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751 records in US in 2005
United States · United States Congress · 28 April 2005
Amends the Internal Revenue Code to exempt investors in wind energy facilities from the income-based phaseout of the $25,000 offset for individuals under rules limiting passive activity losses and credits.
United States · United States Congress · 28 April 2005
Waives points of order against the consideration of the conference report on H.Con.Res. 95 (establishing the congressional budget for FY 2006). Makes it out of order for a motion that the Committee of the Whole rise and report a bill to the House of Representatives if the bill, as amended, exceeds an applicable allocation of new budget authority under the Congressional Budget Act of 1974, as estimated by the Committee on the Budget. Requires the Chair of the Committee to put the question regarding the motion if a point of order is sustained. Excludes from such prohibition a motion offered under rule XXI (Restrictions on Certain Bills) of the Rules of the House or after disposition of the question on a given bill. Makes it out or order, if a question is decided in the negative, for a further amendment except: (1) one proper amendment, under specified conditions; and (2) pro forma amendments, if offered by the chairman or ranking minority member of the Committee on Appropriations or their designees, for debate purposes.
United States · United States House of Representatives · 27 April 2005
United States · United States Senate · 27 April 2005
United States · United States Senate · 27 April 2005
United States · United States Congress · 27 April 2005
Estate Tax Repeal Acceleration (ExTRA) for Family-Owned Businesses and Farms Act - Amends the Internal Revenue Code to revise the estate tax exclusion provisions applicable to family-owned business interests. Allows an exclusion from the gross estate for the adjusted value of certain family business interests acquired from a decedent (carryover business interests). Defines "carryover business interests" and revises ownership requirements and material participation rules applicable to such interests. Provides that carryover business interests acquired from a decedent shall be treated as transferred by gift and that the basis of such property shall be the lesser of the adjusted basis of the decedent, or the fair market value of such property at the date of the decedent's death (thus eliminating the estate tax on such property).
United States · United States Congress · 27 April 2005
E-85 Fuel Utilization and Infrastructure Development Incentives Act of 2005 - Amends the Internal Revenue Code to allow tax credits for: (1) 50 percent of the cost of installing residential or commercial alternative fuel vehicle refueling property to store or dispense E-85 fuel (alternative vehicle fuel consisting of at least 85 percent ethanol); and (2) the retail sale of E-85 fuel for use in an alternative fuel motor vehicle.
United States · United States Congress · 27 April 2005
Savings for Working Families Act of 2005 - Allows certain low-income individuals between age 18 and 61 to establish tax-exempt individual development accounts (IDAs) to pay for certain qualified expenses, including education expenses, first-time homebuyer costs, and business capitalization or expansion costs. Sets forth rules for the establishment, maintenance, and termination of IDAs. Permits tax-free withdrawals from IDAs for qualified expenses, but requires IDA beneficiaries to complete one or more financial education courses prior to making an IDA withdrawal. Allows certain financial institutions, tax-exempt organizations, and Indian tribes to sponsor and administer IDAs. Amends the Internal Revenue Code to allow such entities a business-related tax credit for the cost of administering IDAs and for making matching contributions to IDAs in parallel accounts. Provides that IDA amounts shall be disregarded for purposes of determining eligibility for assistance under certain means-tested federal programs.
United States · United States Congress · 27 April 2005
TANF Financial Education Promotion Act of 2005 - Amends part A (Temporary Assistance for Needy Families) (TANF) of title IV of the Social Security Act to require a State to specify in its State plan how it intends to establish goals and take action to promote financial education among parents and caretakers receiving TANF assistance through collaboration with community-based organizations, financial institutions, and the Cooperative State Research, Education, and Extension Service of the Department of Agriculture. Defines financial education as education that promotes an understanding of consumer, economic, and personal finance concepts, including the basic principles involved with earning, budgeting, spending, saving, investing, and taxation. Designates financial education a work activity for TANF purposes.
United States · United States Congress · 27 April 2005
Natural Gas Production Act of 2005 - Amends the Internal Revenue Code to qualify an onshore well from a formation more than 15,000 feet deep for the tax credit for producing fuel from a nonconventional source.
United States · United States Congress · 27 April 2005
Health Coverage 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.
United States · United States Congress · 27 April 2005
Telephone Excise Tax Repeal Act of 2005 - Amends the Internal Revenue Code to repeal the excise tax on communication services (i.e., local telephone service, toll telephone service, and teletypewriter exchange service).
United States · United States Congress · 27 April 2005
527 Transparency Act of 2005 - Amends the Internal Revenue Code to revise disclosure requirements for tax-exempt political organizations (527 organizations) to require quarterly (instead of semiannual) reporting of contributions and expenditures in non-election years. 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.
United States · United States Congress · 27 April 2005
Amends the Internal Revenue Code and title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to revise the optional method of computing the net earnings of self-employed individuals for purposes of determining social security benefit eligibility. Replaces the numerical formula for determining benefit eligibility with an indexed calculation based on a lower limit (the amount required under the Social Security Act for a quarter of coverage) and an upper limit (150 percent of the lower limit).
United States · United States Congress · 27 April 2005
Amends the Internal Revenue Code to modify unrelated business taxable income rules relating to certain excess payments received or accrued by a tax-exempt organization which controls another tax-exempt organization.
United States · United States Congress · 27 April 2005
Strategic Communication Act of 2005 - Directs the Secretary of State to solicit from tax-exempt national security and foreign policy research organizations offers to establish a Center for Strategic Communication, and select one organization to establish such Center. Includes among Center duties: (1) provision of information and analysis to the Department of State, the Department of Defense (DOD), the Department of Justice, the Department of Homeland Security, and the Director of National Intelligence on U.S. security and foreign policy issues; (2) development of U.S. communications strategies and monitoring techniques; (3) support of government-wide strategic communication through services provided on a cost-recovery basis; (4) contracting with private sector and academic entities; and (5) mobilization of nongovernment initiatives.
United States · United States House of Representatives · 26 April 2005
United States · United States Senate · 26 April 2005
United States · United States Senate · 26 April 2005
United States · United States Congress · 26 April 2005
Efficient Energy Through Certified Technologies and Electricity Reliability (EFFECTER) Act of 2005 - Amends the Internal Revenue Code to provide tax incentives affecting: (1) energy efficient commercial building property; (2) new energy efficient homes; (3) certain energy efficient property used in business; (4) nonbusiness energy property; and (5) combined heat and power system property. Amends the Energy Policy and Conservation Act to expand the scope of consumer products that fall within the Energy Conservation Program (other than automobiles), including: (1) vending machines and commercial package air conditioning and heating equipment; and (2) commercial refrigerators, freezers, and refrigerator-freezers. Directs the Federal Trade Commission to initiate a rulemaking regarding: (1) the effectiveness of the consumer products labeling program in assisting consumers to make purchasing decisions and to improve energy efficiency; and (2) changes to the labeling rules that would improve the effectiveness of consumer product labels. Amends the National Energy Conservation Policy Act to prescribe guidelines under which the head of an executive agency shall procure either an Energy Star product or a Federal Energy Management Program (FEMP)-designated product in order to meet agency requirements for an energy consuming product. Repeals the termination of authority to enter into new energy savings performance contracts (thereby making such authority permanent). Amends the Energy Conservation and Production Act to direct the Secretary of Energy to establish certain revised Federal building energy efficiency performance standards. Amends the United States Housing Act of 1937 to include within the mandatory activities funded by the Capital Fund: (1) installing fixtures and fittings to improve energy and water-use efficiency; and (2) integrated utility management and capital planning to maximize energy conservation and efficiency measures. Amends the Cranston-Gonzalez National Affordable Housing Act to direct the Secretary of Housing and Urban Development and the Secretary of Agriculture to promulgate energy efficiency standards for rehabilitation and new construction of certain public and assisted housing. Amends the Federal Power Act to grant the Federal Energy Regulatory Commission (FERC) jurisdiction over the FERC-certified Electric Reliability Organization, including any regional entities, and all users, owners and operators of the bulk-power system for purposes of approving specified reliability standards.
United States · United States Congress · 26 April 2005
Arts Education Advancement Act of 2005 - Amends the National Foundation on the Arts and the Humanities Act of 1965 to require, when appropriations for the National Endowment for the Arts (NEA) exceed a certain level, that all of the excess funds be used for the arts education program. (Current law requires the use of only half such excess NEA funds for arts education, and allows the NEA to use a greater amount for other purposes before such set-aside for arts education is triggered.) Requires half the funds for the arts education program in any fiscal year to be used in formal systems of elementary and secondary education.
United States · United States Congress · 26 April 2005
Small Tobacco Farmer Tax Relief Act of 2005 - Amends the Internal Revenue Code to exclude from gross income up to $5,000 annually of contract payments to tobacco quota holders and producers of quota tobacco provided by the Fair and Equitable Tobacco Reform Act of 2004. Terminates such tax exclusion for taxable years beginning after 2014.
United States · United States Congress · 26 April 2005
National Defense Authorization Act for Fiscal Year 2006 - Authorizes appropriations for the Department of Defense (DOD) for FY 2006. Authorizes appropriations to DOD for: (1) procurement, including for aircraft, missiles, weapons and tracked combat vehicles, ammunition, and shipbuilding and conversion; (2) research, development, test, and evaluation; (3) operation and maintenance, including for defense working capital funds, the Armed Forces Retirement Home, the Defense Health Program, and chemical agents and munitions destruction; and (4) active and reserve military personnel, including end strengths. Extends certain bonus, special, and incentive pay authorities. Provides bonus repayment requirements with respect to unserved periods. Sets forth provisions or requirements concerning: (1) active and reserve military personnel, including a special pay incentive for Selected Reserve personnel qualified in a critical military skill or unit, and bonuses for certain military medical officers; (2) military justice, including establishing an unlimited period for prosecution of murder or rape, extending the period for prosecution of child abuse cases, and establishing the offense of stalking; (3) acquisition policy and management, including the revitalization of DOD laboratories; (4) DOD organization and management, including exempting operational files of the Defense Intelligence Agency from public disclosure laws; (5) budget and financial matters; (6) transportation-related matters, including authority to transport family members incident to the repatriation of military personnel or civilians held captive, and a reserve civilian mariners pilot program; (7) DOD civilian personnel, including a science, mathematics, and research for transformation (SMART) defense education program, and a priority placement program for displaced civilian employees; and (8) matters relating to other nations, including Iraq, Afghanistan, and the Global War on Terrorism. Authorizes U.S. military personnel and DOD civilian employees to provide assistance relating to the detection and clearance of landmines and explosive remnants of war. Military Construction Authorization Act for Fiscal Year 2006 - Authorizes the Secretaries of Defense and the military departments to acquire real property and carry out specified military construction projects. Authorizes appropriations for: (1) military construction, land acquisition, and military family housing functions; (2) the North Atlantic Treaty Organization (NATO) Security Investment Program; and (3) National Guard and reserve forces facilities.
United States · United States Congress · 26 April 2005
Department of Homeland Security Authorization Act for Fiscal Year 2006 - Authorizes appropriations for the Department of Homeland Security (DHS) for FY 2006. Requires the Secretary of Homeland Security (Secretary) to submit: (1) a DHS Terrorism Prevention Plan to specified congressional committees; and (2) a detailed analysis of the proposed DHS budget to Congress. Directs the Secretary to establish a consolidated process for conducting security screening and background checks. Homeland Security Information Sharing and Analysis Enhancement Act of 2005 - Amends the Homeland Security Act of 2002 to expand the responsibilities of the Under Secretary for Information Analysis and Infrastructure Protection (Under Secretary), including with regard to dissemination of information involving the use of nuclear or biological terrorism to inflict mass casualties or other catastrophic consequences. Requires alternative analysis of such information. States that the Secretary shall be the executive branch official responsible for disseminating homeland security related information. Establishes the Tom Ridge Homeland Security Fellows Program. Requires the Under Secretary to: (1) implement a Homeland Security Advisory System; and (2) ensure the full and efficient use of open-source information by specified officials. Directs the Secretary: (1) through the Office for Domestic Preparedness, to establish a National Terrorism Exercise program; (2) to complete establishment of the Technology Clearinghouse; (3) to establish a homeland security technology transfer program; and (4) to conduct a risk assessment of each foreign seaport being considered for designation under the Container Security Initiative (CSI). Authorizes designation of a port under the CSI only if a significant level of risk exists. Addresses the deployment of inspection equipment and personnel to CSI ports and cargo container screening at U.S. ports of entry. Department of Homeland Security Cybersecurity Enhancement Act of 2005 - Establishes in the DHS Directorate for Information Analysis and Infrastructure Protection a National Cybersecurity Office. Requires the Secretary to evaluate the organizational structure of the DHS and to submit a report to specified congressional committees addressing the current division of immigration functions. Requires the Comptroller General to submit a report to Congress on the effectiveness of the DHS's structure in meeting counter-terrorism missions.
United States · United States Congress · 26 April 2005
Requires the total amount of funds awarded to a State under part A (Improving Basic Programs Operated by Local Educational Agencies) of title I (Improving the Academic Achievement of the Disadvantaged) of the Elementary and Secondary Education Act of 1965 for each of FY 2005 and 2006 to be not less than the total amount of funds awarded to the State under part A for FY 2003. Directs the Secretary of Education to pay a supplementary amount to any State that did not receive such required minimum hold-harmless amount in FY 2005.
United States · United States Congress · 25 April 2005
Farmer Tax Fairness Act of 2005 - Amends the Internal Revenue Code and title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to revise the optional method of computing the net earnings of self-employed individuals for purposes of determining social security benefit eligibility. Replaces the numerical formula for determining benefit eligibility with an indexed calculation based on a lower limit (the amount required under the Social Security Act for a quarter of coverage) and an upper limit (150 percent of the lower limit).
United States · United States Congress · 25 April 2005
Amends the Internal Revenue Code to allow a bona fide association (an association which has been actively in existence for at least five years and has been formed and maintained in good faith for purposes other than obtaining insurance) to maintain an additional reserve fund for medical benefits plans not to exceed 35 percent of the sum of certain direct costs and changes in claims incurred.
United States · United States Senate · 21 April 2005
United States · United States Senate · 21 April 2005
United States · United States Congress · 21 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. Authorizes the Office to contract with entities to administer this health program regionally. Allows certain benefits to be offered to Medicare beneficiaries. Requires the Office to implement a public education campaign regarding this health insurance program. 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.
United States · United States Congress · 21 April 2005
Standing With Our Troops Act of 2005 - Increases authorized end strengths for the Army and Marine Corps. Requires the Secretary of Defense to: (1) publish a monthly accounting of military casualties incurred in Operations Iraqi Freedom and Enduring Freedom, and any other operation undertaken under the Global War on Terrorism; and (2) establish within the Department of Defense (DOD) an Advisory Panel on Military Awards and Decorations. Establishes within the National Security Council a Director of Mobilization Planning and Preparedness to identify and develop plans for the performance of necessary governmental and private sector functions on a sustained basis during a national emergency. Requires reports on: (1) necessary reconstitution of military equipment due to Operations Iraqi Freedom and Enduring Freedom; and (2) DOD policies concerning the length of reserve mobilization and deployment periods in connection with Operation Iraqi Freedom. Requires the correction of military pay problems experienced by activated reserve personnel. Establishes a Deputy Under Secretary of Defense for Personnel and Readiness (Reserve Affairs). Provides various programs and authorities to afford financial relief to National Guard and reserve personnel activated for overseas warfighting or domestic homeland security missions, including penalty-free early withdrawals from retirement plans, differential wage payments, and the Ready Reserve-National Guard employee tax credit. National Guard and Reserve Comprehensive Health Benefits Act of 2005 - Makes members of the Selected Reserve eligible for TRICARE (a DOD-managed health care program). Allows the continuation of non-TRICARE health benefits coverage for reserves called or ordered to active duty (and their dependents). Increases from $12,000 to $100,000 the death gratuity for survivors of members killed during active duty or inactive duty training. Requires a report on additional needs for funding U.S. military and reconstruction efforts in Iraq.
United States · United States Congress · 21 April 2005
Amends the Internal Revenue Code to include in foreign base company income, for purposes of determining the foreign trade income of controlled foreign corporations, imported property income. Defines "imported property income" as, with certain exceptions, income attributable to property manufactured outside of the United States and imported for sale into the United States.
United States · United States Congress · 21 April 2005
America Saving for Personal Investment, Retirement, and Education Act of 2005, or the ASPIRE Act of 2005 - Establishes a KIDS Account Fund in the Treasury. Establishes within the Fund a Kids Investment and Development Savings Account (KIDS Account). Makes eligible to contribute to such account, and to receive a matching Federal contribution, any U.S. citizen born after December 31, 2006, and under 18 years of age, whose modified adjusted gross income is below the applicable national median adjusted gross income amount. Creates the KIDS Account Fund Board to establish a default investment program under which, in a manner similar to a lifecycle investment program, sums in each KIDS Account are allocated to investment funds in the KIDS Account Fund based on the amount of time before the account holder attains the age of 18. States that, for purposes of the Internal Revenue Code of 1986, each KIDS Account shall be treated in the same manner as a Roth IRA. Subjects the Board to the same statutory composition requirements, duties, and responsibilities as the Federal Retirement Thrift Investment Board. Instructs the Secretary of the Treasury, in coordination with the Financial Literacy and Education Commission, to develop programs to promote the financial literacy of account holders of KIDS Accounts.
United States · United States Congress · 21 April 2005
National Park Centennial Act - Establishes the National Park Centennial Fund in the Treasury. Amends the Internal Revenue Code to allow individual taxpayers to designate overpayments and contributions for the benefit of the National Park System. Allocates such amounts to the Fund (along with necessary amounts from the General Fund to the extent that such amounts are inadequate in any fiscal year) for expenditure by the Secretary of the Interior. Authorizes appropriations for a public awareness campaign about the Fund and the ability of taxpayers to make tax-related contributions. Requires a specified percentage of Fund deposits to be used: (1) for the elimination of the backlog of unmet needs in the national parks as identified in the Facility Condition Index of the National Park Service (NPS); (2) to protect natural resources within the parks; and (3) to protect cultural resources within the parks. Requires a majority of such percentages to be distributed to those national parks that have completed comprehensive business plans under the Business Plan Initiative of the NPS. Directs the Government Accountability Office annually to submit a report on the National Park System to specified congressional committees. Authorizes the Secretary of Education to provide grants to elementary and secondary schools for cooperative agreements with the NPS providing distance learning and onsite education programs.
United States · United States Congress · 21 April 2005
Biennial Budgeting and Appropriations Act- Amends the Congressional Budget Act of 1974 to require: (1) biennial (currently, annual) budget resolutions; (2) biennial appropriations Acts; and (3) biennial Government strategic and performance plans. Defines the budget biennium as the two consecutive fiscal years beginning on October 1 of any odd-numbered year. Requires the Director of the Office of Management and Budget to: (1) determine the impact and feasibility of changing the definition of a fiscal year and the budget process based on that definition to a two-year fiscal period with a biennial budget process based on such period; and (2) report the findings to the House and Senate Budget Committees.
United States · United States Congress · 21 April 2005
Retirement Security Act of 2005 - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to create a new part B (Individual Retirement Investment Program) providing for personal Social Security investment accounts (investment accounts) for certain new Social Security account holders. Amends the Social Security Amendments of 1983 and the Internal Revenue Code to provide for financing of Government contributions to investment accounts and for the tax treatment of individual retirement investment program and personal Social Security investment accounts.
United States · United States Congress · 21 April 2005
Retirement Security for America's Domestic Workers Act of 2005 - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act and the Internal Revenue Code to provide that compensation paid for domestic services in an employer's private home will not be exempt from employment taxes unless such compensation is less than the greater of $1,400 or the amount of wages and self-employment income required for a quarter of coverage under the Social Security Act.
United States · United States Congress · 21 April 2005
Amends the Internal Revenue Code to reduce the tax rate on distilled spirits.
United States · United States Congress · 21 April 2005
Amends the Internal Revenue Code to provide that a loan guarantee by the North American Development Bank (NADBank) shall not be treated as a Federal guarantee for purposes of the tax exclusion for interest on State and local bonds.
United States · United States Congress · 21 April 2005
Whatever It Takes To Rebuild Act of 2005 - Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to: (1) authorize the President to make community disaster loans to State governments; (2) eliminate the $5 million limit on the amount of any such loan; and (3) prohibit the President from requiring the payment of any interest or principal on such a loan made to a State or local government which may suffer a substantial loss of tax and other revenues as a result of a major disaster caused by a terrorist attack. Provides that this Act shall apply to any major disaster occurring on or after October 30, 2000. Authorizes the President to make community disaster loans to New York City and the State of New York for tax and other revenue losses as a result of the major disaster caused by the terrorist attacks of September 11, 2001. Provides that the total amount of such loans shall be $8.8 billion or such greater amount as is determined by the President to be necessary to cover such losses. Prohibits the President from requiring the payment of any interest or principal on such loans.
United States · United States Congress · 21 April 2005
Generating Opportunity by Forgiving Educational Debt for Service Act of 2005 - Amends the Internal Revenue Code to exclude from the gross income of Federal employees student loan repayments by the Federal Government on behalf of such employees. Exempts such repayments from social security taxes. Requires the Director of the Office of Personnel Management (OPM) to include in the annual report to Congress on student loan repayment benefits information identifying Federal agencies that have not provided such benefits.
United States · United States Congress · 21 April 2005
Social Security Personal Savings Guarantee and Prosperity Act of 2005 - Amends title II (Old Age, Survivors, and Disability Insurance) (OASDI) of the Social Security Act (SSA) to establish: (1) a new part B (Personal Social Security Savings Program); and (2) the Social Security Personal Savings Fund in the Treasury, consisting of a separate Tier I Investment Fund and Tier II Investment Fund. Restricts participation in the program to certain individuals born on or after January 1, 1950. Allows a participating individual to elect to direct transfers from the Savings Fund, credited to his or her personal Social Security savings account, into one or more specified Tier III Investment Options. Prescribes requirements for personal Social Security savings annuity and other distributions. Establishes a Personal Social Security Savings Board to administer the program and set policies for the investment and management of the Savings Fund. Provides for recapture of corporate tax on yields attributable to personal Social Security savings account investments. Amends the Internal Revenue Code (IRC) to exempt the Social Security Personal Savings Fund and each Tier III Investment Option from income taxation. Excludes from gross income any qualified distribution from amounts credited to a personal Social Security savings account. Amends SSA title II part B to create in the Treasury the Self-Liquidating Social Security Transition Fund. Amends SSA title VII (Administration) to prohibit receipts and disbursements of the Social Security and related trust funds from being counted as new budget authority, outlays, receipts, or deficit or surplus. Amends SSA title II to dedicate budget surpluses to saving Social Security. Amends IRC to provide for a reduction of FICA rates resulting from the program. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide for spending safeguards on the growth of entitlements and mandatories.
United States · United States Congress · 21 April 2005
Public Interest Lawyer Assistance and Relief Act - Directs the Secretary of Education to carry out a student loan forgiveness program for any borrower who agrees to complete three years of service as a public interest lawyer. Directs the Secretary, under such program, to: (1) repay up to $20,000 of such borrower's obligation on a loan made, insured, or guaranteed under part B (Federal Family Education Loan Program) or D (Federal Perkins Loans) of title IV (Student Assistance) of the Higher Education Act of 1965 (HEA); and (2) provide for deferment of repayment of such loans by such borrower while employed as a public interest lawyer. Excludes from such program Federal PLUS loans (to parents) and Federal consolidation loans under part B or comparable loans made under part D. Allows certain amounts under consolidation loans to qualify for such program. Treats an individual as serving as a public interest lawyer eligible to apply for such program after completion of a year of service as a practicing attorney in: (1) local, State, or Federal government; (2) a tax-exempt organization; or (3) a judicial clerkship. Provides such loan repayment on a first-come, first-serve basis, and subject to the availability of appropriations and to any limitations imposed by the Secretary. Directs the Secretary to create or designate an administering entity for such program within the Department of Education.
United States · United States Congress · 21 April 2005
Amends the Internal Revenue Code to permit up to $500 of unused health benefits to be carried forward to the next year of a health or retirement plan or arrangement, or to be contributed to a health savings account or a qualified retirement plan, without affecting the status of such plan or arrangement as a tax-exempt employee benefit cafeteria plan. Sets forth rules for the tax treatment of contributions to such plans.
United States · United States Congress · 21 April 2005
Fair Treatment for Precious Metals Investors Act - Amends the Internal Revenue Code to treat bullion (e.g., gold, silver, platinum, and palladium) as a long-term capital asset (currently, treated as a collectible), eligible for preferential capital gains tax rates.
United States · United States Congress · 21 April 2005
Amends the Internal Revenue Code to exempt dividends, interest, rents, and royalties received or accrued from certain controlled foreign corporations by a related entity from treatment as foreign personal holding company income (thus permitting tax deferral of such income).
United States · United States Congress · 21 April 2005
Seniors' Retirement Recovery Act of 2005 - Amends the Internal Revenue Code to repeal the 85 percent maximum tax rate on Social Security and Railroad Retirement benefits enacted by the Omnibus Budget Reconciliation Act of 1993. Appropriates, from the general fund, to the Hospital Insurance Trust Fund amounts equal to the reduction in revenues resulting from the repeal of the 85 percent rate. Increases from 70 1/2 to 80 the age at which pension plan and individual retirement account beneficiaries must begin taking distributions.
United States · United States Congress · 21 April 2005
America Saving for Personal Investment, Retirement, and Education Act of 2005, or the ASPIRE Act of 2005 - Establishes a KIDS Account Fund in the Treasury. Establishes within the Fund a Kids Investment and Development Savings Account (KIDS Account). Makes eligible to contribute to such account, and to receive a matching Federal contribution, any U.S. citizen born after December 31, 2006, and under 18 years of age, whose modified adjusted gross income is below the applicable national median adjusted gross income amount. Creates the KIDS Account Fund Board to establish a default investment program under which, in a manner similar to a lifecycle investment program, sums in each KIDS Account are allocated to investment funds in the KIDS Account Fund based on the amount of time before the account holder attains the age of 18. States that, for purposes of the Internal Revenue Code of 1986, each KIDS Account shall be treated in the same manner as a Roth IRA. Subjects the Board to the same statutory composition requirements, duties, and responsibilities as the Federal Retirement Thrift Investment Board. Instructs the Secretary of the Treasury, in coordination with the Financial Literacy and Education Commission, to develop programs to promote the financial literacy of account holders of KIDS Accounts.
United States · United States Congress · 21 April 2005
Amends the Internal Revenue Code to: (1) treat education loan origination fees as tax deductible interest; (2) allow for accrual of interest on education loans; and (3) provide for the allocation of student loan payments to interest, fees, and principal.
United States · United States Congress · 21 April 2005
Amends the Internal Revenue Code to: (1) make the Hope Scholarship and Lifetime Learning tax credits refundable; and (2) allow students to use future refunds of tax credit amounts to secure student loans of up to $1,000 ($1,500 for first or second-year students).