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Also tagged in: Bank accounts, Congress, Education, Education savings accounts, Finance, Higher education, Home ownership, Housing, Housing finance, Income tax, Law, Names, Pensions, Sunset legislation, Tax exclusion, Taxation, Trusts and trustees
Latest Action: 04/16/2007 - Sponsor introductory remarks on measure. (CR H3384) Bill TextTo amend the Internal Revenue Code of 1986 to improve and expand education savings accounts. 1/4/2007--Introduced. 401Kids Family Savings Act of 2007 - Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 to extend through 2015 provisions allowing increased annual contributions to Coverdell education savings accounts. Amends the Internal Revenue Code to: (1) allow tax-free distributions from a Coverdell education savings account for first-time homebuyer expenses; (2) permit rollovers from Coverdell education savings accounts to Roth individual retirement accounts (Roth IRAs); and (3) rename Coverdell education savings accounts as 401Kids Savings Accounts.
Also tagged in: Business, Capital investments, Excise tax, Finance, Income tax, Loans, Partnerships, Pensions, Small business, Stocks, Tax exclusion, Tax penalties, Taxation
Latest Action: 01/04/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to allow loans from individual retirement plans for qualified small business capital assets. 1/4/2007--Introduced. Amends the Internal Revenue Code to exempt from the penalty tax for prohibited transactions loans from an individual retirement plan to acquire certain small business capital assets. Requires such loans to be repaid within five years.
Also tagged in: Annuities, Bonds, Budgets, Children, Civil service retirement, Cost of living adjustments, Families, Finance, Gift tax, Government employees, Government securities, Government trust funds, Grandparents, Inheritance tax, Investments, Law, Mutual funds, Old age, survivors and disability insurance, Parents, Pensions, Social security, Social security finance, Social security numbers, Stocks, Tax exemption, Tax refunds, Taxation, Trusts and trustees
Latest Action: 01/18/2007 - Referred to the Subcommittee on Social Security. Bill TextTo amend the Social Security Act to provide each American child with a KidSave Account, and for other purposes. 1/5/2007--Introduced. Social Security KidSave Accounts Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to create a new part B (KidSave Accounts). Directs the Commissioner of Social Security to establish in the name of each individual born on or after January 1, 2008, an individual retirement account in the Thrift Savings Fund known as a KidSave Account. Requires such Account to be treated in the same manner as an account maintained by a federal employee under the Federal Employees Retirement System (FERS) (into which contributions by or on behalf of the individual are deposited into one or more designated investment funds).Requires the Secretary of the Treasury to transfer from the Federal Old-Age and Survivors Insurance Trust Fund to each account holder's KidSave Account: (1) $2,000, on the date such [...] show full description
Latest Action: 01/10/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to repeal the required beginning date for distributions from individual retirement plans and for distributions of elective deferrals under qualified cash or deferred arrangements. 1/10/2007--Introduced. Amends the Internal Revenue Code to eliminate the requirement that individual retirement accounts (other than Roth IRAs) and elective deferrals under qualified cash or deferred arrangments must have a beginning date for mandatory distributions.
Also tagged in: Armed forces, Defense policy, Education, Education savings accounts, Families, Health policy, Higher education, Income tax, Medical care, Medical savings accounts, Military dependents, Pensions, Survivors' benefits, Tax exclusion, Taxation, Veterans, Veterans' benefits
Latest Action: 01/11/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to permit military death gratuities to be contributed to certain tax-favored accounts. 1/11/2007--Introduced. Amends the Internal Revenue Code to allow tax free rollovers of military death gratuities to Roth individual retirement accounts, health savings and Archer medical savings accounts, and Coverdell education savings accounts.
Also tagged in: Armed forces, Armed forces reserves, Business, College costs, Defense policy, Earned income tax credit, Education, Education savings accounts, Health policy, Higher education, Income tax, Iraq compilation, Labor, Medical care, Medical savings accounts, Military pay, Military personnel, Pensions, Replacement workers, Self-employed, Small business, Survivors' benefits, Tax credits, Tax deductions, Tax exclusion, Tax penalties, Taxation, Temporary employment, Wages, Welfare, Withholding tax
Latest Action: 01/31/2007 - Sponsor introductory remarks on measure. (CR S1431) Bill TextA bill to amend the internal Revenue Code of 1986 to provide tax relief to active duty military personnel and employers who assist them, and for other purposes. 1/31/2007--Introduced. Active Duty Military Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) allow certain small business owners (with 100 or fewer employees) and self-employed individuals a tax credit for wages paid to members of the Ready Reserve of the Armed Forces and to temporary replacement employees for such members while on active military duty; (2) treat differential wage payments made to members of the Ready Reserve as earned income for tax withholding and retirement plan purposes; (3) allow the rollover of military death gratuities to individual retirement accounts, health savings accounts, Archer medical savings accounts, and education savings accounts; (4) increase the standard tax deduction by $1,000 in 2007 and 2008 for members of the uniformed services on active duty for more than 30 [...] show full description
Latest Action: 01/17/2007 - Referred to the House Committee on Ways and Means. Bill TextTo help American families save, invest, and build a better future, and for other purposes. 1/17/2007--Introduced. Better Future for American Families Act - Amends the Internal Revenue Code to rename the tax credit for elective deferrals and IRA contributions as the saver's credit. Revises the applicable percentage and phaseout formula for calculating the credit and makes such credit refundable.
Also tagged in: Actions and defenses, Agriculture, Alaska, Annuities, Damages, Environmental protection, Estates (Law), Farm income, Income tax, Labor, Law, Liability for environmental damages, Oil pollution, Pensions, Self-employed, Tax administration, Tax exclusion, Tax-deferred compensation plans, Taxation, Water pollution
Latest Action: 02/12/2007 - Sponsor introductory remarks on measure. (CR S1854-1855) Bill TextA bill to provide for the tax treatment of income received in connection with the litigation concerning the Exxon Valdez oil spill and for other purposes. 2/12/2007--Introduced. Exxon Valdez Oil Spill Tax Treatment Act - Allows taxpayers who are plaintiffs in the civil action In re Exxon Valdez, No. 89-095-CV (HRH) (Consolidated) (D. Alaska), or their heirs or dependents, to: (1) elect to average, for income tax purposes, income received in settlement of such civil action for the period beginning on January 1, 1994, and ending on December 31 of the year in which any settlement income is received; and (2) make contributions of any amount of such settlement income to certain tax-exempt retirement plans in the year such income is received.
Also tagged in: Cost of living adjustments, Economic policy, Education, Education savings accounts, Food, Food stamps, Higher education, Indexing (Economic policy), Pensions, Welfare, Welfare eligibility
Latest Action: 02/14/2007 - Sponsor introductory remarks on measure. (CR S1970-1971) Bill TextA bill to amend the Food Stamp Act of 1977 to adjust for inflation the allowable amounts of financial resources of eligible households and to exclude from countable financial resources certain retirement and education accounts. 2/14/2007--Introduced. Food Stamp Personal Savings and Investment Act of 2007 - Amends the Food Stamp Act of 1977 to provide an annual financial resource inflation adjustment for purposes of household food stamp program eligibility. Excludes from countable financial resources specified retirement and education accounts. (Authorizes the exclusion of other such programs.)
Latest Action: 02/07/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to make permanent the provision for penalty-free withdrawals from individual retirement plans for qualified reservist distributions. 2/7/2007--Introduced. Guardsmen & Reservists' Tax Fairness Act of 2007 - Amends the Internal Revenue Code to make permanent the exemption from tax penalties for premature distributions from retirement plans by members of the National Guard or Ready Reserve called to active duty.
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Latest Legislation - View All
Also tagged in: Agricultural research, Agriculture, Agriculture in foreign trade, Air pollution, Air pollution control, Alaska, Alcoholic beverages, Alternative energy sources, American Samoa, Automobile engines, Bicycles, Biomass energy, Bonds, Books, Budgets, Building construction, Business, Capital gains tax, Carbon dioxide, Cellulose, Charitable contributions, Children, Civil rights, Coal, Cogeneration of electric power and heat, College costs, Computers, Congress, Congressional reporting requirements, Corporation taxes, Criminal justice, Damages, Depreciation and amortization, Depressed areas, Diesel motor, Disaster relief, Discrimination in medical care, Displaced persons, District of Columbia, Dividends, Drug abuse, Drug abuse treatment, Economic development, Economic policy, Education, Educational technology, Electric appliances, Electric power distribution, Electric power production, Electric vehicles, Elementary and secondary education, Emergency housing, Emergency management, Employee health benefits, Energy, Energy conservation, Energy efficiency, Enterprise zones, Environmental protection, Excise tax, Exports, Federal aid to transportation, Finance, Fines (Penalties), Food, Foreign corporations, Foreign tax credit, Geothermal resources, Government trust funds, Governmental investigations, Greenhouse gases, Hazardous substances, Hazardous wastes, Health insurance, Health policy, Higher education, Highway finance, Housing, Humanities, Hurricanes, Hydroelectric power, Incineration, Income tax, Indian economic development, Interest, Inventories, Irrigation, Labor, Landfills, Law, Leases, Legal services, Local taxation, Losses, Louisiana, Marine resources, Medical care, Mental health services, Methane, Mine safety, Minimum tax, Minorities, Minority employment, Mortgages, Motion pictures, Mutual funds, Natural resources, New York City, Ocean energy resources, Oil pollution, Pensions, Puerto Rico, Railroad engineering, Recycling of waste products, Refuse as fuel, Rescue work, Research and development tax credit, Restaurants, Rural affairs, Rural education, Sales tax, School buildings, Science policy, Securities, Service stations, Small business, Solar energy, Solid wastes, Sports, Sports facilities, State and local government, State taxation, Stocks, Subsidiary corporations, Tankers, Tariff, Tax administration, Tax credits, Tax deductions, Tax exclusion, Tax exemption, Tax preparers, Tax refunds, Tax returns, Tax-deferred compensation plans, Tax-exempt organizations, Taxation, Taxation of foreign income, Teacher education, Teachers, Technology, Television industry, Terrorism, Trade, Transportation, Travel costs, Trucks, Undercover operations, Virgin Islands, Water resources, Wind power, Wool
Latest Action: 07/30/2008 - Cloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 51 - 43. Record Vote Number: 192. (consideration: CR S7722; text: CR S7722) Bill TextA bill to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes. 7/24/2008--Introduced. Jobs, Energy, Families, and Disaster 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 the tax credit for producing electricity from wind facilities through 2009 and the tax credit for closed and open-loop biomass, geothermal, small irrigation, hydropower, landfill gas, and trash combustion facilities through 2011. Includes marine and hydrokinetic renewable energy as a renewable resource for purposes of such tax credit. Extends the energy tax credit for solar energy and the residential energy efficient property tax credit through 2016. Extends the energy tax credits for fuel cell and microturbine property through 2017. Allows a new investment tax credit for combined heat and power system property.[...] show full description
Also tagged in: Arkansas, Bonds, Books, Business, Charitable contributions, College costs, Depreciation and amortization, Disaster relief, Displaced persons, Education, Elementary and secondary education, Emergency management, Employment, Environmental protection, Finance, Floods, Food, Government information, Government paperwork, Grants-in-aid, Higher education, Housing, Housing finance, Humanities, Illinois, Income tax, Indiana, Inventories, Iowa, Kansas, Labor, Loans, Losses, Low-income housing, Michigan, Minnesota, Missouri, Mortgages, Nebraska, Pensions, Residential rehabilitation, Social services, Solid wastes, Storms, Tax credits, Tax deductions, Tax exclusion, Tax exemption, Tax penalties, Tax returns, Taxation, Textbooks, Tornadoes, Transportation, Travel costs, Volunteer workers, Wisconsin
Latest Action: 07/30/2008 - S.AMDT.5254 Referred to the Committee on Finance. To make a technical correction. Bill TextA 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 [...] show full description
Also tagged in: Administrative procedure, Civil service retirement, Executive departments, Federal employees, Federal Retirement Thrift Investment Board, Finance, Government employees, Investments, Law, Mutual funds, Payroll deductions, Pensions
Latest Action: 07/16/2008 - Committee Consideration and Mark-up Session Held. Bill TextTo amend title 5, United States Code, to provide for the automatic enrollment of new participants in the Thrift Savings Plan, and for other purposes. 7/15/2008--Introduced. Thrift Savings Plan Enhancement Act of 2008 - Revises requirements for participation in the Thrift Savings Plan (TSP) to require the Federal Retirement Thrift Investment Board to provide regulations for automatic enrollment of new participants to make contributions at the default percentage of basic pay. Allows a default investment in an alternative fund or funds (in lieu of the Government Securities Investment Fund (G Fund)), as the Board may designate in regulations, if an election has not been made with respect to any TSP sums available for investment. Requires the Board to include in the TSP, by regulation, a qualified Roth contribution progam (under which an employee may elect to make designated Roth contributions in lieu of elective deferrals under the retirement plan). Authorizes [...] show full description
Also tagged in: Administrative procedure, Airline employees, Airlines, Bankruptcy, Business, Civil service retirement, Defined benefit pension plans, Defined contribution plans, Department of the Treasury, Executive departments, Finance, Government employees, Government employees' health insurance, Government information, Government paperwork, Health policy, Income tax, Interest rates, Labor, Law, Medical care, Partnerships, Pension funds, Pensions, Small business, Standards, Tax deductions, Tax evasion, Tax exclusion, Tax penalties, Tax returns, Taxation, Transportation, Trusts and trustees
Latest Action: 08/01/2008 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Bill TextTo make technical corrections related to the Pension Protection Act of 2006, and for other purposes. 7/9/2008--Passed House 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.) Pension Protection Technical Corrections Act of 2008 - Title I: Technical Corrections Related to the Pension Protection Act of 2006 - (Sec. 101) 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 [...] show full description
Also tagged in: Agriculture, Agriculture in foreign trade, Air pollution, Alabama, Alcohol tax, Alcoholic beverages, Alternative energy sources, American Samoa, Biomass energy, Bonds, Books, Budgets, Building construction, Business, Carbon dioxide, Cellulose, Charitable contributions, Children, Climate change, Coal, Cogeneration of electric power and heat, College costs, Communications, Computers, Corporation taxes, Criminal justice, Department of the Treasury, Depreciation and amortization, Depressed areas, Diesel motor, District of Columbia, Dividends, Economic development, Economic policy, Education, Educational technology, Electric appliances, Electric power plants, Electric power production, Electric vehicles, Elementary and secondary education, Emergency management, Employee training, Energy, Energy conservation, Energy efficiency, Energy facilities, Environmental protection, Excise tax, Executive departments, Exports, Finance, Fines (Penalties), Food, Foreign corporations, Foreign policy, Foreign tax credit, Fuel cells, Geothermal resources, Government trust funds, Governmental investigations, Greenhouse gases, Higher education, Housing, Humanities, Hurricanes, Hydroelectric power, Incineration, Income tax, Indian economic development, Interest, Internal Revenue Service (IRS), International affairs, Inventories, Investment tax credit, Irrigation, Job training, Labor, Landfills, Law, Lawyers, Leases, Legal fees, Legal services, Liability for environmental damages, Local taxation, Losses, Louisiana, Marine resources, Methane, Mine safety, Minimum tax, Minorities, Minority employment, Mississippi, Motion pictures, Mutual funds, Natural resources, New York City, Ocean energy resources, Oil pollution, Pensions, Property tax, Puerto Rico, Railroad engineering, Refuse as fuel, Rescue work, Research and development tax credit, Restaurants, Retail trade, Rural affairs, Rural education, Sales tax, School buildings, Science policy, Service stations, Small business, Solar energy, Solid wastes, Sports, Sports facilities, State and local government, State taxation, Stocks, Subsidiary corporations, Tariff, Tax administration, Tax credits, Tax deductions, Tax exclusion, Tax exemption, Tax penalties, Tax preparers, Tax rates, Tax refunds, Tax returns, Tax-exempt organizations, Taxation, Taxation of foreign income, Teacher education, Technology, Television industry, Terrorism, Trade, Transportation, Undercover operations, Urban affairs, Urban economic development, Virgin Islands, Wages, Water resources, Wind power, Wool
Latest Action: 06/12/2008 - Sponsor introductory remarks on measure. (CR S5595-5597) Bill TextA 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 [...] show full description
Also tagged in: Accounting, Aliens, Business, Capital gains tax, Charitable contributions, Corporation taxes, Finance, Income tax, Law, Pensions, Small business, Stockholders, Tax administration, Tax deductions, Tax exclusion, Taxation, Trusts and trustees
Latest Action: 05/22/2008 - Sponsor introductory remarks on measure. (CR S4803) Bill TextA bill to amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes. 5/22/2008--Introduced. S Corporation Modernization Act of 2008 - Amends the Internal Revenue Code to revise the tax treatment of S corporations by: (1) reducing from 10 to seven years the period during which S corporation built-in gains are subject to tax; (2) repealing mandatory termination of S corporation elections for excessive passive investment income; (3) allowing S corporations to increase passive investment income from 25 to 60% without incurring additional tax; (4) allowing nonresident aliens to be potential current beneficiaries of an electing small business trust (ESBT); (5) allowing individual retirement accounts (IRAs) to be S corporation shareholders; and (6) allowing ESBTs to claim expanded charitable tax deductions.
Also tagged in: Aged, Annuities, Armed forces, Armed forces reserves, Blind, Bonds, Business, Capital gains tax, Defense policy, Disabled, Earned income tax credit, Earnings, Education, Education savings accounts, Emergency management, Employee health benefits, Executive departments, Expatriation, Families, Finance, Fire fighters, Flexible benefit plans, Foreign corporations, Government contractors, Government employees, Government information, Government service contracts, Health policy, Higher education, Home ownership, Housing, Housing finance, Identification devices, Immigration, Income tax, Intelligence activities, Intelligence community staff, Labor, Life insurance, Medical care, Mental health services, Military dependents, Military pay, Military personnel, Mortgages, National service, Peace Corps, Pensions, Public contracts, Social security, Social security taxes, Social services, Subsidiary corporations, Supplemental security income program, Survivors' benefits, Tax credits, Tax deferral, Tax evasion, Tax exclusion, Tax penalties, Tax rebates, Tax refunds, Tax returns, Tax-deferred compensation plans, Taxation, Trade, Unemployment insurance, Veterans' benefits, Volunteer workers, Wages, War casualties, Welfare, Welfare eligibility, Withholding tax
Latest Action: 06/17/2008 - Became Public Law No: 110-245. Bill TextTo amend the Internal Revenue Code of 1986 to provide benefits for military personnel, and for other purposes. 6/17/2008--Public Law. (There are 3 other summaries) (This measure has not been amended since it was passed by the House on May 20, 2008. The summary of that version is repeated here.)Heroes Earning Assistance and Relief Tax Act of 2008 -Amends the Internal Revenue Code to provide tax benefits and incentives for military personnel.Title I: Benefits for Military - (Sec 101) Exempts married taxpayers who file a joint tax return from the identification requirement for the 2008 recovery tax rebate if at least one of the filers is a current member of the Armed Forces.(Sec. 102) Makes permanent the election to treat combat zone compensation as earned income for purposes of the earned income tax credit. (Sec. 103) Makes permanent the exemption from the first-time homebuyer rule for veterans using mortgage [...] show full description
Also tagged in: Air pollution, Alabama, Alcoholic beverages, Alternative energy sources, Armed forces, Biomass energy, Bonds, Books, Building construction, Business, Capital gains tax, Carbon dioxide, Cellulose, Charitable contributions, Children, Civil rights, Clean coal technology, Climate change, Coal, Coal gasification, College costs, Computers, Congress, Congressional reporting requirements, Construction costs, Corporation taxes, Criminal justice, Curricula, Defense policy, Depreciation and amortization, Diesel motor, Discrimination in insurance, Discrimination in medical care, District of Columbia, Earned income tax credit, Economic policy, Education, Education of the disadvantaged, Educational technology, Electric appliances, Electric vehicles, Elementary and secondary education, Emergency management, Employee stock options, Energy, Energy conservation, Energy efficiency, Energy industries, Enterprise zones, Environmental protection, Excise tax, Finance, Food, Foreign corporations, Foreign policy, Foreign tax credit, Fuel cells, Geothermal resources, Governmental investigations, Greenhouse gases, Health insurance, Health policy, Higher education, Home repair and improvement, Housing, Humanities, Hurricanes, Hydroelectric plants, Hydroelectric power, Incineration, Income tax, Indians, Interest, International affairs, Inventories, Investment tax credit, Irrigation, Labor, Landfills, Law, Leases, Legal fees, Legal services, Local taxation, Losses, Louisiana, Marine resources, Medical care, Medicine, Mental health services, Methane, Military pay, Minimum tax, Minorities, Minority employment, Mississippi, Mortgages, Motion pictures, Mutual funds, Natural resources, New York City, New York State, Ocean energy resources, Pensions, Property tax, Public-private partnerships, Puerto Rico, Railroad engineering, Refuse as fuel, Research and development tax credit, Restaurants, Science policy, Service stations, Small business, Solar energy, Solid wastes, Sports, Sports facilities, State and local government, State taxation, Stocks, Subsidiary corporations, Tax administration, Tax credits, Tax deductions, Tax evasion, Tax exclusion, Tax exemption, Tax penalties, Tax preparers, Tax rates, Tax refunds, Tax returns, Tax-exempt organizations, Taxation, Teachers, Teaching materials, Technology, Telecommunication, Television industry, Terrorism, Trade, Transportation, Undercover operations, Urban affairs, Urban economic development, Veterans, Veterans' benefits, Water resources, Welfare
Latest Action: 09/29/2008 - Message on Senate action sent to the House. Bill TextTo 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. 9/23/2008--Passed Senate amended. (There are 3 other summaries) Energy Improvement and Extension Act of 2008 - Amends the Internal Revenue Code to extend and modify expiring provisions related to energy production and conservation and to provide for revenue enhancements.Title I: Energy Production Incentives - Subtitle A: Renewable Energy Incentives - (Sec. 101) Extends the tax credit for the production of electricity from renewable resources: (1) through 2009 for wind and refined coal facilities; and (2) through 2010 for closed and open-loop biomass, geothermal or solar energy, small irrigation power, landfill gas, trash combustion, and hydropower facilities. Modifies tax credit rules for refined coal, trash, and biomass [...] show full description
Also tagged in: Alcohol tax, Alcoholic beverages, Alternative energy sources, American Samoa, Books, Business, Capital gains tax, Charitable contributions, Coal, College costs, Corporation taxes, Criminal justice, Department of the Treasury, Depreciation and amortization, Depressed areas, Earned income tax credit, Economic development, Economic policy, Education, Education of the disadvantaged, Electric appliances, Elementary and secondary education, Emergency management, Energy, Energy conservation, Energy efficiency, Enterprise zones, Environmental protection, Executive departments, Finance, Food, Foreign corporations, Fuel cells, Health insurance, Health policy, Higher education, Holding companies, Housing, Humanities, Hurricanes, Income tax, Indian economic development, Insurance, Internal Revenue Service (IRS), Inventories, Labor, Leases, Local taxation, Medical care, Mental health services, Military pay, Mine safety, Minimum tax, Minorities, Minority employment, Mortgages, Motion pictures, Mutual funds, Pensions, Puerto Rico, Railroad engineering, Rescue work, Research and development tax credit, Restaurants, Rural affairs, Sales tax, School buildings, Science policy, Small business, Social security, Social security taxes, Solar energy, Sports, State and local government, State taxation, Stocks, Subsidiary corporations, Tax administration, Tax credits, Tax deductions, Tax exclusion, Tax exemption, Tax returns, Tax-exempt organizations, Taxation, Taxation of foreign income, Teachers, Television industry, Terrorism, Trade, Transportation, Undercover operations, Veterans, Virgin Islands, Welfare
Latest Action: 04/17/2008 - Sponsor introductory remarks on measure. (CR S3156-3157) Bill TextA bill to amend the Internal Revenue Code of 1986 to amend certain expiring provisions. 4/17/2008--Introduced. Alternative Minimum Tax and Extenders Tax Relief Act of 2008 - Amends the Internal Revenue Code to extend expiring provisions relating to the alternative minimum tax, individual and business taxpayers, energy conservation, and tax administration. Extends through 2008 for individual taxpayers: (1) the offset of nonrefundable personal tax credits against alternative minimum tax (AMT) liability; and (2) increased AMT exemption amounts.Extends through 2009: (1) the election to include combat zone compensation as earned income for purposes of the earned income tax credit; (2) tax-free distributions from individual retirement plans (IRAs) for individuals called or ordered to active military duty and for charitable purposes; (3) the election to deduct state and local sales taxes in lieu of state and local income taxes; (4) the tax deductions for qualified tuition [...] show full description
Latest Action: 04/16/2008 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to waive the 10 percent penalty on withdrawals from qualified retirement plans upon receipt of notice of foreclosure on a principal residence. 4/16/2008--Introduced. Amends the Internal Revenue Code to exempt a taxpayer from the 10% penalty on premature withdrawals from tax-exempt retirement plans if such taxpayer received a foreclosure notice relating to a mortgage on a principal residence and makes a withdrawal from a retirement account after July 31, 2007, and before January 1, 2011.
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