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S. 1162: Working Taxpayer Fairness Restoration Act

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S. 1162: Working Taxpayer Fairness Restoration Act

108th Congress · introduced 2003-06-02 · Taxation · Latest: Motion to proceed to consideration of measure tabled in Senate by Yea-Nay Vote. 51 - 45. Record Vote Number: 266. (consideration: CR S9094-9095)

federal

Follow this bill, step by step

  1. Where it came from: introduced 2003-06-02 · official record
  2. Who proposed it: Sen. Lincoln, Blanche L. [D-AR] · what a sponsor is
  3. What happened next: 1 recorded vote in our records. Latest: Senate vote 266 (2003): On the Motion to Table, S1162 (2003-07-09), Motion to Table Agreed to. See all
  4. Where it stands now: Motion to proceed to consideration of measure tabled in Senate by Yea-Nay Vote. 51 - 45. Record Vote Number: 266. (consideration: CR S9094-9095) Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Working Taxpayer Fairness Restoration Act

Plain 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.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Working Taxpayer Fairness Restoration Act

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Lincoln, Blanche L. [D-AR] · 52 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Susan M. Collins (R-ME), Jack Reed (D-RI), Richard J. Durbin (D-IL), Charles E. Schumer (D-NY), Patty Murray (D-WA), Maria Cantwell (D-WA), Ron Wyden (D-OR)

Recorded votes

Sources

Record fed-us-cong108-s1162 · catalog fed-us-congress-bills-cong108 · updated 2026-11-15 by psicol fed-bills-cong108