{"database": "press", "table": "releases", "rows": [["https://web.archive.org/web/20140330181402/http://shea-porter.house.gov/media-center/press-releases/shea-porter-to-introduce-military-retirement-restoration-act-in-us-house", "Shea-Porter to Introduce Military Retirement Restoration Act in U.S. House", "2013-12-18", "2013", "2013-12", "Democrat", "House", "NH", "Carol Shea-Porter", "S001170", "web.archive.org", null, null, "legacy", "WASHINGTON, DC \u2013 \u00a0Congresswoman Carol Shea-Porter today announced that she will join with Rep. Dan Maffei (NY-24) to introduce the Military Retirement Restoration Act, legislation that would repeal cuts to military retiree cost-of-living adjustments (COLAs) included in the Bipartisan Budget Act. This legislation will be fully paid for by closing tax loopholes for offshore corporations. Companion legislation has been introduced in the Senate by Senators Jeanne Shaheen (D-NH) and Mark R. Warner (D-VA).\n\u201cThe Bipartisan Budget Act would prevent another government shutdown, create jobs, and reduce the deficit, but it is not perfect,\u201d Shea-Porter said. \u201cI\u2019m introducing a bill to cancel the reduction in the cost-of-living adjustment for military retirees under the age of 62, which is scheduled to start in 2015. The bill is fully paid for by eliminating a tax loophole for offshore corporations.\u201d\nThe Bipartisan Budget Act, which was coauthored by House Republican Budget Chairman Paul Ryan, reduces by 1% the annual cost-of-living adjustment increase for military pensions for those military retirees who are under the age of 62. The bill then restores the full COLA at age 62.\nThe Military Retirement Restoration Act, which will be introduced tomorrow, December 19th, would replace the cuts to military retiree benefits included in the budget deal by preventing companies from avoiding U.S. taxes by abusing overseas tax havens.\u00a0 Specifically, the Military Retirement Restoration Act:\n Repeals the provision in the Bipartisan Budget Act (Section 403) that modifies the annual cost-of-living adjustment for working-age military retirees by making the adjustments equal to inflation minus one percent.\u00a0 This provision, which is scheduled to go into effect in 2015, would result in a benefit cut for working-age military retirees who are not disabled. The Bipartisan Budget Act modifies the annual cost-of-living adjustment for working-age military retirees by making the adjustments equal to inflation minus one percent.\u00a0 At age 62, the retired pay would be adjusted as if the COLA had been the full CPI adjustment in all previous years, and the service members would receive the full COLA from then on.\u00a0 The provision would save approximately $6 billion over ten years.\n\t\t\u00a0\n\tPrevents companies from avoiding paying their fair share of U.S. taxes.\u00a0 The repeal would be fully offset by stopping companies incorporated offshore but managed and controlled from the United States from claiming foreign status and avoiding U.S. taxes on their foreign income.\u00a0 It would require these companies to be treated as U.S. domestic corporations for tax purposes. \u00a0This provision is expected to raise over $6.6 billion over ten years.\n \u00a0\n###", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://web.archive.org/web/20140330181402/http://shea-porter.house.gov/media-center/press-releases/shea-porter-to-introduce-military-retirement-restoration-act-in-us-house"], "units": {}, "query_ms": 2.091687871143222, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}