Taxation

Providing for the consideration of the bill (H.R. 2082) to authorize appropriations for fiscal year 2008 for intelligence and intelligence-related activities of the United States Government, the Community Management Account, and the Central Intelligence Agency Retirement and Disability System, and for other purposes.

United States · United States Congress · 9 May 2007

Sets forth the rule for consideration of H.R. 2082 (Intelligence Authorization Act for Fiscal Year 2008).

Providing for consideration of the bill (H.R. 2237) to provide for the redeployment of United States Armed Forces and defense contractors from Iraq, providing for consideration of the bill (H.R. 2206) making emergency supplemental appropriations for the fiscal year ending September 30, 2007, and for other purposes, and providing for consideration of the bill (H.R. 2207) making supplemental appropriations for agricultural and other emergency assistance for the fiscal year ending September 30, 2007, and for other purposes.

United States · United States Congress · 9 May 2007

Sets forth the rule for consideration of the bill (H.R. 2237) to provide for the redeployment of United States Armed Forces and defense contractors from Iraq, providing for consideration of the bill (H.R. 2206) making emergency supplemental appropriations for the fiscal year ending September 30, 2007, and for other purposes, and providing for consideration of the bill (H.R. 2207) making supplemental appropriations for agricultural and other emergency assistance for the fiscal year ending September 30, 2007.

RURAL HOUSING PROGRAMS: REVIEW OF FISCAL YEAR 2008 BUDGET AND PENDING RURAL HOUSING LEGISLATION

United States · United States House of Representatives · 8 May 2007

Strengthen the Earned Income Tax Credit Act of 2007

United States · United States Congress · 8 May 2007

Strengthen the Earned Income Tax Credit Act of 2007 - Amends the Internal Revenue Code to: (1) make permanent the reduction in the marriage penalty applicable to the earned income tax credit; (2) increase the rate of such credit for families with three or more children; (3) increase the rate and the phase-out percentage of such credit for individuals without children; and (4) make permanent provisions treating combat pay as earned income for purposes of calculating such credit.

S.I. Hayakawa Official English Language Act of 2007

United States · United States Congress · 8 May 2007

S.I. Hayakawa Official English Language Act of 2007 - Makes English the official language of the U.S. government. Requires the government to: (1) conduct its official activities in English, including preparing publications, income tax forms, and informational materials in English; and (2) preserve and enhance the role of English as the official language of the United States. Provides that no person has a right, entitlement, or claim to have the government act, communicate, perform, or provide services or materials in any other language, unless expressly provided for in an applicable provision of law. Provides that this Act may not: (1) apply to the use of a language other than English for religious purposes, for training in foreign languages for international communication, or in school programs designed to encourage students to learn foreign languages; or (2) be considered to prevent the U.S. government from providing interpreters for persons over age 62. Repeals provisions of the Voting Rights Act of 1965 regarding bilingual election requirements and regarding congressional findings of voting discrimination against language minorities, prohibition of English-only elections, and other remedial measures. Amends the Immigration and Nationality Act to require that all public ceremonies in which the oath of allegiance is administered pursuant to such Act be conducted solely in English. Specifies that this Act may not be construed to preempt any state law.

Worker Empowerment Act

United States · United States Congress · 8 May 2007

Worker Empowerment Act - Amends the Social Security Act to require each state to implement a reemployment adjustment assistance program that provides payment of 50% of the amount by which the wages received by an individual at the time of his or her separation from employment exceeds (if at all) the wages received by such individual from reemployment. Amends the Internal Revenue Code (relating to employment taxes) to impose a wage insurance contribution excise tax on every employer. Establishes a Wage Insurance Trust Fund in the Treasury, to which the equivalent of any such taxes received shall be appropriated to carry out this Act.

Adults Achieving the American Dream Act of 2007

United States · United States Congress · 8 May 2007

Adults Achieving the American Dream Act of 2007 - Amends the Adult Education and Family Literacy Act to reauthorize appropriations through FY2013 for adult education and literacy services, including integrated English literacy and civics education programs. Increases the maximum amounts that can be reserved from such funds for: (1) the National Institute for Literacy; and (2) national leadership activities. Reserves an amount for integrated English literacy and civics education programs. Directs the Secretary of Education to award grants to states for integrated English literacy and civics education programs for immigrants admitted for lawful residence in the United States. Amends the Elementary and Secondary Education Act of 1965 to reauthorize appropriations for Even Start Family Literacy Programs for FY2008 and each of the five succeeding fiscal years. Amends the Education Sciences Reform Act of 2002 to require the establishment of a national research and development center that includes research in adult education. Amends the Internal Revenue Code to allow a tax credit for employer-provided adult education and literacy programs.

U.S. Troop Readiness, Veterans' Care, Katrina Recovery, and Iraq Accountability Appropriations Act, 2007

United States · United States Congress · 8 May 2007

U.S. Troop Readiness, Veterans' Care, Katrina Recovery, and Iraq Accountability Appropriations Act, 2007 - Makes emergency supplemental FY2007 appropriations for military operations in Iraq and Afghanistan as well as specified activities, including international and security-related activities, of the Departments of Defense (Military, including funds for Iraqi and Afghan security forces), of Justice, of Energy, of Homeland Security, of Defense (military construction and base closure), of State (including international peacekeeping operations), related agencies, and the House of Representatives and the Government Accountability Office (GAO). Provides funds to enable military commanders in Iraq and Afghanistan to respond to urgent humanitarian relief and reconstruction requirements. Requires the Secretary of Defense to inspect annually military medical treatment facilities, including military quarters housing medical hold or holdover personnel, to insure that they meet acceptable standards for their maintenance and operation. Requires additional inspections of identified deficiencies. Provides funds to the Government of Iraq to support the disarmament, demobilization, and reintegration of militias and illegal armed groups. Authorizes the President to award the Medal of Honor to Woodrow W. Keeble for valor during the Korean War. Provides funds to local education agencies (LEAs) in districts adversely affected by significant changes in the military population. Expresses the sense of Congress that: (1) as battalions of the Iraqi security forces achieve a level of combat proficiency to conduct independent combat operations without support from Iraqi Coalition forces, U.S. Armed Forces units should be redeployed from Iraq; and (2) regular, accurate accounts of the combat proficiency of Iraqi battalions security forces are necessary for the American public to gauge the development of them. Prohibits the use of funds to deploy or redeploy any unit of the Armed Forces to Iraq unless the President has certified to the congressional appropriations committees in advance that the unit is fully mission capable. Sets a maximum number of days for deployment or redeployment in Iraq for military units. Authorizes the President to waive such prohibition and deployment or redeployment limits on a unit-by-unit basis for reasons of national security. Provides that such limitations shall not be construed to require force levels in Iraq to be decreased below total U.S. force levels before January 10, 2007. Prohibits the use of funds to close Walter Reed Army Medical Center until equivalent medical facilities at the Walter Reed National Military Medical Center at Naval Medical Center, Bethesda, Maryland, and/or the Fort Belvoir, Virginia, Community Hospital have been constructed and equipped. Specifies conditions for assistance to Lebanon. Provides funds to assist Liberia in retiring its debt arrearages. Requires the Department of State to provide GAO staff members the country clearances, life support, and logistical and security support necessary for them to establish a presence in Iraq for at least 45 days. Makes additional appropriations for disaster relief and recovery related to Hurricanes Katrina, Wilma, Dennis, and Rita to the Departments of Agriculture, of Justice, of Commerce, of Defense (Civil), of Homeland Security, of the Interior, of Education, of Transportation, of Housing and Urban Development, as well as the Small Business Administration (SBA). Makes other emergency appropriations for specified purposes to the Departments of Defense (Civil), of the Interior, of Agriculture, of Health and Human Services (for the Low-Income Home Energy Assistance Program (LIHEAP) and for response to an influenza pandemic), of Veterans Affairs (particularly veterans' health programs), of Housing and Urban Development, as well as the legislative branch. Makes appropriations to the Department of Health and Human Services, Centers for Medicare and Medicaid Services, to eliminate the FY2007 shortfall in funding for the State Children's Health Insurance Program (SCHIP). Fair Minimum Wage Act of 2007 - Amends the Fair Labor Standards Act of 1938 to increase the federal minimum wage to: (1) $5.85 an hour, beginning on the 60th day after enactment of this Act; (2) $6.55 an hour, beginning 12 months after that 60th day; and (3) $7.25 an hour, beginning 24 months after that 60th day. Applies federal minimum wage requirements to the Commonwealth of the Northern Mariana Islands and to American Samoa. Small Business and Work Opportunity Tax Act of 2007 - Amends the Internal Revenue Code to: (1) extend and revise certain tax provisions affecting small business owners, including the work opportunity tax credit and expensing of small business assets; (2) extend and expand certain tax incentives for investment in the Gulf Opportunity (GO) Zone; (3) revise requirements relating to subchapter S corporations; and (4) modify certain miscellaneous tax administration requirements.

Retirement Security for Life Act of 2007

United States · United States Congress · 8 May 2007

Retirement Security for Life Act of 2007 - Amends the Internal Revenue Code to allow an exclusion from gross income for 50 percent of the amount otherwise includible in gross income as guaranteed payments from certain annuity or life insurance contracts. Limits the amount of such exclusion to $20,000 in any taxable year. Provides for an inflation adjustment of the $20,000 limitation beginning in 2009.

Strengthen the Earned Income Tax Credit Act of 2007

United States · United States Congress · 8 May 2007

Strengthen the Earned Income Tax Credit Act of 2007 - Amends the Internal Revenue Code to: (1) make permanent the reduction in the marriage penalty applicable to the earned income tax credit; (2) increase the rate of such credit for families with three or more children; (3) increase the rate and the phase-out percentage of such credit for individuals without children; and (4) make permanent provisions treating combat pay as earned income for purposes of calculating such credit.

Worker Empowerment Act

United States · United States Congress · 8 May 2007

Worker Empowerment Act - Amends the Social Security Act to require each state to implement a reemployment adjustment assistance program that provides payment of 50% of the amount by which the wages received by an individual at the time of his or her separation from employment exceeds (if at all) the wages received by such individual from reemployment. Amends the Internal Revenue Code (relating to employment taxes) to impose a wage insurance contribution excise tax on every employer. Establishes a Wage Insurance Trust Fund in the Treasury, to which the equivalent of any such taxes received shall be appropriated to carry out this Act.

Providing for consideration of the bill (H.R. 1684) to authorize appropriations for the Department of Homeland Security for fiscal year 2008, and for other purposes.

United States · United States Congress · 8 May 2007

Sets forth the rule for consideration of the bill (H.R. 1684) to authorize appropriations for the Department of Homeland Security for fiscal year 2008.

DEPARTMENTS OF LABOR, HEALTH AND HUMAN SERVICES, AND EDUCATION, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2008

United States · United States Senate · 7 May 2007

Affordable Housing Preservation Act of 2007

United States · United States Congress · 7 May 2007

Affordable Housing Preservation Act of 2007 - Amends the Internal Revenue to exclude from gross income gain from the sale or exchange of certain multifamily housing property to a housing agency or related organization (preservation entity) that agrees to maintain certain affordability and use restrictions for such property. Limits the excludable amount of such gain to the depreciation adjustments for such property.

Employee Stock Ownership Plan Promotion and Improvement Act of 2007

United States · United States Congress · 7 May 2007

Employee Stock Ownership Plan Promotion and Improvement Act of 2007 - Amends the Internal Revenue Code to: (1) exempt certain distributions, including dividends, by S corporations to an employee stock ownership plan (ESOP) from the penalty tax for premature employee benefit plan withdrawals; (2) exempt deductions for ESOP dividends from corporate alternative minimum tax adjustments based on adjusted earnings and profits; (3) allow deferral of the recognition of gain for certain sales to ESOPs sponsored by any domestic corporation, including S corporations; (4) allow reinvestment of ESOP stock proceeds eligible for nonrecognition of gain in certain mutual funds; (5) modify certain ESOP stock ownership rules; and (6) allow a de minimis exception from pension plan investment diversification requirements for ESOP accounts with balances of $2,500 or less.

To amend the Tropical Forest Conservation Act of 1998 to provide debt relief to developing countries that take action to protect tropical forests and coral reefs and associated coastal marine ecosystems, to reauthorize such Act through fiscal year 2010, and for other purposes.

United States · United States Congress · 7 May 2007

Amends the Tropical Forest Conservation Act of 1998 to make forests, coral reefs, and associated coastal marine ecosystem activities eligible for U.S. debt reduction benefits for developing countries. (Currently, such provision applies to tropical forests.) Renames: (1) the Tropical Forest Facility as the Conservation Facility; and (2) a Tropical Forest Agreement as a Conservation Agreement. Extends authorization of appropriations for debt reduction. Authorizes U.S. government representation on the administering body that oversees the implementation of grants arising from debt-for-nature swap or debt buy-back regardless of whether the United States is a party to any agreement between the purchaser and the beneficiary country government.

DEPARTMENT OF DEFENSE AUTHORIZATION FOR APPROPRIATIONS FOR FISCAL YEAR 2008

United States · United States Senate · 3 May 2007

COMMERCE, JUSTICE, SCIENCE, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2008

United States · United States Senate · 3 May 2007

TRANSPORTATION AND HOUSING AND URBAN DEVELOPMENT, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2008

United States · United States Senate · 3 May 2007

Women's Retirement Security Act of 2007

United States · United States Congress · 3 May 2007

Women's Retirement Security Act of 2007 - Amends the Internal Revenue Code to: (1) require certain small employers who do not provide retirement plans for their employees to allow eligible employees to participate in a payroll deposit individual retirement account arrangement (automatic IRA); (2) expand eligibility for the tax credit for retirement savings contributions (saver's credit) and make such credit refundable; (3) allow certain part-time employees to participate in qualified cash or deferred arrangements; (4) allow the transfer of up to $500 of unused health plan benefits to qualified retirement plans; (5) treat wage replacement income (e.g., disability pay or unemployment compensation) as earned income for purposes of IRA contribution limits; (6) allow a limited tax exclusion for certain lifetime annuity payments and for qualified retirement planning services; (7) allow certain small employers a tax credit for contributions to employee pension plans; and (8) allow self-employed individuals to deduct pension plan contributions from their self-employment income. Sets forth special rules for: (1) preservation of retirement plan assets distributed under a qualified domestic relations order; (2) eligibility of surviving and divorced spouses for benefits under the Railroad Retirement Act; and (3) military retired pay subject to court orders in domestic relations proceedings. Authorizes the Secretary of the Treasury to make grants to qualified low-income taxpayer clinics to provide retirement savings counseling to low-income taxpayers. Requires the Commissioner of Social Security to prepare a financial reference handbook and a retirement readiness checklist for distribution to social security recipients.

A bill to amend the Internal Revenue Code of 1986 to provide for the taxation of income of controlled foreign corporations attributable to imported property.

United States · United States Congress · 3 May 2007

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. Provides for a separate application of limitations on the foreign tax credit for imported property income.

Borrower's Protection Act of 2007

United States · United States Congress · 3 May 2007

Borrower's Protection Act of 2007 - Amends the Truth in Lending Act to deem a mortgage broker, in the case of a home mortgage loan, to have a fiduciary relationship with the consumer. Subjects each such mortgage broker to all federal and state requirements for fiduciaries. Requires each mortgage originator, in addition to the duties imposed by federal and state requirements, to act with respect to each home mortgage loan: (1) with reasonable skill, care, and diligence; and (2) in good faith and with fair dealing in any transaction, practice, or with associated course of business. Requires a mortgage originator, before entering into or otherwise facilitating a home mortgage loan, to verify the borrower's reasonable ability to pay the principal and interest, real estate taxes, and homeowners insurance fees and premiums. Prescribes a formula for determining ability to pay variable mortgage rates. Makes the lender liable for acts, omissions, and representations of a mortgage broker in connection with any rate spread mortgage loan the broker sells or delivers to the lender. Prohibits a mortgage originator from steering a consumer to home mortgage loan rates, charges, principal amount, or prepayment terms not reasonably advantageous to the consumer. Prescribes mortgage originator duties to consumers. Prohibits specified mortgage originator conduct, especially entering into a home mortgage loan when the originator has reason to believe that the appraiser of the property securing the loan failed to act in good faith and fair dealing in its appraisal. Prohibits a mortgage originator from: (1) seeking to influence an appraiser or otherwise to encourage a targeted value; or (2) selecting an appraiser on the expectation that the appraiser would provide a targeted value. Requires the mortgage originator to provide a copy of the appraisal report to a home mortgage loan applicant, whether credit is granted, denied, or the application was withdrawn.

SAFE Budget Process Reform Act

United States · United States Congress · 3 May 2007

Securing America's Future Economy Budget Process Reform Act, or SAFE Budget Process Reform Act - Amends the Congressional Budget Act of 1974 (CBA) to require adoption of a joint resolution by the House and Senate to extend discretionary spending caps in the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Amends the Gramm-Rudman-Hollings Act to extend Pay-As-You-Go requirements, and certain deficit control rules. Makes it out of order in the Senate to consider direct spending or revenue legislation that would cause a deficit or increase the deficit for any one of three applicable time periods. Amends CBA to require the Congressional Budget Office (CBO) to prepare an estimate for legislation reported from committee (except measures within the jurisdiction of the Committee on Appropriations) or placed on the Senate Legislative Calendar, including related amendments or conference reports, on whether the measure would cause a net increase in direct spending in excess of $5 billion in any of the five 10-year periods beginning with the budget year. Federal Insurance Budgeting Act of 2005 - Requires that, starting FY2012, the President's budget submission to Congress be based upon the risk-assumed cost of federal insurance programs for accrual budgeting purposes. Amends cost requirements of federal insurance programs. Requires agencies responsible for federal insurance programs to develop models to estimate their risk-assumed cost by year. Amends CBA to revise the federal and congressional budget processes by establishing a two-year budgeting and appropriations cycle and timetable. Defines the budget biennium as the two consecutive fiscal years beginning on October 1 of any odd-numbered year. Establishes the Commission on Federal Budget Concepts. Repeals Gramm-Rudman-Hollings Act requirements for emergency adjustments to spending legislation. Amends CBA to prescribe requirements for such adjustments, including a reserve fund for emergencies.

A bill to amend the Internal Revenue Code of 1986 to allow an offset against income tax refunds to pay for State judicial debts that are past-due.

United States · United States Congress · 3 May 2007

Amends the Internal Revenue Code to direct the Secretary of the Treasury, upon receiving notice from a state judicial agency that a named person owes a past-due, legally enforceable state judicial debt, to pay such debt from any tax refund due to such person.

A bill to amend the Internal Revenue Code of 1986 to provide for the exclusion from gross income of certain wages of a certified master teacher, and for other purposes.

United States · United States Congress · 3 May 2007

Amends the Internal Revenue Code to exclude from gross income up to 25% of the wages earned by a certified master teacher in certain schools identified as in need of improvement or in a Head Start program. Defines "certified master teacher" as a teacher who: (1) has at least five years teaching experience in a public elementary or secondary school; (2) is highly qualified as defined by the Elementary and Secondary Education Act of 1965; (3) has a master's degree; and (4) has advanced certification in the applicable state licensing system. Terminates such exclusion after 2013.

Aviation Investment and Modernization Act of 2007

United States · United States Congress · 3 May 2007

Aviation Investment and Modernization Act of 2007 - Authorizes appropriations for FY2008-FY2011 for: (1) Federal Aviation Administration (FAA) operations; (2) FAA air navigation facilities and equipment; (3) civil aviation research and development (R&D); (4) airport planning and development and noise compatibility planning programs; (5) certain other aviation programs; and (6) administrative expenses for certain airport programs. Directs the FAA to impose a surcharge of $25 per flight on owners or operators of passenger aircraft for air traffic control costs. Revises passenger facility charge (PFC) provisions granting an eligible agency (a public agency that controls a commercial service airport) the authority to impose a PFC on passengers boarding an aircraft, including requiring such agency to submit annually to air carriers and foreign air carriers operating at the airport, and make available to the public, a status report on the agency's PFC program. Establishes an alternative PFC collection pilot program. Authorizes the FAA Administrator to carry out a pilot program for certain airports to take over operational responsibility for airport terminal area air navigation equipment. Revises the federal share of costs for certain airport improvement projects. Establishes an Air Traffic Control Modernization Oversight Board. Authorizes the Secretary of Transportation to carry out a pilot program for non-federal acquisition of Automatic Dependent Surveillance-Broadcast ground stations. Requires: (1) the FAA Administrator to make recommendations for the realignment of FAA services and facilities to assist in the transition to next generation facilities; and (2) the head of a participating department or federal agency to establish an office to coordinate its Next Generation Air Transportation System activities with other departments or federal agencies. Requires each air carrier: (1) to provide passengers with adequate food, potable water, and restroom facilities in cases of a substantially delayed flight departure; and (2) in the absence of a plan providing a clear timeframe for passengers to deplane a delayed aircraft, to provide such passengers an option to deplane, with exceptions, if more than three hours have elapsed, and during any subsequent three-hour periods of delay. Increases additional funding for each fiscal year for the essential air service program. Extends the small community air service development program through FY2011. Sets forth requirements with respect to: (1) installation of systems to alert controllers and flight crews to potential runway incursions; (2) the reduction of aircraft fuel tank flammability; and (3) research grant programs to reduce civilian aircraft noise and emissions and to develop jet fuel from clean coal. Extends the Secretary of Transportation's authority to provide insurance and reinsurance against loss or damage arising out of any risk from the operation of a domestic or foreign aircraft. Allows a pilot who has attained 60 years of age to serve as a passenger airline pilot until the age of 65 years old if certain conditions are met.

WEnD Act

United States · United States Congress · 3 May 2007

Wind Energy Development Act of 2007 or the WEnD Act - Amends the Internal Revenue Code to: (1) extend through 2012 the tax credit for production of electricity from certain renewable resources; (2) modify the inflation adjustment applicable to such credit; (3) extend through 2012 the tax credit for holders of clean renewable energy bonds and increase the limitation on the amount of such bonds authorized for issuance; and (4) set forth allocations of bond amounts for certain projects.

Stop Tax Haven Abuse Act

United States · United States Congress · 3 May 2007

Stop Tax Haven Abuse Act - Amends Internal Revenue Code provisions relating to tax shelter activities to: (1) establish legal presumptions against the validity of transactions involving offshore secrecy jurisdictions (i.e., foreign tax havens identified in this Act and by the Commissioner of the Internal Revenue Service); (2) impose restrictions on foreign jurisdictions, financial institutions, or international transactions that are of primary money laundering concern or that impede U.S. tax enforcement; (3) increase the period for Internal Revenue Service review of tax returns involving offshore secrecy jurisdictions; (4) require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts and accounts established in offshore secrecy jurisdictions; and (5) disallow tax advisor opinions validating transactions in offshore secrecy jurisdictions. Amends the Securities Exchange Act of 1934 and other federal enactments to impose a penalty for failure to disclose holdings or transactions involving a foreign entity. Requires the Secretary of the Treasury to publish a final rule requiring unregistered investment companies, including hedge funds or private equity funds, to establish anti-money laundering programs and to submit suspicious activity reports. Modifies requirements for certain 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 (John Doe summons). Increases penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability. Prohibits tax advisor contingent fee agreements for obtaining tax savings or benefits. Allows increased disclosure of tax information for enforcement purposes. Directs the Secretary to impose standards for written tax opinions by tax practitioners. Denies tax deductions for certain fines and penalties for violations of law and for interest paid on certain understatements of tax. Sets forth rules for the application of the economic substance doctrine and imposes penalties for underpayments of tax due to transactions lacking economic substance.

21st Century Competitiveness Act of 2007

United States · United States Congress · 3 May 2007

21st Century Competitiveness Act of 2007 - Expresses the sense of Congress that a robust National Aeronautics and Space Administration (NASA), funded at the levels authorized for FY2007 and FY2008 and at appropriate levels in subsequent fiscal years, would enable a robust and balanced set of programs in science, aeronautics, education, and human space flight and exploration, and allow full participation in any interagency efforts to promote innovation and economic competitiveness.

To amend the Internal Revenue Code of 1986 to provide a 15-year recovery period for property used in the transmission or distribution of electricity for sale.

United States · United States Congress · 3 May 2007

Amends the Internal Revenue Code to allow a 15-year recovery period for the depreciation of: (1) certain property used in the transmission or distribution of electricity for sale and which is originally placed in service after enactment of this Act; and (2) initial clearing and grading land improvements with respect to any electric utility transmission and distribution plant.

Social Security Benefits Tax Relief Act of 2007

United States · United States Congress · 3 May 2007

Social Security Benefits Tax Relief Act of 2007 - 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 this repeal.

Investment in America Act of 2007

United States · United States Congress · 3 May 2007

Investment in America Act of 2007 - Amends the Internal Revenue Code to: (1) increase from 12 to 20% the rate of the alternative simplified tax credit for research expenses; (2) make permanent the tax credit for increasing research activities; and (3) repeal the alternative incremental tax credit for research expenses.

Working Family Child Assistance Act

United States · United States Congress · 3 May 2007

Working Family Child Assistance Act - Amends the Internal Revneue Code to: (1) revise the income threshold formula for calculating the refundable portion of the child tax credit; and (2) repeal the annual inflation adjustment to the threshold amount.

Kids Invest and Develop Savings Act of 2007

United States · United States Congress · 3 May 2007

Kids Invest and Develop Savings Act of 2007 - Amends the Internal Revenue Code to: (1) increase the allowable amount of the tax credit for retirement savings; (2) expand eligibility for such credit to taxpayers with adjusted gross incomes up to $95,000 ($150,000 for joint returns); (3) establish tax-exempt Roth individual retirement accounts (IRAs) for individuals under the age of 25; and (4) allow a tax credit for contributions to such IRAs.

Automatic IRA Act of 2007

United States · United States Congress · 3 May 2007

Automatic IRA Act of 2007 - Amends the Internal Revenue Code to: (1) require certain small employers who do not offer qualified retirement plans or arrangements to their employees to allow eligible employees to participate in a payroll deposit individual retirement account (IRA) arrangement (automatic IRAs); (2) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing a payroll deposit IRA arrangement; and (3) treat automatic IRAs as individual retirement accounts (and as Roth IRAs) for income tax purposes. Establishes in the executive branch the TSP II Board to establish policies and procedures relating to payroll deposit IRA arrangements.

Volunteer Emergency Services Recruitment and Retention Act of 2007

United States · United States Congress · 3 May 2007

Volunteer Emergency Services Recruitment and Retention Act of 2007 - Amends the Internal Revenue Code to allow sponsors of certain deferred compensation plans to elect to include length of service award plans for bona fide volunteers providing fire fighting and prevention services, emergency medical services, ambulance services, and emergency rescue services. Directs the Secretary of Labor to issue regulations exempting a length of service award program from treatment as an employee pension benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA).

Healthy Kids Act of 2007

United States · United States Congress · 3 May 2007

Healthy Kids Act of 2007 - Amends title XXI (State Children's Health Insurance) (SCHIP) of the Social Security Act to extend the SCHIP program for FY2008 and each subsequent fiscal year at increased levels. Limits to one year starting FY2008 (currently three years) the initial availability of SCHIP allotments. Revises requirements for redistribution of unused allotments to address state funding shortfalls. Provides for bonus payments for states that implement administrative policies to streamline enrollment procedures under Medicaid and SCHIP. Gives states the option to provide for "express lane" and simplified determinations of a child's financial eligibility for Medicaid or SCHIP. Provides for enhanced federal funding for improvements related to implementation of certain model outreach and enrollment practices. Provides for: (1) optional coverage of targeted low-income pregnant women under SCHIP; (2) optional coverage of legal immigrants under Medicaid and SCHIP; (3) adjustment of SCHIP allotment due to increased outreach; (4) grants to promote innovative outreach and enrollment under Medicaid and SCHIP; (5) authority for qualifying states to use a portion of their SCHIP allotment for any fiscal year for certain Medicaid expenditures; and (6) application of Medicaid outreach procedures to all pregnant women and children. Prohibits limitations on enrollment under SCHIP. Amends the Internal Revenue Code to provide for: (1) a tax credit for qualified health insurance for qualifying children; and (2) advanced payment of such credit. Requires that, if a broker is otherwise required to make a return with respect to any applicable security, the broker shall include in it the customer's adjusted basis for each such security.

Super-Efficient Appliance Incentives and Market Transformation Act of 2007

United States · United States Congress · 3 May 2007

Super-Efficient Appliance Incentives and Market Transformation Act of 2007 - Amends the Internal Revenue Code to modify the applicable amount of the tax credit for energy efficient appliances (i.e., dishwashers, clothes washers, refrigerators, and dehumidifiers which restrict water and energy consumption) produced after 2007.

Comprehensive Transform America Transaction Fee Act of 2007

United States · United States Congress · 3 May 2007

Comprehensive Transform America Transaction Fee Act of 2007 - Directs the Secretary of the Treasury to conduct an in-depth study on the implementation of a transaction fee in the United States to replace all existing federal taxes. Sets forth guidelines for such study, including: (1) an identification of the transactions to which such fee would apply; (2) exclusions from such fee; (3) the rate of such fee; (4) potential uses for revenue from such fee; (5) progressivity standards; and (6) general matters, including point of liability for such fee and responsibility for collection. Requires the Secretary to report to Congress on the results of such study within one year after the enactment of this Act with a comprehensive analysis of various aspects of the transaction fee, including revenue generation, impact on the national economy, and implementation.

Providing for consideration of the concurrent resolution (S. Con. Res. 21) setting forth the congressional budget for the United States Government for fiscal year 2008 and including the appropriate budgetary levels for fiscal years 2007 and 2009 through 2012.

United States · United States Congress · 3 May 2007

Sets forth the rule for consideration of the concurrent resolution (S. Con. Res. 21) setting forth the congressional budget for the United States Government for fiscal year 2008 and including the appropriate budgetary levels for fiscal years 2007 and 2009 through 2012.

NASA'S SPACE SCIENCE PROGRAMS: REVIEW OF FISCAL YEAR 2008 BUDGET REQUEST AND ISSUES

United States · United States House of Representatives · 2 May 2007

FINANCIAL SERVICES AND GENERAL GOVERNMENT APPROPRIATIONS FOR FISCAL YEAR 2008

United States · United States Senate · 2 May 2007

A bill to amend the Internal Revenue Code of 1986 to allow permanent look-through treatment of payments between related foreign corporations.

United States · United States Congress · 2 May 2007

Amends the Internal Revenue Code to make permanent the tax rule exempting dividends, interest, rents, and royalties received or accrued from certain controlled foreign corporations by a related entity from treatment as foreign holding company income (thus permitting tax deferral of such income).

A bill to amend the Internal Revenue Code of 1986 to provide a credit to holders of rural renaissance bonds.

United States · United States Congress · 2 May 2007

Amends the Internal Revenue Code to allow holders of rural renaissance bonds a tax credit of 25% of the annual credit amount for such bonds as determined by the Secretary of the Treasury. Defines "rural renaissance bond" as any bond issued by a rural renaissance bond lender, a cooperative electric company, or a governmental body that is used for capital expenditures for qualified projects in rural areas, including projects for water or waste treatment, distance learning or telemedicine programs, rural electric and telephone programs, and broadband access programs. Sets forth rules for bond refinancing, maturity limitations, and allocations, including a requirement that 95% of the proceeds from the sale of a rural renaissance bond be spent on qualified projects within five years from the date of a bond issuance. Terminates the authority for issuing rural renaissance bonds after 2008.

Freight Rail Infrastructure Capacity Expansion Act of 2007

United States · United States Congress · 2 May 2007

Freight Rail Infrastructure Capacity Expansion Act of 2007 - Amends the Internal Revenue Code to allow: (1) a tax credit for 25% of the cost of new qualified freight rail infrastructure property and qualified locomotive property; and (2) a taxpayer election to expense the cost of qualified freight rail infrastructure property (i.e., deduct all costs in the current taxable year). Terminates such credit and expensing election after 2012.

To amend the Internal Revenue Code of 1986 to provide for tax exempt qualified small issue bonds to finance agricultural processing property.

United States · United States Congress · 2 May 2007

Amends the Internal Revenue Code to allow the issuance of tax-exempt small issue bonds to finance the purchase of property or land used primarily for the processing of agricultural products.

Family Budget Protection Act of 2007

United States · United States Congress · 1 May 2007

Family Budget Protection Act of 2007 - Amends the Congressional Budget Act of 1974 (CBA) to eliminate the May 15 deadline for consideration of annual appropriations measures. Requires annual joint (currently, concurrent) budget resolutions signed by the President. Provides for an amendment to change the statutory limit on the public debt. Requires consideration of budget-related legislation before the budget resolution becomes law. Provides for establishment of a reserve fund for emergencies. Prescribes requirements for biennial budget resolutions, appropriations Acts, and government strategic and performance plans instead of annual ones if the President and Congress so agree. Provides spending caps on the growth of entitlements and mandatory budget outlays. Exempts certain Social Security benefits, Tier 1 railroad retirement benefits, and Medicare benefits from required reductions under the Balanced Budget and Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act), along with specified government accounts and activities. Provides other exceptions, limitations, and special rules with respect to sequestration exemptions. Directs the Chairman of the House and Senate Committees on the Budget each to maintain a Budget Protection Mandatory Account and a Budget Protection Discretionary Account. Amends the CBA to require: (1) an analysis of long-term unfunded obligations in the President's budget submission; and (2) long-term unfunded obligation analyses by the Congressional Budget Office (CBO). Makes it out of order to consider legislation which, if enacted, would increase the long-term unfunded obligation under title II (Old Age, Survivors and Disability Insurance (OASDI)) of the Social Security Act, as defined in the CBA. Freezes at current levels spending authority for each unearned entitlement and high-cost discretionary spending program unless such spending authority is reauthorized after the enactment of this Act. Amends the Congressional Budget and Impoundment Control Act of 1974 to authorize the President to propose the cancellation (line item veto) of any dollar amount of discretionary budget authority, item of direct spending, limited tariff benefit, or targeted tax benefit. Dedicates any cancellation only to deficit reduction or increase of a surplus. Expresses the sense of Congress on abuse of proposed cancellations. Amends Rule XIII (Calendars and Committee Reports) of the Rules of the House of Representatives to require that bills always be considered under open rules. Establishes the Commission to Eliminate Waste, Fraud, and Abuse. Provides for accrual funding of: (1) the Civil Service Retirement and Disability Fund; (2) the Central Intelligence Agency Retirement and Disability System; and (3) the Foreign Service Retirement and Disability System. Establishes in the Treasury: (1) the Public Health Service Commissioned Corps Retirement Fund; (2) the National Oceanic and Atmospheric Administration Commissioned Officer Corps Retirement Fund; and (3) the Coast Guard Military Retirement Fund. Changes the name of the Department of Defense Medicare-Eligible Retiree Health Care Fund to Uniformed Services Health Care Fund (thus, providing health care programs for all uniformed service retirees, under certain conditions). (Currently, such programs are for Department of Defense Medicare-eligible beneficiaries.) Makes it out of order in the House to consider any legislation unless: (1) the required list of congressional earmarks, limited tax and tariff benefits, and the name of the requesting Member is also set forth in the text of the measure; and (2) such list is made publicly available on the Internet in a searchable format at least 48 hours before a measure's consideration. Decreases the limit on the public debt from $6.4 trillion to $4.393 trillion. Repeals Rule XXVII (the Gephardt Rule, relating to mandatory adjustment of the statutory limit on the public debt to conform to a budget resolution). Amends the CBA to require the President's budget submission to Congress to be based upon the risk-assumed cost of federal insurance programs for accrual budgeting purposes. Prohibits consideration of extraneous appropriations in omnibus appropriations measures.

To amend the Internal Revenue Code of 1986 to allow bonds guaranteed by the Federal home loan banks to be treated as tax exempt bonds.

United States · United States Congress · 1 May 2007

Amends the Internal Revenue Code to allow bonds guaranteed by any federal home loan bank to be treated as tax-exempt state or local bonds (thus excluding interest on such bonds from gross income).

Intelligence Authorization Act for Fiscal Year 2008

United States · United States Congress · 1 May 2007

Intelligence Authorization Act for Fiscal Year 2008 - Authorizes appropriations for FY2008 for the conduct of intelligence and intelligence-related activities of the: (1) Office of the Director of National Intelligence; (2) Central Intelligence Agency (CIA); (3) Department of Defense (DOD); (4) Defense Intelligence Agency (DIA); (5) National Security Agency (NSA); (6) Departments of the Army, Navy, and Air Force; (7) Coast Guard; (8) Departments of State, the Treasury, Energy, and Justice; (9) Federal Bureau of Investigation (FBI); (10) Drug Enforcement Administration (DEA); (11) National Reconnaissance Office; (12) National Geospatial-Intelligence Agency; and (13) Department of Homeland Security. Specifies that the amounts authorized and the authorized personnel ceilings as of September 30, 2008, for such activities are those specified in the classified Schedule of Authorizations, which shall be made available to the Senate and House Appropriations Committees and the President. Allows the Director of Central Intelligence, with the approval of the Director of the Office of Management and Budget, to authorize employment of civilian personnel in excess of the number authorized for FY2008 when necessary for the performance of important intelligence functions. Requires notification of the congressional intelligence committees on the use of such authority. Authorizes appropriations for the Intelligence Community Management Account for FY2008, as well as for full-time personnel for elements within such Account. Authorizes appropriations for FY2008 for the Central Intelligence Agency Retirement and Disability Fund. Specifies that the authorization of appropriations by this Act shall not be deemed to constitute authority for the conduct of any intelligence activity which is not otherwise authorized by the Constitution or laws of the United States.

Providing for consideration of the bill (H.R. 1867) to authorize appropriations for fiscal years 2008, 2009, and 2010 for the National Science Foundation, and for other purposes.

United States · United States Congress · 1 May 2007

Sets forth the rule for consideration of the bill (H.R. 1867) to authorize appropriations for fiscal years 2008, 2009, and 2010 for the National Science Foundation.