S. 730, Let States Cut Taxes Act
Summary
S. 730, the Let States Cut Taxes Act, was introduced in the Senate on March 11, 2021, by Mr. Braun and referred to the Committee on Finance. It is a bill to amend title VI of the Social Security Act to remove the prohibition on States and territories against lowering their taxes. Section 2 amends section 602(c) of the Social Security Act, as added by section 9901 of the American Rescue Plan Act of 2021, to read that no State or territory may use funds made available under the section for deposit into any pension fund. The amendments take effect as if included in the enactment of the American Rescue Plan Act of 2021.
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“S. 730, Let States Cut Taxes Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-117s730is-bills-117s730is/
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II
117TH CONGRESS
1ST SESSION
S. 730
To amend title VI of the Social Security Act to remove the prohibition
on States and territories against lowering their taxes.
IN THE SENATE OF THE UNITED STATES
MARCH 11, 2021
Mr. BRAUN introduced the following bill; which was read twice and referred
to the Committee on Finance
A BILL
To amend title VI of the Social Security Act to remove
the prohibition on States and territories against lowering
their taxes.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Let States Cut Taxes
5 Act’’.
6 SEC. 2. REMOVAL OF RESTRICTION OF USE OF
7 CORONAVIRUS STATE FISCAL RECOVERY
8 FUNDS.
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9 (a) IN GENERAL.—Paragraph (2) of section 602(c)
10 of the Social Security Act, as added by section 9901 of
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2
1 the American Rescue Plan Act of 2021, is amended to
2 read as follows:
3 ‘‘(2) FURTHER RESTRICTION ON USE OF
4 FUNDS.—No State or territory may use funds made
5 available under this section for deposit into any pen-
6 sion fund.’’.
7 (b) CONFORMING AMENDMENTS.—Section 602 of
8 such Act is further amended—
9 (1) in subsection (d)(2)(A), by striking ‘‘, in-
10 cluding, in the case of a State or a territory, all
11 modifications to the State’s or territory’s tax rev-
12 enue sources during the covered period’’;
13 (2) in subsection (e), by striking ‘‘such sub-
14 section,’’ and all that follows through the period and
15 inserting ‘‘such subsection.’’; and
16 (3) in subsection (g)—
17 (A) by striking paragraph (1); and
18 (B) by redesignating paragraphs (2)
19 through (7) as paragraphs (1) through (6), re-
20 spectively.
21 (c) EFFECTIVE DATE.—The amendments made by
22 this section shall take effect as if included in the enact-
23 ment of the American Rescue Plan Act of 2021.
Æ
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