph,
the Secretary shall allow alternative
plans for the timing of issuance of the
summer electronic benefit cards under
subparagraph (D) in any part of a State
in which the school year does not
include a typical summer break, on the
condition that the Secretary determines
that no alternative plan increases or
decreases Federal costs.
``(II) Considerations.--In
developing regulations under subclause
(I), the Secretary shall consider the
ability of a State effectively to issue
benefits under an alternative
schedule.''.
SEC. 3. DEFER DEDUCTION OF INTEREST EXPENSE RELATED TO DEFERRED INCOME.
(a) In General.--Section 163 of the Internal Revenue Code of 1986
(relating to deductions for interest expense) is amended by
redesignating subsection (n) as subsection (o) and by inserting after
subsection (m) the following new subsection:
``(n) Deferral of Deduction for Interest Expense Related to
Deferred Income.--
``(1) General rule.--The amount of foreign-related interest
expense of any taxpayer allowed as a deduction under this
chapter for any taxable year shall not exceed an amount equal
to the applicable percentage of the sum of--
``(A) the taxpayer's foreign-related interest
expense for the taxable year, plus
``(B) the taxpayer's deferred foreign-related
interest expense.
For purposes of this paragraph, the applicable percentage is
the percentage equal to the current inclusion ratio.
``(2) Treatment of deferred deductions.--If, for any
taxable year, the amount of the limitation determined under
paragraph (1) exceeds the taxpayer's foreign-related interest
expense for the taxable year, there shall be allowed as a
deduction for the taxable year an amount equal to the lesser
of--
``(A) such excess, or
``(B) the taxpayer's deferred foreign-related
interest expense.
``(3) Definitions and special rule.--For purposes of this
subsection--
``(A) Foreign-related interest expense.--The term
`foreign-related interest expense' means, with respect
to any taxpayer for any taxable year, the amount which
bears the same ratio to the amount of interest expense
for such taxable year allocated and apportioned under
sections 861, 864(e), and 864(f) to income from sources
outside the United States as--
``(i) the value of all stock held by the
taxpayer in all section 902 corporations with
respect to which the taxpayer meets the
ownership requirements of subsection (a) or (b)
of section 902, bears to
``(ii) the value of all assets of the
taxpayer which generate gross income from
sources outside the United States.
``(B) Deferred foreign-related interest expense.--
The term `deferred foreign-related interest expense'
means the excess, if any, of the aggregate foreign-
related interest expense for all prior taxable years
beginning after December 31, 2014, over the aggregate
amount allowed as a deduction under paragraphs (1) and
(2) for all such prior taxable years.
``(C) Value of assets.--Except as otherwise
provided by the Secretary, for purposes of subparagraph
(A)(ii), the value of any asset shall be the amount
with respect to such asset determined for purposes of
allocating and apportioning interest expense under
sections 861, 864(e), and 864(f).
``(D) Current inclusion ratio.--The term `current
inclusion ratio' means, with respect to any domestic
corporation which meets the ownership requirements of
subsection (a) or (b) of section 902 with respect to
one or more section 902 corporations for any taxable
year, the ratio (expressed as a percentage) of--
``(i) the sum of all dividends received by
the domestic corporation from all such section
902 corporations during the taxable year plus
amounts includible in gross income under
section 951(a) from all such section 902
corporations, in each case computed without
regard to section 78, divided by
``(ii) the aggregate amount of post-1986
undistributed earnings.
``(E) Aggregate amount of post-1986 undistributed
earnings.--The term `aggregate amount of post-1986
undistributed earnings' means, with respect to any
domestic corporation which meets the ownership
requirements of subsection (a) or (b) of section 902
with respect to one or more section 902 corporations,
the domestic corporation's pro rata share of the post-
1986 undistributed earnings (as defined in section
902(c)(1)) of all such section 902 corporations.
``(F) Foreign currency conversion.--For purposes of
determining the current inclusion ratio, and except as
otherwise provided by the Secretary, the aggregate
amount of post-1986 undistributed earnings for the
taxable year shall be determined by translating each
section 902 corporation's post-1986 undistributed
earnings into dollars using the average exchange rate
for such year.
``(G) Section 902 corporation.--The term `section
902 corporation' has the meaning given to such term by
section 909(d)(5).
``(4) Treatment of affiliated groups.--The current
inclusion ratio of each member of an affiliated group (as
defined in section 864(e)(5)(A)) shall be determined as if all
members of such group were a single corporation.
``(5) Application to separate categories of income.--This
subsection shall be applied separately with respect to the
categories of income specified in section 904(d)(1).
``(6) Regulations.--The Secretary may prescribe such
regulations or other guidance as is necessary or appropriate to
carry out the purposes of this subsection, including
regulations or other guidance providing--
``(A) for the proper application of this subsection
with respect to changes in ownership of a section 902
corporation,
``(B) that certain corporations that otherwise
would not be members of the affiliated group will be
treated as members of the affiliated group for purposes
of this subsection,
``(C) for the proper application of this subsection
with respect to the taxpayer's share of a deficit in
earnings and profits of a section 902 corporation,
``(D) for appropriate adjustments to the
determination of the value of stock in any section 902
corporation for purposes of this subsection or to the
foreign-related interest expense to account for income
that is subject to tax under section 882(a)(1), and
``(E) for the proper application of this subsection
with respect to interest expense that is directly
allocable to income with respect to certain assets.''.
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2014.
<all>
Introduced in Senate
Sponsor introductory remarks on measure. (CR S3239)
Read twice and referred to the Committee on Finance.
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