Top Legislation - View All

Latest Action: 07/30/2008 - Signed by President.

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A bill to provide needed housing reform and for other purposes. 5/8/2008--House agreed to Senate amendment with amendment.    (There are 3 other summaries) American Housing Rescue and Foreclosure Prevention Act of 2008 - Title I: FHA Housing Stabilization and Homeownership Retention - FHA Housing Stabilization and Homeownership Retention Act of 2008 - Subtitle A: Homeownership Retention - (Sec. 112) Amends the National Housing Act (NHA) to create the Refinance Program Oversight Board, which shall establish and oversee a program for insuring homeownership retention mortgages. Instructs the Secretary of Housing and Urban Development (HUD) to insure any homeownership retention mortgage covering a one- to four-family residence made to pay or prepay outstanding obligations under an existing mortgage on the residence. Sets forth mortgagor eligibility criteria, including mortgagor certification that: (1) the residence is the only residence [...]

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Latest Action: 06/26/2008 - Received in the Senate and Read twice and referred to the Committee on Finance.

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To amend the Internal Revenue Code of 1986 to provide individuals temporary relief from the alternative minimum tax, and for other purposes. 6/17/2008--Introduced. Alternative Minimum Tax Relief Act of 2008 - Amends the Internal Revenue Code to: (1) increase and extend through 2008 the alternative minimum tax (AMT) exemption amounts; (2) extend through 2008 the offset of certain nonrefundable personal tax credits against regular and AMT tax liabilities; (3) treat net income and loss from an investment services partnership interest as ordinary income and loss; (4) deny major integrated oil companies a tax deduction for income attributable to domestic production of oil, gas, or primary products thereof; (5) limit tax treaty benefits with respect to U.S. withholding of tax requirements imposed on certain tax deductible payments made directly to a foreign parent corporation; (6) require payment settlement entities to report certain identifying information to the Internal Revenue [...]

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Latest Action: 07/29/2008 - Motion by Senator Reid to reconsider the vote by which cloture was not invoked on the motion to proceed to the measure [Record Vote Number 150] agreed to in Senate by Unanimous Consent. (consideration: CR S7594)

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To amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes. 5/21/2008--Passed House amended.    (There are 2 other summaries) (This measure has not been amended since it was reported to the House on May 20, 2008. The summary of that version is repeated here.)Renewable Energy and Job Creation Act of 2008 -Amends the Internal Revenue Code to provide tax incentives for energy production and conservation, to extend expiring tax provisions, and to extend tax benefits to individual and business taxpayers. Title I: Energy Tax Incentives - Subtitle A: Energy Production Incentives - Part I: Renewable Energy Incentives - (Sec. 101) Extends: (1) through 2009 the tax credit for producing electricity from qualified wind facilities; and (2) through 2011 the tax credits for producing electricity [...]

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Latest Action: 08/01/2008 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Bill Text
To make technical corrections related to the Pension Protection Act of 2006, and for other purposes. 6/26/2008--Introduced. Pension Protection Technical Corrections Act of 2008 - Makes technical corrections to the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to conform to the Pension Protection Act of 2006 regarding various specified items, including: (1) the target normal cost of benefits; (2) specified implementation and effective dates for certain requirements; (3) one-participant retirement plans; (4) special age-related rules in accrued benefit requirements for applicable defined benefit plans; (5) inapplicability in certain cases of the limitation on income deductions (for tax purposes) for employer contributions to one or more defined contribution plans; and (6) adjustments to averaging in the determination of the value of the assets of single-employer defined benefit pension plans for minimum funding purposes. Makes technical [...]

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Latest Action: 06/11/2008 - Motion to proceed to measure considered in Senate. (consideration: CR S5472-5517)

Bill Text
A bill to provide energy price relief and hold oil companies and other entities accountable for their actions with regard to high energy prices, and for other purposes. 5/20/2008--Introduced. Consumer-First Energy Act of 2008 - Amends the Internal Revenue Code to: (1) deny major integrated oil companies (i.e., companies producing at least 500,000 barrels of crude oil daily) a tax deduction for income attributable to domestic production of oil, gas, or primary products thereof; (2) conform tax treatment of foreign oil and gas extraction income and foreign oil related income for purposes of the foreign tax credit; (3) impose a windfall profits tax on major integrated oil companies; and (4) establish an Energy Independence and Security Trust Fund funded by revenues raised by the tax provisions of this Act to reduce U.S. dependence on foreign and unsustainable energy sources and reduce the risks of global warming. Petroleum Consumer Price Gouging Protection Act - Declares [...]

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Latest Action: 07/24/2008 - Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the commi

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To strengthen communities through English literacy, civics, education, and immigrant integration programs. 7/24/2008--Introduced. Strengthening Communities Through Education and Integration Act of 2008 - Amends the Adult Education and Family Literacy Act (the Act) to allow state leadership activities grants to be used to: (1) provide technical assistance to faith and community-based organizations desiring grants under the Act; and (2) study the effectiveness of distance learning or self-study programs for English language learners. Directs the National Institute for Literacy to disseminate information regarding integrated English literacy and civics education programs. Makes such programs eligible for assistance under the Secretary of Education's national leadership activities program. Requires the Secretary to award grants to states for integrated English literacy and civics education programs, with each state's grant amount tied to the size and growth of their [...]

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Latest Action: 06/12/2008 - Sponsor introductory remarks on measure. (CR S5595-5597)

Bill Text
A bill to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes. 6/12/2008--Introduced. Energy Independence and Tax Relief Act of 2008 - Amends the Internal Revenue Code to extend various provisions relating to energy production and conservation and to individual and business-related activities.Extends through 2009 the tax credit for producing electricity from wind facilities and through 2011 for closed and open-loop biomass, geothermal, small irrigation, hydropower, landfill gas, and trash combustion facilities. Includes marine and hydrokinetic renewable energy as a renewable resource for purposes of such tax credit. Extends through 2014: (1) the energy tax credits for solar energy, fuel cell, and microturbine property; and (2) the residential energy efficient property tax credit. Allows a new investment tax credit for combined heat and power system property.Provides funding for new clean renewable energy [...]

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Latest Action: 06/24/2008 - Sponsor introductory remarks on measure. (CR S6022)

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A bill to make grants to States to implement statewide portal initiatives, and for other purposes. 6/24/2008--Introduced. Empowering Teaching and Learning Through Education Portals Act - Authorizes the Secretary of Education to award matching grants to states to implement or maintain education portal initiatives that include collecting and making available: (1) high quality resources (including data, tools, and digital media content) for teachers, students, and parents, that support public education from Head Start through graduate school; and (2) resources for ongoing and sustainable teacher training in the use of education technology at such educational levels. Allows teachers, students, and parents to contribute resources to their state portal, which is to be accessible statewide. Permits states to use funds available to them under part A (Teacher and Principal Training and Recruiting Fund) of title II of the Elementary and Secondary Education Act of 1965 to maintain [...]

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Latest Action: 07/07/2008 - Committee on Finance. Original measure reported to Senate by Senator Baucus. With written report No. 110-408. Additional views filed.

Bill Text
An original bill to impose sanctions on Iran and for other purposes. 7/7/2008--Reported to Senate without amendment.    (There is 1 other summary) (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Iran Sanctions Act of 2008 - (Sec. 3) Expresses the sense of Congress concerning a variety of existing and proposed sanctions against Iran. (Sec. 4) States that nothing in this Act shall be construed as authorizing the President to use military force against Iran. (Sec. 5) Defines specified terms. (Sec. 6) Amends the Iran Sanctions Act of 1996 to expand the definition of "person" to include: (1) a financial institution, insurer, underwriter, guarantor, or any other business organization, including any foreign subsidiary, parent, or affiliate of one of the foregoing; and (2) an export credit agency that is a governmental entity operating [...]

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Latest Action: 07/30/2008 - S.AMDT.5254 Referred to the Committee on Finance. To make a technical correction.

Bill Text
A bill to provide tax relief for the victims of severe storms, tornados, and flooding in the Midwest, and for other purposes. 7/23/2008--Introduced. Midwestern Disaster Tax Relief Act of 2008 - Amends the Internal Revenue Code to provide tax benefits to individuals affected by presidentially-declared natural disasters (i.e., severe storms, tornadoes, or flooding) in the states of Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, and Wisconsin on or after May 20, 2008, and before August 1, 2008 (Midwestern disaster area).Makes specified provisions of the Internal Revenue Code, which currently apply only to residents of the Gulf Opportunity Zone and the Hurricane Katrina disaster area, applicable to the Midwestern disaster area, including: (1) tax-exempt bond financing, the low-income housing tax credit, accelerated depreciation and increased expensing of business assets, an increase in the rehabilitation tax credit, extended carryback [...]

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Latest Legislation - View All

Latest Action: 07/24/2008 - Read twice and referred to the Committee on Finance.

Bill Text
A bill to strengthen communities through English literacy, civic education, and immigrant integration programs. 7/24/2008--Introduced. Strengthening Communities Through Education and Integration Act of 2008 - Amends the Adult Education and Family Literacy Act (the Act) to allow state leadership activities grants to be used to: (1) provide technical assistance to faith and community-based organizations desiring grants under the Act; and (2) study the effectiveness of distance learning or self-study programs for English language learners. Directs the National Institute for Literacy to disseminate information regarding integrated English literacy and civics education programs. Makes such programs eligible for assistance under the Secretary of Education's national leadership activities program. Requires the Secretary to award grants to states for integrated English literacy and civics education programs, with each state's grant amount tied to the size and growth [...]

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Latest Action: 07/30/2008 - S.AMDT.5254 Referred to the Committee on Finance. To make a technical correction.

Bill Text
A bill to provide tax relief for the victims of severe storms, tornados, and flooding in the Midwest, and for other purposes. 7/23/2008--Introduced. Midwestern Disaster Tax Relief Act of 2008 - Amends the Internal Revenue Code to provide tax benefits to individuals affected by presidentially-declared natural disasters (i.e., severe storms, tornadoes, or flooding) in the states of Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, and Wisconsin on or after May 20, 2008, and before August 1, 2008 (Midwestern disaster area).Makes specified provisions of the Internal Revenue Code, which currently apply only to residents of the Gulf Opportunity Zone and the Hurricane Katrina disaster area, applicable to the Midwestern disaster area, including: (1) tax-exempt bond financing, the low-income housing tax credit, accelerated depreciation and increased expensing of business assets, an increase in the rehabilitation tax credit, extended carryback [...]