IDEA Full Funding Act - Amends the Individuals with Disabilities Education Act (IDEA) to reauthorize and make appropriations through FY2024 for the grant program to assist states and outlying areas to provide special education and related services to children with disabilities.
Amends the Internal Revenue Code to 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 (tentative fair share tax). Establishes the amount of such tax as the excess (if any) of the tentative fair share tax over the excess of: (1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (2) certain tax credits. Provides for a phase-in of such tax. Requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2016.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2789 Introduced in Senate (IS)]
113th CONGRESS
2d Session
S. 2789
To amend part B of the Individuals with Disabilities Education Act to
provide full Federal funding of such part.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
September 10, 2014
Mr. Harkin (for himself, Mr. Leahy, Mr. Durbin, Mrs. Murray, Mr.
Whitehouse, Mr. Reed, Mr. Johnson of South Dakota, Mr. Bennet, Mrs.
Shaheen, Mr. Casey, Mr. Blumenthal, Ms. Warren, and Mrs. Hagan)
introduced the following bill; which was read twice and referred to the
Committee on Finance
_______________________________________________________________________
A BILL
To amend part B of the Individuals with Disabilities Education Act to
provide full Federal funding of such part.
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 ``IDEA Full Funding Act''.
SEC. 2. AMENDMENTS TO IDEA.
Section 611(i) of the Individuals with Disabilities Education Act
(20 U.S.C. 1411(i)) is amended to read as follows:
``(i) Funding.--For the purpose of carrying out this part, other
than section 619, there are authorized to be appropriated--
``(1) $12,955,841,000 for fiscal year 2015, and there are
hereby appropriated, out of any money in the Treasury not
otherwise appropriated, $1,377,986,000 for fiscal year 2015,
which shall become available for obligation on July 1, 2015,
and shall remain available through September 30, 2016;
``(2) $14,497,834,000 for fiscal year 2016, and there are
hereby appropriated, out of any money in the Treasury not
otherwise appropriated, $2,919,979,000 for fiscal year 2016,
which shall become available for obligation on July 1, 2016,
and shall remain available through September 30, 2017;
``(3) $16,223,354,000 for fiscal year 2017, and there are
hereby appropriated, out of any money in the Treasury not
otherwise appropriated, $4,645,499,000 for fiscal year 2017,
which shall become available for obligation on July 1, 2017,
and shall remain available through September 30, 2018;
``(4) $18,154,243,000 for fiscal year 2018, and there are
hereby appropriated, out of any money in the Treasury not
otherwise appropriated, $6,576,388,000 for fiscal year 2018,
which shall become available for obligation on July 1, 2018,
and shall remain available through September 30, 2019;
``(5) $20,314,946,000 for fiscal year 2019, and there are
hereby appropriated, out of any money in the Treasury not
otherwise appropriated, $8,737,091,000 for fiscal year 2019,
which shall become available for obligation on July 1, 2019,
and shall remain available through September 30, 2020;
``(6) $22,732,813,000 for fiscal year 2020, and there are
hereby appropriated, out of any money in the Treasury not
otherwise appropriated, $11,154,958,000 for fiscal year 2020,
which shall become available for obligation on July 1, 2020,
and shall remain available through September 30, 2021;
``(7) $25,438,452,000 for fiscal year 2021, and there are
hereby appropriated, out of any money in the Treasury not
otherwise appropriated, $13,860,597,000 for fiscal year 2021,
which shall become available for obligation on July 1, 2021,
and shall remain available through September 30, 2022;
``(8) $28,466,114,000 for fiscal year 2022, and there are
hereby appropriated, out of any money in the Treasury not
otherwise appropriated, $16,888,259,000 for fiscal year 2022,
which shall become available for obligation on July 1, 2022,
and shall remain available through September 30, 2023;
``(9) $31,854,127,000 for fiscal year 2023, and there are
hereby appropriated, out of any money in the Treasury not
otherwise appropriated, $20,276,272,000 for fiscal year 2023,
which shall become available for obligation on July 1, 2023,
and shall remain available through September 30, 2024; and
``(10) $35,645,377,000 for fiscal year 2024, and there are
hereby appropriated, out of any money in the Treasury not
otherwise appropriated, $24,067,522,000 for fiscal year 2024,
which shall become available for obligation on July 1, 2024,
and shall remain available through September 30, 2025.''.
SEC. 3. FAIR SHARE TAX ON HIGH-INCOME TAXPAYERS.
(a) In General.--Subchapter A of chapter 1 of the Internal Revenue
Code of 1986 is amended by adding at the end the following new part:
``PART VIII--FAIR SHARE TAX ON HIGH-INCOME TAXPAYERS
``Sec. 59B. Fair share tax.
``SEC. 59B. FAIR SHARE TAX.
``(a) General Rule.--
``(1) Phase-in of tax.--In the case of any high-income
taxpayer, there is hereby imposed for a taxable year (in
addition to any other tax imposed by this subtitle) a tax equal
to the product of--
``(A) the amount determined under paragraph (2),
and
``(B) a fraction (not to exceed 1)--
``(i) the numerator of which is the excess
of--
``(I) the taxpayer's adjusted gross
income, over
``(II) the dollar amount in effect
under subsection (c)(1), and
``(ii) the denominator of which is the
dollar amount in effect under subsection
(c)(1).
``(2) Amount of tax.--The amount of tax determined under
this paragraph is an amount equal to the excess (if any) of--
``(A) the tentative fair share tax for the taxable
year, over
``(B) the excess of--
``(i) the sum of--
``(I) the regular tax liability (as
defined in section 26(b)) for the
taxable year, determined without regard
to any tax liability determined under
this section,
``(II) the tax imposed by section
55 for the taxable year, plus
``(III) the payroll tax for the
taxable year, over
``(ii) the credits allowable under part IV
of subchapter A (other than sections 27(a), 31,
and 34).
``(b) Tentative Fair Share Tax.--For purposes of this section--
``(1) In general.--The tentative fair share tax for the
taxable year is 30 percent of the excess of--
``(A) the adjusted gross income of the taxpayer,
over
``(B) the modified charitable contribution
deduction for the taxable year.
``(2) Modified charitable contribution deduction.--For
purposes of paragraph (1)--
``(A) In general.--The modified charitable
contribution deduction for any taxable year is an
amount equal to the amount which bears the same ratio
to the deduction allowable under section 170 (section
642(c) in the case of a trust or estate) for such
taxable year as--
``(i) the amount of itemized deductions
allowable under the regular tax (as defined in
section 55) for such taxable year, determined
after the application of section 68, bears to
``(ii) such amount, determined before the
application of section 68.
``(B) Taxpayer must itemize.--In the case of any
individual who does not elect to itemize deductions for
the taxable year, the modified charitable contribution
deduction shall be zero.
``(c) High-Income Taxpayer.--For purposes of this section--
``(1) In general.--The term `high-income taxpayer' means,
with respect to any taxable year, any taxpayer (other than a
corporation) with an adjusted gross income for such taxable
year in excess of $1,000,000 (50 percent of such amount in the
case of a married individual who files a separate return).
``(2) Inflation adjustment.--
``(A) In general.--In the case of a taxable year
beginning after 2016, the $1,000,000 amount under
paragraph (1) shall be increased by an amount equal
to--
``(i) such dollar amount, multiplied by
``(ii) the cost-of-living adjustment
determined under section 1(f)(3) for the
calendar year in which the taxable year begins,
determined by substituting `calendar year 2015'
for `calendar year 1992' in subparagraph (B)
thereof.
``(B) Rounding.--If any amount as adjusted under
subparagraph (A) is not a multiple of $10,000, such
amount shall be rounded to the next lowest multiple of
$10,000.
``(d) Payroll Tax.--For purposes of this section, the payroll tax
for any taxable year is an amount equal to the excess of--
``(1) the taxes imposed on the taxpayer under sections
1401, 1411, 3101, 3201, and 3211(a) (to the extent such tax is
attributable to the rate of tax in effect under section 3101)
with respect to such taxable year or wages or compensation
received during such taxable year, over
``(2) the deduction allowable under section 164(f) for such
taxable year.
``(e) Special Rule for Estates and Trusts.--For purposes of this
section, in the case of an estate or trust, adjusted gross income shall
be computed in the manner described in section 67(e).
``(f) Not Treated as Tax Imposed by This Chapter for Certain
Purposes.--The tax imposed under this section shall not be treated as
tax imposed by this chapter for purposes of determining the amount of
any credit under this chapter (other than the credit allowed under
section 27(a)) or for purposes of section 55.''.
(b) Clerical Amendment.--The table of parts for subchapter A of
chapter 1 of the Internal Revenue Code of 1986 is amended by adding at
the end the following new item:
``Part VIII--Fair Share Tax on High-Income Taxpayers''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2015.
<all>
Introduced in Senate
Sponsor introductory remarks on measure. (CR S5509-5510)
Read twice and referred to the Committee on Finance.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line