S.2942 - A bill to amend the Internal Revenue Code of 1986 to provide that combat pay be treated as earned income for purposes of the earned income credit.108th Congress (2003-2004)
|Sponsor:||Sen. Pryor, Mark L. [D-AR] (Introduced 10/07/2004)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 10/07/2004 Read twice and referred to the Committee on Finance. (All Actions)|
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Text: S.2942 — 108th Congress (2003-2004)All Information (Except Text)
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Introduced in Senate (10/07/2004)
[Congressional Bills 108th Congress] [From the U.S. Government Printing Office] [S. 2942 Introduced in Senate (IS)] 108th CONGRESS 2d Session S. 2942 To amend the Internal Revenue Code of 1986 to provide that combat pay be treated as earned income for purposes of the earned income credit. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES October 7, 2004 Mr. Pryor (for himself, Mrs. Lincoln, Mr. Akaka, Mr. Baucus, Mr. Bayh, Mr. Bingaman, Mrs. Boxer, Mr. Breaux, Ms. Cantwell, Mrs. Clinton, Mr. Corzine, Mr. Daschle, Mr. Dayton, Mr. Dodd, Mr. Dorgan, Mr. Durbin, Mr. Feingold, Mrs. Feinstein, Mr. Graham of Florida, Mr. Jeffords, Mr. Johnson, Mr. Kennedy, Ms. Landrieu, Mr. Lautenberg, Mr. Leahy, Mr. Levin, Mr. Lieberman, Ms. Mikulski, Mr. Miller, Mrs. Murray, Mr. Nelson of Florida, Mr. Nelson of Nebraska, Mr. Reid, Mr. Rockefeller, Mr. Sarbanes, Mr. Schumer, and Ms. Stabenow) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to provide that combat pay be treated as earned income for purposes of the earned income credit. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. EARNED INCOME INCLUDES COMBAT PAY FOR PURPOSES OF EARNED INCOME CREDIT. (a) In General.--Subparagraph (B) of section 32(c)(2) of the Internal Revenue Code of 1986 (relating to earned income) is amended-- (1) by striking ``and'' at the end of clause (iv), (2) by striking the period at the end of clause (v) and inserting ``, and'', and (3) by adding at the end the following: ``(vi) a taxpayer may elect for any taxable year to treat amounts excluded from gross income by reason of section 112 as earned income.''. (b) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2005. <all>