| Jamie Dupree |
New Jobs Bill Tax Plan
Democrats in the House this morning unveiled a 15 page amendment to a $15 billion Senate-passed jobs bill that basically forces companies with assets of over $1 billion to pay their corporate taxes early through 2019.
You can read the text of the entire amendment at http://bit.ly/bu8wyE - it was not unveiled until 9:30 this morning.
Check out this section of the amendment, and tell me what you think it means - and what it might mean for businesses that would be affected.
The money that would be brought in would be used to satisfy requirements under the PAYGO (Pay-as-you-go) law. No estimate was available as to how this would shift revenue coming into the federal government.
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SEC. 561. TIME FOR PAYMENT OF CORPORATE ESTIMATED TAXES.
Notwithstanding section 6655 of the Internal Revenue Code of 1986, in the case of a corporation with assets of not less than $1,000,000,000 (determined as of the end of the preceding taxable year)--
(1) the percentage under paragraph (1) of section 202(b) of the Corporate Estimated Tax Shift Act of 2009 in effect on the date of the enactment of this Act is increased by 23 percentage points,
(2) the amount of any required installment of corporate estimated tax which is otherwise due in July, August, or September of 2015 shall be 121.5 percent of such amount,
(3) the amount of any required installment of corporate estimated tax which is otherwise due in July, August, or September of 2019 shall be 106.5 percent of such amount, and
(4) the amount of the next required installment after an installment referred to in paragraph (2) or (3) shall be appropriately reduced to reflect the amount of the increase by reason of such paragraph.
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