| Latest Action: 04/29/2008 - Referred to the House Committee on Financial Services.
Bill TextTo clarify the authority of the Federal Financing Bank to purchase loans guaranteed under part B of title IV of the Higher Education Act of 1965, and for other purposes. 4/29/2008--Introduced. Student Loan Access Act of 2008 - Authorizes the Federal Financing Bank, until July 1, 2009, to: (1) purchase guaranteed loans originated under the Federal Family Education Loan (FFEL) program of the Higher Education Act of 1965, or participation interests in such loans; (2) advance funds to eligible lenders for the purpose of originating or purchasing FFELs; and (3) invest in securities collateralized with FFELs. Prohibits such FFEL purchases from resulting in any net cost to the federal government. Permits the Secretary of the Treasury to extend the Bank's authority to take such actions beyond July 1, 2009, if economic conditions threaten timely, uninterrupted access to student loans. | | Latest Action: 04/10/2008 - Sponsor introductory remarks on measure. (CR S2949-2950)
Bill TextA bill to amend the Federal Home Loan Bank Act to allow Federal home loan banks to invest surplus funds in student loan securities and make advances for student loan financing, and for other purposes. 4/10/2008--Introduced. Emergency Student Loan Market Liquidity Act - Amends the Federal Home Loan Bank Act to allow federal home loan banks to: (1) invest surplus funds in student loan securities; (2) accept student loans and student loan-related securities as collateral; and (3) provide secured long-term advances to member banks so that they can finance the origination of student loans or purchase or finance student loan-related securities. Limits the application of this Act to Federal Family Education Loans (FFELs) made under the Higher Education Act of 1965. Makes the banks' authority effective for investments and advances made between February 1, 2008, and two years after this Act's enactment. | | Latest Action: 04/08/2008 - Referred to the House Committee on Financial Services.
Bill TextTo amend the Federal Home Loan Bank Act to allow Federal home loan banks to invest surplus funds in student loan securities and make advances for student loan financing, and for other purposes. 4/8/2008--Introduced. Emergency Student Loan Market Liquidity Act - Amends the Federal Home Loan Bank Act to allow federal home loan banks to: (1) invest surplus funds in student loan securities; (2) accept student loans and student loan-related securities as collateral; and (3) provide secured long-term advances to member banks so that they can finance the origination of student loans or purchase or finance student loan-related securities. Limits the application of this Act to Federal Family Education Loans (FFELs) made under the Higher Education Act of 1965. Makes the banks' authority effective for investments and advances made between February 1, 2008, and two years after this Act's enactment. | | Also tagged in: Administrative procedure, Bank capital, Bank loans, Bank mergers, Business, Churches, Credit unions, Executive departments, Finance, Government information, Government paperwork, Investments, Law, National Credit Union Administration, Nonprofit organizations, Religion Latest Action: 03/03/2008 - Referred to the House Committee on Financial Services.
Bill TextTo advance credit union efforts to promote economic growth, modify credit union regulatory standards and reduce burdens, and for other purposes. 3/3/2008--Introduced. Credit Union Regulatory Relief Act of 2008 - Amends the Federal Credit Union Act to: (1) permit a credit union to invest in securities for its own account, subject to certain percentage limitations; and (2) increase the investment and lending limit in credit union service organizations from 1% to 3% of a credit union's total paid and unimpaired capital and surplus. Excludes credit union loans to nonprofit religious organizations from limitations placed upon member business loans. Redefines member business loan to increase specified extensions of credit.Authorizes the National Credit Union Administration Board (Board) to establish longer loan maturity dates.Directs the Board to prescribe criteria for continued membership of certain member groups in the case of certain credit union conversions [...] show full description | | Latest Action: 11/15/2007 - Read twice and referred to the Committee on Finance.
Bill TextA bill to amend the Internal Revenue Code of 1986 to provide an additional standard deduction for real property taxes for nonitemizers. 11/15/2007--Introduced. Property Tax Fairness Act of 2007 - Amends the Internal Revenue Code to: (1) allow an additional standard tax deduction in 2007 or 2008 (available to taxpayers who do not itemize) for state and local real property taxes; and (2) include within the reporting requirements of investment brokers the adjusted basis of any security owned by customers of such brokers. | | Also tagged in: Budgets, Business, Casualty insurance, Disaster insurance, Emergency management, Finance, Government lending, Government securities, Governmental investigations, Home ownership, Housing, Insurance companies, Nonprofit organizations, Politics and government, Property insurance, Public contracts Latest Action: 11/06/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Bill TextA bill to establish a National Catastrophic Risks Consortium and a National Homeowners' Insurance Stabilization Program, and for other purposes. 11/6/2007--Introduced. Homeowners' Defense Act of 2007 - Establishes the National Catastrophe Risk Consortium as a nonprofit, nonfederal entity to: (1) maintain an inventory of catastrophe risk obligations held by state reinsurance funds, and state residual insurance market entities; (2) issue, on a conduit basis, securities and other financial instruments linked to catastrophe risks insured or reinsured through Consortium members; and (3) act as a centralized repository of state risk information accessible by certain private-market participants. Instructs the Secretary of the Treasury to implement a national homeowners' insurance stabilization program to make liquidity loans and catastrophic loans to qualified reinsurance programs to: (1) ensure their solvency; (2) improve the availability and affordability of homeowners' [...] show full description | | Also tagged in: Budgets, Business, Civil liberties, Congress, Congressional investigations, Contracts, Executive compensation, Federally-guaranteed loans, Finance, Loan defaults, Performance measurement, Right of privacy, Small business, Small business investment companies, Standards Latest Action: 11/01/2007 - Sponsor introductory remarks on measure. (CR S13689)
Bill TextA bill to establish portfolio quality standards, improve lender oversight by the Small Business Administration, create economic outcome and performance measurements, strengthen the loan programs under section 7(a) of the Small Business Act and title V of the Small Business Investment Act of 1958, and for other purposes. 11/1/2007--Introduced. Small Business Lending Oversight and Program Performance Improvement Act of 2007 - Directs the Administrator of the Small Business Administration (SBA) to develop and publish portfolio quality evaluation standards to evaluate the loan portfolios of lenders participating in the section 7(a) (SBA-guaranteed loans to small businesses) and 504 (financing to small businesses funded by SBA-guaranteed debentures) programs of the Small Business Act. Requires the standards to measure the rates of loan liquidation, currency, recovery, and delinquency, and to be used by the Administrator to determine lender portfolio quality and to conduct lender [...] show full description | | Also tagged in: Bankruptcy, Business, Collective bargaining, Corporate reorganizations, Defined benefit pension plans, Defined contribution plans, Employee benefit plans, Executive compensation, Finance, Fraud, Health policy, Labor, Law, Layoffs, Medical care, Pension funds Latest Action: 09/25/2007 - Sponsor introductory remarks on measure. (CR S12063)
Bill TextA bill to amend title 11, United States Code, to improve protections for employees and retirees in business bankruptcies. 9/25/2007--Introduced. Protecting Employees and Retirees in Business Bankruptcies Act of 2007 - Amends federal bankruptcy law to increase the maximum amount per individual or corporation of unsecured claims ranked in the fourth (wages, salaries, or commissions) and fifth (employee benefit plan contributions) order of priority. Includes within the scope of a claim in bankruptcy certain equity securities held in a defined contribution plan for the benefit of certain individuals. Ranks in sixth order of priority the diminished value of debtor's equity securities held in a defined contribution plan if the employer or plan sponsor committed fraud regarding the plan. Permits within administrative expenses certain severance pay for termination or layoffs. Prohibits certain senior executive compensation from being disproportionate in [...] show full description | | Also tagged in: Bankruptcy, Business, Collective bargaining, Corporate reorganizations, Defined benefit pension plans, Defined contribution plans, Employee benefit plans, Executive compensation, Finance, Fraud, Health policy, Labor, Law, Layoffs, Medical care, Pension funds Latest Action: 10/12/2007 - Referred to the Subcommittee on Commercial and Administrative Law.
Bill TextTo amend title 11, United States Code, to improve protections for employees and retirees in business bankruptcies. 9/25/2007--Introduced. Protecting Employees and Retirees in Business Bankruptcies Act of 2007 - Amends federal bankruptcy law to increase the maximum amount per individual or corporationof unsecured claims ranked in the fourth (wages, salaries, or commissions) and fifth (employee benefit plan contributions) order of priority. Includes within the scope of a claim in bankruptcy certain equity securities held in a defined contribution plan for the benefit of certain individuals.Ranks in sixth order of priority the diminished value of debtor's equity securities held in a defined contribution plan if the employer or plan sponsor committed fraud regarding the plan.Permits within administrative expenses certain severance pay for termination or layoffs.Prohibits certain senior executive compensation from being disproportionate in light of economic [...] show full description | | Latest Action: 12/07/2007 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Bill TextTo make various technical and clerical amendments to the Federal securities laws. 12/6/2007--Passed House amended. (There is 1 other summary) Securities Law Technical Corrections Act of 2007 - Makes technical corrections to the following Acts: (1) the Securities Act of 1933; (2) the Securities Exchange Act of 1934; (3) the Trust Indenture Act of 1939; (4) the Investment Company Act of 1940; and (5) the Investment Advisers Act of 1940. Amends the following statutes to make conforming amendments for the repeal of the Public Utility Holding Company Act of 1935: (1) the Securities Exchange Act of 1934; (2) the Trust Indenture Act of 1939; (3) the Investment Company Act of 1940; and (4) the Investment Advisers Act of 1940. | | Latest Action: 09/07/2007 - Referred to the House Committee on Ways and Means.
Bill TextTo amend the Internal Revenue Code of 1986 to provide that indebtedness incurred by a partnership in acquiring securities and commodities is not treated as acquisition indebtedness by organizations which are limited partners for purposes of the unrelated business income tax. 9/7/2007--Introduced. Amends Internal Revenue Code provisions relating to the tax on the unrelated business income of tax-exempt organizations to exempt from treatment as acquisition indebtedness (subject to the unrelated business income tax) indebtedness incurred or continued by a limited partnership in a partnership to purchase or carry certain securities or commodities. | | Also tagged in: Business, Contractors, Dividends, Excise tax, Finance, Foreign corporations, Foreign exchange, Futures trading, Health facilities, Income tax, International finance, Leases, Medical care, Medicine, Real estate investment trusts, Rent Latest Action: 08/03/2007 - Sponsor introductory remarks on measure. (CR S10931-10932)
Bill TextA bill to amend the Internal Revenue Code of 1986 to simplify certain provisions applicable to real estate investment trusts, and for other purposes. 8/3/2007--Introduced. REIT Investment Diversification and Empowerment Act of 2007 - Amends Internal Revenue Code provisions relating to real estate investment trusts (REITs) to: (1) treat passive foreign exchange gains attributable to overseas real estate investment as qualifying REIT income; (2) increase from 20 to 25% the the maximum value of a REIT's total assets thay may be represented by securities of one or more taxable REIT subsidiaries; (3) revise safe harbor rules for the excise tax penalty on certain REIT sales activities; (4) treat rental payments made by a health care facility to a REIT as qualifying REIT income; and (5) treat income from, and interests in, foreign-qualified REITs as qualifying REIT income and assets. | | Also tagged in: Budgets, Business, Casualty insurance, Disaster insurance, Emergency management, Finance, Government lending, Government liability, Government securities, Governmental investigations, Home ownership, Housing, Insurance companies, Law, Politics and government, Property insurance Latest Action: 11/13/2007 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Bill TextTo ensure the availability and affordability of homeowners' insurance coverage for catastrophic events. 11/8/2007--Passed House amended. (There are 2 other summaries) Homeowners' Defense Act of 2007 - Declares that the purpose of this Act is to provide federal support for state-sponsored insurance programs to: (1) help homeowners prepare for and recover from damages caused by natural catastrophes; and (2) promote the use of private market capital as a means to insure against such catastrophes.Title I: National Catastrophe Risk Consortium - (Sec. 101) Establishes the National Catastrophe Risk Consortium as a nonprofit, nonfederal entity to: (1) inventory catastrophe risk obligations held by state reinsurance funds, and state residual insurance market entities; (2) issue, on a conduit basis, securities and other financial instruments linked to catastrophe risks insured or reinsured through Consortium members; (3) act as a centralized repository [...] show full description | | Also tagged in: Administrative fees, Administrative procedure, Agriculture, Air conditioning, Air pollution, Air travel, Alaska, Alcohol as fuel, Algae, Alternative energy sources, American investments, Animals, Auditing, Authorization, Automobile engines, Automobile industry Latest Action: 09/19/2007 - Referred to the Subcommittee on Higher Education, Lifelong Learning, and Competitiveness.
Bill TextMoving the United States toward greater energy independence and security, developing innovative new technologies, reducing carbon emissions, creating green jobs, protecting consumers, increasing clean renewable energy production, and modernizing our energy infrastructure. 7/30/2007--Introduced. New Direction for Energy Independence, National Security, and Consumer Protection Act - Incorporates various legislative initiatives for energy conservation, independence, and security.Green Jobs Act of 2007 - Amends the Workforce Investment Act of 1998 to direct the Secretary of Labor to: (1) establish an energy efficiency and renewable energy worker training program; (2) collect and analyze labor market data to track workforce trends resulting from energy-related initiatives under this Act; and (3) award National Energy Training Partnerships Grants to community based nonprofit organizations to carry out training programs that lead to economic self-sufficiency and develop an [...] show full description | | Also tagged in: Administrative fees, Administrative procedure, Afghanistan, Aged, Agriculture, Air conditioning, Air pollution, Air travel, Alaska, Alcohol as fuel, Algae, Alternative energy sources, American investments, Animals, Apartment houses, Appropriations Latest Action: 05/13/2008 - Message on House action received in Senate and at desk: House amendments to Senate amendments.
Bill TextA bill to provide needed housing reform and for other purposes. 4/10/2008--Passed Senate amended. (There are 2 other summaries) Foreclosure Prevention Act of 2008 - Title I: FHA Modernization Act of 2008 - FHA Modernization Act of 2008 - Subtitle A: Building American Homeownership - Building American Homeownership Act of 2008 - (Sec. 112) Amends the National Housing Act (NHA) to revise mortgage insurance eligibility requirements. Alters the respective formulas to increase the percentages of the maximum principal loan obligations applicable to family residences located in: (1) the United States; and (2) Alaska, Guam, Hawaii, or the Virgin Islands. Prohibits the maximum principal loan obligation from exceeding 100% of the appraised value of the property. (Sec. 113) Increases from 3% to 3.5% of the appraised value of a property the mortgagor's required cash (or equivalent) investment (downpayment). Prohibits any funds for such [...] show full description | | Also tagged in: American investments, Bank examination, China, Communications, Conferences, East Asia, Finance, Financial institutions, Financial services, Foreign banks and banking, Foreign investments, Foreign policy, Free trade, International banking, International finance, Life insurance Latest Action: 09/05/2007 - Considered as unfinished business. (consideration: CR H10111)
Bill TextCalling on the Government of the People's Republic of China to remove barriers to United States financial services firms doing business in China. 9/5/2007--Passed House 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.) Declares the sense of the House of Representatives that: (1) the government of the People's Republic of China should immediately implement all of its World Trade Organization (WTO) commitments to date in financial services; and (2) it should immediately implement all of its commitments to date made under the auspices of the Strategic Economic Dialogue (SED) initiated by the Secretary of the Treasury. States that U.S. goals for the next SED meeting should be to achieve Chinese commitments toward: (1) removal of all foreign investment ownership caps on banking, life insurance, asset management, and securities; and [...] show full description | | Also tagged in: Budgets, Civil rights, Collection of accounts, College administration, College costs, Colleges, Conflict of interests, Congressional reporting requirements, Consultants, Consumer education, Consumers, Discrimination in consumer credit, Education, Educational technology, Equipment and supplies, Ethics Latest Action: 05/02/2007 - Sponsor introductory remarks on measure. (CR S5499-5500)
Bill TextA bill to protect students receiving student loans, and for other purposes. 5/2/2007--Introduced. Student Loan Accountability and Disclosure Reform Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 (the Act) to expand prohibitions on guaranty agencies operating under the Federal Family Education Loan (FFEL) program by prohibiting their offering specified inducements to institutions of higher education (IHE) or lenders to secure business or providing certain services for such institutions without appropriate compensation. Requires lenders to provide student loan applicants with certain written information regarding: (1) loan conditions; (2) their possible qualification for title IV assistance; (3) the method for determining the applicable interest rate; and (4) whether the loans provided exceed a student's attendance costs. Directs the Secretary of Education and the Secretary of the Treasury to review the private educational loan [...] show full description | | Also tagged in: Authorization, Budgets, Business, Children, Day care, Disaster loans, Emergency management, Entrepreneurs, Executive departments, Executive reorganization, Federally-guaranteed loans, Finance, Government lending, Grants-in-aid, Job training, Nonprofit organizations Latest Action: 04/16/2008 - Committee on Small Business and Entrepreneurship. Hearings held.
Bill TextA bill to amend the Small Business Act to reauthorize loan programs under that Act, and for other purposes. 9/12/2007--Reported to Senate amended. (There is 1 other summary) Small Business Lending Reauthorization and Improvements Act of 2007 - (Sec. 4) Amends the Small Business Act (the Act) to reauthorize for FY2007-FY2010 certain small business assistance programs of the Small Business Administration (SBA), including: (1) the microloan program (loans made to very small businesses for start-up, expansion, or equipment); (2) section 7(a) loans (SBA-guaranteed general business loans made to small businesses); (3) certified development company (CDC) financings; (4) assistance to veteran-owned small businesses and small businesses affected by a Department of Defense base closure or realignment or the termination of a defense contract or subcontract; and (5) the Program for Investment in Microentrepreneurs (PRIME).Title I: Microloan Programs - [...] show full description | | Also tagged in: Accounting, Administrative fees, Advice and consent of the Senate, Annuities, Appropriations, Auditing, Bonds, Budgets, Civil service retirement, Congressional reporting requirements, Consumer price indexes, Consumers, Cost of living adjustments, Earnings, Economic policy, Estates (Law) Latest Action: 04/25/2007 - Referred to the Subcommittee on Social Security.
Bill TextTo amend title II of the Social Security Act and the Internal Revenue Code of 1986 to provide for enhanced retirement security in the form of an Individual Social Security Investment Program. 4/23/2007--Introduced. Individual Social Security Investment Program Act of 2007 - Amends title II (Old Age, Survivors, and Disability Insurance) (OASDI) of the Social Security Act to add a new part B (Individual Social Security Investment Program) to change Social Security into a system of individual accounts where workers born on or after January 1, 1986, as well as electing participants born between January 1, 1953, and January 1, 1986, have ownership of and control over the investment of their retirement funds in various investment vehicles: (1) Tier I Investment Fund; (2) Tier II Investment Fund; and (3) Tier III Investment Accounts. Allows participating workers choosing the individual account option to have 100% of their redirected Social Security contribution for the calendar [...] show full description | | Also tagged in: Agricultural cooperatives, Agricultural credit, Agriculture, Bank accounts, Banks and banking, Budgets, Business, Capital gains tax, Capital investments, Catastrophic health insurance, College costs, Construction costs, Consumer cooperatives, Cost of living adjustments, County politics and government, Depreciation and amortization Latest Action: 04/12/2007 - Sponsor introductory remarks on measure. (CR S4439-4440)
Bill TextA bill to reward the hard work and risk of individuals who choose to live in and help preserve America's small, rural towns, and for other purposes. 4/12/2007--Introduced. New Homestead Act of 2007 - Directs the Secretary of Education to repay a specified percentage (up to $2,000 per year) of certain education loans to an individual who completes a degree and both resides and is employed for at least five years in an area outside a metropolitan statistical area which for 20 years has a net out-migration of inhabitants of at least 10% of the county population (qualifying county). Amends the Internal Revenue Code to allow a: (1) tax credit for the lesser of $5,000 or 10% of the purchase price of a principal residence in a qualifying county; and (2) capital loss deduction with respect to a sale or exchange of a principal residence in a qualifying county. Provides for the creation of tax-exempt individual homestead accounts, funded by individual cash contributions and matching [...] show full description | | Also tagged in: Administrative procedure, Bank capital, Bank loans, Bank management, Bank mergers, Business, Credit unions, Department of the Treasury, Deposit insurance, Disasters, Emergency management, Executive departments, Executive reorganization, Federal Deposit Insurance Corporation, Federal reserve system, Finance Latest Action: 03/15/2007 - Referred to the House Committee on Financial Services.
Bill TextTo modernize credit union net worth standards, advance credit union efforts to promote economic growth, and modify credit union regulatory standards and reduce burdens, and for other purposes. 3/15/2007--Introduced. Credit Union Regulatory Improvements Act of 2007 - Amends the Federal Credit Union Act to reduce the minimum net worth ratio requirements of credit unions. Revises the minimum risk-based net ratio for such capitalizations. Transfers from the federal banking agencies to the Federal Deposit Insurance Corporation (FDIC) the authority to adjust the net worth levels of credit unions. Instructs the National Credit Union Administration Board (Board) to design the risk-based net worth requirement to take account of material risks to insured credit unions that are taken account of by comparable standards applicable to FDIC-insured institutions. Establishes a temporary waiver of the net worth restoration plan requirement for an undercapitalized [...] show full description | | Also tagged in: Business, Contractors, Dividends, Excise tax, Finance, Foreign corporations, Foreign exchange, Futures trading, Health facilities, Income tax, International finance, Leases, Medical care, Medicine, Real estate investment trusts, Rent Latest Action: 02/16/2007 - Sponsor introductory remarks on measure. (CR E384-385)
Bill TextTo amend the Internal Revenue Code of 1986 to simplify certain provisions applicable to real estate investment trusts, and for other purposes. 2/16/2007--Introduced. REIT Investment Diversification and Empowerment Act of 2007 - Amends Internal Revenue Code provisions relating to real estate investment trusts (REITs) to: (1) treat passive foreign exchange gains attributable to overseas real estate investment as qualifying REIT income; (2) increase from 20 to 25% the the maximum value of a REIT's total assets thay may be represented by securities of one or more taxable REIT subsidiaries; (3) revise safe harbor rules for the excise tax penalty on certain REIT sales activities; (4) treat rental payments made by a health care facility to a REIT as qualifying REIT income; and (5) treat income from, and interests in, foreign-qualified REITs as qualifying REIT income and assets. | | Also tagged in: Administrative procedure, Bank accounts, Brokers, Business, Capital, Executive departments, Finance, Independent regulatory commissions, Investments, Law, Margins (Security trading), Money market funds, Securities and Exchange Commission, Securities industry, Securities regulation, Surety and fidelity Latest Action: 04/11/2007 - Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Bill TextTo direct the Securities and Exchange Commission to revise rules to provide for the comparable treatment and expanded use of qualified money market funds for broker-dealer financing. 2/16/2007--Introduced. Money Market Fund Parity Act of 2007 - Directs the Securities and Exchange Commission to revise, according to specified requirements, rules relating to net capital, custody and use of customers' securities, and certain underwritings to provide for: (1) treatment of securities issued by qualified money market funds comparable with the treatment under those rules of other low-risk securities and deposits; and (2) the expanded use of securities issued by qualified money market funds for financing by brokers and dealers. | | Also tagged in: Brokers, Business, Corporate mergers, Corporate reorganizations, Dividends, Finance, Government information, Government paperwork, Income tax, Interest, Pension funds, Pensions, Stockholders, Tax administration, Tax returns, Tax-deferred compensation plans 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: Administrative procedure, Brokers, Department of the Treasury, Executive departments, Finance, Income tax, Law, Mutual funds, Tax administration, Tax returns, Taxation Latest Action: 02/14/2007 - Sponsor introductory remarks on measure. (CR S1978-1979)
Bill TextA bill to amend the Internal Revenue Code of 1986 to require broker reporting of customer's basis in securities transactions, and for other purposes. 2/14/2007--Introduced. Simplification Through Additional Reporting Tax Act of 2007 - Amends the Internal Revenue Code to include within the reporting requirements of investment brokers the adjusted basis of any security owned by customers of such brokers. | | Also tagged in: Administrative procedure, Brokers, Department of the Treasury, Executive departments, Finance, Income tax, Law, Mutual funds, Tax administration, Tax returns, Taxation Latest Action: 02/07/2007 - Referred to the House Committee on Ways and Means.
Bill TextTo amend the Internal Revenue Code of 1986 to require broker reporting of customer's basis in securities transactions, and for other purposes. 2/7/2007--Introduced. Simplification Through Additional Reporting Tax Act of 2007 - Amends the Internal Revenue Code to include within the reporting requirements of investment brokers the adjusted basis of any security owned by customers of such brokers. | | Also tagged in: Auditing, Bank records, Business, Cartels, Checks, Civil liberties, Conspiracy, Consumer credit, Consumers, Counterfeiting, Credit bureaus, Criminal investigation, Criminal justice, Electronic funds transfers, Extraterritoriality, Finance Latest Action: 02/01/2007 - Sponsor introductory remarks on measure. (CR S1523-1524)
Bill TextA bill to improve the prohibitions on money laundering, and for other purposes. 2/1/2007--Introduced. Combating Money Laundering and Terrorist Financing Act of 2007 - Amends money laundering provisions of the federal criminal code to redefine "specified unlawful activity" as: (1) any act constituting an offense in violation of the laws of the United States or any State punishable by imprisonment for a term exceeding 1 year; and (2) any act occurring outside of the United States that would constitute such an offense if committed within U.S. jurisdiction. Revises the procedure for issuing subpoenas in money laundering cases. Assigns a standard value to monetary instruments payable to bearer in blank (with no amount indicated on the instrument). Increases the penalty for bulk cash smuggling in or out of the United States from five to 10 years. Redefines money laundering transactions involving amounts greater than $10,000 to include commingling [...] 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 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 |
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