Intermediate Sanctions Compensatory Revenue Adjustment Act of 2003 (ISCRAA)

Fact Sheet API

Bill Number

S 887

Introduced

Apr 10, 2003

Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S5240-5242)

Sponsor

Cosponsors

Topics

Auditing Business records Civil actions and liability Class actions (Civil procedure) Commerce Drug abuse Evidence (Law) Excise tax Florida Government contractors Government Operations and Politics Government paperwork Health Injunctions Law Legal fees Liability (Law) Medicaid Minnesota Mississippi Social Welfare State finance Tax courts Tax penalties Tax returns Taxation Texas Tobacco Tobacco settlement

Full Text

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Votes

Summary

Intermediate Sanctions Compensatory Revenue Adjustment Act of 2003 (ISCRAA) - Amends the Internal Revenue Code to impose on the collecting attorney: (1) in each excess fee transaction a tax equal to five percent of such fee; and (2) in any case in which such tax is imposed and the excess fee involved is not corrected within the taxable period, a tax of 200 percent of the excess fee involved.

Defines: (1) collecting attorney; (2) excess fee transaction; and (3) taxable period.

Authorizes Tax Court declaratory judgments with respect to excise taxes on excess fee transactions.

Actions

Apr 10, 2003

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S5240-5242)
Apr 10, 2003

Sponsor introductory remarks on measure. (CR S5237-5240)
Apr 10, 2003

Introduced in Senate

Amendments

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