Top Legislation - View All
Also tagged in: Business, Capital investments, Excise tax, Finance, Income tax, Individual retirement accounts, Loans, 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: Agricultural conservation, Agriculture, Animals, Business, Capital gains tax, Conservation easements, Environmental protection, Environmental protection groups, Farm lands, Forest conservation, Habitat conservation, Income tax, Land transfers, Natural resources, Nature conservation, Open space lands, Tax credits, Tax exclusion, Tax-exempt organizations, Taxation, Unrelated business income tax
Latest Action: 01/04/2007 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend the Internal Revenue Code of 1986 to provide economic incentives for the preservation of open space and conservation of natural resources, and for other purposes. 1/4/2007--Introduced. Paul Coverdell Homestead Open Space Preservation and Conservation Act of 2006 (sic) - Amends the Internal Revenue Code to allow certain tax-exempt conservation organizations a tax credit for expenditures to acquire and maintain real property interests exclusively for conservation purposes.
Also tagged in: Administrative procedure, Auditing, Broadband, Business, Cable television, Capital gains tax, Congress, Congressional investigations, Congressional reporting requirements, Corporation taxes, Department of the Treasury, Direct broadcast satellites, Enterprise zones, Executive departments, Finance, Income tax, Investment tax credit, Law, Minorities, Minority business enterprises, Radio stations, Small business, Small business investment companies, Stocks, Tax deferral, Tax exclusion, Taxation, Telecommunication, Telecommunication industry, Telephone, Television stations, Urban affairs, Wireless communication
Latest Action: 01/22/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to provide for a deferral of tax on gain from the sale of telecommunications businesses in specific circumstances or a tax credit and other incentives to promote diversity of ownership in telecommunications businesses. 1/22/2007--Introduced. Telecommunications Ownership Diversification Act of 2007 - Amends the Internal Revenue Code to allow a taxpayer election to exclude from gross income a portion of the gain from the sale of the assets of a telecommunications business to an eligible purchaser. Defines "eligible purchaser" as: (1) any economically and socially disadvantaged business as designated by the Secretary of the Treasury using specified criteria; or (2) a corporation or partnership which, following the sale of a telecommunications business, owns substantially all of the assets of such business and is at least five percent owned by the Telecommunications Development Fund established under the Communications Act of [...] show full description
Also tagged in: Business, Capital gains tax, Economic policy, Finance, Income tax, Indexing (Economic policy), Inflation, Losses, Mutual funds, Real estate investment trusts, Small business, Stocks, Taxation, Valuation
Latest Action: 03/15/2007 - Sponsor introductory remarks on measure. (CR S3203-3204) Bill TextA bill to amend the Internal Revenue Code of 1986 to provide for the indexing of certain assets for purposes of determining gain or loss. 3/15/2007--Introduced. Capital Gains Inflation Relief Act of 2007 - Amends the Internal Revenue Code to allow an inflation adjustment based upon the gross domestic product deflator to the adjusted basis of certain assets (including C corporation common stock and tangible property used in a trade or business) held by a taxpayer for more than three years for purposes of determining gain or loss on the sale or other disposition of such assets. Sets forth rules for applying such inflation adjustment to short sales, regulated investment companies and real estate investment trusts, partnerships and other pass-thru entities, and dispositions of assets between related persons.
Also tagged in: Access to health care, Administrative procedure, Alcohol tax, American Samoa, Armed forces, Authorization, Budgets, Business, Business records, California, Capital gains tax, Caregivers, Child health, Children, Clinics, Congress, Congressional investigations, Congressional reporting requirements, Corporation taxes, Defense policy, Dental care, Department of Health and Human Services, Depreciation and amortization, Depressed areas, Diabetes, Disabled, Dividends, Economic policy, Education, Electronic data interchange, Electronic government information, Elementary and secondary education, Employee health benefits, Employee rights, Employment of the disabled, Enterprise zones, Executive departments, Executive reorganization, Families, Family enterprises, Family leave, Federal aid to child health services, Federal employees, Federal-state relations, Federal-territorial relations, Finance, Government employees, Government information, Government paperwork, Government publicity, Government trust funds, Guam, Hawaii, Health education, Health information systems, Health maintenance organizations, Health policy, Health surveys, Hospital rates, Illegal aliens, Immigration, Import restrictions, Income tax, Indexing (Economic policy), Infants, Insurance premiums, Interest, Intergovernmental fiscal relations, Joint ventures, Labor, Law, Legislation, Licenses, Managed care, Married people, Medicaid, Medical care, Medical economics, Medical records, Medical screening, Medical tests, Medically uninsured, Medicine, Mental health services, Military personnel, Minimum tax, Minimum wages, Northern Mariana Islands, Obesity, Pediatrics, Pensions, Poor children, Pregnant women, Preventive medicine, Puerto Rico, Quality of care, Rural affairs, Rural health, School health programs, Self-employed, Small business, Social security, Social security taxes, State and local government, Supplemental security income program, Tax administration, Tax credits, Tax deductions, Tax penalties, Tax rates, Taxation, Technology, Telecommunication, Tennessee, Tipping, Tobacco industry, Tobacco tax, Trade, Veterans, Veterans' employment, Virgin Islands, Vocational rehabilitation, Wages, War casualties, Welfare, Welfare eligibility, Welfare waivers, Women, Women's health
Latest Action: 10/18/2007 - The Chair announced that the message and the accompanying bill would be referred to the Committees on Energy and Commerce and Ways and Means and that the Clerk would be directed to notify the Senate of the actions of the House. Bill TextAn act to amend title XXI of the Social Security Act to extend and improve the Children's Health Insurance Program, and for other purposes. 9/25/2007--House agreed to Senate amendment with amendment. (There are 4 other summaries) Children's Health Insurance Program Reauthorization Act of 2007 - Makes the amendments made by this Act effective on October 1, 2007, regardless of whether final regulations have been promulgated to carry them out. Allows certain state plans under titles XIX (Medicaid) or XXI (State Children's Health Insurance Program) (CHIP) (also known as SCHIP) of the Social Security Act (SSA) that require state legislation to meet additional requirements imposed by this Act additional time to make required plan changes. Sets forth a contingent effective date for CHIP funding for FY2008. Title I: Financing - Subtitle A: Funding - (Sec. 101) Amends SSA title XXI to reauthorize the CHIP program through FY2012 at [...] show full description
Also tagged in: Administrative procedure, Affiliated corporations, Business, Corporate mergers, Criminal justice, Data banks, Executive departments, Foreign corporations, Government contractors, Government information, Government paperwork, International affairs, Law, Office of Management and Budget, Public contracts, State-sponsored terrorism, Stocks, Subsidiary corporations, Technology, Terrorism, Terrorists, Trade
Latest Action: 03/28/2007 - Read twice and referred to the Committee on Homeland Security and Governmental Affairs. Bill TextA bill to make ineligible for Federal contract awards any expatriated corporations and any companies that do business with, or own foreign subsidiaries that do business with, state sponsors of terrorism or foreign terrorist organizations. 3/28/2007--Introduced. Restoring Integrity in Contracting Act of 2007 - Disqualifies an acquiring corporation, or any subsidiary of such a corporation, that enters into a corporate expatriation transaction from federal contract awards for five years. Authorizes the Administrator for Federal Procurement Policy to extend the period of ineligibility as a penalty for failure to disclose such a transaction.Authorizes a presidential waiver in the interest of national security. Disqualifies any entity doing business with, or having a parent or subsidiary doing business with, a state sponsor of terrorism or foreign terrorist organization from federal contract awards for at least five years. Exempts entities selling food, agricultural [...] show full description
Also tagged in: Business, Capital gains tax, Economic policy, Finance, Income tax, Indexing (Economic policy), Inflation, Losses, Mutual funds, Real estate investment trusts, Small business, Stocks, Taxation, Valuation
Latest Action: 03/01/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to provide for the indexing of certain assets for purposes of determining gain or loss. 3/1/2007--Introduced. Capital Gains Inflation Relief Act of 2007 - Amends the Internal Revenue Code to allow an inflation adjustment based upon the gross domestic product deflator to the adjusted basis of certain assets (including C corporation common stock and tangible property used in a trade or business) held by a taxpayer for more than three years for purposes of determining gain or loss on the sale or other disposition of such assets. Sets forth rules for applying such inflation adjustment to short sales, regulated investment companies and real estate investment trusts, partnerships and other pass-thru entities, and dispositions of assets between related persons.
Also tagged in: American investments, Armed forces, Business, Corporate accountability, Defense policy, Executive orders, Export controls, Finance, Foreign corporations, Foreign policy, Import restrictions, International affairs, International finance, Iran, Joint ventures, Middle East and North Africa, Presidents, Sanctions (International law), Subsidiary corporations, Trade, War and emergency powers
Latest Action: 04/26/2007 - Sponsor introductory remarks on measure. (CR S5214) Bill TextA bill to strengthen the liability of parent companies for violations of sanctions by foreign entities, and for other purposes. 4/26/2007--Introduced. Stop Business with Terrorists Act of 2007 - Subjects the parent company of a foreign entity that violates certain executive orders prohibiting certain business transactions with Iran (or other such prohibitions imposed on Iran under the authority of the International Emergency Economic Powers Act) to penalties to the same extent as if the parent company had engaged in such violations. Provides that such prohibitions and penalties shall not apply if the parent company divests or terminates its business with such entity.
Also tagged in: Business, Congressional reporting requirements, Corporation taxes, Depreciation and amortization, Depressed areas, Economic growth, Economic policy, Enterprise zones, Government information, Government publicity, Governmental investigations, Income tax, Labor, Labor statistics, Minimum tax, Poverty, Self-employed, Tax deductions, Tax rates, Taxation, Unemployment, Welfare
Latest Action: 03/06/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to promote freedom, fairness, and economic opportunity by establishing National Enterprise Zones to promote prosperity in economically depressed areas. 3/6/2007--Introduced. National Enterprise Zone Act of 2007 - Amends the Internal Revenue Code to direct the Secretary of the Treasury to designate areas in the United States and its possessions as National Enterprise Zones and to publish a list of such Zones. Requires a Zone to: (1) have more than 50,000 residents; (2) have a poverty rate of two times the national poverty rate; and (3) have an unemployment rate two times the national average. Allows corporate and noncorporate taxpayers with taxable income from an active trade or business within such a Zone to elect a reduced alternative income tax in lieu of existing income and alternative minimum tax rates. Requires the Secretary to study and report to Congress on the effectiveness of such program.
Also tagged in: Administrative procedure, Agriculture, Bank holding companies, Bank loans, Bank management, Bank records, Banks and banking, Bonds, Business, Civil liberties, Community development banking, Congress, Congressional investigations, Congressional reporting requirements, Consumer credit, Consumer education, Consumers, Corporation directors, Corporation taxes, Credit bureaus, Debtor and creditor, Department of the Treasury, Executive departments, Farm lands, Federal reserve system, Fees, Finance, Government information, Government paperwork, Housing, Income tax, Individual retirement accounts, Information disclosure (Securities law), Interest, Law, Minimum tax, Money, Mortgage banks, Mortgages, Pensions, Right of privacy, Small business, Stockholders, Tax credits, Tax rates, Taxation
Latest Action: 05/16/2007 - Read twice and referred to the Committee on Finance. Bill TextA bill to enhance the ability of community banks to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes. 5/16/2007--Introduced. Community Banks Serving Their Communities First Act, or the Communities First Act - Revises regulatory requirements for community banks, including amendments to: (1) the Federal Deposit Insurance Act to permit certain insured depository institutions to submit a short form report of condition; (2) the Sarbanes-Oxley Act of 2002 to exempt certain small-sized depository institutions from annual management assessment of internal controls requirements; (3) the Securities Investor Protection Act of 1970 to exempt certain small-size community banks from its prohibition against advances for customers' net equity claims; (4) the Federal Reserve Act to increase the asset size of banks exempt from the limitation on extensions of credit to executive officers, directors, and principal [...] show full description
|
Latest Legislation - View All
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, Individual retirement accounts, Interest rates, Labor, Law, Medical care, 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. 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 [...] show full description
Also tagged in: Business, Capital gains tax, Collection of accounts, Corporation taxes, Energy, Finance, Financial services, Foreign corporations, Foreign policy, Government contractors, Government information, Government paperwork, Government procurement, Income tax, International affairs, Investment advisers, Leases, Losses, Minimum tax, Natural gas, Petroleum, Petroleum industry, Public contracts, Rent, Tax administration, Tax credits, Tax deductions, Tax exemption, Tax penalties, Tax returns, Tax treaties, Taxation, Taxation of foreign income, Withholding tax
Latest Action: 06/26/2008 - Received in the Senate and Read twice and referred to the Committee on Finance. Bill TextTo amend the Internal Revenue Code of 1986 to provide individuals temporary relief from the alternative minimum tax, and for other purposes. 6/25/2008--Passed House amended. (There is 1 other summary) Alternative Minimum Tax Relief Act of 2008 - Title I: Individual Tax Relief - Amends the Internal Revenue Code to: (1) increase and extend through 2008 the alternative minimum tax (AMT) exemption amounts; and (2) extend through 2008 the offset of certain nonrefundable personal tax credits against regular and AMT tax liability.Title II: Revenue Provisions- (Sec. 201) Defines an "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership about investing in, purchasing, or selling specified assets; (2) managing, acquiring, or disposing of specified assets; or (3) arranging financing with respect to acquiring specified assets.[...] show full description
Also tagged in: Administrative procedure, Aliens, Business, Congress, Congressional investigations, Congressional reporting requirements, Corporate management, Corporation law, Criminal justice, Department of the Treasury, Executive departments, Fines (Penalties), Fraud, Government information, Government paperwork, Immigration, Law, Money laundering, Standards, Trusts and trustees
Latest Action: 05/01/2008 - Sponsor introductory remarks on measure. (CR S3704-3706) Bill TextA bill to ensure that persons who form corporations in the United States disclose the beneficial owners of those corporations, in order to prevent wrongdoers from exploiting United States corporations for criminal gain, to assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, and other misconduct involving United States corporations, and for other purposes. 5/1/2008--Introduced. Incorporation Transparency and Law Enforcement Assistance Act - Amends the Homeland Security Act of 2002 to: (1) establish uniform requirements for states relating to the disclosure of beneficial owners of corporations and limited liability companies formed in such states and the updating of such disclosures; (2) require states to maintain beneficial ownership disclosure information for five years after a corporation or limited liability company is terminated; (3) impose additional identification requirements for the beneficial owners of corporations or limited [...] show full description
Also tagged in: Budgets, Business, Children, Citizenship, Congress, Congressional investigations, Congressional reporting requirements, Federal aid to child health services, Finance, Government information, Government publicity, Health insurance, Health policy, Immigration, Income tax, Investment advisers, Medicaid, Medical care, Medical statistics, Medically uninsured, Medicine, Pensions, Poor children, Standards, Tax-deferred compensation plans, Taxation, Welfare
Latest Action: 04/29/2008 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend title XXI of the Social Security Act to reauthorize the State Children's Health Insurance Program, to limit income eligibility expansions under that program until the lowest income eligible individuals are enrolled, and for other purposes. 4/29/2008--Introduced. Responsible Expansion of the State Children's Health Insurance Program Act of 2008 - Amends title XXI (State Children's Health Insurance) (SCHIP) of the Social Security Act, as amended by the Medicare, Medicaid, and SCHIP Extension Act of 2007, to revise, reauthorize, and extend the SCHIP program through FY2013. Requires the state SCHIP plan to specify how it will achieve coverage for 85% of eligible targeted low-income children in the state. Prohibits payment for child health assistance for a targeted low-income child in a family whose income exceeds 300% of the poverty line. Sets forth special rules for children with family income between 200% and 300% of the applicable poverty line.[...] show full description
Also tagged in: Budgets, Business, Collection of accounts, Communications, Congress, Congressional reporting requirements, Corporation taxes, Criminal justice, Debit cards, Department of the Treasury, Earned income tax credit, Electronic funds transfers, Executive departments, Finance, Fraud, Government contractors, Government information, Government procurement, Government publicity, Government service contracts, Governmental investigations, Grants-in-aid, Home care services, Identity theft, Income tax, Internet, Labor, Law, Loans, Names, Public contracts, Searches and seizures, Signs and symbols, Social services, Tax auditing, Tax deductions, Tax exemption, Tax liens, Tax penalties, Tax preparers, Tax refunds, Tax returns, Taxation, Taxpayers, Technology, Telecommunication, Volunteer workers, Welfare, Wireless communication, Withholding tax
Latest Action: 04/16/2008 - Received in the Senate and Read twice and referred to the Committee on Finance. Bill TextTo amend the Internal Revenue Code of 1986 to conform return preparer penalty standards, delay implementation of withholding taxes on government contractors, enhance taxpayer protections, assist low-income taxpayers, and for other purposes. 4/15/2008--Passed House amended. (There are 2 other summaries) Taxpayer Assistance and Simplification Act of 2008 - (Sec. 2) Amends the Internal Revenue Code to modify the standards for imposing penalties on tax return preparers for understatements of tax to require: (1) substantial authority for a position with respect to an item on a tax return if such position was not disclosed with the return; and (2) a reasonable basis for a position that was disclosed with the return. Requires tax return preparers to have a reasonable belief that a position with respect to a tax shelter or a reportable transaction (a transaction having a potential for tax avoidance or evasion) will more likely than not be sustained on [...] show full description
Also tagged in: Budgets, Business, Collection of accounts, Corporations, Debt, Federal aid programs, Finance, Fines (Penalties), Government contractors, Government procurement, Income tax, Law, Public contracts, Subsidies, Tax liens, Taxation
Latest Action: 04/15/2008 - Received in the Senate and Read twice and referred to the Committee on Homeland Security and Governmental Affairs. Bill TextTo prohibit the awarding of a contract or grant in excess of the simplified acquisition threshold unless the prospective contractor or grantee certifies in writing to the agency awarding the contract or grant that the contractor or grantee has no seriously delinquent tax debts, and for other purposes. 4/14/2008--Passed House amended. (There are 2 other summaries) (This measure has not been amended since it was reported to the House on April 10, 2008. The summary of that version is repeated here.)Contracting and Tax Accountability Act of 2008 - Establishes a policy that no U.S. government contracts or grants should be awarded to individuals or companies with seriously delinquent tax debts.Requires a person who has such a debt to be proposed for debarment from any federal government contract unless such requirement is waived by a federal agency head. Requires an agency head that issues an invitation for bids or a request for [...] show full description
Also tagged in: Budgets, Business, Collection of accounts, Corporations, Debt, Federal aid programs, Finance, Fines (Penalties), Government contractors, Government procurement, Income tax, Law, Public contracts, Subsidies, Tax liens, Taxation
Latest Action: 12/19/2007 - Read twice and referred to the Committee on Homeland Security and Governmental Affairs. Bill TextA bill to prohibit the awarding of a contract or grant in excess of the simplified acquisition threshold unless the prospective contractor or grantee certifies in writing to the agency awarding the contract or grant that the contractor or grantee has no seriously delinquent tax debts, and for other purposes. 12/19/2007--Introduced. Contracting and Tax Accountability Act of 2007 - Prohibits any person who has a seriously delinquent tax debt from obtaining a federal government contract or grant. Requires federal agency heads to require prospective contractors or grantees to: (1) certify that they do not have such a debt; and (2) authorize the Secretary of the Treasury to disclose information describing whether such contractors or grantees have such a debt. Defines "seriously delinquent tax debt" and an outstanding tax debt for which a notice of lien has been filed in public records.
Also tagged in: Administrative procedure, Business, Children, Corporation taxes, Department of the Treasury, Employee stock options, Executive departments, Families, Finance, Foreign corporations, Foreign tax credit, Income tax, Interest, Labor, Law, Minimum tax, Pensions, Small business, Tax administration, Tax credits, Tax evasion, Tax exemption, Tax penalties, Tax refunds, Tax returns, Tax-deferred compensation plans, Taxation, Taxation of foreign income, Trade
Latest Action: 01/22/2008 - Read twice and referred to the Committee on Finance. Bill TextTo amend the Internal Revenue Code of 1986 to provide individuals temporary relief from the alternative minimum tax, and for other purposes. 12/12/2007--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.)AMT Relief Act of 2007 - Title I: Individual Tax Relief - (Sec. 101) Amends the Internal Revenue Code to extend through 2007 for individual taxpayers: (1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liability; and (2) the increased AMT exemption amounts.(Sec. 103) Increases the AMT refundable credit amount for individual taxpayers with long-term unused tax credits in prior taxable years. Abates any underpayment of tax and related interest and penalties attributable to the application of special AMT rules for the treatment of incentive [...] show full description
Also tagged in: Accounting, Administrative procedure, Aged, Aliens, Alimony, Americans in foreign countries, Annuities, Armed forces, Athletics, Bank accounts, Banks and banking, Bonds, Business, Business travel, Capital gains tax, Cemeteries and funerals, Charitable contributions, Child support, Children, College costs, College sports, Colleges, Commemorations, Communications, Conservation of natural resources, Contracts, Cooperative societies, Corporate governance, Corporate mergers, Corporation taxes, Cost of living adjustments, Criminal justice, Damages, Debt, Defense policy, Department of the Treasury, Depreciation and amortization, Disability insurance, Disabled, Dividends, Divorce, Economic policy, Education, Education savings accounts, Employee ownership, Employee training, Environmental protection, Estate tax, Executive departments, Expatriation, Families, Finance, Financial services, Food, Foreign corporations, Foreign policy, Foster home care, Foundations, Fringe benefits, Gift tax, Gifts, Government corporations, Habitat conservation, Health insurance, Health policy, Higher education, Historic sites, History, Home ownership, Housing, Housing finance, Immigration, Imports, Income tax, Indexing (Economic policy), Individual retirement accounts, Insurance companies, Insurance premiums, Interest, Intergovernmental tax relations, International affairs, Job training, Labor, Land use, Law, Leases, Life insurance, Loan defaults, Lobbying, Local government, Losses, Marketing, Married people, Medical care, Medical economics, Medical research, Medical savings accounts, Medicare, Military pay, Military pensions, Mortgages, Natural resources, Officer personnel, Old age, survivors and disability insurance, Open space lands, Outdoor recreation, Pensions, Politics and government, Profit, Railroad retirement plans, Real estate business, Real estate development, Recreation areas, Rent, Salaries, School personnel, Science policy, Single people, Social security, Social security taxes, Social services, Sports, Sports facilities, State and local government, State politics and government, Stocks, Tax administration, Tax credits, Tax deductions, Tax deferral, Tax evasion, Tax exclusion, Tax exemption, Tax penalties, Tax rates, Tax refunds, Tax returns, Tax simplification, Tax treaties, Tax-deferred compensation plans, Tax-exempt organizations, Taxation, Taxation of foreign income, Teachers, Telecommunication, Telecommunication industry, Telephone, Territories (U.S.), Terrorism, Torts, Trade, Transportation, Travel costs, Trusts and trustees, Unemployment, Unrelated business income tax, Vocational education, Wages, Withholding tax, Workers' compensation
Latest Action: 11/13/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to restructure and replace the income tax system of the United States to meet national priorities, and for other purposes. 11/13/2007--Introduced. Simplified USA Tax Act of 2007 - Repeals, after 2006, income tax and estate and gift tax provisions of the Internal Revenue Code of 1986. Replaces such Code with a new tax system, to be known as the Simplified USA Tax. Establishes three income tax brackets at 15, 25, and 30% for individual taxpayers. Redefines "gross income" and allows certain exclusions from gross income, including previously-taxed benefits, tax-exempt bond interest, compensation for injuries and sickness, and gain from the sale of a principal residence. Allows tax deductions for alimony and child support, home mortgage interest, certain higher education expenses, and charitable contributions. Allows a tax credit for employee social security payroll taxes.Revises rules for Roth individual retirement [...] show full description
Also tagged in: Charities, Colleges, Commemorations, Compensation for victims of crime, Criminal justice, Education, Foundations, Higher education, Income tax, Monuments and memorials, Murder, Social services, Students, Tax exclusion, Tax penalties, Taxation, Victims of crimes, Virginia
Latest Action: 12/19/2007 - Became Public Law No: 110-141. Bill TextTo exclude from gross income payments from the Hokie Spirit Memorial Fund to the victims of the tragic event at Virginia Polytechnic Institute & State University. 12/19/2007--Public Law. (There are 3 other summaries) (This measure has not been amended since it was passed by the House on December 4, 2007. The summary of that version is repeated here.) Excludes from gross income, for federal income tax purposes, any payments made by Virginia Polytechnic Institute & State University (Virginia Tech) out of the Hokie Spirit Memorial Fund to the victims of the tragic shootings at such school on April 16, 2007. Increases the penalty for failure to file a partnership income tax return, for a taxable year beginning in 2008, by one dollar (from $85 to $86) per month (multiplied, as under current law, by the number of partners in the offending partnership during any part of the taxable year).
|
