S. 730 — Introduced in Senate

II 117th CONGRESS 1st Session S. 730 IN THE SENATE OF THE UNITED STATES March 11, 2021Mr. 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. Short title This Act may be cited as the Let States Cut Taxes Act. 2. Removal of restriction of use of Coronavirus State Fiscal Recovery funds (a) In general Paragraph (2) of section 602(c) of the Social Security Act, as added by section 9901 of the American Rescue Plan Act of 2021, is amended to read as follows: (2) Further restriction on use of funds No State or territory may use funds made available under this section for deposit into any pension fund. . (b) Conforming amendments Section 602 of such Act is further amended— (1) in subsection (d)(2)(A), by striking , including, in the case of a State or a territory, all modifications to the State's or territory's tax revenue sources during the covered period; (2) in subsection (e), by striking such subsection, and all that follows through the period and inserting such subsection.; and (3) in subsection (g)— (A) by striking paragraph (1); and (B) by redesignating paragraphs (2) through (7) as paragraphs (1) through (6), respectively. (c) Effective date The amendments made by this section shall take effect as if included in the enactment of the American Rescue Plan Act of 2021.