Top Legislation - View All
Also tagged in: Business, Corporation taxes, Finance, Foreign corporations, Income tax, Interest, Tax deductions, Tax penalties, Tax rates, Tax shelters, Taxation, Trade
Latest Action: 01/04/2007 - Sponsor introductory remarks on measure. (CR S98-100) Bill TextA bill to amend the Internal Revenue Code of 1986 to ensure a fairer and simpler method of taxing controlled foreign corporations of United States shareholders, to treat certain foreign corporations managed and controlled in the United States as domestic corporations, to codify the economic substance doctrine, and to eliminate the top corporate income tax rate, and for other purposes. 1/4/2007--Introduced. Export Products Not Jobs Act - Amends the Internal Revenue Code to: (1) revise rules and definitions relating to the taxation of controlled foreign corporations to limit deferral of tax for certain types of income earned overseas; (2) treat certain foreign corporations managed and controlled in the United States as domestic corporations for income tax purposes; (3) define "economic substance" for purposes of evaluating tax shelter transactions; (4) impose a penalty for underpayments of tax resulting from transactions lacking in economic substance; (5) deny a tax [...] 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, Estate tax, 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, 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: Alaska, Business, Corporation taxes, Depletion allowances, Electric power transmission, Energy, Energy transportation, Foreign tax credit, Gas in submerged lands, Geology, Geophysical prediction, Gulf of Mexico, Income tax, Inventories, Marine resources, Natural gas, Oil and gas royalties, Oil well drilling, Petroleum in submerged lands, Petroleum industry, Petroleum refineries, Pipelines, Submarine oil well drilling, Tax administration, Tax credits, Tax deductions, Tax deferral, Taxation, Transportation
Latest Action: 01/22/2007 - Read twice and referred to the Committee on Finance. Bill TextA bill to restore fairness in the provision of incentives for oil and gas production, and for other purposes. 1/22/2007--Introduced. Energy Fairness for America Act - Amends the Internal Revenue Code to terminate: (1) the tax deduction for oil and gas intangible drilling and development costs; (2) the percentage depletion allowance for oil and gas wells; and (3) the tax credit for enhanced oil recovery costs. Repeals provisions of the Energy Policy Act of 2005 relating to: (1) oil and gas royalties in-kind; (2) marginal property production incentives; (3) incentives for natural gas production in the Gulf of Mexico; (4) royalty suspension for deep water production; (5) the inventory of Outer Continental Shelf oil and natural gas resources; (6) Alaska offshore royalty suspension; (7) accelerated depreciation of electric transmission property, natural gas distribution lines, and natural gas gathering lines and expensing of liquid fuel refinery property; (8) the exemption [...] show full description
Also tagged in: Accounting, Business, Depreciation and amortization, Due process of law, Finance, Food, Foreign corporations, Income tax, Inventories, Labor, Law, Leases, Minimum wages, Pensions, Railroad retirement plans, Restaurants, Small business, Social security, Social security taxes, Tax administration, Tax credits, Tax deductions, Tax liens, Tax refunds, Tax shelters, Taxation, Taxpayers, Trade, Transportation, Unemployment insurance, Wages, Withholding tax
Latest Action: 01/22/2007 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend the Fair Labor Standards Act of 1938 to provide for an increase in the Federal minimum wage, and for other purposes. 1/22/2007--Introduced. Minimum Wage Act of 2007 - Amends the Fair Labor Standards Act of 1938 to increase the federal minimum wage to: (1) $5.85 an hour, beginning on the 60th day after enactment of this Act; (2) $6.55 an hour, beginning 12 months after that 60th day; and (3) $7.25 an hour, beginning 24 months after that 60th day.Amends the Internal Revenue Code to: (1) make permanent accelerated cost recovery provisions for qualified leasehold improvement and restaurant property; (2) permit certain small businesses with gross receipts of not more than $10 million to use cash accounting methods and be exempt from the requirement of using inventories; (3) allow employers the work opportunity tax credit for hiring certain restaurant workers between the ages of 16 and 20; (4) set forth a definition and rules for evaluating the economic substance [...] show full description
Also tagged in: Accounting, Administrative procedure, Administrative remedies, Bank employees, Budgets, Business, Capital gains tax, Checks, Citizenship, Compensation for victims of crime, Congress, Congressional reporting requirements, Construction costs, Contracts, Corporation taxes, Cost of living adjustments, Criminal investigation, Criminal justice, Debt, Department of the Treasury, Depreciation and amortization, Disabled, Due process of law, Economic policy, Employment, Employment agencies, Enterprise zones, Executive compensation, Executive departments, Executive reorganization, Expatriation, Finance, Fines (Penalties), Food, Foreign corporations, Fraud, Gifts, Governmental investigations, Immigration, Income tax, Indexing (Economic policy), Insurance, Interest, Internal Revenue Service (IRS), Inventories, Investments, Job training, Labor, Law, Leases, Legislation, Pensions, Professions, Profit, Punitive damages, Restaurants, Retail trade, Securities, Small business, Stockholders, Stocks, Subsidiary corporations, Surety and fidelity, Tax administration, Tax credits, Tax deductions, Tax deferral, Tax exclusion, Tax liens, Tax penalties, Tax refunds, Tax returns, Tax-deferred compensation plans, Taxation, Trade, Trusts and trustees, Urban affairs, User charges, Veterans, Veterans' employment, Visas, Wages, Welfare, Welfare work participation, Whistle blowing, Withholding tax
Latest Action: 01/22/2007 - Committee on Finance. Original measure reported to Senate by Senator Baucus. With written report No. 110-1. Additional views filed. Bill TextAn original bill to amend the Internal Revenue Code of 1986 to provide additional tax incentives to employers and employees of small businesses, and for other purposes. 1/22/2007--Reported to Senate without amendment, 1st committee reporting. (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.) Small Business and Work Opportunity Act of 2007 - Title I: Small Business Tax Relief Provisions - Subtitle A: General Provisions - (Sec. 101) Amends the Internal Revenue Code to extend through 2010 the increased expensing allowance for small business assets. (Sec. 102) Extends through March 2008 accelerated depreciation of qualified leasehold and restaurant improvement property. Revises the definition of "qualified restaurant property" to eliminate the requirement that improvements to restaurant property must be [...] show full description
Latest Action: 01/29/2007 - Sponsor introductory remarks on measure. (CR S1265) Bill TextA bill to amend the Internal Revenue Code of 1986 to treat controlled foreign corporations in tax havens as domestic corporations. 1/25/2007--Introduced. Amends the Internal Revenue Code to treat certain controlled foreign corporations created or organized under the laws of a tax-haven country as domestic corporations for tax purposes. Sets forth a list of "tax-haven countries" and grants the Secretary of the Treasury authority to remove or add a country from such list.
Also tagged in: Alaska, Business, Corporation taxes, Depletion allowances, Electric power transmission, Energy, Energy transportation, Foreign tax credit, Gas in submerged lands, Geology, Geophysical prediction, Gulf of Mexico, Income tax, Inventories, Marine resources, Natural gas, Oil and gas royalties, Oil well drilling, Petroleum in submerged lands, Petroleum industry, Petroleum refineries, Pipelines, Submarine oil well drilling, Tax administration, Tax credits, Tax deductions, Tax deferral, Taxation, Transportation
Latest Action: 02/07/2007 - Referred to the Subcommittee on Energy and Mineral Resources. Bill TextTo restore fairness in the provision of incentives for oil and gas production, and for other purposes. 1/19/2007--Introduced. Energy Fairness for America Act - Amends the Internal Revenue Code to terminate: (1) the tax deduction for oil and gas intangible drilling and development costs; (2) the percentage depletion allowance for oil and gas wells; and (3) the tax credit for enhanced oil recovery costs. Repeals provisions of the Energy Policy Act of 2005 relating to: (1) oil and gas royalties in-kind; (2) marginal property production incentives; (3) incentives for natural gas production in the Gulf of Mexico; (4) royalty suspension for deep water production; (5) the inventory of Outer Continental Shelf oil and natural gas resources; (6) Alaska offshore royalty suspension; (7) accelerated depreciation of electric transmission property, natural gas distribution lines, and natural gas gathering lines and expensing of liquid fuel refinery property; (8) the exemption of small [...] show full description
Also tagged in: Accreditation (Medical care), Actions and defenses, Administrative fees, Administrative procedure, Administrative remedies, Aged, Appropriations, Armed forces, Auditing, Australia, Budgets, Business, Business records, Canada, Capital gains tax, Caribbean area, Checks, Citizenship, Civil liberties, Claims, Competitive bidding, Conflict of interests, Congress, Congressional reporting requirements, Consumer education, Consumers, Continental shelf, Contracts, Corporation taxes, Cost of living adjustments, Courts of special jurisdiction, Credit cards, Criminal justice, Cuba, Customs administration, Damages, Data banks, Defective products, Defense contracts, Defense economics, Department of Defense, Department of Health and Human Services, Department of Homeland Security, Department of the Interior, Department of the Treasury, Directories, Disciplining of employees, Dividends, Drug advertising, Drug approvals, Drug industry, Drugs, Due process of law, East Asia, Education, Electronic commerce, Electronic data interchange, Electronic funds transfers, Electronic government information, Employee rights, Energy, Environmental Protection Agency, Europe, European Union, Evidence (Law), Executive departments, Expatriation, Export controls, Exports, Federal Emergency Management Agency, Federal employees, Federal officials, Federal preemption, Federal Trade Commission, Federal-state relations, Fees, Finance, Fines (Penalties), Food and Drug Administration (FDA), Foreign corporations, Foreign policy, Foreign tax credit, Forfeiture, Fraud, Gas in submerged lands, General Services Administration, Gifts, Government contractors, Government employees, Government information, Government paperwork, Government procurement, Government publicity, Government spending reductions, Governmental investigations, Gulf of Mexico, Health policy, Higher education, Identification devices, Immigration, Import restrictions, Imports, Income tax, Independent regulatory commissions, Indexing (Economic policy), Infrastructure, Infrastructure (Economics), Injunctions, Intellectual property, Intelligence activities, Interactive media, International broadcasting, Internet, Japan, Judicial review, Jurisdiction, Labeling, Latin America, Law, Legal fees, Liability (Law), Licenses, Lobbying, Medical associations, Medical care, Medical education, Medical records, Medical tests, Medicare, Medicine, Minimum tax, New Zealand, Oceania, Office of Government Ethics, Office of Management and Budget, Office of Special Counsel, Oil and gas leases, Oil and gas royalties, Oil well drilling, Overhead costs, Packaging, Parties to actions, Patent infringement, Patents, Petroleum in submerged lands, Pharmaceutical research, Pharmacies, Pharmacists, Physical examinations, Politics and government, Prescription pricing, Presidential appointments, Presidents, Price discrimination, Product counterfeiting, Profit, Public contracts, Restrictive trade practices, Right of privacy, Science policy, Security clearances, State and local government, State laws, Sunset legislation, Surety and fidelity, Switzerland, Tax deductions, Tax deferral, Tax exclusion, Tax exemption, Tax liens, Tax rates, Tax shelters, Technology, Telecommunication, Telephone, Television broadcasting, Trade, User charges, Web sites, Whistle blowing, Wholesale trade
Latest Action: 02/12/2007 - Sponsor introductory remarks on measure. (CR S1855-1857) Bill TextA bill to reduce the Federal budget deficit, and for other purposes. 2/12/2007--Introduced. Act for Our Kids - Repeals the Television Broadcasting to Cuba Act. Amends the Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996 to prohibit federal funding of television broadcasting to Cuba. Terminates the U.S. Court of Federal Claims. Requires federal agencies to reduce administrative expenses. Eliminates the Medicare Advantage Regional Plan Stabilization (SLUSH) Fund. Amends the federal criminal code to prohibit profiteering and fraud involving a contract or the provision of goods or services in connection with a war or military action. Requires: (1) suspension and debarment of unethical contractors; (2) disclosure by federal agencies, upon request, to the appropriate committee chairman or ranking member of audit reports regarding federal contractors; and (3) public access to information on federal contractor penalties and [...] show full description
Also tagged in: Business, Income tax, Labor, Manufacturing industries, Research and development tax credit, Science policy, Tax credits, Tax shelters, Taxation, Trade, Trade adjustment assistance, Wages
Latest Action: 02/14/2007 - Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S5529) Bill TextA bill to amend the Internal Revenue Code of 1986 to provide for a manufacturer's jobs credit, and for other purposes. 2/14/2007--Introduced. Growing Our Manufacturing Employment Act or the GoMe Act - Amends the Internal Revenue Code to: (1) allow certain employers with domestic production gross receipts in the current and preceding taxable year a manufacturer's jobs tax credit through 2009 for annual increases in wages paid to their employees and to employees eligible for benefits under the Trade Adjustment Act; (2) extend through 2012 the tax credit for increasing research expenses; and (3) set forth rules for the application of the economic substance doctrine.
Also tagged in: Administrative procedure, Bank accounts, Bank records, Business, Criminal justice, Department of the Treasury, Executive departments, Finance, Fines (Penalties), Government information, Government paperwork, Income tax, Interest, Law, Money laundering, Securities industry, Securities regulation, Standards, Tax administration, Tax consultants, Tax deductions, Tax evasion, Tax havens, Tax penalties, Tax returns, Tax shelters, Taxation, Withholding tax
Latest Action: 02/17/2007 - Sponsor introductory remarks on measure. (CR S2206-2216) Bill TextA bill to restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation, and for other purposes. 2/17/2007--Introduced. Stop Tax Haven Abuse Act - Amends Internal Revenue Code provisions relating to tax shelter activities to: (1) establish legal presumptions against the validity of transactions involving offshore secrecy jurisdictions (i.e., foreign tax havens identified in this Act and by the Secretary of the Treasury); (2) impose restrictions on foreign jurisdictions, financial institutions, or international transactions that are of primary money laundering concern or that impede U.S. tax enforcement; (3) increase the period for Internal Revenue Service review of tax returns involving offshore secrecy jurisdictions; (4) require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts and accounts established in offshore secrecy jurisdictions; and [...] show full description
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Latest Legislation - View All
Also tagged in: Air cargo, Business, Dividends, Finance, Foreign corporations, Income tax, Investments, Merchant ships, Stockholders, Tax deductions, Tax exclusion, Taxation, Trade, Transportation
Latest Action: 07/29/2008 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend the Internal Revenue Code of 1986 to repeal the shipping investment withdrawal rules in section 955 and to provide an incentive to reinvest foreign shipping earnings in the United States. 7/29/2008--Introduced. American Shipping Reinvestment Act of 2008 - Amends the Internal Revenue Code to: (1) repeal shipping investment withdrawal tax rules; and (2) allow U.S. corporate shareholders a tax deduction for dividends attributable to foreign base company shipping income received from a controlled foreign corporation.
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, Individual retirement accounts, 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, 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: 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, Partnerships, Petroleum, Petroleum industry, Public contracts, Rent, Tax administration, Tax credits, Tax deductions, Tax exemption, Tax penalties, Tax returns, Tax treaties, Taxation, 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: Agriculture, Air conditioning, Alcohol tax, Alcoholic beverages, Alternative energy sources, American Samoa, Biomass energy, Books, Business, Capital gains tax, Charitable contributions, College costs, Corporation taxes, Criminal justice, Department of the Treasury, Depletion allowances, Depreciation and amortization, Depressed areas, Diesel motor, Economic development, Economic policy, Education, Education of the disadvantaged, Electric appliances, Electric power transmission, Electric utilities, 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, Heat pumps, Heating, Higher education, Holding companies, Housing, Humanities, Hurricanes, Incineration, Income tax, Indian economic development, Insurance, Internal Revenue Service (IRS), Inventories, Irrigation, Labor, Leases, Local taxation, Medical care, Military pay, Mine safety, Minimum tax, Minorities, Minority employment, Motion pictures, Mutual funds, Ocean energy resources, Pensions, Puerto Rico, Railroad engineering, Refrigeration, Refuse as fuel, 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, Solid wastes, 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, Teachers, Television industry, Terrorism, Tidal power, Trade, Transportation, Undercover operations, Veterans, Virgin Islands, Water conservation, Water resources
Latest Action: 06/09/2008 - Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 771. Bill TextA bill to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes. 6/6/2008--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 regular and alternative minimum tax (AMT) liabilities; and (2) the increased AMT exemption amounts. Extends through 2009: (1) the election to deduct state and local sales taxes in lieu of state and local income taxes; (2) the tax deductions for qualified tuition and related expenses and for certain expenses of elementary and secondary school teachers; (3) tax-free distributions from individual retirement accounts (IRAs) for charitable purposes; and (4) tax rules for treatment of [...] show full description
Also tagged in: Actions and defenses, Air pollution, Alcohol as fuel, Alternative energy sources, Antitrust law, Armed forces, Biomass energy, Budgets, Business, Cartels, Climate change, Congress, Congressional oversight, Congressional reporting requirements, Criminal justice, Defense economics, Derivative securities, Disaster relief, Emergency management, Energy, Energy prices, Energy security, Energy supplies, Environmental protection, Excess profits tax, Finance, Fines (Penalties), Foreign policy, Foreign tax credit, Futures trading, Gasoline, Government information, Government liability (International law), Government procurement, Government publicity, Government trust funds, Governmental investigations, Greenhouse gases, Income tax, International affairs, Iraq compilation, Law, Losses, Margins (Security trading), Natural gas, Oil and gas royalties, Parties to actions, Petroleum industry, Petroleum reserves, Price fixing, Profit, Public contracts, Restrictive trade practices, Strategic materials, Tax credits, Tax deductions, Telecommunication, Telephone, Trade
Latest Action: 06/11/2008 - Motion to proceed to measure considered in Senate. (consideration: CR S5472-5517) Bill TextA bill to provide energy price relief and hold oil companies and other entities accountable for their actions with regard to high energy prices, and for other purposes. 5/20/2008--Introduced. Consumer-First Energy Act of 2008 - Amends the Internal Revenue Code to: (1) deny major integrated oil companies (i.e., companies producing at least 500,000 barrels of crude oil daily) a tax deduction for income attributable to domestic production of oil, gas, or primary products thereof; (2) conform tax treatment of foreign oil and gas extraction income and foreign oil related income for purposes of the foreign tax credit; (3) impose a windfall profits tax on major integrated oil companies; and (4) establish an Energy Independence and Security Trust Fund funded by revenues raised by the tax provisions of this Act to reduce U.S. dependence on foreign and unsustainable energy sources and reduce the risks of global warming. Petroleum Consumer Price Gouging Protection Act - Declares [...] show full description
Also tagged in: Actions and defenses, Air pollution, Alcohol as fuel, Alternative energy sources, Antitrust law, Armed forces, Biomass energy, Budgets, Business, Cartels, Climate change, Congress, Congressional oversight, Congressional reporting requirements, Criminal justice, Defense economics, Derivative securities, Disaster relief, Emergency management, Energy, Energy prices, Energy security, Energy supplies, Environmental protection, Excess profits tax, Finance, Fines (Penalties), Foreign policy, Foreign tax credit, Futures trading, Gasoline, Government information, Government liability (International law), Government procurement, Government publicity, Government trust funds, Governmental investigations, Greenhouse gases, Income tax, International affairs, Iraq compilation, Law, Losses, Margins (Security trading), Natural gas, Oil and gas royalties, Parties to actions, Petroleum industry, Petroleum refineries, Petroleum reserves, Price fixing, Profit, Public contracts, Restrictive trade practices, Strategic materials, Tax credits, Tax deductions, Telecommunication, Telephone, Trade
Latest Action: 05/12/2008 - Sponsor introductory remarks on measure. (CR S3988-3989) Bill TextA bill to provide energy price relief and hold oil companies and other entities accountable for their actions with regard to high energy prices, and for other purposes. 5/7/2008--Introduced. Consumer-First Energy Act of 2008 - Amends the Internal Revenue Code to: (1) deny major integrated oil companies (i.e., companies producing at least 500,000 barrels of crude oil daily) a tax deduction for income attributable to domestic production of oil, gas, or primary products thereof; (2) conform tax treatment of foreign oil and gas extraction income and foreign oil related income for purposes of the foreign tax credit; (3) impose a windfall profits tax on major integrated oil companies; and (4) establish an Energy Independence and Security Trust Fund funded by revenues raised by the tax provisions of this Act to reduce U.S. dependence on foreign and unsustainable energy sources and reduce the risks of global warming. Petroleum Consumer Price Gouging Protection Act - Declares [...] 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, Individual retirement accounts, 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, 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
Also tagged in: Administrative procedure, Alcohol as fuel, Alternative energy sources, Biomass energy, Bonds, Budgets, Business, Cellulose, Continental shelf, Corporation taxes, Depreciation and amortization, Diesel motor, Electric power plants, Electric power production, Electric utilities, Electric vehicles, Energy, Energy conservation, Energy efficiency, Environmental protection, Environmental Protection Agency, Excise tax, Executive departments, Expatriation, Fines (Penalties), Foreign corporations, Free ports and zones, Gas in submerged lands, Gas industry, Geothermal resources, Government trust funds, Gulf of Mexico, Housing, Hydroelectric power, Income tax, Landfills, Law, Leases, Liability for environmental damages, Marine resources, Methane, Minimum tax, Natural resources, Ocean energy resources, Oil pollution, Oil well drilling, |
