S. 743, State Fiscal Flexibility Act of 2021
Summary
S. 743, the State Fiscal Flexibility Act of 2021, is a Senate bill introduced March 15, 2021 by Crapo, for himself and the other senators named in the heading, to amend title VI of the Social Security Act to remove the prohibition on States and territories against lowering their taxes. It was referred to the Committee on Finance. Section 2 amends paragraph (2) of 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. Conforming amendments take effect as if included in the enactment of the American Rescue Plan Act of 2021.
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Cite this document
“S. 743, State Fiscal Flexibility Act of 2021.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-117s743is-bills-117s743is/
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II
117TH CONGRESS
1ST SESSION
S. 743
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 15, 2021
Mr. CRAPO (for himself, Mr. GRASSLEY, Mr. CORNYN, Mr. PORTMAN, Mr.
SCOTT of South Carolina, Mr. LANKFORD, Mr. DAINES, Mr. YOUNG, Mr.
RISCH, and Mr. THUNE) 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 ‘‘State Fiscal Flexibility
5 Act of 2021’’.
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1 SEC. 2. REMOVAL OF RESTRICTION OF USE OF
2 CORONAVIRUS STATE FISCAL RECOVERY
3 FUNDS.
4 (a) IN GENERAL.—Paragraph (2) of section 602(c)
5 of the Social Security Act, as added by section 9901 of
6 the American Rescue Plan Act of 2021, is amended to
7 read as follows:
8 ‘‘(2) FURTHER RESTRICTION ON USE OF
9 FUNDS.—No State or territory may use funds made
10 available under this section for deposit into any pen-
11 sion fund.’’.
12 (b) CONFORMING AMENDMENTS.—Section 602 of
13 such Act is further amended—
14 (1) in subsection (d)(2)(A), by striking ‘‘, in-
15 cluding, in the case of a State or a territory, all
16 modifications to the State’s or territory’s tax rev-
17 enue sources during the covered period’’;
18 (2) in subsection (e), by striking ‘‘such sub-
19 section,’’ and all that follows through the period and
20 inserting ‘‘such subsection.’’; and
21 (3) in subsection (g)—
22 (A) by striking paragraph (1); and
23 (B) by redesignating paragraphs (2)
24 through (7) as paragraphs (1) through (6), re-
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25 spectively.
•S 743 IS
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1 (c) EFFECTIVE DATE.—The amendments made by
2 this section shall take effect as if included in the enact-
3 ment of the American Rescue Plan Act of 2021.
Æ
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