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Legislation in the 111th Congress |
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Representative Levin has introduced several pieces of legislation in the current Congress that address pressing issues facing the United States: This resolution recognizes the 20th anniversary of the suppression of protestors and citizens in and Tiananmen Square in Beijing, People’s Republic of China, on June 3 and 4, 1989. The resolution expresses sympathy to the families of those killed, tortured and imprisoned in connection with the democracy protests at Tiananmen Square, calls on the People’s Republic of China to invite full and independent investigations into the Tiananmen Square crackdown, calls on the authorities of People’s Republic of China to review immediately the cases of those still imprisoned, and calls on the People's Republic of China to end harassment and detention of those who continue to advocate peacefully for political reform. H.Res. 489 was approved by the House of Representatives on June 2, 2009. H.R. 1935 – Levin Carried Interest Legislation This legislation seeks to correct an inequity in the tax code that allows some investment fund managers to pay a lower rate of tax on their compensation for services than other Americans. Currently, the managers of private investment partnerships are able to receive compensation for these services at the much lower 15% capital gains tax rate rather that the ordinary income tax rate by virtue of their fund’s partnership structure. The legislation clarifies that any income received from a partnership in compensation for services is ordinary income for tax purposes. This legislation is currently pending before he House Ways and Means Committee. This legislation would increase the amount of federal loans available to help automakers and suppliers retool to manufacture advanced technology vehicles and components. The bill would amend Section 136 of the Energy Independence and Security Act to increase the amount of retooling loans available under the Advanced Technology Vehicle Incentive Program (ATVMIP) from $25 billion to $50 billion. The Section 136 loan program makes it more economically feasible for U.S. auto manufacturers and part suppliers to retool by providing low-interest loans for the cost of retooling a manufacturing facility in the U.S. to produce advanced technology vehicles. This legislation is currently pending before the House Committee on Energy and Commerce. On May 21, the Committee approved the American Clean Energy and Security Act, which included the provisions of H.R. 2150. This legislation would help prevent federal taxation of forgiven student loans. To make a college education more accessible and affordable, Congress previously created programs – the Income-Based Repayment (IBR) program as well as the Income Contingent Repayment Program – that allow student loan debt to be forgiven under certain circumstances. Unfortunately, this discharge of indebtedness is currently treated as taxable income to the borrower. H.R. 2492 would ensure that federal student loan debt that is forgiven under these programs is not taxed. This legislation has been referred to the House Ways and Means Committee. H.R. 2948 – Healthcare Improvements for Generating High Performance (HIGH Performance) Act . H.R. 3227 – To expand and make permanent tax incentives for small businesses, farmers and ranchers to donate food inventory to charity. H.R. 3253 – The Advance Directive Promotion Act. H.R. 3367 – The Heavy Duty Hybrid Truck Incentives Improvement Act. H.R. 3497 – To allow tax-exempt entities to invest directly in US-based hedge funds rather than routing their investments offshore. H.R. 4380 – Miscellaneous Trade and Technical Corrections Act of 2009. H.R. 4552 – Benefit Card Fairness Act. H.R. 4629 – Manufacturing Modernization and Diversification Act.
(Updated March 5, 2010) |
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In Michigan: 27085 Gratiot Ave, Roseville, MI 48066 | (586) 498-7122 | (248) 968-2025 In Washington: 1236 Longworth House Office Building, Washington, DC 20515 | (202) 225-4961 |
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