Top Legislation - View All
Also tagged in: Business, Constitution, Constitutional amendments, Executive departments, Foreign policy, Gift tax, Government and business, Government corporations, Government property, Income tax, International affairs, Privatization, State and local government, State constitutions, State laws, Taxation, Treaties
Latest Action: 03/01/2007 - Referred to the Subcommittee on the Constitution, Civil Rights, and Civil Liberties. Bill TextProposing an amendment the Constitution of the United States relative to abolishing personal income, estate, and gift taxes and prohibiting the United States Government from engaging in business in competition with its citizens. 2/7/2007--Introduced. Constitutional Amendment - Prohibits the U.S. government from engaging in any business, professional, commercial, financial, or industrial enterprise except as specified in the Constitution. Prohibits the constitution or laws of any state, or the laws of the United States, from being subject to the terms of any foreign or domestic agreement which would abrogate this amendment.Requires any activities of the U.S. government which violate the intent and purposes of this amendment to be liquidated and the properties and facilities affected to be sold within three years from the date of ratification of this amendment. Repeals the Sixteenth Amendment to the Constitution three years after ratification of this amendment and thereafter [...] show full description
Also tagged in: Administrative fees, Administrative procedure, Administrative remedies, Affiliated corporations, Aged, Aliens, Budgets, Business, Cost of living adjustments, Department of the Treasury, Executive departments, Executive reorganization, Exports, Families, Finance, Financial services, Foreign corporations, Gambling, Gift tax, Government information, Government paperwork, Government trust funds, Health policy, Hobbies, Immigration, Income tax, Insurance, Interest, Intergovernmental tax relations, Internal revenue law, Internal Revenue Service (IRS), Interstate compacts, Inventories, Labor, Law, Loan defaults, Medical care, Medicare, Old age, survivors and disability insurance, Payroll deductions, Politics and government, Poverty, Rebates, Sales tax, Small business, Social security, Social security finance, Social security taxes, Sports, State and local government, State politics and government, Tax administration, Tax auditing, Tax courts, Tax credits, Tax liens, Tax penalties, Tax refunds, Tax returns, Tax simplification, Taxation, Taxation of foreign income, Taxpayer compliance, Taxpayers, Telecommunication, Telephone, Trade, Wages, Welfare, Withholding tax
Latest Action: 01/04/2007 - Referred to the House Committee on Ways and Means. Bill TextTo promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily by the States. 1/4/2007--Introduced. Fair Tax Act of 2007 - Repeals the income tax, employment tax, and estate and gift tax. Redesignates the Internal Revenue Code of 1986 as the Internal Revenue Code of 2007. Imposes a national sales tax on the use or consumption in the United States of taxable property or services. Sets the sales tax rate at 23 percent in 2009, with adjustments to the rate in subsequent years. Allows exemptions from the tax for property or services purchased for business, export, or investment purposes and for state government functions. Sets forth rules relating to: (1) the collection and remittance of the sales tax; and (2) credits and refunds. Allows families a sales tax rebate.Grants states the primary authority for the collection [...] show full description
Also tagged in: Affordable housing, Aged, Agricultural subsidies, Agriculture, Alabama, Alternative energy sources, Appropriations, Armed forces, Armed forces abroad, Arms control, Artificial satellites, Asians, Authorization, Balanced budgets, Ballistic missile defenses, Bonds, Border patrols, Budget deficits, Budget reconciliation, Budget resolutions, Budgets, Building construction, Business, Child support, Children, Collection of accounts, College costs, Congress, Cost control, Counterterrorism, Criminal justice, Debt limit, Defense budgets, Defense contracts, Defense economics, Defense policy, Depreciation and amortization, Disability evaluation, Disabled, Disaster relief, East Asia, Economic growth, Economic policy, Education, Elementary and secondary education, Elementary education, Emergency management, Emergency medicine, Employee health benefits, Energy, Energy research, Engineering, Entitlements, Families, Federal aid to child health services, Federal aid to research, Federal employees, Finance, Fire fighters, Floods, Food, Food relief, Food stamps, Fraud, Government employees, Government spending reductions, Health care fraud, Health information systems, Health insurance, Health policy, Higher education, History, House rules and procedure, Housing, Hunger, Hurricanes, Income tax, Insurance premiums, International competitiveness, Labor, Law enforcement officers, Legislation, Legislative resolutions, Local taxation, Louisiana, Marine terminals, Married people, Mathematics, Medical care, Medical economics, Medical fees, Medically uninsured, Medicare, Medicine, Military cemeteries and funerals, Military hospitals, Military medicine, Military pay, Minimum tax, Mississippi, Nuclear nonproliferation, Old age, survivors and disability insurance, Paramedical personnel, Pay equity, Performance measurement, Philippines, Physicians, Police, Poor children, Power marketing administrations, Preventive medicine, Public debt, Quality of care, Research and development, Research and development tax credit, Research grants, Retired military personnel, Retiree health benefits, Rural affairs, Rural education, Sales tax, School buildings, Science policy, Scientific education, Scientists, Secondary education, Security measures, Small business, Social security, Space activities, State and local government, State taxation, Student aid, Supplemental security income program, Tax administration, Tax credits, Tax deductions, Tax rates, Tax simplification, Taxation, Teacher education, Teacher supply and demand, Technological innovations, Technology, Telecommunication, Terrorism, Texas, Trade, Transportation, Transportation safety, Unemployment insurance, Veterans, Veterans' benefits, Veterans' medical care, Waste in government spending, Weapons systems, Welfare, Welfare eligibility, World War II
Latest Action: 03/29/2007 - Considered as unfinished business. (consideration: CR H3283-3338; text of measure as reported in House: CR H3283-3289) Bill TextRevising the congressional budget for the United States Government for fiscal year 2007, establishing the congressional budget for the United States Government for fiscal year 2008, and setting forth appropriate budgetary levels for fiscal years 2009 through 2012. 3/29/2007--Passed House without amendment. (There are 2 other summaries) (This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.) Revises and replaces the congressional budget for the federal government for FY2007. Sets forth the congressional budget for the federal government for FY2008, including the appropriate budgetary levels for FY2009-FY2012. Title I: Recommended Levels and Amounts - (Sec. 101) Recommends budgetary levels and amounts for FY2007-FY2012 for: (1) federal revenues; (2) new budget authority; (3) budget outlays; (4) deficits (on-budget); (5) debt subject to limit; [...] show full description
Also tagged in: Business, Children, College costs, Congress, Costs, Education, Elementary and secondary education, Elementary education, Families, Gift tax, Higher education, Income tax, Inheritance tax, Job training, Local taxation, Married people, Minimum tax, Sales tax, Secondary education, State and local government, State taxation, Sunset legislation, Tax credits, Tax deductions, Tax rates, Tax refunds, Taxation, Teachers, Teaching materials, Textbooks, Vocational education
Latest Action: 01/11/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to make permanent certain temporary provisions applicable to individuals, including the sales tax deduction, the child credit, the repeal of the estate tax, and the deduction for higher education expenses. 1/11/2007--Introduced. Amends the Internal Revenue Code to make permanent the tax deductions for state and local sales taxes, for certain expenses of elementary and secondary school teachers, and for tuition and related expenses. Exempts certain provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 relating to the child tax credit, marriage penalty relief, repeal of the estate tax, and the tax deduction for higher education expenses from the general terminating date of that Act (i.e., December 31, 2010).
Also tagged in: Annuities, Business, Congress, Congressional voting, Families, Federal employees, Flat-rate tax, Gift tax, Government employees, Income tax, Inheritance tax, Labor, Legislation, Legislative amendments, Legislative resolutions, Local employees, Married people, Minimum tax, Pensions, State and local government, State employees, Tax administration, Tax credits, Tax deductions, Tax rates, Tax-exempt organizations, Taxation, Unemployment insurance, Wages
Latest Action: 03/05/2007 - Sponsor introductory remarks on measure. (CR H2160-2162) Bill TextTo amend the Internal Revenue Code of 1986 to provide taxpayers a flat tax alternative to the current income tax system. 2/14/2007--Introduced. Freedom Flat Tax Act - Amends the Internal Revenue Code to authorize an individual or a person engaged in business activity to make an irrevocable election to be subject to a flat tax (in lieu of the existing tax provisions) of 19% for the first two years after an election is made, and 17% thereafter. Calculates taxable income for individual taxpayers by subtracting a basic standard deduction and an additional standard deduction for each dependent from the total of wages, retirement distributions, and unemployment compensation. Defines "business taxable income" to mean gross active income reduced by the cost of certain business inputs. Imposes an employer tax on the value of excludable compensation provided to employees not engaged in business activity of 19% for the first two years after an election is made under this [...] show full description
Also tagged in: Administrative fees, Aged, Aliens, Annuities, Bonds, Budget deficits, Budget reconciliation, Budget resolutions, Budget surpluses, Budgets, Caregivers, Children, Civil service retirement, Congress, Congressional reporting requirements, Congressional voting, Cost of living adjustments, Death, Disabled, Divorce, Earnings, Economic policy, Estates (Law), Executive departments, Executive reorganization, Families, Finance, Financial statements, Government employees, Government information, Government paperwork, Government publicity, Government trust funds, House rules and procedure, Indexing (Economic policy), Investments, Labor, Law, Legislation, Legislative amendments, Legislative resolutions, Marriage, Married people, Mutual funds, Old age, survivors and disability insurance, Older workers, Pensions, Retirement income, Senate rules and procedure, Social security, Social Security Administration, Social security beneficiaries, Social security eligibility, Social security finance, Social security taxes, Stocks, Survivors' benefits, Tax credits, Tax exemption, Tax refunds, Taxation, Widowers, Widows, Women
Latest Action: 03/13/2007 - Referred to the Subcommittee on Social Security. Bill TextTo amend the Social Security Act and the Internal Revenue Code of 1986 to preserve and strengthen the Social Security Program through the creation of personal Social Security guarantee accounts ensuring full benefits for all workers and their families, restoring long-term Social Security solvency, to make certain benefit improvements, and for other purposes. 2/15/2007--Introduced. Social Security Guarantee Plus Act of 2007 - Amends the Internal Revenue Code (IRC) and title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to establish a Social Security Guarantee Program, to be administered by a Social Security Guarantee Board established within the Social Security Administration. Authorizes any individual age 18 with a Social Security number to elect to enroll as a covered individual and receive in the Social Security guarantee account established for him or her by the Board a calendar year payment of Social Security guarantee refundable [...] show full description
Also tagged in: Administrative fees, Administrative procedure, Administrative remedies, Affiliated corporations, Aged, Aliens, Budgets, Business, Cost of living adjustments, Department of the Treasury, Executive departments, Executive reorganization, Exports, Families, Finance, Financial services, Foreign corporations, Gambling, Gift tax, Government information, Government paperwork, Government trust funds, Health policy, Hobbies, Immigration, Income tax, Insurance, Interest, Intergovernmental tax relations, Internal revenue law, Internal Revenue Service (IRS), Interstate compacts, Inventories, Labor, Law, Loan defaults, Medical care, Medicare, Old age, survivors and disability insurance, Payroll deductions, Politics and government, Poverty, Rebates, Sales tax, Small business, Social security, Social security finance, Social security taxes, Sports, State and local government, State politics and government, Tax administration, Tax auditing, Tax courts, Tax credits, Tax liens, Tax penalties, Tax refunds, Tax returns, Tax simplification, Taxation, Taxation of foreign income, Taxpayer compliance, Taxpayers, Telecommunication, Telephone, Trade, Wages, Welfare, Withholding tax
Latest Action: 03/29/2007 - Read twice and referred to the Committee on Finance. Bill TextA bill to promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily by the States. 3/29/2007--Introduced. Fair Tax Act of 2007 - Repeals the income tax, employment tax, and estate and gift tax. Redesignates the Internal Revenue Code of 1986 as the Internal Revenue Code of 2007. Imposes a national sales tax on the use or consumption in the United States of taxable property or services. Sets the sales tax rate at 23% in 2009, with adjustments to the rate in subsequent years. Allows exemptions from the tax for property or services purchased for business, export, or investment purposes and for state government functions. Sets forth rules relating to: (1) the collection and remittance of the sales tax; and (2) credits and refunds. Allows families a sales tax rebate.Grants states the primary authority for the collection [...] show full description
Also tagged in: Aged, Business, Children, Civil service retirement, Congress, Congressional voting, Corporation taxes, Cost of living adjustments, Economic policy, Excise tax, Executive compensation, Flat-rate tax, Gift tax, Government employees, House rules and procedure, Income tax, Indexing (Economic policy), Individual retirement accounts, Labor, Legislation, Legislative amendments, Legislative resolutions, Local employees, Minimum tax, Pension funds, Pensions, Retirement income, Self-employed, Senate rules and procedure, Social security, State and local government, State employees, Tax credits, Tax deductions, Tax exclusion, Tax expenditures, Tax penalties, Tax rates, Tax simplification, Tax-deferred compensation plans, Tax-exempt organizations, Taxation, Unemployment insurance
Latest Action: 03/29/2007 - Read twice and referred to the Committee on Finance. Bill TextA bill to repeal the current Internal Revenue Code and replace it with a flat tax, thereby guaranteeing economic growth and greater fairness for all Americans. 3/29/2007--Introduced. Tax Simplification Act of 2007 - Amends the Internal Revenue Code to replace the marginal income tax rates with a single rate of 19 percent (17 percent after December 31, 2009) on individual taxable income. Redefines "taxable income" to mean the amount by which wages, retirement distributions, and unemployment compensation exceed the standard deduction. Increases the basic standard deduction and includes an additional standard deduction for dependents. Includes in taxable income the taxable income of each dependent child under the age of 14. Replaces the current tax on corporations with a tax on every person engaged in a business activity equal to 19 percent (17 percent after December 31, 2009) of the business taxable income of such person. Makes the person engaged in the business activity [...] show full description
Also tagged in: Aged, Budgets, Business, Campaign funds, Charitable contributions, Checkoff, Children, Coal, Coal mines and mining, Corporation taxes, Cost of living adjustments, Custody of children, Disabled, Divorce, Economic policy, Elections, Employee health benefits, Energy, Families, Finance, Flat-rate tax, Gift tax, Government trust funds, Health policy, Home ownership, Housing, Housing finance, Income tax, Indexing (Economic policy), Inheritance tax, Interest, Labor, Lobbying, Medical care, Miners, Mortgages, Pension funds, Pensions, Politics and government, Presidential elections, Presidents, Retiree health benefits, Separation (Law), Sheltered workshops, Tax deductions, Tax returns, Taxation, Wages
Latest Action: 04/10/2007 - Sponsor introductory remarks on measure. (CR S4294) Bill TextA bill to amend the Internal Revenue Code of 1986 to impose a flat tax only on individual taxable earned income and business taxable income, and for other purposes. 4/10/2007--Introduced. Flat Tax Act of 2007 - Replaces the income tax with a flat tax of 20 percent of taxable earned income of individual taxpayers. Defines "taxable earned income" as the excess of earned income (wages, salaries, professional fees) over a standard deduction, a deduction for cash charitable contributions, and a deduction for home mortgage interest. Sets forth definitions and special rules for surviving spouses, heads of household, and dependents.Imposes a flat tax of 20 percent on business taxable income. Defines "business taxable income" as gross active income (other than investment income) reduced by: (1) the cost of business inputs (cost of specified goods, services, travel, and entertainment expenditures); (2) employee compensation; and (3) the cost of personal and [...] show full description
Latest Action: 03/20/2007 - Referred to the House Committee on Ways and Means. Bill TextTo repeal the Federal estate and gift taxes. 3/20/2007--Introduced. Death Tax Repeal Act of 2007 - Repeals the federal estate, gift, and generation-skipping transfer taxes.
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Latest Legislation - View All
Latest Action: 05/22/2008 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend the Internal Revenue Code of 1986 to make the capital gains and dividends rate permanent and to provide estate tax relief and reform, and for other purposes. 5/22/2008--Introduced. Makes permanent the tax rate reductions for dividends and capital gains enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Amends the Internal Revenue Code to: (1) restore the unified credit against the estate and gift tax after 2009; (2) establish the amount of such credit at $3.5 million; and (3) provide for a single 15% estate and gift tax rate.
Also tagged in: Annuities, Business, Congress, Congressional voting, Families, Federal employees, Flat-rate tax, Gift tax, Government employees, Income tax, Inheritance tax, Labor, Legislation, Legislative amendments, Legislative resolutions, Local employees, Married people, Minimum tax, Pensions, State and local government, State employees, Tax administration, Tax credits, Tax deductions, Tax rates, Tax-exempt organizations, Taxation, Unemployment insurance, Wages
Latest Action: 04/15/2008 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend the Internal Revenue Code of 1986 to provide taxpayers a flat tax alternative to the current income tax system. 4/15/2008--Introduced. Optional One Page Flat Tax Act - Amends the Internal Revenue Code to authorize an individual or a person engaged in business activity to make an irrevocable election to be subject to a flat tax (in lieu of the existing tax provisions) of 19% for the first two years after an election is made, and 17% thereafter. Calculates taxable income for individual taxpayers by subtracting a basic standard deduction and an additional standard deduction for each dependent from the total of wages, retirement distributions, and unemployment compensation. Defines "business taxable income" to mean gross active income reduced by the cost of certain business inputs. Imposes an employer tax on the value of excludable compensation provided to employees not engaged in business activity of 19% for the first two years after an election [...] show full description
Also tagged in: Affordable housing, Afghanistan, Aged, Air pollution, Alternative energy sources, Appropriations, Armed forces, Armed forces abroad, Armed forces reserves, Ballistic missile defenses, Bonds, Border patrols, Brain, Budget deficits, Budget reconciliation, Budget resolutions, Budget surpluses, Budgets, Carbon cycle, Carbon dioxide, Child support, Children, Civil liberties, Climate change, Coinsurance, Congress, Congressional budget, Congressional investigations, Counterterrorism, Criminal justice, Debt limit, Defense budgets, Defense economics, Defense policy, Defense procurement, Depreciation and amortization, Disability evaluation, Disabled, Drugs, East Asia, Economic growth, Economic policy, Education, Elementary and secondary education, Emergency communication systems, Emergency management, Employee health benefits, Energy, Energy efficiency, Energy security, Entitlements, Environmental protection, Families, Federal aid to child health services, Federal aid to education, Federal aid to housing, Federal aid to research, Federal employees, Finance, Food, Food prices, Food relief, Foreclosure, Fraud, Freight, Greenhouse gases, Head injuries, Health care fraud, Health information systems, Health insurance, Health policy, Health services administration, Higher education, History, House rules and procedure, Housing, Hunger, Immigration, Income tax, Indian claims, Indian water rights, Infrastructure, Infrastructure (Economics), Insurance premiums, Iraq, Iraq compilation, Job training, Labor, Legislation, Legislative resolutions, Local taxation, Managed care, Marine safety, Marine terminals, Married people, Mathematics, Medicaid, Medical care, Medical economics, Medical fees, Medically uninsured, Medicare, Medicine, Mental health services, Middle East and North Africa, Military and naval supplies, Military hospitals, Military medicine, Military occupation, Military operations, Military pensions, Military readiness, Military research, Military training, Minimum tax, Minorities, Mortgages, National Guard, National parks, Natural resources, New Mexico, Nuclear nonproliferation, Payments in lieu of taxes, Pensions, Performance measurement, Philippines, Physicians, Poor children, Post-traumatic stress disorder, Prescription pricing, Public contracts, Public debt, Public lands, Quality of care, Recruiting of employees, Research and development, Research and development tax credit, Retired military personnel, Retiree health benefits, Right of privacy, Salaries, Sales tax, School buildings, Science policy, Scientific education, Security measures, Small business, South Asia, Space activities, Space warfare, State and local government, State taxation, Supplemental appropriations, Supplemental security income program, Survivors' benefits, Tax administration, Tax credits, Tax deductions, Tax rates, Taxation, Technological innovations, Technology, Telecommunication, Terrorism, Trade, Trade adjustment assistance, Transportation, Unemployment insurance, Veterans, Veterans' benefits, Veterans' disability compensation, Veterans' employment, Veterans' medical care, War casualties, Waste in government spending, Water resources, Weapons systems, Welfare, World War II
Latest Action: 05/14/2008 - Rule H. Res. 1190 passed House. Bill TextRevising the congressional budget for the United States Government for fiscal year 2008, establishing the congressional budget for the United States Government for fiscal year 2009, and setting forth appropriate budgetary levels for fiscal years 2010 through 2013. 3/13/2008--Passed House without amendment. (There are 2 other summaries) (This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.) Revises and replaces the congressional budget for the federal government for FY2008. Sets forth the congressional budget for the federal government for FY2009, including the appropriate budgetary levels for FY2010-FY2013. Title I: Recommended Levels and Amounts - (Sec. 101) Recommends budgetary levels and amounts for FY2008-FY2013 for: (1) federal revenues; (2) new budget authority; (3) budget outlays; (4) deficits (on-budget); (5) debt subject to limit; [...] show full description
Also tagged in: Capital gains tax, Economic policy, Finance, Gift tax, Health insurance, Health policy, Income tax, Indexing (Economic policy), Individual retirement accounts, Job training, Medical care, Medical economics, Minimum tax, Pensions, Research and development tax credit, Saving and investment, Science policy, Tax deductions, Tax exemption, Tax rates, Tax simplification, Taxation
Latest Action: 01/23/2008 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend the Internal Revenue Code of 1986 to reduce taxes by providing an alternative determination of income tax liability for individuals, repealing the estate and gift taxes, reducing corporate income tax rates, reducing the maximum tax for individuals on capital gains and dividends to 10 percent, indexing the basis of assets for purposes of determining capital gain or loss, creating tax-free accounts for retirement savings, lifetime savings, and life skills, repealing the adjusted gross income threshold in the medical care deduction for individuals under age 65 who have no employer health coverage, and for other purposes. 1/23/2008--Introduced. Fair and Simple Tax Act of 2008 - Amends the Internal Revenue Code to: (1) establish an alternative income tax rate system with three tax brackets (10, 15, and 30%); (2) repeal the estate and gift tax; (3) adjust the increased alternative minimum tax (AMT) exemption amounts for inflation after 2007 and make such exemptions [...] show full description
Also tagged in: Capital gains tax, Economic policy, Finance, Gift tax, Health insurance, Health policy, Income tax, Indexing (Economic policy), Individual retirement accounts, Job training, Medical care, Medical economics, Minimum tax, Pensions, Research and development tax credit, Saving and investment, Science policy, Tax deductions, Tax exemption, Tax rates, Tax simplification, Taxation
Latest Action: 01/23/2008 - Sponsor introductory remarks on measure. (CR H392) Bill TextTo amend the Internal Revenue Code of 1986 to reduce taxes by providing an alternative determination of income tax liability for individuals, repealing the estate and gift taxes, reducing corporate income tax rates, reducing the maximum tax for individuals on capital gains and dividends to 10 percent, indexing the basis of assets for purposes of determining capital gain or loss, creating tax-free accounts for retirement savings, lifetime savings, and life skills, repealing the adjusted gross income threshold in the medical care deduction for individuals under age 65 who have no employer health coverage, and for other purposes. 1/23/2008--Introduced. Fair and Simple Tax Act of 2008 - Amends the Internal Revenue Code to: (1) establish an alternative income tax rate system with three tax brackets (10, 15, and 30%); (2) repeal the estate and gift tax; (3) adjust the increased alternative minimum tax (AMT) exemption amounts for inflation after 2007 and make such exemptions permanent;[...] show full description
Also tagged in: Alternative energy sources, Biomass energy, Business, Capital gains tax, Charitable contributions, Commodity tax straddles, Congress, Diesel motor, Dividends, Electric power production, Energy, Energy research, Excise tax, Finance, Foreign corporations, Foreign tax credit, Foundations, Gasoline, Gift tax, Government information, Hotels, motels, etc., Hydrogen, Income tax, Individual retirement accounts, Interest, Investments, Legislation, Minimum tax, Nuclear power plants, Pensions, Public records, Real estate investment trusts, Rent, Research and development tax credit, Science policy, Service stations, Small business, Sulphur, Tax administration, Tax credits, Tax exclusion, Tax-exempt organizations, Taxation, Trade, Transportation, Unrelated business income tax, Valuation, Wind power
Latest Action: 12/29/2007 - Became Public Law No: 110-172. Bill TextTo amend the Internal Revenue Code of 1986 to make technical corrections, and for other purposes. 12/29/2007--Public Law. (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.)Tax Technical Corrections Act of 2007 - Makes technical amendments and clerical corrections to the Internal Revenue Code, including corrections to provisions enacted by: (1) the Tax Relief and Health Care Act of 2006; (2) the Pension Protection Act of 2006; (3) the Tax Increase Prevention and Reconciliation Act of 2005; (4) the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users; (5) the Energy Policy Act of 2005; (6) the American Jobs Creation Act of 2004; (7) the Economic Growth and Tax Relief Reconciliation Act of 2001; (8) the Tax Relief Extension Act of 1999; and (9) the Internal Revenue Service Restructuring and Reform Act [...] show full description
Also tagged in: Alternative energy sources, Biomass energy, Business, Capital gains tax, Charitable contributions, Commodity tax straddles, Congress, Diesel motor, Dividends, Electric power production, Energy, Energy research, Excise tax, Finance, Foreign corporations, Foreign tax credit, Foundations, Gasoline, Gift tax, Government information, Hotels, motels, etc., Hydrogen, Income tax, Individual retirement accounts, Interest, Investments, Legislation, Minimum tax, Nuclear power plants, Pensions, Public records, Real estate investment trusts, Rent, Research and development tax credit, Science policy, Service stations, Small business, Sulphur, Tax administration, Tax credits, Tax exclusion, Tax-exempt organizations, Taxation, Trade, Transportation, Unrelated business income tax, Valuation, Wind power
Latest Action: 11/15/2007 - Sponsor introductory remarks on measure. (CR S14494) Bill TextA bill to amend the Internal Revenue Code of 1986 to make technical corrections, and for other purposes. 11/15/2007--Introduced. Tax Technical Corrections Act of 2007 - Makes technical and clerical corrections to the Internal Revenue Code, including corrections to provisions enacted by: (1) the Tax Relief and Health Care Act of 2006; (2) the Pension Protection Act of 2006; (3) the Tax Increase Prevention and Reconciliation Act of 2005; (4) the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users; (5) the Energy Policy Act of 2005; (6) the American Jobs Creation Act of 2004; (7) the Jobs and Growth Tax Relief Reconciliation Act of 2003; (8) the Economic Growth and Tax Relief Reconciliation Act of 2001; (9) the Tax Relief Extension Act of 1999; and (10) the Internal Revenue Service Restructuring and Reform Act of 1998.
Also tagged in: Alternative energy sources, Biomass energy, Business, Capital gains tax, Charitable contributions, Commodity tax straddles, Congress, Diesel motor, Dividends, Electric power production, Energy, Energy research, Excise tax, Finance, Foreign corporations, Foreign tax credit, Foundations, Gasoline, Gift tax, Government information, Hotels, motels, etc., Hydrogen, Income tax, Individual retirement accounts, Interest, Investments, Legislation, Minimum tax, Nuclear power plants, Pensions, Public records, Real estate investment trusts, Rent, Research and development tax credit, Science policy, Service stations, Small business, Sulphur, Tax administration, Tax credits, Tax exclusion, Tax-exempt organizations, Taxation, Trade, Transportation, Unrelated business income tax, Valuation, Wind power
Latest Action: 11/15/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to make technical corrections, and for other purposes. 11/15/2007--Introduced. Tax Technical Corrections Act of 2007 - Makes technical and clerical corrections to the Internal Revenue Code, including corrections to provisions enacted by: (1) the Tax Relief and Health Care Act of 2006; (2) the Pension Protection Act of 2006; (3) the Tax Increase Prevention and Reconciliation Act of 2005; (4) the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users; (5) the Energy Policy Act of 2005; (6) the American Jobs Creation Act of 2004; (7) the Jobs and Growth Tax Relief Reconciliation Act of 2003; (8) the Economic Growth and Tax Relief Reconciliation Act of 2001; (9) the Tax Relief Extension Act of 1999; and (10) the Internal Revenue Service Restructuring and Reform Act of 1998.
Latest Action: 11/15/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to restore the estate tax, to repeal the carryover basis rule, to reduce estate tax rates by 20 percent, to increase the unified credit against estate and gift taxes to the equivalent of a $3,000,000 exclusion and to provide an inflation adjustment of such amount, and for other purposes. 11/15/2007--Introduced. Estate Tax Reduction Act of 2007 - Repeals provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 that eliminate the estate and generation-skipping transfer taxes and the basis rules for property acquired from a decedent after December 31, 2009 (thus restoring such taxes and rules). Amends the Internal Revenue Code to: (1) reduce to 39.2% the maximum estate tax rate; (2) increase to $3 million the unified credit against the estate tax; and (3) provide for an inflation adjustment to the increased credit amount after 2007.
Latest Action: 11/15/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to retain the estate tax with an immediate increase in the exemption, to repeal the new carryover basis rules in order to prevent tax increases and the imposition of compliance burdens on many more estates than would benefit from repeal, and for other purposes. 11/15/2007--Introduced. Certain and Immediate Estate Tax Relief Act of 2007 - Restores the tax on estates and generation-skipping transfers and the step-up in basis provisions for property acquired from a decedent, previously repealed by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Declares that the sunset provision (general terminating date of December 10, 2010) of EGTRRA shall not apply to title V of such Act ( Estate, Gift, and Generation-Skipping Transfer Tax Provisions). Amends the Internal Revenue Code to: (1) provide for an immediate increase to $3 million of the estate tax exclusion (eliminating the phase-in period) with a permanent [...] show full description
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