Taxation

Retirement Plan Simplification and Enhancement Act of 2012

United States · United States Congress · 16 February 2012

Retirement Plan Simplification and Enhancement Act of 2012 - Amends the Internal Revenue Code to repeal the 10% cap on the qualified percentage of an employee's compensation as the standard for an employer's contribution to an automatic cash or deferred contribution arrangement under the alternative method for meeting nondiscrimination requirements. Authorizes regulations to increase the qualified percentage. Revises the period of service requirements for a qualified cash or deferred arrangement to cover long-term part-time employees working at least 3 consecutive 12-month periods during each of which the employee has at least 500 hours of service. Requires separate application of the rules for a top-heavy defined benefit plan (whose the present value of the accrued benefits [PVAB] for the highly-paid key employees exceeds 60% of the PVAB for all employees) to any defined contribution plan covering part-time employees who do not meet age and service requirements. Increases from $500 to $1,500 the dollar limitation on the small employer pension plan startup cost tax credit for each of the first three credit years. Directs the Secretaries of the Treasury and of Labor to prescribe administrative guidance establishing conditions allowing the use of a multiple employer plan. Directs the Government Accountability Office (GAO) to study the feasibility and desirability of extending the application of spousal consent requirements to defined contribution plans to which they do not currently apply. Amends the Employee Retirement Income Security Act of 1974 (ERISA) to authorize an employee benefit plan to allow a named fiduciary, or a fiduciary designated by a named fiduciary, to appoint an annuity administrator for an individual account plan. Directs the Secretary of the Treasury to issue final regulations stating that any specified age or service condition (or combination of such conditions) with respect to a lifetime income investment under a defined contribution plan shall be disregarded in determining whether the lifetime income investment is currently available for distribution to the employee. Amends the Code to allow an Individual Retirement Account (IRA) to be invested in a life insurance contract rolled over to an IRA from a qualified retirement plan if the contract provides only incidental death benefits. Declares that a trust forming part of a defined contribution plan shall not be treated as failing to constitute a qualified trust solely by reason of allowing after a certain date as portable lifetime income options: (1) qualified distributions of a lifetime income investment, or (2) distributions of a lifetime income investment in the form of a qualified plan distribution annuity contract. Exempts from mandatory minimum plan distributions an employee whose aggregate retirement savings do not exceed $100,000. Amends ERISA to require the furnishing by paper, website, or other electronic communication of any pension plan documents or materials that must be furnished to a plan participant, beneficiary, or other individual. Directs the Secretary of the Treasury to modify the Employee Plans Compliance Resolution System to correct plan loan, minimum distribution, and other errors. Amends the Code to allow matching contributions or nonelective contributions (safe harbor contributions) to satisfy certain requirements even though they are funded in whole or in part by forfeitures. Amends ERISA to specify the meaning of a substantial cessation of operations by an employer with respect to liability for termination of single-employer plans under a distress termination or a termination by a corporation. Amends the Code to declare that an organization otherwise eligible to participate in a church plan shall not be aggregated with another such organization and treated as a single employer with it unless: (1) one organization provides directly or indirectly at least 80% of the operating funds for the other one during the recipient's preceding tax year, and (2) there is a degree of common management or supervision between the organizations. Revises the prohibition against discrimination in favor of highly compensated employees by contributions or benefits provided under qualified pension, profit-sharing, and stock bonus plans. Extends certain protections to older, longer service participants. Requires the Secretary of Labor, the Secretary of the Treasury, and the Pension Benefit Guaranty Corporation (PBGC) to review and report to the appropriate congressional committees on the reporting and disclosure requirements of ERISA applicable to pension plans and of the Code applicable to qualified retirement plans. Directs the Secretaries of Labor and of the Treasury to adopt final regulations allowing, but not requiring, a plan to consolidate into a single notice two or more of the notices required by ERISA, the Code, and related regulations.

Automatic IRA Act of 2012

United States · United States Congress · 16 February 2012

Automatic IRA Act of 2012 - Amends the Internal Revenue Code to: (1) require certain employers who do not maintain qualifying retirement plans or arrangements to make available to their eligible employees a payroll deposit individual retirement account (IRA) arrangement (automatic IRA arrangement) which grants such employees the right to opt-out of participation; (2) require the Secretary of the Treasury to provide employers with a model notice for notifying employees of their opportunity to participate in such an arrangement and to provide participants with an annual statement setting forth arrangement payments, earnings, value, and other specified information; (3) impose a penalty on employers who fail to provide eligible employees access to such an arrangement; (4) establish an Automatic IRA Advisory Group to make recommendations regarding investment options; and (5) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing an automatic IRA arrangement. Requires the Secretary and the Secretary of Labor to jointly conduct feasibility studies on: (1) extending spousal consent requirements to automatic IRA arrangements; (2) promoting the use of low-cost lifetime income arrangements, (3) automatically transferring amounts saved by employees in retirement bonds into alternative, private sector, diversified investments when employees' automatic IRA balances reach a certain dollar level; (4) using investment data to notify individuals with multiple small balance retirement accounts of consolidation options; and (5) using investment arrangements associated with automatic IRAs to assist in addressing the problem of abandoned accounts.

Keeping Promises to Taxpayers Act of 2012

United States · United States Congress · 16 February 2012

Keeping Promises to Taxpayers Act of 2012 - Amends the Internal Revenue Code and the Patient Protection and Affordable Care Act to repeal certain health care-related taxes and other provisions, including: (1) the requirement that certain employers provide their employees with health insurance coverage and report on such coverage, (2) the excise tax on excess benefits from employer-sponsored health care coverage, (3) the requirement that distributions from a health savings account be used to pay for prescription drugs and insulin only (thus allowing for payment of over-the-counter medications), (4) the increase (from 7.5% to 10%) in the income threshold for the medical expense tax deduction, (5) the $2,500 limitation on contributions to health flexible spending arrangements, (6) the annual fees required for businesses providing health insurance and manufacturers or importers of branded prescription drugs, (7) the Patient-Centered Outcomes Research Trust Fund, (8) the fee imposed on insured and self-insured health plans, (9) the excise taxes on medical device manufacturers and importers and on indoor tanning services, (10) the increase (from 10% to 20%) in the penalty for distributions from health savings accounts and Archer medical savings accounts not used for qualified medical expenses, and (11) the increase in the tobacco production excise tax.

Freeze Government Spending Act of 2012

United States · United States Congress · 16 February 2012

Freeze Government Spending Act of 2012 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to establish discretionary spending limits (spending caps) at the same specified level for each of FY2013-FY2021. Requires the Office of Management and Budget (OMB), on January 2, 2013, for FY2013, and in its sequestration preview reports for FY2014-FY2021, to state: (1) the net amount of reduction in nonexempt direct spending accounts as $18.333 billion for each of FY2013-FY2020 and $18.336 billion for FY2021; and (2) the sequestration percentage necessary to achieve that reduction in nonexempt direct spending accounts for the applicable fiscal year. Requires OMB, on such date during each applicable year, to prepare and the President to issue a sequestration order of nonexempt direct spending to achieve such direct spending reduction. Requires: (1) the percentage reduction for the Medicare programs specified in the Gramm-Rudman-Hollings Act to be not more than 2% for a fiscal year; and (2) if the reduction would exceed 2% in the absence of such requirement, OMB to increase the reduction for all other direct spending by a uniform percentage to a level sufficient to achieve the required reduction in nonexempt direct spending. Requires OMB to report to Congress on information about the calculations required under this Act, a listing of the reductions required for each nonexempt direct spending account, and any other data and explanations that enhance public understanding of this Act and actions taken under it.

Expressing the sense of the Congress that our current tax incentives for retirement savings provide important benefits to Americans to help plan for a financially secure retirement.

United States · United States Congress · 16 February 2012

Expresses the sense of Congress that: (1) tax incentives for retirement savings plans play an important role in encouraging employers and employees to participate in such plans, (2) existing incentives have increased the number of Americans covered by a retirement plan, and (3) a reformed and simplified tax code should include incentives to maintain and contribute to such plans and to strengthen retirement security for all Americans.

THE PRESIDENT'S FISCAL YEAR 2013 BUDGET

United States · United States House of Representatives · 15 February 2012

DEPARTMENT OF THE INTERIOR SPENDING AND THE PRESIDENT'S FISCAL YEAR 2013 BUDGET PROPOSAL

United States · United States House of Representatives · 15 February 2012

U.S. DEPARTMENT OF VETERANS AFFAIRS BUDGET REQUEST FOR FISCAL YEAR 2013

United States · United States House of Representatives · 15 February 2012

[H.A.S.C. No. 112-100]NATIONAL DEFENSE AUTHORIZATION ACT FOR FISCAL YEAR 2013 AND OVERSIGHT OF PREVIOUSLY AUTHORIZED PROGRAMS BEFORE THE COMMITTEE ON ARMED SERVICES HOUSE OF REPRESENTATIVES ONE HUNDRED TWELFTH CONGRESS SECOND SESSION

United States · United States House of Representatives · 15 February 2012

AN EXAMINATION OF THE PRESIDENT'S FISCAL YEAR 2013 BUDGET REQUEST FOR THE DEPARTMENT OF HOMELAND SECURITY

United States · United States House of Representatives · 15 February 2012

PRESIDENT'S FISCAL YEAR 2013 BUDGET PROPOSAL WITH U.S. DEPARTMENT OF THE TREASURY SECRETARY TIMOTHY F. GEITHNER

United States · United States House of Representatives · 15 February 2012

Maximizing Spectrum Efficiency and Value Act of 2012

United States · United States Congress · 15 February 2012

Maximizing Spectrum Efficiency and Value Act of 2012 - Amends the National Telecommunications and Information Administration Organization Act to establish a Federal Spectrum Reallocation Commission to make recommendations to the President on the reallocation of federal spectrum over a specified time period. Directs each federal agency to include a spectrum utilization plan as part of the budget justification documents submitted to Congress each fiscal year. Requires that copies of the plan be submitted to the Reallocation Commission, the Secretary of Commerce, and the National Telecommunications and Information Administration (NTIA). Requires the Secretary to submit to Congress, the Comptroller General, and the Reallocation Commission a report identifying and recommending for reallocation bands of frequencies that: (1) are allocated primarily for federal government use, (2) are not required for federal government needs, and (3) can feasibly be made available for assignment through a competitive bidding system under the Communications Act of 1934 during the five-year period beginning on the date of submission of the report. Directs the Reallocation Commission to hold public hearings and submit to the President and Congress a review and analysis of the Secretary's recommendations with an explanation and justification of any Reallocation Commission recommendation for federal spectrum reallocation that is different from the Secretary's recommendations. Directs the President to determine whether to approve the Reallocation Commission recommendations and to submit a report on such determination to Congress and the Reallocation Commission. Sets forth a process requiring the Reallocation Commission, if the President disapproves the recommendations, to continue submitting a revised list of recommendations until the President approves it. Terminates the Reallocation Commission 60 days after the President approves the recommendations. Directs the President to submit the approved recommendations to Congress. Directs the head of each federal entity required to relocate spectrum under the approved recommendations to prepare and submit an implementation plan to the President, Congress, the NTIA, the Federal Communications Commission (FCC), the Office of Management and Budget (OMB), and the Comptroller General. Directs each such federal entity, after the President submits the approved recommendations to Congress, to: (1) initiate actions required to comply with the recommendations within two years, and (2) complete such actions within five years. Prohibits federal entities from initiating such compliance actions if a joint resolution is enacted that disapproves the recommendations within a specified period. Requires the FCC, within two years after the President submits the approved recommendations to Congress, to commence the auctioning of frequencies that will be made available for assignment of new intitial licenses subject to new service rules or for other purposes. Directs any federal government station operating on electromagnetic spectrum identified in the approved recommendations for the reallocation of federal spectrum, to the maximum extent practicable, to relocate its spectrum use to other frequencies allocated for federal use or to consolidate its spectrum use with other federal government stations in a manner that maximizes the spectrum available for nonfederal use. Authorizes Congress, if a federal entity fails to comply with an OMB-approved relocation deadline, to decrease the amount appropriated to the entity in the following fiscal year by up to one-half of 1%. Sets forth authority for the payment of relocation costs from the Spectrum Relocation Fund. Requires that specified proceeds from the auction of frequencies be deposited in the Treasury's general fund for the sole purpose of deficit reduction. Prohibits the FCC from: (1) establishing licensing conditions relating to its Report and Order on Preserving the Open Internet and Broadband Industry Practices adopted on December 21, 2010, (2) restricting the number or type of bidders or any specific bidder from participating in a public auction, (3) prescribing the rates or terms of or otherwise conditioning services that may be offered by successful bidders in any such auction, or (4) imposing any additional license requirements or rules on successful bidders once any such auction has been completed.

American College Tuition Tax Relief Act of 2012

United States · United States Congress · 15 February 2012

American College Tuition Tax Relief Act of 2012 - Amends the Internal Revenue Code to extend through 2015 the tax deduction for qualified tuition and related expenses.

Pass a Budget Now Act

United States · United States Congress · 15 February 2012

Pass a Budget Now Act - Amends the Legislative Reorganization Act of 1946 to reduce the rate of pay for a Member of Congress for failure to agree to a concurrent resolution on the budget. Reduces the rate of pay during each pay period of any year, if there is no agreement by April 15 on a budget resolution for the following fiscal year, by an amount equal to the product of the average daily rate of pay involved and the number of days during the pay period which occur after April 15 and before Congress does reach agreement on a budget resolution. Requires all unpaid compensation to be used for deficit reduction.

Philanthropic Enterprise Act of 2012

United States · United States Congress · 15 February 2012

Philanthropic Enterprise Act of 2012 - Amends the Internal Revenue Code to exempt the holdings of a private foundation in any business enterprise that meet specified requirements relating to exclusive ownership, minimum distribution of net operating income, and independent operation (i.e., not controlled by a substantial contributor) from the excise tax on excess business holdings and unrelated business income.

Help Entrepreneurs Create American Jobs Act of 2012

United States · United States Congress · 15 February 2012

Help Entrepreneurs Create American Jobs Act of 2012 - Amends the Internal Revenue Code to make the increase (from $5,000 to $10,000) in the tax deduction for the start-up expenditures of an active trade or business permanent (currently, limited to taxable years beginning in 2010).

DEPARTMENT OF DEFENSE AUTHORIZATION FOR APPROPRIATIONS FOR FISCAL YEAR 2013 AND THE FUTURE YEARS DEFENSE PROGRAM

United States · United States Senate · 14 February 2012

PRESIDENT'S BUDGET FOR FISCAL YEAR 2013

United States · United States Senate · 14 February 2012

Social Security Preservation through Individual Choice Enhancement Act

United States · United States Congress · 14 February 2012

Social Security Preservation through Individual Choice Enhancement Act - Amends the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to allow individual taxpayers an election to claim the 2% reduction in employment taxes under such Act in any calendar year beginning in or after 2012. Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to increase the applicable social security retirement age by one month for each calendar year that a taxpayer elects a reduction in employment taxes under this Act.

Federal Forests County Revenue, Schools, and Jobs Act of 2012

United States · United States Congress · 14 February 2012

Federal Forests County Revenue, Schools, and Jobs Act of 2012 - Establishes the County, Schools, and Revenue Trust to provide a dependable source of revenue for each participating beneficiary county containing National Forest System land that was eligible to receive payments under the Secure Rural Schools and Community Self-Determination Act of 2000. Requires County, Schools, and Revenue Trust Projects to generate amounts sufficient to satisfy the annual revenue requirement established for units of the National Forest System. Permits Trust Projects to include projects involving timber sales, mineral development, power generation, and community wildfire protection plans. Allows the Secretary to designate any project that is conducted in response to a catastrophic event in a System unit as a Trust Project. Requires 65% of the amounts derived from a Trust Project to be deposited in the County, Schools, and Revenue Trust and 35% of the amounts derived from a Trust Project to be deposited in the general fund of the Treasury for use by the Forest Service. Entitles counties or other eligible units of local government in which U.S.-owned entitlement land is located to certain payments under the Payment in Lieu of Taxes (PILT) Program through FY2017 and directs the Secretary of the Interior to submit annually to Congress a list of the states that have not submitted the data required for calculating payments under such Program. Directs the Secretary to set an annual fee for, and requires the payment of such fee to the United States by, an authorized owner of a privately built and owned recreational cabin located on National Forest System land.

Smart Energy Act

United States · United States Congress · 14 February 2012

Smart Energy Act - Amends the National Energy Conservation Policy Act (NECPA) to direct each federal agency to implement requirements for the use of energy and water efficiency measures in federal buildings through private financing instead of appropriations, unless: (1) to do so conflicts with the primary mission of the agency or facility, or (2) if greater cost savings can be generated under a different program Requires a federal agency, in carrying out energy management requirements, to participate in demand response programs offered by electric utilities, Independent System Operators, Regional Transmission Organizations, and demand response aggregators, where such programs are available, in order to support electric grid reliability and security and reduce energy bills for the agency or facility. Directs the Director of the Office of Management and Budget (OMB) to direct the Federal Chief Information Officer to require: (1) agencies, when updating their federal data center inventories in the third quarter of each fiscal year, to state what actions have been taken to verify the inventories; (2) the agencies to complete the missing elements in their respective federal data center consolidation plans and submit them; and (3) the Data Center Consolidation Task Force to assess such plans to ensure they are complete and to monitor their implementation as well. Directs the Secretary of Energy (DOE) to issue guidelines for federal agencies to employ advanced tools allowing energy savings through the use of computer hardware, energy efficiency software, and power management tools. Amends NECPA to require federal agencies to create an implementation plan for achieving requirements for advanced metering of energy use in federal facilities, buildings, and equipment. Requires the energy manager, for each facility meeting certain criteria, to use the web-based tracking system to publish energy and water consumption data on an individual facility basis. Amends the Energy Policy Act of 2005 to establish a loan program for energy efficiency upgrades to existing buildings. Directs the Secretary to establish collaborative research and development partnerships with other programs within the Office of Energy Efficiency and Renewable Energy, the Office of Electricity Delivery and Energy Reliability, and the Office of Science that: (1) leverage the research and development expertise of those programs to promote early stage energy efficiency technology development; (2) support the use of innovative manufacturing processes and applied research for development, demonstration, and commercialization of new technologies and processes to improve efficiency, reduce emissions, reduce industrial waste, and improve industrial cost-competitiveness; and (3) apply the knowledge and expertise of the Advanced Manufacturing Office to help achieve the program goals of the other programs. States that it is the goal of the United States to achieve by the end of 2020 a doubling of the production of electricity from combined heat and power and waste heat recovery in the United States from the current level of approximately 85 to at least 170 gigawatts. Directs the Secretary to transmit to Congress, make available to the public, and update biennially a strategic plan to achieve this national goal.

Carried Interest Fairness Act of 2012

United States · United States Congress · 14 February 2012

Carried Interest Fairness Act of 2012 - Amends the Internal Revenue Code to: (1) set forth a special rule for the inclusion in gross income of partnership interests transferred in connection with the performance of services, (2) treat as ordinary income the net capital gain with respect to an investment services partnership interest except to the extent such gain is attributable to a partner's qualified capital interest, (3) exempt income from investment services partnership interests from treatment as qualifying income of a publicly traded partnership, (4) increase the penalty for underpayments of tax resulting from failure to treat income from an investment services partnership interest as ordinary income, and (5) include income and loss from an investment services partnership interest for purposes of determining net earnings from self-employment and applicable self-employment taxes. Defines "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership about investing in, purchasing, or selling specified assets; (2) managing, acquiring, or disposing of specified assets; or (3) arranging financing with respect to acquiring specified assets.

Temporary Payroll Tax Cut Continuation Act of 2012

United States · United States Congress · 13 February 2012

Temporary Payroll Tax Cut Continuation Act of 2012 - Amends the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to extend through 2012 the 2% reduction in employment tax rates for employees and self-employed individuals.

Expanding Training Opportunities Act of 2012

United States · United States Congress · 9 February 2012

Expanding Training Opportunities Act of 2012 - Amends the Internal Revenue Code and the Federal Unemployment Tax Act to deem approved by the Secretary of Labor any state laws that provide unemployment compensation to an individual for any week while in training, including: (1) an approved job training program under the Workforce Investment Act of 1998, or (2) any coursework necessary to attain a recognized postsecondary credential if that individual is likely to exhaust his or her regular unemployment compensation, and the credential can be attained within a certain time period. Defines "recognized postsecondary credential" as a credential consisting of an industry-recognized certificate, a certificate of completion of an apprenticeship, or an associate or baccalaureate degree. Amends the Federal-State Extended Unemployment Compensation Act of 1970 and the Supplemental Appropriations Act, 2008 to authorize a state unemployment compensation agency to elect to approve job training or educational programs for purposes of an individual receiving extended or emergency unemployment compensation while in training.

United States Job Creation and International Tax Reform Act of 2012

United States · United States Congress · 9 February 2012

United States Job Creation and International Tax Reform Act of 2012 - Amends the Internal Revenue Code, with respect to the taxation of foreign income, to allow: (1) a 95% tax deduction for the foreign source portion of dividends that a domestic corporation receives from a controlled foreign corporation of which it is a U.S. shareholder, (2) domestic corporations to treat gain on the sale or exchange of stock of a foreign corporation held for at least one year as dividends eligible for the 95% tax deduction, (3) a 50% tax deduction for the foreign intangible income of a domestic corporation, and (4) a U.S. shareholder of a controlled foreign corporation to elect a 70% tax deduction for certain amounts received from such a corporation. Includes certain low-taxed foreign income as subpart F income (e.g., certain passive income, insurance income, foreign-base company income, income from countries subject to international boycotts, illegal bribes, kickbacks, and similar payments, and income from countries where the United States has severed diplomatic relations). Makes permanent exemptions from treatment as subpart F income for: (1) certain payments of dividends, interest, rents, and royalties received from a related controlled foreign corporation; and (2) active financing income. Modifies rules relating to the foreign tax credit to create a separate income category for foreign intangible income. Accelerates the effective date of the worldwide interest allocation rules to taxable years beginning after December 31, 2012 (currently, after December 31, 2020).

Small Business Start-up Support Act of 2012

United States · United States Congress · 9 February 2012

Small Business Start-up Support Act of 2012 - Amends the Internal Revenue Code to provide for a permanent increase (from $5,000 to $10,000) in the tax deduction for business start-up expenditures.

1099K Overreach Prevention Act

United States · United States Congress · 9 February 2012

1099K Overreach Prevention Act - Amends the Internal Revenue Code to exempt taxpayers who are required to report payments made in settlement of payment card and third party network transactions from any requirement to reconcile such payments to amounts related to gross receipts or sales.

Encouraging Innovation and Effective Teachers Act

United States · United States Congress · 9 February 2012

Encouraging Innovation and Effective Teachers Act - Replaces title II (Preparing, Training, and Recruiting High Quality Teachers and Principals) of the Elementary and Secondary Education Act of 1965 (ESEA) with a new title II (Teacher Preparation and Effectiveness). Directs the Secretary of Education, under part A (Supporting Effective Instruction) of title II, to make formula grants to states and, through them, subgrants to local educational agencies (LEAs) to develop and implement a teacher evaluation system that: (1) uses student achievement data as a significant factor in determining a teacher's evaluation, (2) uses multiple measures of evaluation, (3) uses more than two categories for rating teachers, (4) is used by the LEA to make personnel decisions, and (5) is based on input from parents and school staff. Directs the Secretary, under part B (Teacher and School Leader Flexible Grant) of title II, to make formula grants to states and, through them, competitive matching subgrants to LEAs, institutions of higher education, and business or nonprofit entities to develop, implement, and evaluate comprehensive programs and activities that may include: (1) initiatives to assist in recruiting, hiring, and retaining highly effective teachers and school leaders; (2) recruitment of qualified individuals from other fields; (3) model instructional programs in the core academic subjects; (4) high-quality professional development for teachers and school leaders; and (5) programs that are based on the current science of learning. Preserves the teacher liability protection provisions under part C (Innovation for Teacher Quality) of title II, but eliminates the other programs under part C. Replaces part D (Enhancing Education through Technology) of title II with a new part D (General Provisions). Requires LEAs receiving grants under title II to notify parents of the availability of the results of the evaluations of their children's teachers. Treats charter schools as LEAs under title II. Replaces title III (Language Instruction for Limited English Proficient and Immigrant Students) of the ESEA with a new title III (Parental Engagement and Local Flexibility). Expresses the sense of the House of Representatives that part B of title V (Promoting Informed Parental Choice and Innovative Programs) of the ESEA be: (1) reauthorized as it was amended by the Empowering Parents through Quality Charter Schools Act (H.R. 2218), as passed by the House of Representatives on September 13, 2011; and (2) transferred to a new subpart 1 (Charter School Program) of part A (Parental Engagement) of title III. Amends part C of title V of the ESEA and transfers it to a new subpart 2 (Magnet Schools Assistance) of part A of title III. Establishes a subpart 3 (Family Engagement in Education Programs) of part A of title III. Authorizes the Secretary to award grants to statewide organizations to establish Statewide Family Engagement Centers that provide comprehensive training and technical assistance to states, LEA, schools, and organizations that support family engagement in education. Establishes a part B (Local Academic Flexible Grant) of title III under which the Secretary allots funds to states for: (1) state activities that include developing state educational assessments and standards; (2) competitive grants to LEAs, community-based organizations, and businesses to improve student academic achievement through student support programs; and (3) competitive matching grants to nongovernmental entities to improve academic achievement. Repeals title IV (21st Century Schools), as amended by the Student Success Act which was introduced on February 9, 2012, and replaces it with the Impact Aid program currently under title VIII of the ESEA. (The Impact Aid program compensates LEAs for the financial burden of federal activities affecting their areas.) Amends the Impact Aid program to alter methods used and considerations made in determining whether LEAs are eligible for Impact Aid payments, as well as formulae used in determining the amounts they are owed. Requires the Secretary to complete Impact Aid payments to eligible LEAs within three fiscal years of their appropriation. Authorizes appropriations for the programs under titles II, III, and IV of the ESEA for FY2013, with increases in those amounts for FY2014-FY2018 that match the inflation rate. Transfers responsibility for the operation and administration of the Troops-to-Teachers program (currently under title II of the ESEA) from the Department of Education to the Department of Defense (DOD), and amends the program. (The Troops-to-Teachers program provides veterans with teacher certification stipends in exchange for three years of service in an elementary or secondary school.) Repeals title VI (Flexibility and Accountability) of the ESEA. Amends the McKinney-Vento Homeless Assistance Act's program of grants to states and, through them, subgrants to local educational agencies (LEAs) for the education of homeless youth. Includes amendments that: (1) require student-centered factors to be considered before an LEA places a homeless youth in a school, (2) require schools to enroll homeless youth immediately despite missed application or enrollment deadlines, (3) protect the privacy of information about a homeless youth's living situation, and (4) focus on the identification of homeless youth. Authorizes appropriations for that program for FY2013, with increases matching the inflation rate for FY2014-FY2018.

To amend the Internal Revenue Code of 1986 to allow partnerships invested in infrastructure property to be treated as publicly traded partnerships, to reduce the depreciation recovery periods for such property, and for other purposes.

United States · United States Congress · 9 February 2012

Amends the Internal Revenue Code to: (1) treat income and gains from the use, sale, or exchange of infrastructure property as qualifying income for purposes of the tax treatment of publicly-traded partnerships; (2) exempt publicly-traded partnerships from the limitation on the tax deduction for income attributable to oil-related qualified production activities; (3) allow accelerated depreciation of infrastructure property (i.e., classify such property as five-year property); and (4) treat exchanges of infrastructure property as like-kind exchanges (thus exempting gain from such exchanges from tax). Defines "infrastructure property" as property which is part of: (1) roads and related improvements; (2) train tracks and related improvements; (3) airports; (4) docks and wharves; (5) facilities for sewage, solid waste disposal, the furnishing of water, the transmission and distribution of natural gas, or the generation, transmission, and distribution of electricity; or (6) communications facilities.

To amend the Internal Revenue Code of 1986 to extend the deduction for mortgage insurance.

United States · United States Congress · 9 February 2012

Amends the Internal Revenue Code to extend through 2013 the tax deduction for mortgage insurance premiums.

To amend the Internal Revenue Code of 1986 to extend the deduction for certain expenses of elementary and secondary school teachers.

United States · United States Congress · 9 February 2012

Amends the Internal Revenue Code to increase from $250 to $500 the tax deduction for certain expenses of elementary and secondary school teachers and to extend such deduction through 2013.

To amend the Internal Revenue Code of 1986 to extend the deduction for expensing of environmental remediation costs.

United States · United States Congress · 9 February 2012

Amends the Internal Revenue Code to extend through 2013 the election to expense (i.e., deduct in the current taxable year) environmental remediation costs (i.e., costs for the abatement or control of hazardous substances at a qualified contaminated site).

Smarter Approach to Nuclear Expenditures Act

United States · United States Congress · 8 February 2012

Smarter Approach to Nuclear Expenditures Act - Prohibits using funds appropriated to the Department of Defense (DOD) for FY2013 or thereafter: (1) to arm a B-2 or B-52 aircraft with a nuclear weapon; (2) for the research, development, test, and evaluation (RDT&E) or procurement of a long-range penetrating bomber aircraft; (3) to make the F-35 Joint Strike Fighter aircraft capable of carrying nuclear weapons; or (4) for the B61 or W78 life extension program. Requires that, beginning in FY2013, the Navy shall include no more than eight operational ballistic-missile submarines available for deployment. Prohibits the use of DOD funds: (1) for FY2013-FY2023 to procure an SSBN-X submarine, and (2) for FY2024 and thereafter to procure more than eight such submarines. Prohibits using DOD funds for FY2013 or thereafter: (1) to maintain more than 200 intercontinental ballistic missiles (ICBMs), (2) to maintain more than 250 submarine-launched ballistic missiles, (3) for the RDT&E or procurement of a new ICBM, or (4) for the medium extended air defense system. Prohibits using DOD or Department of Energy (DOE) funds for FY2013 or thereafter for: (1) the mixed oxide fuel fabrication facility project, (2) the chemistry and metallurgy research replacement nuclear facility, and (3) the uranium processing facility at the Y-12 National Security Complex. Requires an initial and subsequent annual reports from the Secretaries of Defense and Energy to Congress outlining their respective plans to carry out the requirements of this Act. Directs the President to submit annually to Congress a comprehensive accounting by the Director of the Office of Management and Budget (OMB) of the amounts obligated or expended by the federal government for each nuclear weapon and related nuclear program during the fiscal year covered by the report and the life cycle of such weapon or program.

CUT Loopholes Act

United States · United States Congress · 7 February 2012

Cut Unjustified Tax Loopholes Act or the CUT Loopholes Act - Authorizes the Secretary of the Treasury to impose restrictions on foreign jurisdictions or financial institutions operating in the United States that are of primary money laundering concern or that impede U.S. tax enforcement. Amends the Internal Revenue Code to: (1) establish a rebuttable presumption against the validity of transactions by institutions that do not comply with reporting requirements under the Foreign Account Tax Compliance Act; (2) treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes; (3) require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts; (4) treat swap payments sent offshore as taxable U.S. source income; (5) allow the use of tax return information to evaluate foreign financial account reports; (6) increase penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability; (7) prohibit tax advisor contingent fee agreements for obtaining a tax savings or benefit; (8) impose additional requirements for third party summonses used to obtain information in tax investigations that do not identify the person with respect to whose liability the summons is issued (i.e., John Doe summons); (9) limit the employer tax deduction for stock options granted to employees to the value of such options as recorded on the employer's books at the time such options were granted; and (10) apply the $1 million limitation on the employer tax deduction for employee remuneration to stock option compensation. Amends the Securities Exchange Act of 1934 to: (1) require corporations registered with the Securities and Exchange Commission (SEC) to report annually, on a country-by country basis, on employees, sales, financing, tax obligations, and tax payments; and (2) authorize a fine of up to $1 million for failure to disclose any holdings or transactions involving equity or debt instruments known to involve a foreign entity that would otherwise be subject to disclosure requirements. Requires the Secretary to publish a proposed rule in the Federal Register requiring private and venture capital funds to establish anti-money laundering programs and submit suspicious activity reports. Extends anti-money laundering requirements to persons engaged in the business of forming new businesses or other legal entities. Requires federal banking agencies and the SEC to develop examination techniques to detect and prevent abusive tax shelter activities or the aiding or abetting of tax evasion by financial institutions. Requires the Secretary to: (1) disclose tax return information to federal financial regulators for purposes of tax shelter investigations; (2) disclose to Congress documents relating to a determination to grant, deny, revoke, or restore the tax-exempt status of an organization; and (3) expand the standards applicable to tax practitioners for issuing written advice on transactions which have a potential for tax avoidance or evasion. Imposes new restrictions on U.S. corporations and other entities with foreign income with respect to: (1) tax deductions allocable to deferred foreign income, (2) the recalculation of foreign income taxes, (3) intangible property transferred overseas, and (4) tax evasion activities by U.S. corporations reincorporating in a foreign country.

Creating American Prosperity through Preservation Act of 2012

United States · United States Congress · 6 February 2012

Creating American Prosperity through Preservation Act of 2012 - Amends the Internal Revenue Code, with respect to tax credits for building rehabilitation expenditures, to: (1) allow an increased 30% credit for projects involving $7.5 million or less in rehabilitation expenditures, (2) provide for an additional 2% credit amount for a building that is a qualified energy efficient rehabilitated building (increased energy efficiency of 30% or more), (3) change the placed-in-service requirement for non-historic rehabilitated buildings from before 1936 to 50 years prior to the year in which qualified rehabilitation expenditures are taken into account, and (4) exempt from tax the proceeds of a state historic tax credit.

NGEAR Act

United States · United States Congress · 6 February 2012

Natural Gas Energy and Alternatives Rewards Act or the NGEAR Act - Amends the Internal Revenue Code to extend through 2016: (1) the excise tax credits for alternative fuels and alternative fuel mixtures; and (2) the tax credit for depreciable property used for alternative fuel vehicle refueling, including property relating to hydrogen. Amends the Energy Policy and Conservation Act to direct the Secretary of Transportation (DOT) to establish a rebate program through 2016 for the purchase of alternatively fueled buses by: (1) a public or private entity providing transportation exclusively for school students, personnel, and equipment; or (2) a public entity providing mass transit services to the public. Allows such entities a rebate equal to the lesser of 30% of the purchase price of such a bus or $15,000.

Keep America's Promises Act

United States · United States Congress · 6 February 2012

Keep America's Promises Act - Amends the National Defense Authorization Act for Fiscal Year 1993 to include under the temporary early retirement authority provided under amendments to the National Defense Authorization Act for Fiscal Year 2012 those members of the Armed Forces who: (1) were separated on or after March 1, 2011, but before the effective date of the amendments (December 31, 2011); and (2) had at least 15 years of service on their date of separation. States that this Act will protect 157 Air Force officers who were involuntarily separated as a result of a March 2011 continuation board.

Paying a Fair Share Act of 2012

United States · United States Congress · 6 February 2012

Paying a Fair Share Act of 2012 - Amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax). Establishes the amount of such tax as the excess (if any) of the tentative fair share tax over the excess of: (1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (2) certain tax credits. Provides for a phase-in of such tax. Requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2013. Expresses the sense of the House of Representatives that Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the tax system, and makes sure that the wealthiest taxpayers pay a fair share of taxes.

To provide for rollover treatment to traditional IRAs of amounts received in airline carrier bankruptcy.

United States · United States Congress · 3 February 2012

Allows a current or former employee of a commercial passenger airline who receives a payment of any money or other property payable by an airline pursuant to a court order filed in a bankruptcy case after September 11, 2001, and before January 1, 2007 (airline payment amount), to: (1) make a tax-free rollover of such amount to a traditional individual retirement account (IRA) within 180 days of receipt (or within 180 days of the enactment of this Act, if later); and (2) transfer, without tax penalty, an airline payment amount contributed to a Roth IRA to a traditional IRA if such transfer is made within 180 days after the enactment of this Act. Excludes from the gross income of an airline employee amounts transferred to a traditional IRA under this Act. Imposes a limit on the aggregate amount transferrable to a traditional IRA.

Energy Freedom and Economic Prosperity Act

United States · United States Congress · 2 February 2012

Energy Freedom and Economic Prosperity Act - Amends the Internal Revenue Code to repeal: (1) the excise tax credits for alcohol fuel, biodiesel, and alternative fuel mixtures; (2) the tax credits for the purchase of certain plug-in electric vehicles and alternative motor vehicles; (3) the alternative fuel vehicle refueling property tax credit; (4) the tax credits for alcohol used as fuel and for biodiesel and renewable diesel used as fuel; (5) the enhanced oil recovery tax credit and the tax credit for producing oil and gas from marginal wells; (6) the tax credit for carbon dioxide sequestration; (7) the energy tax credit; and (8) the tax credits for investment in qualifying advanced coal projects and qualifying gasification projects. Terminates after 2012 the tax credits for the production of electricity from certain renewable resources and from advanced nuclear power facilities. Repeals the grant program under the American Recovery and Reinvestment Act of 2009 for payments to invest in alternative and renewable energy property in lieu of tax credits. Directs the Secretary of the Treasury to reduce the corporate income tax rates by prescribing proportionate modifications to such rates based upon revenue savings resulting from the repeal of energy tax expenditures by this Act.

Freedom from Over-Criminalization and Unjust Seizures Act of 2012

United States · United States Congress · 2 February 2012

Freedom from Over-Criminalization and Unjust Seizures Act of 2012 - Amends the Lacey Act Amendments of 1981 to repeal the prohibition on importing, exporting, transporting, selling, receiving, acquiring, or purchasing in interstate or foreign commerce: (1) fish or wildlife taken, possessed, transported, or sold in violation of foreign law; or (2) plants taken, possessed, transported, or sold in violation of foreign law, without the payment of appropriate royalties, taxes, or stumpage fees required by foreign law, or in violation of any limitation under foreign law that governs the export or transshipment of plants. Repeals the prohibition on possessing such fish, wildlife, or plants within the special maritime and territorial jurisdiction of the United States. Establishes a $200,000 maximum limit on a civil penalty for a knowing violation of such Act that involves fish, wildlife, or plants with a market value of $350 or more. Repeals: (1) criminal penalties under such Act, and (2) the authorization to suspend, modify, or cancel specified licenses or permits issued to any person who is convicted of a criminal violation of such Act.

Budget or Bust Act

United States · United States Congress · 2 February 2012

Budget or Bust Act - Repeals requirements that the President submits annual budgets, including supplemental budget estimates and changes to Congress. Amends the Congressional Budget Act of 1974 to revise accordingly congressional procedures for considering budget resolutions. Requires the Secretary of the Treasury to deposit all payments otherwise required to be made for Members of Congress' compensation in an escrow account to be released to the Members only upon the adoption of a budget resolution, if on or before April 1 of any year Congress does not adopt a budget resolution for the fiscal year that begins on October 1 of that year.

FRAME Act of 2012

United States · United States Congress · 2 February 2012

Farm Risk Abatement and Mitigation Election Act of 2012 or the FRAME Act of 2012 - Amends the Internal Revenue Code to: (1) establish tax-exempt farm risk management accounts (FRAME Accounts) and allow taxpayers actively engaged in the business of farming or ranching to use distributions from such accounts to protect the solvency of the farm to which the FRAME Account relates and to procure revenue or crop insurance; (2) allow a deduction from gross income for cash contributions to such accounts; (3) specify minimum levels of contributions to, and maximum levels of distributions from, such accounts; (4) set forth tax rules relating to account distributions, excess contributions, and prohibited transactions; and (5) allow a variable business-related tax credit for contributions made to a FRAME Account in the first nine years after such Account is established.

Paying a Fair Share Act of 2012

United States · United States Congress · 1 February 2012

Paying a Fair Share Act of 2012 - Amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax). Establishes the amount of such tax as the excess (if any) of the tentative fair share tax over the excess of: (1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (2) certain tax credits. Provides for a phase-in of such tax. Requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2013. Expresses the sense of the Senate that Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the tax system, and makes sure that the wealthiest taxpayers pay a fair share of taxes.

Outsourcing Accountability Act of 2012

United States · United States Congress · 1 February 2012

Outsourcing Accountability Act of 2012 - Amends the Securities Exchange Act of 1934 to require registered securities issuers to disclose annually to the Securities and Exchange Commission (SEC) and to shareholders: (1) the total number of employees domiciled in the United States and listed by number in each state (including those of consolidated subsidiaries); (2) the total number of such employees physically working in and domiciled in any country other than the United States, listed by number in each country; and (3) the percentage increase or decrease in such numbers from the previous reporting year. Exempts from such requirements: (1) certain new public companies, and (2) issuers with total annual gross revenues of less than $1 billion during the most recently completed fiscal year.

American Energy and Infrastructure Jobs Financing Act of 2012

United States · United States Congress · 1 February 2012

American Energy and Infrastructure Jobs Financing Act of 2012 - Amends the Internal Revenue Code to: (1) extend through September 30, 2016, the expenditure authority for the Highway Trust Fund; and (2) extend through September 30, 2018, current excise tax rates on motor fuels (i.e., gasoline, diesel fuel and kerosene, and special motor fuels), excise taxes on heavy highway vehicles and highway tires, and the use tax on heavy vehicles. Appropriates to the Highway Trust Fund amounts equivalent to the net increase in revenues from onshore and offshore domestic energy leasing and production resulting from the Alaskan Energy for American Jobs Act, the PIONEERS Act, and the Energy Security and Transportation Jobs Act. Terminates the authority for transfers of motor fuel tax revenues to the Mass Transit Account of the Highway Trust Fund. Renames such Account as the Alternative Transportation Account and makes a one-time appropriation to such Account.

Travel Transparency Act

United States · United States Congress · 1 February 2012

Travel Transparency Act - Makes it an unfair or deceptive practice for an air carrier (including an indirect air carrier), foreign air carrier, a carrier agent, or a ticket agent to advertise or solicit air passenger transportation without disclosing the base airfare ticket costs and user taxes imposed for it. Requires the disclosure of any other government imposed taxes and fees paid on a per passenger basis to be clear and separate from the base airfare ticket cost in any such advertisement or solicitation.

1099K Overreach Prevention Act

United States · United States Congress · 1 February 2012

1099K Overreach Prevention Act - Amends the Internal Revenue Code to exempt taxpayers who are required to report payments made in settlement of payment card and third party network transactions from any requirement to reconcile such payments to amounts related to gross receipts or sales.

College Tax Cut Extension Act of 2012

United States · United States Congress · 1 February 2012

College Tax Cut Extension Act of 2012 - Amends the Internal Revenue Code to extend through 2016 the American Opportunity Tax Credit (the increased tax credit for educational expenses).

Providing for consideration of the conference report to accompany the bill (H.R. 658) to amend title 49, United States Code, to authorize appropriations for the Federal Aviation Administration for fiscal years 2011 through 2014, to streamline programs, create efficiencies, reduce waste, and improve aviation safety and capacity, to provide stable funding for the national aviation system, and for other purposes.

United States · United States Congress · 1 February 2012

Sets forth the rule for consideration of the conference report to accompany the bill (H.R. 658) to amend title 49, United States Code, to authorize appropriations for the Federal Aviation Administration for fiscal years 2011 through 2014, to streamline programs, create efficiencies, reduce waste, and improve aviation safety and capacity, to provide stable funding for the national aviation system.