Also tagged in: Aircraft, Antitrust law, Appropriations, Automobile industry, Bank failures, Bank loans, Bank records, Bankruptcy, Budgets, Business, Business records, Buy American, Capital investments, Congress, Congressional investigations, Congressional oversight, Congressional reporting requirements, Corporate finance, Corporate governance, Corporate management, Corporate reorganizations, Deposit insurance, Dividends, Economic policy, Economic stabilization, Electric vehicles, Energy, Energy efficiency, Environmental protection, Executive compensation, Finance, Fringe benefits, Fuel consumption, Golden parachutes, Government and business, Government information, Government lending, Government ownership, Government paperwork, Income tax, Inspectors general, International competitiveness, Judicial compensation, Law, Leases, Light rail transit, Losses, Mass rapid transit, Motor buses, Politics and government, Presidential appointments, Presidents, Private aviation, Product development, Public contracts, Railroad equipment, Supreme Court justices, Tax deductions, Taxation, Trade, Transportation
Latest Action: 12/11/2008 - Received in the Senate. Bill TextTo authorize financial assistance to eligible automobile manufacturers, and for other purposes. 12/10/2008--Passed House amended. (There is 1 other summary) Auto Industry Financing and Restructuring Act - (Sec. 3) Directs the President to designate one or more executive branch officers (designee) to carry out the purposes of this Act. Requires such designee to have appropriate expertise to facilitate the restructuring necessary to achieve the long-term financial viability of domestic automobile manufacturers. (Sec. 4) Requires the designee to authorize and direct the disbursement of bridge loans or to enter into commitments for lines of credit to each automobile manufacturer that submitted to Congress a plan on December 2, 2008, and request for such loan or commitment ("automaker," for purposes of this Act). Establishes as the amount of such assistance the amount intended to facilitate continued operations of the automaker and prevent [...] show full description
Also tagged in: Business, Capital gains tax, Economic policy, Finance, Income tax, Indexing (Economic policy), Inflation, Losses, Mutual funds, Partnerships, Real estate investment, Small business, Taxation, Valuation
Latest Action: 11/18/2008 - Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 1119 under authority of the order of the Senate of 11/17/2008. Bill TextA bill to amend the Internal Revenue Code of 1986 to index certain assets for purposes of determining gain or loss. 9/22/2008--Introduced. Amends the Internal Revenue Code to allow an inflation adjustment based upon the gross domestic product deflator to the adjusted basis of certain assets (including C corporation common stock and tangible property used in a trade or business) held by a taxpayer for more than three years for purposes of determining gain or loss on the sale or other disposition of such assets. Sets forth rules for applying such inflation adjustment to short sales, regulated investment companies and real estate investment trusts, partnerships and other pass-thru entities, and dispositions of assets between related persons.
Also tagged in: Auditing, Business, Conflict of interests, Congress, Congressional oversight, Congressional reporting requirements, Continental shelf, Criminal justice, Department of the Interior, Employee training, Energy, Executive departments, Federal employees, Finance, Financial disclosure, Gas in submerged lands, Gas industry, Gifts, Government employees, Government ethics, Governmental investigations, Job training, Marine resources, Mines and mineral resources, Mining leases, Mining royalties, Oil and gas royalties, Oil well drilling, Ombudsman, Petroleum in submerged lands, Petroleum industry, Politics and government
Latest Action: 09/23/2008 - Sponsor introductory remarks on measure. (CR S9282-9283) Bill TextA bill to improve the administration of the Minerals Management Service, and for other purposes. 9/23/2008--Introduced. Integrity in Offshore Energy Resources Act of 2008 - Prohibits any employee of the Minerals Management Service of the Department of the Interior from: (1) knowingly accepting a gift from an entity engaged in the business of mineral mining or from being employed by such an entity while employed in the Service; and (2) accepting employment from an entity engaged in the business of mineral mining during the one-year period after termination of employment with the Service. Makes violations of such prohibitions a felony. Requires financial disclosure by employees of the Service in positions equivalent to GS-13 or higher. Suspends the authority of the Secretary of the Interior to carry out royalty-in-kind programs (payment of royalties from oil and gas leases in the form of production rather than cash) until the Secretary certifies that a comprehensive review [...] show full description
Also tagged in: Congress, Congressional committees (Senate), Congressional investigations, Congressional privileges and immunities, Criminal investigation, Criminal justice, Dividends, Evidence (Law), Finance, Income tax, Law, Senate Homeland Security and Governmental Affairs, Tax evasion, Taxation, Taxation of foreign income
Latest Action: 09/24/2008 - Submitted in the Senate, considered, and agreed to without amendment and with a preamble by Unanimous Consent. (consideration: CR S9434; text as passed Senate: CR S9434; text of measure as introduced: CR S9424) Bill TextA resolution to authorize the production of records by the Permanent Subcommittee on Investigations of the Committee on Homeland Security and Governmental Affairs. 9/24/2008--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 the Chairman and Ranking Minority Member of the Permanent Subcommittee on Investigations of the Committee on Homeland Security and Governmental Affairs to provide to law enforcement officials, regulatory agencies, and other authorized individuals records of the Subcommittee's investigation into how financial institutions have designed, marketed, and implemented transactions intended to enable foreign taxpayers to avoid taxes on U.S. stock dividends.
Also tagged in: Agricultural research, Agriculture, Agriculture in foreign trade, Air pollution, Air pollution control, Alaska, Alcoholic beverages, Alternative energy sources, American Samoa, Automobile engines, Bicycles, Biomass energy, Bonds, Books, Budgets, Building construction, Business, Capital gains tax, Carbon dioxide, Cellulose, Charitable contributions, Children, Civil rights, Coal, Cogeneration of electric power and heat, College costs, Computers, Congress, Congressional reporting requirements, Corporation taxes, Criminal justice, Damages, Depreciation and amortization, Depressed areas, Diesel motor, Disaster relief, Discrimination in medical care, Displaced persons, District of Columbia, Dividends, Drug abuse, Drug abuse treatment, Economic development, Economic policy, Education, Educational technology, Electric appliances, Electric power distribution, Electric power production, Electric vehicles, Elementary and secondary education, Emergency housing, Emergency management, Employee health benefits, Energy, Energy conservation, Energy efficiency, Enterprise zones, Environmental protection, Excise tax, Exports, Federal aid to transportation, Finance, Fines (Penalties), Food, Foreign corporations, Foreign tax credit, Geothermal resources, Government trust funds, Governmental investigations, Greenhouse gases, Hazardous substances, Hazardous wastes, Health insurance, Health policy, Higher education, Highway finance, Housing, Humanities, Hurricanes, Hydroelectric power, Incineration, Income tax, Indian economic development, Individual retirement accounts, Interest, Inventories, Irrigation, Labor, Landfills, Law, Leases, Legal services, Local taxation, Losses, Louisiana, Marine resources, Medical care, Mental health services, Methane, Mine safety, Minimum tax, Minorities, Minority employment, Mortgages, Motion pictures, Mutual funds, Natural resources, New York City, Ocean energy resources, Oil pollution, Pensions, Puerto Rico, Railroad engineering, Recycling of waste products, Refuse as fuel, Rescue work, Research and development tax credit, Restaurants, Rural affairs, Rural education, Sales tax, School buildings, Science policy, Securities, Service stations, Small business, Solar energy, Solid wastes, Sports, Sports facilities, State and local government, State taxation, Subsidiary corporations, Tankers, Tariff, Tax administration, Tax credits, Tax deductions, Tax exclusion, Tax exemption, Tax preparers, Tax refunds, Tax returns, Tax-deferred compensation plans, Tax-exempt organizations, Taxation, Taxation of foreign income, Teacher education, Teachers, Technology, Television industry, Terrorism, Trade, Transportation, Travel costs, Trucks, Undercover operations, Virgin Islands, Water resources, Wind power, Wool
Latest Action: 07/30/2008 - Cloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 51 - 43. Record Vote Number: 192. (consideration: CR S7722; text: CR S7722) Bill TextA bill to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes. 7/24/2008--Introduced. Jobs, Energy, Families, and Disaster 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 the tax credit for producing electricity from wind facilities through 2009 and the tax credit for closed and open-loop biomass, geothermal, small irrigation, hydropower, landfill gas, and trash combustion facilities through 2011. Includes marine and hydrokinetic renewable energy as a renewable resource for purposes of such tax credit. Extends the energy tax credit for solar energy and the residential energy efficient property tax credit through 2016. Extends the energy tax credits for fuel cell and microturbine property through 2017. Allows a new investment tax credit for combined heat and power system property.[...] show full description
Also tagged in: Agriculture, Agriculture in foreign trade, Air pollution, Alabama, Alcohol tax, Alcoholic beverages, Alternative energy sources, American Samoa, Biomass energy, Bonds, Books, Budgets, Building construction, Business, Carbon dioxide, Cellulose, Charitable contributions, Children, Climate change, Coal, Cogeneration of electric power and heat, College costs, Communications, Computers, Corporation taxes, Criminal justice, Department of the Treasury, Depreciation and amortization, Depressed areas, Diesel motor, District of Columbia, Dividends, Economic development, Economic policy, Education, Educational technology, Electric appliances, Electric power plants, Electric power production, Electric vehicles, Elementary and secondary education, Emergency management, Employee training, Energy, Energy conservation, Energy efficiency, Energy facilities, Environmental protection, Excise tax, Executive departments, Exports, Finance, Fines (Penalties), Food, Foreign corporations, Foreign policy, Foreign tax credit, Fuel cells, Geothermal resources, Government trust funds, Governmental investigations, Greenhouse gases, Higher education, Housing, Humanities, Hurricanes, Hydroelectric power, Incineration, Income tax, Indian economic development, Individual retirement accounts, Interest, Internal Revenue Service (IRS), International affairs, Inventories, Investment tax credit, Irrigation, Job training, Labor, Landfills, Law, Lawyers, Leases, Legal fees, Legal services, Liability for environmental damages, Local taxation, Losses, Louisiana, Marine resources, Methane, Mine safety, Minimum tax, Minorities, Minority employment, Mississippi, Motion pictures, Mutual funds, Natural resources, New York City, Ocean energy resources, Oil pollution, Pensions, Property tax, Puerto Rico, Railroad engineering, Refuse as fuel, Rescue work, Research and development tax credit, Restaurants, Retail trade, Rural affairs, Rural education, Sales tax, School buildings, Science policy, Service stations, Small business, Solar energy, Solid wastes, Sports, Sports facilities, State and local government, State taxation, Subsidiary corporations, Tariff, Tax administration, Tax credits, Tax deductions, Tax exclusion, Tax exemption, Tax penalties, Tax preparers, Tax rates, Tax refunds, Tax returns, Tax-exempt organizations, Taxation, Taxation of foreign income, Teacher education, Technology, Television industry, Terrorism, Trade, Transportation, Undercover operations, Urban affairs, Urban economic development, Virgin Islands, Wages, Water resources, Wind power, Wool
Latest Action: 06/12/2008 - Sponsor introductory remarks on measure. (CR S5595-5597) Bill TextA 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
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, Holding companies, 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, 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: Air pollution, Alabama, Alcoholic beverages, Alternative energy sources, Armed forces, Biomass energy, Bonds, Books, Building construction, Business, Capital gains tax, Carbon dioxide, Cellulose, Charitable contributions, Children, Civil rights, Clean coal technology, Climate change, Coal, Coal gasification, College costs, Computers, Congress, Congressional reporting requirements, Construction costs, Corporation taxes, Criminal justice, Curricula, Defense policy, Depreciation and amortization, Diesel motor, Discrimination in insurance, Discrimination in medical care, District of Columbia, Earned income tax credit, Economic policy, Education, Education of the disadvantaged, Educational technology, Electric appliances, Electric vehicles, Elementary and secondary education, Emergency management, Employee stock options, Energy, Energy conservation, Energy efficiency, Energy industries, Enterprise zones, Environmental protection, Excise tax, Finance, Food, Foreign corporations, Foreign policy, Foreign tax credit, Fuel cells, Geothermal resources, Governmental investigations, Greenhouse gases, Health insurance, Health policy, Higher education, Home repair and improvement, Housing, Humanities, Hurricanes, Hydroelectric plants, Hydroelectric power, Incineration, Income tax, Indians, Individual retirement accounts, Interest, International affairs, Inventories, Investment tax credit, Irrigation, Labor, Landfills, Law, Leases, Legal fees, Legal services, Local taxation, Losses, Louisiana, Marine resources, Medical care, Medicine, Mental health services, Methane, Military pay, Minimum tax, Minorities, Minority employment, Mississippi, Mortgages, Motion pictures, Mutual funds, Natural resources, New York City, New York State, Ocean energy resources, Pensions, Property tax, Public-private partnerships, Puerto Rico, Railroad engineering, Refuse as fuel, Research and development tax credit, Restaurants, Science policy, Service stations, Small business, Solar energy, Solid wastes, Sports, Sports facilities, State and local government, State taxation, Subsidiary corporations, Tax administration, Tax credits, Tax deductions, Tax evasion, Tax exclusion, Tax exemption, Tax penalties, Tax preparers, Tax rates, Tax refunds, Tax returns, Tax-exempt organizations, Taxation, Teachers, Teaching materials, Technology, Telecommunication, Television industry, Terrorism, Trade, Transportation, Undercover operations, Urban affairs, Urban economic development, Veterans, Veterans' benefits, Water resources, Welfare
Latest Action: 09/29/2008 - Message on Senate action sent to the House. Bill TextTo 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. 9/23/2008--Passed Senate amended. (There are 3 other summaries) Energy Improvement and Extension Act of 2008 - Amends the Internal Revenue Code to extend and modify expiring provisions related to energy production and conservation and to provide for revenue enhancements.Title I: Energy Production Incentives - Subtitle A: Renewable Energy Incentives - (Sec. 101) Extends the tax credit for the production of electricity from renewable resources: (1) through 2009 for wind and refined coal facilities; and (2) through 2010 for closed and open-loop biomass, geothermal or solar energy, small irrigation power, landfill gas, trash combustion, and hydropower facilities. Modifies tax credit rules for refined coal, trash, and biomass [...] 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, Holding companies, 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, 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: Alaska, Arizona, Budgets, Business, California, Colorado River development, Commercial arbitration, Construction industries, Contracts, Energy, Federal-Indian relations, Finance, Fishing, Florida, Hydroelectric power, Indian lands, Indians, Indigenous peoples, Investment of public funds, Land transfers, Leases, Michigan, Minorities, Oregon, Revenue sharing, Sports, Water resources, Wisconsin
Latest Action: 09/25/2008 - Committee on Indian Affairs. Reported by Senator Dorgan with amendments. With written report No. 110-504. Bill TextTo amend certain laws relating to Native Americans, and for other purposes. 9/25/2008--Reported to Senate amended. (There are 2 other summaries) Authorizes the Secretary of the Interior to make annual disbursements to the Colorado River Indian Tribes to fund the Office of the Colorado River Indian Tribes Reservation Energy Development. Requires that such disbursements be not less than $200,000, and not more than $350,000 annually.Provides for the inclusion of binding arbitration clauses in construction contracts for the Gila River Indian Community. Authorizes the Sault Ste. Marie Tribe of Chippewa Indians of Michigan to transfer, lease, encumber, or convey any part of its interest in real property that is not held in trust by the United States for its benefit. Absolves the United States from liability for any loss resulting from a transfer of real property by the Tribe. Makes this provision retroactive to January 1, 2005.Authorizes [...] show full description
Also tagged in: Business, Capital gains tax, Corporations, Finance, Free trade, Income tax, Investment tax credit, Manufacturing industries, Service industries, Space activities, Space commercialization, Tariff, Tax exclusion, Taxation, Trade
Latest Action: 02/07/2008 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to provide tax incentives for investing in companies involved in space-related activities. 2/7/2008--Introduced. Zero Gravity, Zero Tax Act of 2008 - Amends the Internal Revenue Code to: (1) exclude from gross income space-related income from products or articles produced, or services provided, in or from outer space; (2) allow an investment tax credit for the purchase of stock in a space company that has average annual gross receipts not exceeding $100 million and that derives more than 70 percent of its gross receipts from space-based business; and (3) exclude from gross income gain from the sale or exchange of any stock of certain space corporations.
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, 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-deferred compensation plans, 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: 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, 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-deferred compensation plans, 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: Agricultural chemicals, Agricultural conservation, Agricultural credit, Agricultural industries, Agricultural machinery, Agricultural subsidies, Agriculture, Air pollution, Alcohol as fuel, Alternative energy sources, Animals, Biomass energy, Bonds, Broadband, Brownfields, Budgets, Business, Capital gains tax, Carbon cycle, Carbon dioxide, Cellulose, Charitable contributions, Coal, Coal gasification, Compressed natural gas, Congress, Congressional investigations, Congressional reporting requirements, Conservation easements, Corporation taxes, Crop insurance, Depreciation and amortization, Diesel motor, Disaster relief, Drug approvals, Easements, Economic policy, Electric appliances, Electric power plants, Electric power production, Electric power transmission, |
