Taxation

To require the Secretary of Agriculture to prepare an annual report specifying the number of permanent and temporary non-Federal employees for local offices of the Farm Service Agency that will be needed to efficiently and effectively handle the workload generated by recurring and anticipated agriculture programs administered by the Farm Service Agency and the funding levels necessary to support such workforce, and for other purposes.

United States · United States Congress · 10 May 2005

Requires the Secretary of Agriculture to report annually on the number of required permanent and temporary non-Federal employees for Farm Service Agency (FSA) local offices and the funding levels necessary to support such workforce. Limits temporary workers to not more than ten percent of all such non-Federal workers in any fiscal year.

To amend the Internal Revenue Code of 1986 to reduce the recognition period for built-in gains for subchapter S corporations.

United States · United States Congress · 10 May 2005

Amends the Internal Revenue Code to reduce from ten to seven years the period during which certain built-in gains of subchapter S corporations are subject to tax.

Healthcare Tax Relief for the Uninsured Act of 2005

United States · United States Congress · 9 May 2005

Healthcare Tax Relief for the Uninsured Act of 2005 - Amends the Internal Revenue Code to allow: (1) a tax deduction for high deductible health plan premiums; (2) small employers (100 or fewer employees) a refundable tax credit for contributions to a health savings account of an employee who is covered by a high deductible health plan; and (3) a refundable tax credit for certain health insurance costs of uninsured taxpayers and their spouses and dependents. Directs the Secretary of the Treasury to establish a program for making advance payments of tax credit amounts for uninsured individuals to health insurance providers.

527 Transparency Act of 2005

United States · United States Congress · 5 May 2005

527 Transparency Act of 2005 - Amends the Internal Revenue Code to revise disclosure requirements for tax-exempt political organizations (527 organizations) to require monthly reporting of contributions and expenditures. Imposes a penalty tax on political organizations that fail to meet disclosure requirements. Denies a gift tax exclusion for donations to political organizations that fail to meet disclosure requirements. Requires political organizations to file disclosure reports simultaneously with the Secretary of the Treasury and the Federal Election Commission (FEC).

Capital Construction Fund Qualified Withdrawal Act of 2005

United States · United States Congress · 5 May 2005

Capital Construction Fund Qualified Withdrawal Act of 2005 - Amends the Merchant Marine Act and the Internal Revenue Code to permit as qualified withdrawals from fishing capital construction funds any money used by retiring fishermen for the following purposes: (1) retiring an owner's commercial fishing vessels and related commercial fishing permits; (2) making a rollover contribution into an owner's individual retirement plan; (3) making a payment of an industry fee authorized by the fishing capacity reduction program; (4) acquiring a vessel monitoring system as a safety improvement for a fishing vessel; and (5) acquiring or constructing fishing gear designed to minimize or avoid bycatch.

Puerto Rico Inclusion Act of 2005

United States · United States Congress · 5 May 2005

Puerto Rico Inclusion Act of 2005 - Amends the Internal Revenue Code to allow taxpayers engaged in domestic production activities in Puerto Rico the tax deduction for income attributable to domestic production activities.

Health Security for All Americans Act

United States · United States Congress · 5 May 2005

Health Security for All Americans Act - Amends the Social Security Act to provide participating States with funding to provide health insurance coverage through State-administered plans targeted at low-income residents. Requires States to implement systems to ensure universal health insurance coverage for their residents by 2010, including by requiring employers to contribute to health insurance premiums for their employees. Requires health plans to: (1) create entities to serve as employers for their home care providers; (2) ensure that enrollees will continue to receive health services if the plan's services are terminated; and (3) supply the State with information on their health care workers. Incorporates the Bipartisan Patient Protection Act, as passed by the Senate on June 29, 2001, and the Patient Safety and Health Care Whistleblower Protection Act of 2001, as introduced on June 27, 2001. Establishes the Health Care Quality, Patient Safety, and Workforce Standards Institute (and a related advisory committee) within the Agency for Healthcare Research and Quality (AHRQ) with a mission to demonstrate how patient safety issues and workplace conditions are linked to quality patient care, reduce medical errors, and improve patient safety and care. Requires that individuals entitled to Medicare benefits be provided full mental health and substance abuse treatment parity. Directs the Secretary of Health and Human Services to conduct research to identify model programs for the provision of long-term and home health care services. Expresses the sense of Congress that funds to implement this Act should be offset by: (1) general revenues available as a result of an on-budget surplus for a fiscal year; (2) direct saving in health care expenditures; and (3) reductions in unnecessary Federal tax benefits available to individuals and large corporations in the maximum tax brackets.

New GI Bill of Rights for the 21st Century Act

United States · United States Congress · 5 May 2005

New GI Bill of Rights for the 21st Century Act - Revises, expands, or provides new rights and benefits for members of the Armed Forces, veterans, and their dependents and survivors, including, among others: (1) an FY 2006 increase in funding for veterans' medical care; (2) a prohibition until the end of FY2006 on medication copayments and on the imposition of a health care system enrollment fee; (3) an extension until 2010 of Vietnam veterans' eligibility for readjustment counseling services; (4) the collection of data from pre- and post-deployment health assessments, and preventive maintenance post-deployment intervention; (5) the prevention, early detection, and treatment of post-traumatic stress disorder (PTSD) for returning troops; (6) a Department of Defense/Department of Veterans Affairs Council on Post-Deployment Mental Health; (7) survivors' and dependents' eligibility for family and bereavement counseling; (8) certain educational initiatives; (9) a National Steering Committee on PTSD Education and a PTSD public awareness program; (10) certain benefits and outreach services for disabled veterans; (11) an increase in survivors' dependency and indemnity compensation (DIC); (12) certain pay increases and bonuses for active-duty members; (13) an expansion of benefits under under both the active-duty and reserve Montgomery GI Bill programs; (14) employment assistance for homeless veterans; (15) expanded reserve member eligibility under the TRICARE program (a Department of Defense managed health care program); (16) certain recruitment and retention incentives for Selected Reserve members; and (17) certain pay matters with respect to Federal employees performing active-duty reserve service. Repeals the: (1) DIC offset from Survivor Benefit Plan surviving spouse annuities; (2) pay reduction and high school graduation requirement for participation in the Montgomery GI Bill educational assistance program; (3) delimiting date for entitlement to basic educational assistance under such program; (4) time limitation on the exclusion of combat zone compensation by reason of hospitalization; (5) tax cut (implemented in 2001) for high-income taxpayers; (6) scheduled termination of the phaseout of personal exemptions; and (6) scheduled phaseout of the overall limitation on itemized deductions.

Patients' Health Care Reform Act

United States · United States Congress · 5 May 2005

Patients' Health Care Reform Act - Amends the Public Health Service Act to provide for the establishment and governance of : (1) HealthMarts, which are nonprofit organizations that offer health benefits coverage to employers, employees, and individuals through contracts with health insurance issuers; and (2) individual membership associations (IMAs), which are organizations that offer health benefits coverage to members through health insurance issuer contracts. Requires the Secretary of Heath and Human Services to pay 50 percent of a state's costs to provide health benefits coverage under a high-risk pool, a reinsurance pool, or other risk-adjustment mechanisms used to subsidize the purchase of private health insurance. Small Business Health Fairness Act of 2005 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to provide for establishment and governance of association health plans, which are group health plans whose sponsors are trade, industry, professional, chamber of commerce, or similar business associations and which meet certain ERISA certification requirements. Amends the Internal Revenue Code to provide individuals with a tax credit for payments for qualified health insurance and allows the Secretary to make advance payments of the credit to providers. Excludes from gross income any compensating coverage payment made by an employer to an employee who elects not to participate in the employer's subsidized health plan. Requires health insurance issuers offering coverage in connection with a group health plan to provide certain information to the administrator of the plan, including information regarding: (1) plan benefits and exclusions; (2) a participant's financial responsibilities; and (3) legal recourse options for participants and beneficiaries.

Pregnancy Discrimination Act Amendments of 2005

United States · United States Congress · 5 May 2005

Pregnancy Discrimination Act Amendments of 2005 - Amends the Civil Rights Act of 1964 to include lactation (breastfeeding, including expression of milk) as protected conduct under such Act. Amends the Internal Revenue Code to allow employers a business tax credit for breast pumps and other equipment to assist employed mothers to breastfeed or express milk for their children and for consultation services relating to breastfeeding. Safe and Effective Breast Pumps Act - Directs the Secretary of Health and Human Services to: (1) put into effect a performance standard for breast pumps irrespective of the class to which the breast pumps have been classified under the Federal Food, Drug, and Cosmetic Act; and (2) issue a compliance policy guide which will assure that women who want to breastfeed a child are given full and complete information respecting breast pumps. Expands the definition of medical care in the Internal Revenue Code to include qualified breastfeeding equipment and services.

Steve Grissom Relief Fund Act of 2005

United States · United States Congress · 5 May 2005

Steve Grissom Relief Fund Act of 2005 - Establishes the Steve Grissom Relief Fund in the Treasury. Directs the Secretary of Health and Human Services to make a single payment from the Fund to any individual infected with HIV or diagnosed with AIDS who: (1) was treated with HIV-contaminated blood, blood components, human tissue, or organs; (2) is the lawful spouse of an individual so treated; (3) is a former spouse of such an individual and can assert reasonable certainty of transmission of HIV from such individual; and (4) acquired HIV through perinatal transmission from such an individual or individual's spouse. Sets forth documentation, petition, determination, and payment procedures. States that such payments do not create or admit any claim, but do constitute full satisfaction of all claims by or on behalf of such an individual. Provides that such payments do not constitute income for tax, benefits, or other purposes. Prohibits the assignment or transfer of rights under this Act. Limits petitions to one per victim. Terminates the program after five years. Excludes payments from consideration as: (1) compensation or reimbursement in determining repayment for insurance or worker's compensation benefits; or (2) income or resources in determining eligibility for social security income benefits.

Congestion Relief Act of 2005

United States · United States Congress · 5 May 2005

Congestion Relief Act of 2005 - Amends the Transportation Equity Act for the 21st Century (TEA-21) to provide that 80 percent of specified funds apportioned to a State (currently, 62.5 percent of the remaining 80 percent) shall be obligated in urbanized areas of the State with populations of over 200,000 and in other areas of the State, in proportion to their relative share of the State's population. Modifies: (1) the allocation formula under the Congestion Mitigation and Air Quality Improvement Program; and (2) the Minimum Guarantee regarding programmatic distribution of funds. Directs that the funds apportioned to a State for a fiscal year for the National Highway System (NHS) be allocated between urbanized areas with a population of over 200,000 in the State and other areas in the State as follows: (1) 75 percent in the ratio that the total lane miles on the NHS in such urbanized areas in the State bears to the total lane miles on the NHS in all areas in the State; and (2) 25 percent in the ratio that the total vehicle miles traveled on the NHS in such urbanized areas in the State bears to the total vehicle miles traveled on the NHS in all areas in the State. Directs the Secretary of Transportation to: (1) establish a metropolitan congestion relief program; and (2) establish and implement an operational improvement program. Increases the percentage set aside for metropolitan planning.

Generate Retirement Ownership Through Long-Term Holding Act of 2005

United States · United States Congress · 5 May 2005

Generate Retirement Ownership Through Long-Term Holding Act of 2005 - Amends the Internal Revenue Code to provide that no gain shall be recognized on the receipt of a capital gain dividend distributed by a regulated investment company if such dividend is automatically reinvested in additional shares of the company pursuant to a dividend reinvestment plan.

To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of variable contracts issued by life insurance companies subject to the laws of Puerto Rico.

United States · United States Congress · 5 May 2005

Amends the Internal Revenue Code to extend provisions for the tax treatment of variable contracts to contracts issued by life insurance companies subject to the law or regulation of Puerto Rico.

Social Security Benefits Tax Fairness Act of 2005

United States · United States Congress · 5 May 2005

Social Security Benefits Tax Fairness Act of 2005 - Amends the Internal Revenue Code to increase the base and adjusted base amounts used to determine the amount of Social Security benefits excluded from gross income. Provides for an inflation adjustment to the base and adjusted base amounts beginning in 2006.

National Enterprise Zone Act of 2005

United States · United States Congress · 5 May 2005

National Enterprise Zone Act of 2005 - Amends the Internal Revenue Code to authorize: (1) the governor of a State or U.S. territory or the Mayor of the District of Columbia to nominate by written application one or more enterprise zones for consideration by the Secretary of the Treasury; and (2) any resident of an enterprise zone, including estates, trusts, and corporations (other than S corporations), to elect an alternative income tax based upon National Enterprise Zone taxable income. Sets forth: (1) procedures for applications and eligibility criteria for designating an enterprise zone, including population, poverty, and unemployment rate requirements; and (2) rules for determining National Enterprise Zone taxable income for individuals and corporations residing in such a Zone. Requires all jurisdictions seeking enterprise zone designations to be in substantial compliance with the No Child Left Behind Act of 2001 and certain tax laws.

September 11th Assistance Clarification Act

United States · United States Congress · 5 May 2005

September 11th Assistance Clarification Act - Exempts from Federal taxation specified funds made available to the Department of Housing and Urban Development under the 2002 Supplemental Appropriations Act for Further Recovery From and Response To Terrorist Attacks on the United States, the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 2002, the 2001 Emergency Supplemental Appropriations Act for Recovery from and Response to Terrorist Attacks on the United States, and the Department of Defense and Emergency Supplemental Appropriations for Recovery from and Response to Terrorist Attacks on the United States Act, 2002, that are paid to any person as assistance on account of any property or business damaged by, and for economic revitalization directly related to, the terrorist attacks on the United States that occurred on September 11, 2001.

HELPS Retirees Act of 2005

United States · United States Congress · 5 May 2005

Healthcare Enhancement for Local Public Safety Retirees Act of 2005 or the HELPS Retirees Act of 2005 - Amends the Internal Revenue Code to allow retired public safety officers to elect an annual exclusion from gross income up to $5,000 for distributions from governmental retirement plans for the payment of accident or health insurance or long-term care insurance.

Health Insurance Affordability Act of 2005

United States · United States Congress · 5 May 2005

Health Insurance Affordability Act of 2005 - Amends the Internal Revenue Code to allow a tax deduction from gross income for the health insurance costs of an individual taxpayer, the taxpayer's spouse, and dependents (available whether or not a taxpayer itemizes deductions).

Fair Taxes for Seniors Act of 2005

United States · United States Congress · 5 May 2005

Fair Taxes for Seniors Act of 2005 - Amends the Internal Revenue Code to provide a one-time increase (from $250,000 to $500,000, or from $500,000 to $1 million for married taxpayers filing joint returns) in the exclusion of gain from the sale of a principal residence by a taxpayer who has attained the age of 50 before such sale. Provides that in the case of a joint return, only one spouse need satisfy the age requirement.

Gas Price Spike Act of 2005

United States · United States Congress · 4 May 2005

Gas Price Spike Act of 2005 - Amends the Internal Revenue Code to impose a windfall profit tax on crude oil, natural gas, or products of crude oil or natural gas. Defines "windfall profit" as so much of the profit on a sale of crude oil, natural gas, or related products as exceeds a reasonable profit. Establishes the Reasonable Profits Board to determine levels of reasonable profit from the sale of such products. Allows a tax credit for the purchase of certain fuel-efficient, American-made passenger vehicles. Authorizes the Secretary of Transportation to make grants to operators of mass transit systems, including bus and commuter rail systems, to reduce passenger fares on such systems.

Coastal Restoration Tax Credit Act of 2005

United States · United States Congress · 4 May 2005

Coastal Restoration Tax Credit Act of 2005 - Amends the Internal Revenue Code to allow a tax credit for expenditures related to any project approved by the Natural Resources Conservation Service to restore or protect coastal lands in the United States.

Employee Pension Preservation and Taxpayer Protection Act of 2005

United States · United States Congress · 4 May 2005

Employee Pension Preservation and Taxpayer Protection Act of 2005 - Amends the Internal Revenue Code and the Employee Retirement Income Security Act (ERISA) to permit commercial passenger airline pension plans to elect to restructure their unfunded plan liabilities over a 25-year period. Prohibits plans that elect restructuring to accrue future unfunded pension plan liabilities. Authorizes the Secretary of the Treasury to deny tax-exempt status to a successor of a plan restructured under this Act unless all benefit obligations of the restructured plan have been satisfied. Amends ERISA to exempt the Pension Benefit Guaranty Corporation (PBGC) from liability for any unfunded pension plan liabilities incurred by commercial passenger airline pension plans after an election to restructure is made.

Small Business Health Insurance Promotion Act of 2005

United States · United States Congress · 4 May 2005

Small Business Health Insurance Promotion Act of 2005 - Amends the Internal Revenue Code to allow certain small employers (not more than 50 employees) a business tax credit equal to 50 percent of amounts paid by such employers for the health care coverage of their employees under a qualified health pooling arrangement. Limits the period during which the tax credit may be taken to four years from the date the employer begins participating in a qualified health pooling arrangement. Defines "qualified health pooling arrangement" as a national or state arrangement that provides health benefits coverage substantially similar to that of the four largest health benefit plans offered to Federal employees. Directs the Secretaries of Health and Human Services and Labor to provide for the offering and oversight of qualified State and national health pooling arrangements and to conduct a study, through the Institute of Medicine of the National Academy of Sciences, of the operation of such arrangements.

Securing Access, Value, and Equality in Health Care Act

United States · United States Congress · 4 May 2005

Securing Access, Value, and Equality in Health Care Act - Amends the Internal Revenue Code to: (1) allow individual taxpayers a refundable tax credit for health insurance costs paid for the benefit of the taxpayer, the taxpayer's spouse, and dependents; (2) require business taxpayers who receive payments for certain employee health insurance coverage to file informational returns; and (3) direct the Secretary of the Treasury to make advance payments of health insurance tax credit amounts to health insurance providers.

Waiving points of order against the conference report to accompany the bill (H.R. 1268) making Emergency Supplemental Appropriations for Defense, the Global War on Terror, and Tsunami Relief, for the fiscal year ending September 30, 2005, and for other purposes.

United States · United States Congress · 4 May 2005

Waives points of order against the consideration of the conference report on H.R. 1268 (making emergency supplemental appropriations for FY 2005). Authorizes the Chairman of the Committee on the Judiciary, on behalf of the Committee, to file a supplemental report to accompany H.R. 748 (Child Interstate Abortion Notification Act).

Communities First Act

United States · United States Congress · 3 May 2005

Community Banks Serving Their Communities First Act, or the Communities First Act - Sets forth regulatory relief measures for community banks, including amendments to: (1) the Home Mortgage Disclosure Act to increase from $10 million to $250 million the asset levels of depository institution and home mortgage lenders that are exempt from disclosure requirements; (2) the Federal Deposit Insurance Act to permit certain insured depository institutions to submit a short form report of condition; and (3) the Sarbanes-Oxley Act of 2002 to exempt certain small-sized depository institutions from management assessment of internal controls requirements. Directs the Federal Reserve Board to publish proposed revisions to the Small Bank Holding Company Policy Statement on Assessment of Financial and Managerial Factors that provide that: (1) the policy shall apply to a bank holding company with pro forma consolidated assets of less than $1 billion that meets specified criteria; and (2) the debt-to-equity ratio allowable for a small bank holding company to remain eligible to pay a corporate dividend and for expedited processing procedures would increase from 1:1 to 3:1. Amends the Federal Deposit Insurance Act to increase from $250 million to $1 billion the asset size of institutions eligible for Federal banking examinations conducted at intervals subject to discretion of the appropriate Federal banking agency. Amends the Federal Reserve Act to increase from $1 million to $1 billion of total assets the size of small banks exempt from the limitation placed on extensions of credit to executive officers, director and principal shareholders. Amends the Community Reinvestment Act of 1977 to increase from $250 million to $1 billion the size of financial institutions eligible for a less frequent examination schedule. Amends the Truth in Lending Act to direct the Board of Governors of the Federal Reserve System to prescribe regulations authorizing a consumer to waive the statutory three-day right of rescission in connection with a consumer credit transaction when the creditor is an insured depository institution. Amends the Home Mortgage Disclosure Act to exempt from its recordkeeping and public disclosure requirements a depository institution that makes fewer than 100 reportable loans annually. Amends the Gramm-Leach-Bliley Act to exempt specified financial institutions from the requisite annual disclosure of privacy policy. Amends the Federal Deposit Insurance Act to direct the Federal Deposit Insurance Corporation to review reports of condition periodically and reduce filings of related information or schedules pursuant to specified determinations. Amends the Federal Reserve Act to prohibit the aggregate amount of credit extensions that a member bank may make to an executive officer of the bank from exceeding $250,000. Amends the Internal Revenue Code to: (1) provide reduced tax rates and deferral of income recognition on long-term certificates of deposit; (2) exclude from gross income interest received by a qualified lender on any qualified real estate loan; (3) increase from $10 million to $30 million the cap on qualified small issue bonds; (4) provide limited liability company tax treatment for FDIC-insured limited liability companies; (5) provide a tax reduction on a C corporation which is a community bank; and (6) exempt community banks from the alternative minimum tax..

To amend the Internal Revenue Code of 1986 to permit one-time, tax-free distributions from retirement plans to fund health savings accounts.

United States · United States Congress · 3 May 2005

Amends the Internal Revenue Code to exclude from the gross income of an employee covered under a high deductible health care plan a distribution from such employee's qualified retirement plan to fund a health savings account. Exempts such a distribution from the 10 percent penalty on early distributions from qualified retirement plans.

ENERGY AND WATER DEVELOPMENT APPROPRIATIONS FOR FISCAL YEAR 2006

United States · United States Senate · 29 April 2005

DEPARTMENT OF HOMELAND SECURITY APPROPRIATIONS FOR FISCAL YEAR 2006

United States · United States Senate · 28 April 2005

Clean Efficient Automobiles Resulting From Advanced Car Technologies (CLEAR ACT) Act of 2005

United States · United States Congress · 28 April 2005

Clean Efficient Automobiles Resulting From Advanced Car Technologies (CLEAR ACT) Act of 2005 - Amends the Internal Revenue Code to allow a tax credit for investment in alternative motor vehicles, including qualified fuel cell, hybrid, and alternative fuel vehicles. Bases the amount of such credit on criteria relating to vehicle weight and fuel efficiency. Modifies the tax credit for qualified electric vehicles to remove the ten percent limitation and base the credit amount on criteria relating to vehicle weight, mileage, and payload. Makes leased vehicles eligible for such credit. Extends such credit through 2010. Allows a tax credit for: (1) 50 percent of expenditures for the installation of qualified clean-fuel vehicle refueling property; and (2) retail sales of alternative fuels as motor vehicle fuels. Directs the Comptroller General to undertake an ongoing analysis of: the effectiveness of the alternative motor vehicle and fuel incentives provided by this Act and to report to Congress on such study by December 31, 2006, and annually thereafter.

Project BioShield II Act of 2005

United States · United States Congress · 28 April 2005

Project BioShield II Act of 2005 - Establishes: (1) the Terrorism and Infectious Disease Countermeasure Purchase Fund; (2) procurement pools for qualified countermeasures and security countermeasures; (3) the International Public Health Advisory Committee to develop strategies for establishing such pools; (4) the Office of Public Health Countermeasure Development within the Department of Health and Human Services (HHS) ; (5) the Office of Medical Readiness within the Office of the Secretary of the Department of Homeland Security (DHS) to assume functions of the National Disaster Medical System and the Metropolitan Medical Response System; (6) the National Emergency Medical Readiness and Response Board within DHS to oversee emergency medical response plans; (7) the National Center for Healthcare Technology Development to manage NIH intellectual property; (8) the Millennium Medicine Discovery Award; (9) the Office of the Deputy Commissioner for Biological, Chemical, Nuclear, Radiological and Infectious Disease Products; and (10) the Global Disease Detection Trust Fund. Creates incentives for the development of countermeasures, including: (1) payments to manufacturers; (2) accelerated approval of countermeasures; (3) patent term restoration and extension; (4) exclusive marketing; (5) federal tax incentives; (6) reimbursements for production costs; (7) expedited processing of visa applications; (8) grants and contracts for the construction and management of biosafety level 3-4 facilities; and (9) grants and scholarships for personnel to conduct biodefense and infectious disease research. Sets forth provisions regarding necessary research for countermeasure development, including research regarding: (1) diagnostics; (2) detection technology; (3) infectious diseases; (4) accurate animal models; (5) biologics; (6) vaccine adjuvants; (7) the production of cell culture; (8) vaccines; (9) zoonotic disease surveillance; and (10) agroterrorism research. Bioshield Export Priority Act - Requires the Secretary of Commerce or the Secretary of Health and Human Services to expedite the processing of requests to export restricted items necessary to procure countermeasures.

A bill to amend the Internal Revenue Code of 1986 to reduce the recognition period for built-in gains for subchapter S corporations.

United States · United States Congress · 28 April 2005

Amends the Internal Revenue Code to reduce from ten to seven years the period during which certain built-in gains of subchapter S corporations are subject to tax.

Clean Energy Bonds Act of 2005

United States · United States Congress · 28 April 2005

Clean Energy Bonds Act of 2005 - Amends the Internal Revenue Code to allow holders of clean energy bonds a nonrefundable tax credit of 25 percent of an annual credit amount as determined by the Secretary of the Treasury. Defines "clean energy bond" as any bond issued by a clean energy bond lender, a cooperative electric company, a governmental body, or the Tennessee Valley Authority (TVA) that is used for capital expenditures for specified projects for producing electricity from certain renewable resources, such as wind, biomass, solar energy, small irrigation power, and municipal solid waste. Sets forth rules for maturity limitations, arbitrage, and expenditures, including a requirement that 95 percent of proceeds from the sale of a bond issue be spent on a renewable resource project within five years from the date of a bond issuance. Terminates the authority to issue clean energy bonds after 2008.

PROTECTION Act

United States · United States Congress · 28 April 2005

Providing Reliable Officers, Technology, Education, Community Prosecutors, and Training In Our Neighborhoods Act of 2005 or the PROTECTION Act - Modifies provisions of the Omnibus Crime Control and Safe Streets Act of 1968 regarding public safety and community policing ("cops on the beat" program, COPS) to authorize the Attorney General to use COPS grants to: (1) increase prosecutor presence and to enhance law enforcement access to new technologies; (2) pay overtime to existing career law enforcement officers to the extent that such overtime is devoted to community-oriented policing; and (3) promote higher education among in-service State and local law enforcement officers by reimbursing them for certain educational costs. Includes among permitted additional grant projects: (1) specialized integrity and ethics training; and (2) innovative proactive crime control and prevention programs involving school officials and religiously-affiliated organizations. Authorizes the Attorney General to use up to five percent of funds available for technical assistance and training grants in any fiscal year to States, local governments, Indian tribal governments, and other entities. Allows grants to be used to assist: (1) police departments in employing specified professional, scientific, and technological advancements; and (2) State, local, or tribal prosecutors' offices in implementation of community-based prosecution programs that build on local community-oriented policing efforts. Reserves specified funds for local governmental units with a population of less than 50,000. Authorizes the Attorney General to use no more than 50 percent of grant renewal funds to award grants targeted for police officer retention.

Pension Preservation and Savings Expansion Act of 2005

United States · United States Congress · 28 April 2005

Pension Preservation and Savings Expansion Act of 2005 -Amends the Internal Revenue Code to revise provisions relating to qualified retirement and employee benefit plans. Makes permanent: (1) pension and individual retirement account provisions enacted by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA); and (2) the tax credit for elective deferrals and individual retirement account contributions (saver's credit). Increases the amount of the saver's credit and makes such credit refundable. Makes various changes to qualified pension plan provisions, including: (1) reducing the vesting period for employer contributions to defined contribution plans; (2) allowing rollovers from plans of deceased employees to non-spouses; (3) allowing disabled individuals without earned income to make tax deductible contributions to retirement savings accounts; (4) allowing exclusions from gross income for certain lifetime annuity payments; and (5) providing for automatic employee contributions to pension plans and automatic contribution increases. Revises rules and definitions relating to: (1) salary reduction plans; (2) matching contribution rules for IRAs and 401(k) plans; (3) withdrawals from plans for death, disability, and hardship; (4) minimum distribution rules; and (5) catch-up contributions. Imposes a penalty tax up to 50 percent of excessive employee remuneration paid by a company after a declaration of bankruptcy. Requires the administrators of defined benefit and defined contribution plans to provide plan participants with periodic statements of plan benefits. Directs the Secretary of Labor to develop a model benefit statement.

Small Business Health Insurance Expansion Act of 2005

United States · United States Congress · 28 April 2005

Small Business Health Insurance Expansion Act of 2005 - Amends the Internal Revenue Code to: (1) allow certain small employers (employers with between two and 50 employees) a business tax credit for payment of employee health insurance costs under a new health plan for such employees; (2) allow private foundations to make grants to a qualified health benefit purchasing coalition. Defines "qualified health benefit purchasing coalition" as a private non-profit corporation which sells health insurance to employers through State licensed health insurance issuers. Directs: (1) the Secretary of Health and Human Services to award demonstration grants to States to develop innovative ways to increase access to health insurance through market reforms and other means; and (2) the Small Business Administration (SBA) to award grants to States, local governments, and nonprofit organizations to provide information to small employers about the benefits of health insurance.

Beginning Farmers and Ranchers Act of 2005

United States · United States Congress · 28 April 2005

Beginning Farmers and Ranchers Act of 2005 - Amends the Internal Revenue Code to exclude from gross income 100 percent of the gain, up to $500,000, from the sale of qualified farm property to a first-time farmer who certifies that such property will be used for farming purposes for ten years. Allows: (1) a 50 percent exclusion for the sale of qualified farm property to any other person who certifies that such property will be used for farming purposes for ten years; and (2) a 25 percent exclusion for the sale of qualified farm property to any other person for any other use. Defines "qualified farm property" as real property located in the United States which is used for farming purposes for a specified three-year period and in which there was material participation by the taxpayer or the taxpayer's spouse or family member. Requires the recapture of tax benefits if qualified farm property is sold or ceases operation as a farm before the required ten-year period.

To amend the Internal Revenue Code of 1986 to extend the low-income housing credit for certain buildings in high cost areas.

United States · United States Congress · 28 April 2005

Amends the Internal Revenue Code to qualify buildings that provide a community service facility and are located within 1000 feet of a qualified census tract (designated low-income area) for the increased low-income housing tax credit for buildings in high cost areas.

Hunger Relief Trucking Tax Credit Act

United States · United States Congress · 28 April 2005

Hunger Relief Trucking Tax Credit Act - Amends the Internal Revenue Code to allow a tax credit for the cost of transporting food to assist hunger relief efforts of certain charitable organizations.

Public Private Vocational Partnership Act of 2005

United States · United States Congress · 28 April 2005

Public Private Vocational Partnership Act of 2005 - Amends the Internal Revenue Code to allow certain corporations who employ interns enrolled full-time in vocational programs in secondary schools or community colleges a business tax credit for donations of tangible personal property to such schools and colleges. Bases the credit on the fair market value of the property donated and the number of months such interns are employed by the taxpayer.

To amend the Internal Revenue Code of 1986 to provide for the disposition of unused benefits in health flexible spending arrangements.

United States · United States Congress · 28 April 2005

Amends the Internal Revenue Code to permit up to $500 of unused health benefits in a plan or other arrangement that provides for a health flexible spending arrangement to be carried forward to the next year of such health flexible spending arrangement or be contributed to a health savings account without affecting the status of such plan or arrangement as a tax-exempt employee benefit cafeteria plan.

Business Activity Tax Simplification Act of 2006

United States · United States Congress · 28 April 2005

Business Activity Tax Simplification Act of 2005 - Expands the federal prohibition against state taxation of interstate commerce to: (1) include taxation of out-of-state transactions involving all forms of property, including intangible personal property and services (currently, only sales of tangible personal property are protected); and (2) prohibit state taxation of an out-of-state entity unless such entity has a physical presence in the taxing state. Sets forth criteria for determining that a person has a physical presence in a state.

Pension Preservation and Savings Expansion Act of 2005

United States · United States Congress · 28 April 2005

Pension Preservation and Savings Expansion Act of 2005 -Amends the Internal Revenue Code to revise provisions relating to qualified retirement and employee benefit plans. Makes permanent: (1) pension and individual retirement account provisions enacted by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA); and (2) the tax credit for elective deferrals and individual retirement account contributions (saver's credit). Increases the amount of the saver's credit and makes such credit refundable. Renames Roth IRAs as Retirement Savings Accounts (RSAs) and allows for direct rollovers from qualified retirement plans to RSAs. Makes various changes to qualified pension plan provisions, including: (1) reducing the vesting period for employer contributions to defined contribution plans; (2) allowing rollovers from plans of deceased employees to non-spouses; (3) allowing disabled individuals without earned income to make tax deductible contributions to retirement savings accounts; (4) allowing exclusions from gross income for certain lifetime annuity payments; and (5) providing for automatic employee contributions to pension plans and automatic contribution increases. Revises rules and definitions relating to: (1) salary reduction plans; (2) matching contribution rules for IRAs and 401(k) plans; (3) withdrawals from plans for death, disability, and hardship; (4) minimum distribution rules; and (5) catch-up contributions. Imposes a penalty tax up to 50 percent of excessive employee remuneration paid by a company after a declaration of bankruptcy. Requires the administrators of defined benefit and defined contribution plans to provide plan participants with periodic statements of plan benefits. Directs the Secretary of Labor to develop a model benefit statement.

Small Employers Health Benefits Program Act of 2005

United States · United States Congress · 28 April 2005

Small Employers Health Benefits Program Act of 2005 - Directs the Office of Personnel Management to administer a separate health insurance program for non-Federal employees who are either self-employed or employees of a small business with fewer than 100 employees. Allows the Office to contract with carriers to provide health insurance under this Act. Requires rates charged to reasonably and equitably reflect the costs of the benefits provided. Requires a carrier to determine the amount of premiums to assess for coverage based on a community rate that may be annually adjusted based on geographic area, family status, and age. Permits the Office to reimburse a carrier for costs that exceed premiums received by a specified percentage. Requires a carrier to make payments to a contingency reserve fund established by the Office if the carrier's costs are lower than expected by a specified percentage. Allows the Office to use such funds to provide assistance to carriers that experience unanticipated financial hardships. Requires the Office to establish a reinsurance fund to provide payments to carriers that experience a catastrophic claim (a claim over $50,000) for benefits provided to an individual enrolled under this Act. Allows a participating employer to offer supplemental coverage options to employees for excepted benefits that are not subject to the Public Health Service Act requirements for health plans. Allows a refundable tax credit for health insurance expenses of small employers who pay a specific percentage of employee expenses under such a health plan. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to extend requirements that certain legislation which increases the deficit will trigger an offsetting sequestration (pay-as-you-go or PAYGO requirements).

Small Business Health Insurance Affordability Act of 2005

United States · United States Congress · 28 April 2005

Small Business Health Insurance Affordability Act of 2005 - Amends the Internal Revenue Code to: (1) allow certain small employers (employers with between two and 50 employees) a business tax credit for payment of employee health insurance costs; (2) allow private foundations to make grants to a qualified health benefit purchasing coalition. Defines "qualified health benefit purchasing coalition" as a private non-profit corporation which sells health insurance to employers through State licensed health insurance issuers. Directs: (1) the Secretary of Health and Human Services to award demonstration grants to States to develop innovative ways to increase access to health insurance through market reforms and other means; and (2) the Small Business Administration (SBA) to award grants to States, local governments, and nonprofit organizations to provide information to small employers about the benefits of health insurance.

Fiscal Responsibility Act of 2005

United States · United States Congress · 28 April 2005

Fiscal Responsibility Act of 2005 - Provides that, if there is a deficit in a fiscal year, then: (1) any pay adjustment (including a cost of living adjustment) for Members of Congress scheduled to take effect in the succeeding calendar year shall be null and void; and (2) rates of pay for Members shall be reduced by a specified percentage, but not below zero. Specifies the mandatory pay rate reduction at: (1) five percent, for the first year; or (2) ten percent, for any consecutive subsequent year that expenditures exceed revenues. Specifies conditions for restoration of the original pay rate, together with otherwise scheduled adjustments. Vests authority in the Director of the Congressional Budget Office to make determinations of whether or not a deficit exists in any fiscal year. States that, in making any such determination, the Director shall exclude any budget outlays which directly relate to a military conflict that lasts over 30 days or that is in direct response to a terrorist attack on the United States.

9/11 Commission Full Funding Act

United States · United States Congress · 28 April 2005

9/11 Commission Full Funding Act - Requires the President to submit to Congress a report explaining each homeland security funding shortfall included in the budget submitted for FY 2006 and for every fiscal year thereafter, including the rationale for requesting less than the authorized funding level. Defines "homeland security funding shortfall" as a program authorized by the Intelligence Reform and Terrorism Prevention Act of 2004 for which: (1) the maximum specified authorization of appropriations is not requested in the President's budget; or (2) no amount of authorized appropriations is specified and the amount requested by the President is insufficient to operate the program.

Federal Whistleblower Protection Tax Act of 2005

United States · United States Congress · 28 April 2005

Federal Whistleblower Protection Tax Act of 2005 - Amends the Internal Revenue Code to exclude from gross income damages (other than punitive damages and lost income) and amounts awarded as attorney fees and costs for claims under Federal whistleblower provisions prohibiting the discharge of, or discrimination, retaliation, or reprisal against, an employee for asserting rights or taking permitted actions. Provides for the averaging of such lost income for income tax purposes.

To amend the Internal Revenue Code of 1986 to provide an exemption from the air transportation tax for certain transportation by seaplanes.

United States · United States Congress · 28 April 2005

Amends the Internal Revenue Code to exempt from the excise tax on air transportation of persons or property certain tranportation provided by seaplanes. Disqualifies seaplanes when using an airport which receives or has received financial assistance from the Airport and Airway Trust Fund.