All Losses Legislation - Federal Government
S.3322 - A bill to provide tax relief for the victims of severe storms, tornados, and flooding in the Midwest, and for other purposes.
Latest Action: 07/30/2008 - S.AMDT.5254 Referred to the Committee on Finance. To make a technical correction. Bill Text A bill to provide tax relief for the victims of severe storms, tornados, and flooding in the Midwest, and for other purposes. 7/23/2008--Introduced. Midwestern Disaster Tax Relief Act of 2008 - Amends the Internal Revenue Code to provide tax benefits to individuals affected by presidentially-declared natural disasters (i.e., severe storms, tornadoes, or flooding) in the states of Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, and Wisconsin on or after May 20, 2008, and before August 1, 2008 (Midwestern disaster area).Makes specified provisions of the Internal Revenue Code, which currently apply only to residents of the Gulf Opportunity Zone and the Hurricane Katrina disaster area, applicable to the Midwestern disaster area, including: (1) tax-exempt bond financing, the low-income housing tax credit, accelerated depreciation and increased expensing of business assets, an increase in the rehabilitation tax credit, extended carryback [...] show full description Comment on Bill S.3125 - A bill to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes.
Latest Action: 06/12/2008 - Sponsor introductory remarks on measure. (CR S5595-5597) Bill Text A 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 H.R.6275 - To amend the Internal Revenue Code of 1986 to provide individuals temporary relief from the alternative minimum tax, and for other purposes.
Latest Action: 06/26/2008 - Received in the Senate and Read twice and referred to the Committee on Finance. Bill Text To 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 S.3044 - A 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.
Latest Action: 06/11/2008 - Motion to proceed to measure considered in Senate. (consideration: CR S5472-5517) Bill Text A 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 H.R.6124 - To provide for the continuation of agricultural and other programs of the Department of Agriculture through fiscal year 2012, and for other purposes.
Latest Action: 06/18/2008 - Vetoed by President. (text of veto message: CR H5535) Bill Text To provide for the continuation of agricultural and other programs of the Department of Agriculture through fiscal year 2012, and for other purposes. 5/22/2008--Introduced. Food, Conservation, and Energy Act of 2008 - Provides for the continuation of agricultural and other programs of the Department of Agriculture through FY2012.Revises agricultural and related programs, including provisions respecting: (1) commodity programs; (2) conservation; (3) trade; (4) nutrition; (5) credit; (6) rural development; (7) research and related matters; (8) forestry; (9) energy; (10) horticulture and organic agriculture; (11) livestock; (12) crop insurance and disaster assistance; (13) socially disadvantaged and limited resource producers; and (14) miscellaneous programs.Directs the President to establish and maintain an importer declaration program with respect to the importation of softwood lumber and softwood lumber products.Establishes the Bill Emerson National Hunger [...] show full description H.R.6049 - 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.
Latest Action: 07/29/2008 - Motion by Senator Reid to reconsider the vote by which cloture was not invoked on the motion to proceed to the measure [Record Vote Number 150] agreed to in Senate by Unanimous Consent. (consideration: CR S7594) Bill Text 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. 5/21/2008--Passed House amended. (There are 2 other summaries) (This measure has not been amended since it was reported to the House on May 20, 2008. The summary of that version is repeated here.)Renewable Energy and Job Creation Act of 2008 -Amends the Internal Revenue Code to provide tax incentives for energy production and conservation, to extend expiring tax provisions, and to extend tax benefits to individual and business taxpayers. Title I: Energy Tax Incentives - Subtitle A: Energy Production Incentives - Part I: Renewable Energy Incentives - (Sec. 101) Extends: (1) through 2009 the tax credit for producing electricity from qualified wind facilities; and (2) through 2011 the tax credits for producing electricity [...] show full description S.2991 - A 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.
Latest Action: 05/12/2008 - Sponsor introductory remarks on measure. (CR S3988-3989) Bill Text A 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 S.2901 - A bill to encourage residential mortgage loan modifications and workout plans, and for other purposes.
Latest Action: 04/23/2008 - Sponsor introductory remarks on measure. (CR S3306-3307) Bill Text A bill to encourage residential mortgage loan modifications and workout plans, and for other purposes. 4/23/2008--Introduced. Encouraging Mortgage Modifications Act of 2008 - Amends the Real Estate Settlement Procedures Act of 1974 to set forth duties of mortgage servicers regarding certain loan modifications or workout plans that affect pooled qualified residential mortgages. Specifies among such duties the duty to: (1) determine if the net present value of the payments on the modified loan is likely to be greater than the anticipated net recovery that would result from foreclosure to all investors and parties having a direct or indirect interest in the pooled loans or securitization vehicle; and (2) act in the best interests of all such investors and parties, if the servicer agrees to or implements a qualified loan modification or workout plan for a qualified residential mortgage, or takes other reasonable loss mitigation actions, including accepting partial payments [...] show full description S.2801 - A bill to help families avoid foreclosure and stay in their homes by encouraging reasonable and responsible modifications for unworkable and impractical mortgage loans, and to help preserve the rights of investors by reaffirming the basic obligations of their investment agents to achieve the most beneficial outcomes for their clients and for other purposes.
Latest Action: 04/02/2008 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill Text A bill to help families avoid foreclosure and stay in their homes by encouraging reasonable and responsible modifications for unworkable and impractical mortgage loans, and to help preserve the rights of investors by reaffirming the basic obligations of their investment agents to achieve the most beneficial outcomes for their clients and for other purposes. 4/2/2008--Introduced. Mortgage Enhancement and Modification Act of 2008 - Establishes a standard for loan modifications or workout plans for pools of certain residential mortgage loans. States that a servicer of such pooled loans owes a duty to the securitization vehicle to maximize, or not negatively affect, the recovery of total proceeds from such loans for the benefit of all investors and holders of beneficial interests in the pooled loans, in the aggregate, and not to any individual party or group of parties. Deems the loan servicer to be acting on behalf of the securitization vehicle in the best [...] show full description H.R.5579 - To remove an impediment to troubled debt restructuring on the part of holders of residential mortgage loans, and for other purposes.
Latest Action: 05/01/2008 - Reported (Amended) by the Committee on Financial Services. H. Rept. 110-615. Bill Text To remove an impediment to troubled debt restructuring on the part of holders of residential mortgage loans, and for other purposes. 5/1/2008--Reported to House amended. (There is 1 other summary) Emergency Mortgage Loan Modification Act of 2008 - Establishes a standard for loan modifications or workout plans for pools of certain residential mortgage loans. States that the servicer of such pooled loans owes a duty to the securitization vehicle to maximize recovery of proceeds for the benefit of all investors and holders of beneficial interests in the pooled loans, in the aggregate, and not to any individual party or group of parties. Deems the loan servicer to be acting on behalf of the securitization vehicle in the best interest of all such investors and holders if the servicer makes certain loss mitigation efforts for a loan in or facing payment default in the reasonable belief that the particular modification, workout plan, or other [...] show full description S.2734 - A bill to aid families and neighborhoods facing home foreclosure and address the subprime mortgage crisis.
Latest Action: 03/11/2008 - Star Print ordered on the bill. Bill Text A bill to aid families and neighborhoods facing home foreclosure and address the subprime mortgage crisis. 3/7/2008--Introduced. Security Against Foreclosures and Education Act, or the SAFE Act - Amends the Internal Revenue Code to allow proceeds of qualified mortgage bonds to be used to refinance certain residential subprime loans. Requires the Neighborhood Reinvestment Corporation to continue to award expeditiously certain funds already provided for mortgage foreclosure counseling. Amends the Code to allow purchasers of certain single-family principal residences a one-time tax credit. Amends the Truth in Lending Act to: (1) revise creditor mortgage loan disclosure requirements; and (2) increase civil damages for noncompliance with such Act. Amends the Code to: (1) allow a five-year carryback of net operating losses for certain taxable years; and (2) suspend through taxable year 2009 the 90% of alternative minimum taxable income limit for certain [...] show full description S.2650 - A bill to provide for a 5-year carryback of certain net operating losses and to suspend the 90 percent alternative minimum tax limit on certain net operating losses.
Latest Action: 02/14/2008 - Sponsor introductory remarks on measure. (CR S1067) Bill Text A bill to provide for a 5-year carryback of certain net operating losses and to suspend the 90 percent alternative minimum tax limit on certain net operating losses. 2/14/2008--Introduced.
Amends the Internal Revenue Code to: (1) allow a five-year carryback of net operating losses for taxable years beginning or ending during 2006, 2007, or 2008; and (2) suspend the 90% alternative minimum tax limitation on carrybacks and carryovers of net operating losses in such years. S.2649 - A bill to allow an income tax exception to limitations on personal casualty losses for losses occurring in tornado disaster areas.
Latest Action: 02/14/2008 - Read twice and referred to the Committee on Finance. Bill Text A bill to allow an income tax exception to limitations on personal casualty losses for losses occurring in tornado disaster areas. 2/14/2008--Introduced.
Suspends limitations on the tax deduction for personal casualty losses for losses arising on or after January 1, 2007, and before March 1, 2008, in areas declared as major disasters due to tornado damage. Latest Action: 02/14/2008 - Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 577. Bill Text A bill to provide needed housing reform. 2/13/2008--Introduced. Foreclosure Prevention Act of 2008 - Amends the Internal Revenue Code to: (1) authorize use of the proceeds of a qualified mortgage bond issue to refinance a mortgage on a residence originally financed through a qualified subprime loan; (2) raise the ceiling and volume cap imposed upon certain state housing bonds; and (3) exclude from the meaning of tax preference item private activity bonds, for purposes of the alternative minimum tax, qualified mortgage bonds or veterans' mortgage bonds issued after enactment of this Act and before January 1, 2011. Makes FY2008 appropriations for: (1) emergency needs of states and local governmental units to redevelop certain abandoned and foreclosed homes; and (2) the Neighborhood Reinvestment Corporation for foreclosure mitigation activities, including grants for housing counseling. Helping Families Save Their Homes in Bankruptcy Act of 2008 - Authorizes a bankruptcy [...] show full description S.2552 - A bill to amend the Internal Revenue Code of 1986 to provide a stimulus to small business by increasing expensing for small businesses in 2008, extending the length of the carryback period for net operating losses during 2007 and 2008, and extending the research and development credit.
Latest Action: 01/24/2008 - Read twice and referred to the Committee on Finance. Bill Text A bill to amend the Internal Revenue Code of 1986 to provide a stimulus to small business by increasing expensing for small businesses in 2008, extending the length of the carryback period for net operating losses during 2007 and 2008, and extending the research and development credit. 1/24/2008--Introduced.
Small Business Stimulus Act of 2008 - Amends the Internal Revenue Code to: (1) increase to $200,000 the expensing allowance for depreciable business assets in 2008; (2) extend through 2008 the five-year carryback allowed for certain unused net operating losses; and (3) extend through 2008 the tax credit for increasing research activities. S.2553 - A bill to modify certain fees applicable under the Small Business Act for 2008, to make an emergency appropriation for certain small business programs, and to amend the Internal Revenue Code of 1986 to provide increased expensing for 2008, to provide a 5-year carryback for certain net operating losses, and for other purposes.
Latest Action: 04/16/2008 - Committee on Small Business and Entrepreneurship. Hearings held. Bill Text A bill to modify certain fees applicable under the Small Business Act for 2008, to make an emergency appropriation for certain small business programs, and to amend the Internal Revenue Code of 1986 to provide increased expensing for 2008, to provide a 5-year carryback for certain net operating losses, and for other purposes. 1/24/2008--Introduced.
Small Business Stimulus Act of 2008 - Directs the Administrator of the Small Business Administration (SBA) to reduce in 2008 the rate of certain loan fees imposed under the Small Business Act. Appropriates, as an emergency requirement, additional funds in FY2008 for: (1) loan subsidies under the SBA Business Loans Program Account; and (2) direct loans and assistance under the SBA Microloan Program. Amends the Internal Revenue Code to: (1) increase to $200,000 in 2008 the expensing allowance for depreciable business assets; and (2) extend through 2008 the five-year carryback of certain unused net operating losses. H.R.5107 - To amend the Internal Revenue Code of 1986 to allow a 5-year carryback for certain net operating losses and to increase the dollar limitation on expensing certain depreciable assets.
Latest Action: 01/23/2008 - Referred to the House Committee on Ways and Means. Bill Text To amend the Internal Revenue Code of 1986 to allow a 5-year carryback for certain net operating losses and to increase the dollar limitation on expensing certain depreciable assets. 1/23/2008--Introduced.
Giving Resources and Opportunities to the Workforce Act of 2008 - Amends the Internal Revenue Code to: (1) allow a five-year carryback for net operating losses incurred in 2007, 2008, or 2009; and (2) increase to $250,000 in 2008 the expensing allowance for certain depreciable business assets. H.R.4995 - To amend the Internal Revenue Code of 1986 to reduce corporate marginal income tax rates, and for other purposes.
Latest Action: 01/16/2008 - Referred to the House Committee on Ways and Means. Bill Text To amend the Internal Revenue Code of 1986 to reduce corporate marginal income tax rates, and for other purposes. 1/16/2008--Introduced.
Middle Class Jobs Protection Act of 2008 - Amends the Internal Revenue Code to: (1) reduce the maximum corporate income tax rate to 25%; (2) increase the expensing allowance for depreciable business assets to $250,000 in 2008 and 2009; (3) increase to 50% the current year bonus depreciation allowance for certain property placed in service in 2008 and 2009; and (4) allow additional carrybacks for certain net operating losses and for excess business and foreign tax credit amounts arising in 2008 and 2009. H.R.4912 - To amend the Internal Revenue Code of 1986 with respect to the treatment of prepaid derivative contracts.
Latest Action: 12/19/2007 - Sponsor introductory remarks on measure. (CR E2663) Bill Text To amend the Internal Revenue Code of 1986 with respect to the treatment of prepaid derivative contracts. 12/19/2007--Introduced.
Amends the Internal Revenue Code to set forth rules for the treatment of income, loss, and distributions relating to a prepaid derivative contract. Defines "prepaid derivative contract" as any prepaid contract with a term longer than one year from the date of issue which is a derivative financial instrument with respect to any security, commodity, or financial index. H.R.4661 - To amend the Internal Revenue Code of 1986 to increase the limitation on capital loss applicable to individuals.
Latest Action: 12/13/2007 - Referred to the House Committee on Ways and Means. Bill Text To amend the Internal Revenue Code of 1986 to increase the limitation on capital loss applicable to individuals. 12/13/2007--Introduced.
Amends the Internal Revenue Code to increase the limit on the deductibility of losses from the sale or exchange of capital assets for individual taxpayers to $10,000. Provides for an inflation adjustment to such increased amount after 2008. H.R.4299 - To extend the Terrorism Insurance Program of the Department of the Treasury, and for other purposes.
Latest Action: 12/13/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill Text To extend the Terrorism Insurance Program of the Department of the Treasury, 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.)Terrorism Risk Insurance Program Reauthorization Act of 2007 - (Sec. 2) Amends the Terrorism Risk Insurance Act to redefine an act of terrorism to eliminate the requirement that the individual or individuals committing a terrorist act be acting on behalf of any foreign person or foreign interest.(Sec. 3) Extends the Terrorism Risk Insurance Program through calendar 2014.(Sec. 4) States that no insurer may be required to make payment for insured losses in excess of its statutory deductible combined with its statutory share of insured losses. Requires the Secretary of the Treasury to: (1) notify Congress within 15 days of [...] show full description |
