Top Legislation - View All
Also tagged in: Aged, Annuities, Armed forces, Armed forces reserves, Blind, Bonds, Business, Capital gains tax, Defense policy, Disabled, Earned income tax credit, Earnings, Education, Education savings accounts, Emergency management, Employee health benefits, Executive departments, Expatriation, Families, Finance, Fire fighters, Flexible benefit plans, Foreign corporations, Government contractors, Government employees, Government information, Government service contracts, Health policy, Higher education, Home ownership, Housing, Housing finance, Identification devices, Immigration, Income tax, Individual retirement accounts, Intelligence activities, Intelligence community staff, Labor, Life insurance, Medical care, Mental health services, Military dependents, Military pay, Military personnel, Mortgages, National service, Peace Corps, Pensions, Public contracts, Social security, Social security taxes, Social services, Subsidiary corporations, Supplemental security income program, Survivors' benefits, Tax credits, Tax deferral, Tax evasion, Tax exclusion, Tax penalties, Tax rebates, Tax refunds, Tax returns, Taxation, Trade, Unemployment insurance, Veterans' benefits, Volunteer workers, Wages, War casualties, Welfare, Welfare eligibility, Withholding tax
Latest Action: 06/17/2008 - Became Public Law No: 110-245. Bill TextTo amend the Internal Revenue Code of 1986 to provide benefits for military personnel, and for other purposes. 5/22/2008--Passed Senate without amendment. (There are 2 other summaries) (This measure has not been amended since it was passed by the House on May 20, 2008. The summary of that version is repeated here.)Heroes Earning Assistance and Relief Tax Act of 2008 -Amends the Internal Revenue Code to provide tax benefits and incentives for military personnel.Title I: Benefits for Military - (Sec 101) Exempts married taxpayers who file a joint tax return from the identification requirement for the 2008 recovery tax rebate if at least one of the filers is a current member of the Armed Forces.(Sec. 102) Makes permanent the election to treat combat zone compensation as earned income for purposes of the earned income tax credit. (Sec. 103) Makes permanent the exemption from the first-time homebuyer rule for veterans [...] show full description
Also tagged in: Administrative procedure, Annuities, Architect of the Capitol, Civil service retirement, Commuting, Congress, Congressional agencies, Congressional employees, Early retirement, Employee vacations, Executive departments, Federal Retirement Thrift Investment Board, Finance, Food, Food service, Government contractors, Government employees, Government employees' health insurance, Government employees' life insurance, Government information, Government paperwork, Health policy, Law, Medical care, Office of Personnel Management, Pensions, Public contracts, Restaurants, Salaries, Senate, Severance pay, Sick leave, Subsidies, Transportation
Latest Action: 06/04/2008 - Received in the House. Bill TextA bill to provide for certain Federal employee benefits to be continued for certain employees of the Senate Restaurants after operations of the Senate Restaurants are contracted to be performed by a private business concern, and for other purposes. 6/3/2008--Passed Senate without amendment. (There is 1 other summary) (This measure has not been amended since it was introduced. The summary of that version is repeated here.)Authorizes specified Senate Restaurants employees who are employees of the Architect of the Capitol on the date of enactment of this Act and who become employees of a contractor under a food services contract to elect to continue coverage of federal benefits, including retirement benefits, life and health insurance, annual and sick leave balances and accrual rates, and transit subsidies, after operations of the Senate Restaurants are contracted to be performed by a private business concern.Prohibits the basic pay [...] 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, Taxation, Taxation of foreign income, 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
Also tagged in: Armed forces, Armed forces reserves, Business, Defense policy, Defined benefit pension plans, Federal employees, Government employees, Income tax, Iraq compilation, Labor, Leave of absence, Military pay, Military personnel, National Guard, Pensions, Salaries, Tax credits, Tax deductions, Taxation, Veterans, Veterans' employment, Withholding tax
Latest Action: 01/24/2007 - Sponsor introductory remarks on measure. (CR S1070-1071) Bill TextA bill to provide pay protection for members of the Reserve and the National Guard, and for other purposes. 1/24/2007--Introduced. Helping Our Patriotic Employers at Helping Our Military Employees Act of 2007 or the HOPE at HOME Act of 2007- Entitles federal employees who are absent from their jobs for a period of more than 90 days for the purpose of performing active duty service in the uniformed services to receive the full amount of basic pay that they would have received if there had been no such interruption in their federal employment.Amends the Internal Revenue Code to: (1) allow employers a business tax credit for 50 percent of the actual compensation paid to Ready Reserve-National Guard employees while on active duty or hospitalized incident to such duty; (2) allow employers a tax credit for wages paid to temporary employees hired to replace Ready Reserve-National Guard employees while on active duty; (3) provide for withholding of tax on differential wage [...] show full description
Also tagged in: Aged, Annuities, Capital gains tax, Dividends, Finance, Income, Income tax, Interest, Losses, Old age, survivors and disability insurance, Pension funds, Pensions, Social security, Tax returns, Taxation, Taxpayers
Latest Action: 01/12/2007 - Referred to the House Committee on Ways and Means. Bill TextTo allow seniors to file their Federal income tax on a new Form 1040S. 1/12/2007--Introduced. Seniors' Tax Simplification Act of 2007 - Directs the Secretary of the Treasury to make available a new Federal income tax Form 1040S (similar to Form 1040EZ) to individuals who have turned 65 as of the close of the taxable year. Allows the form to be used even if income includes: (1) social security benefits; (2) distributions from qualified retirement plans, annuities, or other such deferred payment arrangements; (3) interest and dividends; or (4) capital gains and losses.
Latest Action: 01/17/2007 - Referred to the House Committee on Ways and Means. Bill TextTo help American families save, invest, and build a better future, and for other purposes. 1/17/2007--Introduced. Better Future for American Families Act - Amends the Internal Revenue Code to rename the tax credit for elective deferrals and IRA contributions as the saver's credit. Revises the applicable percentage and phaseout formula for calculating the credit and makes such credit refundable.
Also tagged in: Actions and defenses, Agriculture, Alaska, Annuities, Damages, Environmental protection, Estates (Law), Farm income, Income tax, Individual retirement accounts, Labor, Law, Liability for environmental damages, Oil pollution, Pensions, Self-employed, Tax administration, Tax exclusion, Taxation, Water pollution
Latest Action: 02/12/2007 - Sponsor introductory remarks on measure. (CR S1854-1855) Bill TextA bill to provide for the tax treatment of income received in connection with the litigation concerning the Exxon Valdez oil spill and for other purposes. 2/12/2007--Introduced. Exxon Valdez Oil Spill Tax Treatment Act - Allows taxpayers who are plaintiffs in the civil action In re Exxon Valdez, No. 89-095-CV (HRH) (Consolidated) (D. Alaska), or their heirs or dependents, to: (1) elect to average, for income tax purposes, income received in settlement of such civil action for the period beginning on January 1, 1994, and ending on December 31 of the year in which any settlement income is received; and (2) make contributions of any amount of such settlement income to certain tax-exempt retirement plans in the year such income is received.
Also tagged in: Brokers, Business, Corporate mergers, Corporate reorganizations, Dividends, Finance, Government information, Government paperwork, Income tax, Interest, Pension funds, Pensions, Securities, Stockholders, Tax administration, Tax returns, Taxation
Latest Action: 02/15/2007 - Sponsor introductory remarks on measure. (CR S2085-2086) Bill TextA bill to amend the Internal Revenue Code of 1986 to extend the reporting period for certain statements sent to taxpayers. 2/15/2007--Introduced. Reduce Wasteful Tax Forms Act of 2007 - Amends the Internal Revenue Code to extend until February 15 the annual deadline for reporting certain investment income to the Internal Revenue Service.
Also tagged in: Employee health benefits, Health policy, Hours of labor, Income tax, Labor, Medical care, Older workers, Pension funds, Pensions, Tax credits, Taxation, Wages
Latest Action: 02/28/2007 - Read twice and referred to the Committee on Finance. Bill TextA bill to promote labor force participation of older Americans, with the goals of increasing retirement security, reducing the projected shortage of experienced workers, maintaining future economic growth, and improving the Nation's fiscal outlook. 2/28/2007--Introduced. Older Worker Opportunity Act of 2007 - Amends the Internal Revenue Code to allow employers who maintain a tax-qualified pension or retirement plan and who provide health insurance coverage a business-related tax credit for 25% of the first $6,000 of the wages of employees who have attained the age of 62 and who are participating in a formal flexible work program. Defines "formal flexible work program" as a work program: (1) that consists of core and flex time; (2) whose core time does not exceed 20 hours per week, three days per week, or 1,000 hours per year; (3) that allows participation for at least one year; and (4) that does not permit a change or reduction in the health care or pension [...] show full description
Also tagged in: Affiliated corporations, Alien property, American investments, Arms sales, Ballistic missiles, Budgets, Business, Civil service retirement, Congress, Congress and foreign policy, Congressional oversight, Congressional reporting requirements, Conventional weapons, Corporate reorganizations, Criminal justice, Cultural relations, Department of the Treasury, Depreciation and amortization, Development credit institutions, Diplomats, Education, Educational exchanges, Energy, Exchange of persons programs, Executive departments, Export controls, Export finance, Foreign aid, Foreign corporations, Foreign investments, Foreign loans, Foreign policy, Free trade, Gas industry, Geology, Geophysical prediction, Government employees, Government procurement, Government trust funds, Guided missiles, Higher education, Import restrictions, Income tax, Intelligence activities, International affairs, International agencies, International banking, International broadcasting, International control of nuclear power, International finance, Investments, Iran, Middle East and North Africa, Nuclear energy, Nuclear energy research, Nuclear exports, Nuclear fuels, Nuclear nonproliferation, Oil well drilling, Pension funds, Pensions, Petroleum industry, President and foreign policy, Presidents, Public contracts, Radio broadcasting, Reactor fuel reprocessing, Russia, Sanctions (International law), Science policy, State-sponsored terrorism, Subsidiary corporations, Tax deductions, Taxation, Terrorism, Terrorists, Trade, Uranium, Uranium enrichment, Weapons of mass destruction, Weapons systems
Latest Action: 04/08/2008 - Committee on Finance. Hearings held. Bill TextA bill to impose sanctions on Iran and on other countries for assisting Iran in developing a nuclear program, and for other purposes. 3/22/2007--Introduced. Iran Counter-Proliferation Act of 2007 - Amends the Iran Sanctions Act of 1996 to expand the definitions of "petroleum resources" and "person."Expresses the sense of Congress concerning: (1) a variety of existing and proposed sanctions against Iran; and (2) mechanisms to assure a supply of nuclear fuel for peaceful means.Subjects Russia to specified nuclear energy cooperation prohibitions unless the President certifies to Congress that: (1) Russia has suspended all nuclear assistance and transfers of advanced conventional weapons and missiles to Iran; or (2) Iran has verifiably dismantled all nuclear enrichment-related and reprocessing-related programs. Subjects Iran to specified economic sanctions unless the President certifies to Congress that Iran has verifiably dismantled all nuclear enrichment-related [...] show full description
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Latest Legislation - View All
Also tagged in: Aged, Annuities, Armed forces, Armed forces reserves, Blind, Bonds, Business, Capital gains tax, Defense policy, Disabled, Earned income tax credit, Earnings, Education, Education savings accounts, Emergency management, Employee health benefits, Executive departments, Expatriation, Families, Finance, Fire fighters, Flexible benefit plans, Foreign corporations, Government contractors, Government employees, Government information, Government service contracts, Health policy, Higher education, Home ownership, Housing, Housing finance, Identification devices, Immigration, Income tax, Individual retirement accounts, Intelligence activities, Intelligence community staff, Labor, Life insurance, Medical care, Mental health services, Military dependents, Military pay, Military personnel, Mortgages, National service, Peace Corps, Pensions, Public contracts, Social security, Social security taxes, Social services, Subsidiary corporations, Supplemental security income program, Survivors' benefits, Tax credits, Tax deferral, Tax evasion, Tax exclusion, Tax penalties, Tax rebates, Tax refunds, Tax returns, Taxation, Trade, Unemployment insurance, Veterans' benefits, Volunteer workers, Wages, War casualties, Welfare, Welfare eligibility, Withholding tax
Latest Action: 06/17/2008 - Became Public Law No: 110-245. Bill TextTo amend the Internal Revenue Code of 1986 to provide benefits for military personnel, and for other purposes. 5/22/2008--Passed Senate without amendment. (There are 2 other summaries) (This measure has not been amended since it was passed by the House on May 20, 2008. The summary of that version is repeated here.)Heroes Earning Assistance and Relief Tax Act of 2008 -Amends the Internal Revenue Code to provide tax benefits and incentives for military personnel.Title I: Benefits for Military - (Sec 101) Exempts married taxpayers who file a joint tax return from the identification requirement for the 2008 recovery tax rebate if at least one of the filers is a current member of the Armed Forces.(Sec. 102) Makes permanent the election to treat combat zone compensation as earned income for purposes of the earned income tax credit. (Sec. 103) Makes permanent the exemption from the first-time homebuyer rule for veterans [...] show full description
Also tagged in: Administrative procedure, Annuities, Architect of the Capitol, Civil service retirement, Commuting, Congress, Congressional agencies, Congressional employees, Early retirement, Employee vacations, Executive departments, Federal Retirement Thrift Investment Board, Finance, Food, Food service, Government contractors, Government employees, Government employees' health insurance, Government employees' life insurance, Government information, Government paperwork, Health policy, Law, Medical care, Office of Personnel Management, Pensions, Public contracts, Restaurants, Salaries, Senate, Severance pay, Sick leave, Subsidies, Transportation
Latest Action: 06/04/2008 - Received in the House. Bill TextA bill to provide for certain Federal employee benefits to be continued for certain employees of the Senate Restaurants after operations of the Senate Restaurants are contracted to be performed by a private business concern, and for other purposes. 6/3/2008--Passed Senate without amendment. (There is 1 other summary) (This measure has not been amended since it was introduced. The summary of that version is repeated here.)Authorizes specified Senate Restaurants employees who are employees of the Architect of the Capitol on the date of enactment of this Act and who become employees of a contractor under a food services contract to elect to continue coverage of federal benefits, including retirement benefits, life and health insurance, annual and sick leave balances and accrual rates, and transit subsidies, after operations of the Senate Restaurants are contracted to be performed by a private business concern.Prohibits the basic pay [...] show full description
Also tagged in: Accounting, Administrative procedure, Armed forces, Business, Consultants, Corporate mergers, Defense contracts, Defense economics, Executive compensation, Executive departments, Finance, Financial statements, Fringe benefits, Golden parachutes, Government contractors, Independent regulatory commissions, Information disclosure (Securities law), Law, Profit, Public contracts, Securities and Exchange Commission, Securities regulation, Stockholders, Taxation
Latest Action: 04/15/2008 - Read twice and referred to the Committee on Finance. Bill TextA bill to require greater disclosure of senior corporate officer compensation, to empower shareholders and investors to protect themselves from fraud, to limit conflicts of interest in determining senior corporate officer compensation, to ensure integrity in Federal contracting, to close corporate tax loopholes utilized to subsidize senior corporate officer compensation, and for other purposes. 4/15/2008--Introduced. Corporate Executive Compensation Accountability and Transparency Act - Amends the Internal Revenue Code to the limit annual aggregate amounts which may be deferred under nonqualified deferred compensation arrangements. Amends the Sarbanes-Oxley Act of 2002 to extend from 12 to 36 months the look-back period for any bonuses, incentive-based or equity-based compensation, or profits realized from the sale of securities which must be reimbursed to a securities issuer by its chief executive officer and chief financial officer if the issuer is required to prepare [...] show full description
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, Partnerships, Pensions, Small business, Tax administration, Tax credits, Tax evasion, Tax exemption, Tax penalties, Tax refunds, Tax returns, 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: Air pollution, Air traffic, Air traffic control, Airline employees, Airline passenger traffic, Airports, Alcohol as fuel, Appropriations, Aviation fuels, Biomass energy, Bonds, Bridges, Budgets, Business, Collection of accounts, Corporation taxes, Diesel motor, Energy, Environmental protection, Excise tax, Executive departments, Expatriation, Federal advisory bodies, Federal aid to transportation, Finance, Fines (Penalties), Foreign corporations, Free ports and zones, Gasoline, Gift tax, Government information, Government paperwork, Government trust funds, Great Lakes, Harbors, Highway finance, Immigration, Income tax, Individual retirement accounts, Infrastructure, Interest, Interest rates, Labor, Law, Liability for environmental damages, Marine terminals, Minnesota, Motor vehicle pollution control, New York City, New York State, Oil pollution, Pension funds, Pensions, Private aviation, Punitive damages, Railroad engineering, Railroad finance, Road construction, St. Lawrence Seaway, Tax administration, Tax credits, Tax deductions, Tax evasion, Tax exemption, Tax penalties, Tax rates, Tax returns, Taxation, Taxation of foreign income, Taxpayers, Tourism, Trade, Transportation, Valuation, Water pollution, Withholding tax
Latest Action: 11/13/2007 - Committee on Finance. Original measure reported to Senate by Senator Baucus. With written report No. 110-228. Additional views filed. Bill TextAn original bill to amend the Internal Revenue Code of 1986 and to extend the financing for the Airport and Airway Trust Fund, and for other purposes. 11/13/2007--Reported to Senate without amendment. (There is 1 other summary) (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)American Infrastructure Investment and Improvement Act of 2007 - Title I: Airport And Airway Trust Fund Provisions And Related Taxes - (Sec. 101) Amends the Internal Revenue Code to extend through FY2011 the excise taxes on aviation fuels and the transportation of persons and property by air.(Sec. 102) Extends through FY2011 the expenditure authority for the Airport and Airway Trust Fund.(Sec. 103) Imposes an excise tax on aviation-grade kerosene of 35.9 cents per gallon (4.3 cents per gallon for fuel used in commercial aviation). (Sec. 104) Increases to $16.[...] 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, Partnerships, 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-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: Annuities, Cost of living adjustments, Economic policy, Employee benefit plans, Finance, Income tax, Indexing (Economic policy), Labor, Life insurance, Pensions, Tax exclusion, Taxation
Latest Action: 11/09/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to encourage guaranteed lifetime income payments by excluding from income a portion of such payments. 11/9/2007--Introduced. Lifetime Pension Annuity for You Act of 2007 - Amends the Internal Revenue Code to: (1) allow an exclusion from gross income for up to 50% of lifetime income payments from certain annuity contracts; (2) exclude longevity insurance benefits from employee benefit plan minimum distribution requirements; and (3) allow a tax exclusion for amounts received as an annuity under any portion of an annuity, endowment, or life insurance contract.
Also tagged in: Armed forces, Bonds, Business, Capital gains tax, College costs, Defense policy, Disabled, Earned income tax credit, Education, Education savings accounts, Emergency management, Expatriation, Finance, Fire fighters, Gift tax, Government life insurance, Health insurance, Health policy, Higher education, Home ownership, Housing, Housing finance, Housing subsidies, Immigration, Income tax, Individual retirement accounts, Intelligence activities, Intelligence officers, Labor, Medical care, Military housing, Military operations, Military pay, Military pensions, Military personnel, Mortgages, Peace Corps, Pensions, Small business, Social services, Survivors' benefits, Tax credits, Tax evasion, Tax exclusion, Tax penalties, Tax refunds, Tax returns, Taxation, Valuation, Veterans, Veterans' disability compensation, Volunteer workers, Wages, Welfare
Latest Action: 12/20/2007 - Message on Senate action sent to the House. Bill TextAn Act to amend the Internal Revenue Code of 1986 to provide tax relief and protections for military personnel, and for other purposes. 12/19/2007--Senate agreed to House amendment with amendment. (There are 4 other summaries) Defenders of Freedom Tax Relief Act of 2007 - Amends the Internal Revenue Code to provide tax relief and earnings assistance to members of the uniformed services, increase penalties for noncompliance with tax requirements, and make technical amendments and clerical corrections.Title I: Benefits for Military - (Sec. 101) Makes permanent the taxpayer election to include combat zone compensation as earned income for purposes of computing the earned income tax credit. (Sec. 102) Makes permanent the eligibility of veterans for mortgage bond financing of residences without regard to first-time homebuyer requirements. Increases to $100 million the veterans' mortgage bond limitation in Alaska, Oregon, and Wisconsin.[...] show full description
Also tagged in: Alabama, Alcohol tax, American Samoa, Armed forces, Bonds, Books, Brokers, Brownfields, Budgets, Business, Caribbean area, Charitable contributions, Children, Civil rights, Collection of accounts, College costs, Computer software, Computers, Congress, Congressional reporting requirements, Cooperative housing, Corporation taxes, Criminal justice, Debt, Defense policy, Depreciation and amortization, Discrimination in insurance, Discrimination in medical care, District of Columbia, Dividends, Earned income tax credit, Economic development, Economic policy, Education, Educational technology, Elementary and secondary education, Elementary education, Employee stock options, Employment, Environmental protection, Estate tax, Expatriation, Families, Federal aid to education, Federal-local relations, Finance, Food, Foreign corporations, Foreign tax credit, Gift tax, Government contractors, Government employees, Government information, Government paperwork, Government travel, Hazardous substances, Hazardous waste sites, Hazardous wastes, Health insurance, Higher education, Home ownership, Housing, Housing finance, Humanities, Hurricanes, Immigration, Income tax, Indian lands, Indians, Individual retirement accounts, Industrial research, Insurance premiums, Interest, Intergovernmental fiscal relations, Investments, Labor, Leases, Liability for environmental damages, Local taxation, Louisiana, Maintenance and repair, Mental health services, Mental illness, Military pay, Military personnel, Minimum tax, Minorities, Mississippi, Mortgage guaranty insurance, Mortgages, Mutual funds, Natural resources, Nature conservation, Partnerships, Pensions, Property tax, Public contracts, Puerto Rico, Railroads, Research and development tax credit, Restaurants, Sales tax, Scholarships, School buildings, Secondary education, Securities industry, Social security taxes, Solid wastes, Sports, Sports facilities, State and local government, State legislators, State taxation, Stocks, Student loan funds, Subsidiary corporations, Surety and fidelity, Tariff, Tax administration, Tax credits, Tax deductions, Tax deferral, Tax evasion, Tax exclusion, Tax incentives, Tax penalties, Tax refunds, Tax returns, Tax-exempt organizations, Taxation, Taxation of foreign income, Teachers, Teaching materials, Technology, Terrorism, Trade, Transportation, Travel costs, Undercover operations, Valuation, Veterans, Veterans' benefits, Virgin Islands, Welfare, Wine, Withholding tax
Latest Action: 12/26/2007 - Became Public Law No: 110-166. Bill TextTo amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes. 12/26/2007--Public Law. (There are 3 other summaries) (This measure has not been amended since it was passed by the Senate on December 6, 2007. The summary of that version is repeated here.) Tax Increase Prevention Act of 2007 - Amends the Internal Revenue Code to extend through 2007 for individual taxpayers: (1) the increased alternative minimum tax (AMT) exemption amounts; and (2) the offset of nonrefundable personal tax credits against regular and AMT liability.
Also tagged in: Accounting, Bonds, California, Capital gains tax, Charitable contributions, Children, Debt, Disaster relief, Displaced persons, Earnings, Emergency management, Families, Finance, Forest fires, Home ownership, Housing, Income tax, Individual retirement accounts, Loans, Losses, Mortgages, Pensions, Tax credits, Tax exclusion, Tax exemption, Tax penalties, Taxation
Latest Action: 10/29/2007 - Referred to the House Committee on Ways and Means. Bill TextTo provide emergency tax relief for persons affected by California wildfires in October of 2007. 10/29/2007--Introduced. California Wildfire Tax Relief Act of 2007 - Provides special tax treatment for taxpayers in areas affected by the California wildfires of October 2007 relating to: (1) nonrecognition of gain from the involuntary conversion of property; (2) limitations on charitable contributions for relief efforts; (3) the exclusion from gross income for discharges of indebtedness; (4) mortgage revenue bonds; (5) limitations on personal casualty losses; (6) additional tax exemptions for providing housing for displaced individuals; (7) earned income calculations; (8) dependency status for purposes of tax exemptions or the child tax credit; (9) premature withdrawals from retirement plans; (10) income averaging; (11) recontributions to tax-deferred home purchase plans; and (12) loans from tax-qualified employer plans.
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