Also tagged in: Agriculture, Air conditioning, Alcohol tax, Alcoholic beverages, Alternative energy sources, American Samoa, Biomass energy, Books, Business, Capital gains tax, Charitable contributions, College costs, Corporation taxes, Criminal justice, Department of the Treasury, Depletion allowances, Depreciation and amortization, Depressed areas, Diesel motor, Economic development, Economic policy, Education, Education of the disadvantaged, Electric appliances, Electric power transmission, Electric utilities, Elementary and secondary education, Emergency management, Energy, Energy conservation, Energy efficiency, Enterprise zones, Environmental protection, Executive departments, Finance, Food, Foreign corporations, Fuel cells, Health insurance, Health policy, Heat pumps, Heating, Higher education, Housing, Humanities, Hurricanes, Incineration, Income tax, Indian economic development, Insurance, Internal Revenue Service (IRS), Inventories, Irrigation, Labor, Leases, Local taxation, Medical care, Military pay, Mine safety, Minimum tax, Minorities, Minority employment, Motion pictures, Mutual funds, Ocean energy resources, Pensions, Puerto Rico, Railroad engineering, Refrigeration, Refuse as fuel, Rescue work, Research and development tax credit, Restaurants, Rural affairs, Sales tax, School buildings, Science policy, Small business, Social security, Social security taxes, Solar energy, Solid wastes, Sports, State and local government, State taxation, Stocks, Subsidiary corporations, Tax administration, Tax credits, Tax deductions, Tax exclusion, Tax exemption, Tax returns, Tax-exempt organizations, Taxation, Taxation of foreign income, Teachers, Television industry, Terrorism, Tidal power, Trade, Transportation, Undercover operations, Veterans, Virgin Islands, Water conservation, Water resources
Latest Action: 06/09/2008 - Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 771. Bill TextA bill to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes. 6/6/2008--Introduced. Alternative Minimum Tax and Extenders Tax Relief Act of 2008 - Amends the Internal Revenue Code to extend expiring provisions relating to the alternative minimum tax, individual and business taxpayers, energy conservation, and tax administration. Extends through 2008 for individual taxpayers: (1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liabilities; and (2) the increased AMT exemption amounts. Extends through 2009: (1) the election to deduct state and local sales taxes in lieu of state and local income taxes; (2) the tax deductions for qualified tuition and related expenses and for certain expenses of elementary and secondary school teachers; (3) tax-free distributions from individual retirement accounts (IRAs) for charitable purposes; and (4) tax rules for treatment of [...] show full description
Also tagged in: Alcohol tax, Alcoholic beverages, Alternative energy sources, American Samoa, Books, Business, Capital gains tax, Charitable contributions, Coal, College costs, Corporation taxes, Criminal justice, Department of the Treasury, Depreciation and amortization, Depressed areas, Earned income tax credit, Economic development, Economic policy, Education, Education of the disadvantaged, Electric appliances, Elementary and secondary education, Emergency management, Energy, Energy conservation, Energy efficiency, Enterprise zones, Environmental protection, Executive departments, Finance, Food, Foreign corporations, Fuel cells, Health insurance, Health policy, Higher education, Housing, Humanities, Hurricanes, Income tax, Indian economic development, Individual retirement accounts, Insurance, Internal Revenue Service (IRS), Inventories, Labor, Leases, Local taxation, Medical care, Mental health services, Military pay, Mine safety, Minimum tax, Minorities, Minority employment, Mortgages, Motion pictures, Mutual funds, Pensions, Puerto Rico, Railroad engineering, Rescue work, Research and development tax credit, Restaurants, Rural affairs, Sales tax, School buildings, Science policy, Small business, Social security, Social security taxes, Solar energy, Sports, State and local government, State taxation, Stocks, Subsidiary corporations, Tax administration, Tax credits, Tax deductions, Tax exclusion, Tax exemption, Tax returns, Tax-exempt organizations, Taxation, Taxation of foreign income, Teachers, Television industry, Terrorism, Trade, Transportation, Undercover operations, Veterans, Virgin Islands, Welfare
Latest Action: 04/17/2008 - Sponsor introductory remarks on measure. (CR S3156-3157) Bill TextA bill to amend the Internal Revenue Code of 1986 to amend certain expiring provisions. 4/17/2008--Introduced. Alternative Minimum Tax and Extenders Tax Relief Act of 2008 - Amends the Internal Revenue Code to extend expiring provisions relating to the alternative minimum tax, individual and business taxpayers, energy conservation, and tax administration. Extends through 2008 for individual taxpayers: (1) the offset of nonrefundable personal tax credits against alternative minimum tax (AMT) liability; and (2) increased AMT exemption amounts.Extends through 2009: (1) the election to include combat zone compensation as earned income for purposes of the earned income tax credit; (2) tax-free distributions from individual retirement plans (IRAs) for individuals called or ordered to active military duty and for charitable purposes; (3) the election to deduct state and local sales taxes in lieu of state and local income taxes; (4) the tax deductions for qualified tuition [...] show full description
Also tagged in: Business, Computer software, Finance, Foreign banks and banking, Foreign corporations, Income tax, Insurance, International finance, Leases, Rent, Stockholders, Tax exemption, Taxation, Taxation of foreign income, Technology, Trade
Latest Action: 11/16/2007 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend the Internal Revenue Code of 1986 to modernize the application of the subpart F rules to computer software, to expand the subpart F de minimis rule, and to extend certain expiring provisions. 11/16/2007--Introduced. Amends Internal Revenue Code provisions relating to taxation of U.S. shareholders of controlled foreign corporations to: (1) exclude from foreign personal holding company income rents and royalties attributable to computer software that is leased or licensed for use outside the United States and that was developed or marketed by a controlled foreign corporation or related person; (2) increase to $5 million (currently, $1 million) the de minimis dollar amount for determinations of foreign base company income; (3) permanently extend the look-thru rule for for the tax treatment of income received or accrued from a controlled foreign corporation; and (4) permanently extend the exemption from foreign personal holding company income for active financing [...] show full description
Latest Action: 10/02/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to extend the look-through treatment of payments between related controlled foreign corporations. 10/2/2007--Introduced. Amends the Internal Revenue Code to extend through 2013 the tax rule exempting dividends, interest, rents, and royalties received or accrued from certain controlled foreign corporations by a related entity from treatment as foreign holding company income (thus permitting tax deferral of such income).
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.
Also tagged in: Antitrust law, Bankruptcy, Business, Casualty insurance, Corporate mergers, Corporate reorganizations, Department of the Treasury, Executive departments, Executive reorganization, Federal preemption, Finance, Insurance agents, Insurance companies, Insurance law, Law, Licenses, Life insurance, Ombudsman, Politics and government, Property insurance, State and local government, State laws
Latest Action: 07/26/2007 - Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, 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 committ Bill TextTo authorize the issuance of Federal charters and licenses for carrying on the sale, solicitation, negotiation, and underwriting of insurance or any other insurance operations, to provide a comprehensive system for the Federal regulation and supervision of national insurers and national agencies, to provide for policyholder protections in the event of an insolvency or the impairment of a national insurer, and for other purposes. 7/26/2007--Introduced. National Insurance Act of 2007 - Establishes in the Department of the Treasury an Office of National Insurance (ONI), headed by a Commissioner of National Insurance, with Divisions of Insurance Fraud and of Consumer Affairs, and an Office of the Ombudsman. Authorizes the Commissioner to supervise, regulate, and provide for registration of insurance self-regulatory organizations. Requires the Commissioner to supervise national insurers and national agencies, including chartering and licensing. Removes them, as well [...] show full description
Also tagged in: Balance of payments, Business, Canada, Congress, Congress and foreign policy, Congressional hearings, Congressional oversight, Congressional reporting requirements, Congressional witnesses, Countervailing duties, Development credit institutions, Dumping, Executive departments, Expedited congressional procedure, Federal advisory bodies, Finance, Foreign banks and banking, Foreign corporations, Foreign exchange, Foreign exchange rates, Foreign loans, Foreign policy, Free trade, Government procurement, Governmental investigations, House rules and procedure, Income tax, Insurance, International affairs, International finance, International monetary system, Investment guaranty insurance, Latin America, Legislative resolutions, Mexico, Monetary policy, President and foreign policy, Public contracts, Senate rules and procedure, Tariff, Tax exclusion, Taxation, Trade, Trade agreements, Trade negotiations
Latest Action: 12/14/2007 - By Senator Baucus from Committee on Finance filed written report. Report No. 110-248. Bill TextA bill to provide for identification of misaligned currency, require action to correct the misalignment, and for other purposes. 7/31/2007--Reported to Senate amended. (There is 1 other summary) Currency Exchange Rate Oversight Reform Act of 2007 - (Sec. 3) Directs the Secretary of the Treasury to: (1) report biannually to Congress on international monetary policy and currency exchange rates; and (2) appear, if requested, before certain congressional committees to testify regarding such reports.Prescribes report contents, including: (1) an analysis of currency market developments and the relationship between the U.S. dollar and the currencies of major economies and trading partners of the United States; (2) a review of the economic and monetary policies of major economies and trading partners of the United States and an evaluation of how such policies impact currency exchange rates; and (3) a list of currencies designated as fundamentally misaligned [...] show full description
Also tagged in: Antitrust law, Bankruptcy, Business, Casualty insurance, Corporate mergers, Corporate reorganizations, Department of the Treasury, Executive departments, Executive reorganization, Federal preemption, Finance, Insurance agents, Insurance companies, Insurance law, Law, Licenses, Life insurance, Ombudsman, Politics and government, Property insurance, State and local government, State laws
Latest Action: 05/24/2007 - Sponsor introductory remarks on measure. (CR S6849) Bill TextA bill to authorize the issuance of Federal charters and licenses for carrying on the sale, solicitation, negotiation, and underwriting of insurance or any other insurance operations, to provide a comprehensive system for the Federal regulation and supervision of national insurers and national agencies, to provide for policyholder protections in the event of an insolvency or the impairment of a national insurer, and for other purposes. 5/24/2007--Introduced. National Insurance Act of 2007 - Establishes in the Department of the Treasury an Office of National Insurance (ONI), headed by a Commissioner of National Insurance, with Divisions of Insurance Fraud and of Consumer Affairs, and an Office of the Ombudsman.Authorizes the Commissioner to supervise, regulate, and provide for registration of insurance self-regulatory organizations. Requires the Commissioner to supervise national insurers and national agencies, including chartering and licensing. Removes them,[...] show full description
Also tagged in: Business, Dividends, Finance, Foreign corporations, Income tax, Interest, Rent, Tax deferral, Taxation, Taxation of foreign income, Trade
Latest Action: 05/02/2007 - Sponsor introductory remarks on measure. (CR S5507-5508) Bill TextA bill to amend the Internal Revenue Code of 1986 to allow permanent look-through treatment of payments between related foreign corporations. 5/2/2007--Introduced. Amends the Internal Revenue Code to make permanent the tax rule exempting dividends, interest, rents, and royalties received or accrued from certain controlled foreign corporations by a related entity from treatment as foreign holding company income (thus permitting tax deferral of such income).
Also tagged in: American investments, Bank holding companies, Business, Corporation taxes, Finance, Financial services, Foreign banks and banking, Foreign corporations, Income tax, Insurance, Insurance companies, International finance, Stockholders, Tax deferral, Tax exclusion, Taxation, Taxation of foreign income, Trade
Latest Action: 03/20/2007 - Sponsor introductory remarks on measure. (CR S3391) Bill TextA bill to amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income. 3/20/2007--Introduced. Amends the Internal Revenue Code, with respect to taxation of U.S. shareholders of controlled foreign corporations, to permanently extend the subpart F exemption (which excludes such income from the shareholder's foreign personal holding company income) for active financing (insurance, banking, financing, or similar businesses) income earned on business operations overseas.
Also tagged in: American investments, Bank holding companies, Business, Corporation taxes, Finance, Financial services, Foreign banks and banking, Foreign corporations, Income tax, Insurance, Insurance companies, International finance, Stockholders, Tax deferral, Tax exclusion, Taxation, Taxation of foreign income, Trade
Latest Action: 03/13/2007 - Sponsor introductory remarks on measure. (CR E530) Bill TextTo amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income. 3/13/2007--Introduced. Amends the Internal Revenue Code, with respect to taxation of U.S. shareholders of controlled foreign corporations, to permanently extend the subpart F exemption (which excludes such income from the shareholder's foreign personal holding company income) for active financing (insurance, banking, financing, or similar businesses) income earned on business operations overseas.
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