Top Legislation - View All

Latest Action: 02/15/2007 - Sponsor introductory remarks on measure. (CR S2085-2086)

Bill Text
A 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.

Latest Action: 02/07/2007 - Referred to the House Committee on Ways and Means.

Bill Text
To 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.

Latest Action: 04/11/2007 - Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

Bill Text
To 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.

Latest Action: 03/01/2007 - Referred to the House Committee on Financial Services.

Bill Text
To enhance the availability of capital and credit for all citizens and communities, to ensure that community reinvestment keeps pace as banks, securities firms, and other financial service providers become affiliates as a result of the enactment of the Gramm-Leach-Bliley Act, and for other purposes. 3/1/2007--Introduced. Community Reinvestment Modernization Act of 2007 - Repeals specified revisions to regulations governing the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Director of the Office of Thrift Supervision. Reinstates banking agency regulations in effect before the publication of such revisions. Amends the Bank Holding Company Act of 1956 (BHCA) to subject to the Community Reinvestment Act of 1977 (CRA) nonbank affiliates of bank holding companies that engage in lending or offering banking products or services. Amends the CRA to require a rating reduction [...]

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Latest Action: 05/03/2007 - Referred to the Committee on Energy and Commerce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the commi

Bill Text
To amend titles XXI and XIX of the Social Security Act to extend the State Children's Health Insurance Program (SCHIP) and streamline enrollment under SCHIP and Medicaid and to amend the Internal Revenue Code of 1986 to provide for a healthy savings tax credit for purchase of children's health coverage. 5/3/2007--Introduced. Healthy Kids Act of 2007 - Amends title XXI (State Children's Health Insurance) (SCHIP) of the Social Security Act to extend the SCHIP program for FY2008 and each subsequent fiscal year at increased levels. Limits to one year starting FY2008 (currently three years) the initial availability of SCHIP allotments. Revises requirements for redistribution of unused allotments to address state funding shortfalls. Provides for bonus payments for states that implement administrative policies to streamline enrollment procedures under Medicaid and SCHIP. Gives states the option to provide for "express lane" and simplified determinations [...]

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Latest Action: 02/14/2007 - Sponsor introductory remarks on measure. (CR S1978-1979)

Bill Text
A 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.

Latest Action: 11/15/2007 - Read twice and referred to the Committee on Finance.

Bill Text
A 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.

Latest Action: 12/26/2007 - Became Public Law No: 110-166.

Bill Text
To 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.

Latest Action: 04/24/2008 - Reported (Amended) by the Committee on Ways and Means. H. Rept. 110-606.

Bill Text
To amend the Internal Revenue Code of 1986 to provide assistance for housing. 4/24/2008--Reported to House amended.    (There is 1 other summary) Housing Assistance Tax Act of 2008 - Title I: Housing Tax Incentives - Subtitle A: Multi-Family Housing - Part 1: Low-Income Housing Tax Credit - Amends Internal Revenue Code provisions relating to the low-income housing tax credit and tax-exempt bond rules for financing low-income housing projects.(Sec. 101) Increases in 2008 and 2009 the per capita amount of the low-income housing tax credit allocable by each state.(Sec. 102) Modifies rules for the low-income housing tax credit to: (1) eliminate the distinction between new and existing buildings for purposes of such credit; (2) establish a minimum credit rate for non-federally subsidized buildings; (3) set forth criteria for designating a building as federally subsidized and for considering federal assistance in calculating [...]

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Latest Action: 09/12/2008 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Bill Text
To amend the Federal securities laws to enhance the effectiveness of the Securities and Exchange Commission's enforcement, corporation finance, trading and markets, investment management, and examination programs, and for other purposes. 9/11/2008--Passed House amended.    (There is 1 other summary) Securities Act of 2008 - (Sec. 2) Amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, and the Investment Company Act of 1940 to authorize the Securities and Exchange Commission (SEC) to assess and impose civil penalties in a cease and desist proceeding.Creates three tiers of increasing civil penalties for acts or omissions of increasing gravity.(Sec. 3) Authorizes the SEC to censure, place limitations on the activities or functions of, or investigate any person who at the time of specified alleged misconduct was: (1) a member or employee of the Municipal Securities Rulemaking Board; (2) [...]

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Latest Legislation - View All

Latest Action: 09/18/2008 - Sponsor introductory remarks on measure. (CR S9030-9031)

Bill Text
A bill to amend the Internal Revenue Code of 1986 to modify the limitations on the deduction of interest by financial institutions which hold tax-exempt bonds, and for other purposes.

9/18/2008--Introduced.

Municipal Bond Market Support Act of 2008 - Amends Internal Revenue Code provisions relating to the small issuer exemption from interest expense allocation rules for financial institutions to: (1) increase from $10 to $30 million the annual limit on small issuers of tax-exempt municipal bonds; (2) allow an inflation adjustment to such increased limit amount after 2009; (3) repeal aggregation rules relating to the determination of small issuer eligibility; (4) allow small issuers an election to treat borrowers separately for purposes of issuance limitations; and (5) allow financial institutions and brokers to hold up to 2% of their assets in tax-exempt securities without affecting their interest expense tax deduction.

Latest Action: 09/12/2008 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Bill Text
To amend the Federal securities laws to enhance the effectiveness of the Securities and Exchange Commission's enforcement, corporation finance, trading and markets, investment management, and examination programs, and for other purposes. 9/11/2008--Passed House amended.    (There is 1 other summary) Securities Act of 2008 - (Sec. 2) Amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, and the Investment Company Act of 1940 to authorize the Securities and Exchange Commission (SEC) to assess and impose civil penalties in a cease and desist proceeding.Creates three tiers of increasing civil penalties for acts or omissions of increasing gravity.(Sec. 3) Authorizes the SEC to censure, place limitations on the activities or functions of, or investigate any person who at the time of specified alleged misconduct was: (1) a member or employee of the Municipal Securities Rulemaking Board; (2) [...]

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Latest Action: 05/15/2008 - Referred to the House Committee on Financial Services.

Bill Text
To provide additional emergency and enhanced enforcement authority to the Securities and Exchange Commission. 5/15/2008--Introduced. Enhanced Emergency and Enforcement Authority Act - Amends the Securities Exchange Act of 1934 to empower the Securities and Exchange Commission (SEC) to reduce, eliminate, or prevent substantial disruption by an emergency of the ability of market participants to conduct securities activities or comply with obligations under the securities laws in a timely, orderly, or efficient manner. Amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and Investment Advisers Act of 1940 to provide that, in any action or proceeding instituted by the SEC in federal district court for any judicial district, subpoenas issued by or on behalf of such court to compel the attendance of witnesses or the production of documents or tangible things (or both) may be served in any other district (thus granting [...]

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Latest Action: 04/24/2008 - Reported (Amended) by the Committee on Ways and Means. H. Rept. 110-606.

Bill Text
To amend the Internal Revenue Code of 1986 to provide assistance for housing. 4/24/2008--Reported to House amended.    (There is 1 other summary) Housing Assistance Tax Act of 2008 - Title I: Housing Tax Incentives - Subtitle A: Multi-Family Housing - Part 1: Low-Income Housing Tax Credit - Amends Internal Revenue Code provisions relating to the low-income housing tax credit and tax-exempt bond rules for financing low-income housing projects.(Sec. 101) Increases in 2008 and 2009 the per capita amount of the low-income housing tax credit allocable by each state.(Sec. 102) Modifies rules for the low-income housing tax credit to: (1) eliminate the distinction between new and existing buildings for purposes of such credit; (2) establish a minimum credit rate for non-federally subsidized buildings; (3) set forth criteria for designating a building as federally subsidized and for considering federal assistance in calculating [...]

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Latest Action: 11/15/2007 - Read twice and referred to the Committee on Finance.

Bill Text
A 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.

Latest Action: 12/26/2007 - Became Public Law No: 110-166.

Bill Text
To 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.

Latest Action: 05/03/2007 - Referred to the Committee on Energy and Commerce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the commi

Bill Text
To amend titles XXI and XIX of the Social Security Act to extend the State Children's Health Insurance Program (SCHIP) and streamline enrollment under SCHIP and Medicaid and to amend the Internal Revenue Code of 1986 to provide for a healthy savings tax credit for purchase of children's health coverage. 5/3/2007--Introduced. Healthy Kids Act of 2007 - Amends title XXI (State Children's Health Insurance) (SCHIP) of the Social Security Act to extend the SCHIP program for FY2008 and each subsequent fiscal year at increased levels. Limits to one year starting FY2008 (currently three years) the initial availability of SCHIP allotments. Revises requirements for redistribution of unused allotments to address state funding shortfalls. Provides for bonus payments for states that implement administrative policies to streamline enrollment procedures under Medicaid and SCHIP. Gives states the option to provide for "express lane" and simplified determinations [...]

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Latest Action: 10/03/2008 - Pursuant to the provisions of H. Res. 1525, the House moved to agree to the Senate amendments. (consideration: CR H10712-10806)

Bill Text
A bill to provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes. 10/3/2008--Public Law.    (There are 6 other summaries) (This measure has not been amended since it was passed by the Senate on October 1, 2008. The summary of that version is repeated here.)Division A: Emergency Economic Stabilization - Emergency Economic Stabilization Act of 2008 - Title I: Troubled Assets Relief Program - (Sec. 101) Authorizes the Secretary of the Treasury (Secretary) to establish the Troubled Asset Relief Program (TARP) to purchase troubled assets from any financial [...]

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