Taxation

American Renewable Energy Act of 2008

United States · United States Congress · 14 February 2008

American Renewable Energy Act of 2008 - Amends the Public Utility Regulatory Policies Act of 1978 to require that electric utilities that sell electricity to consumers generate or purchase a specified percentage (increasing from 2% in 2010 to 20% in 2024) of their electricity from renewable resources (e.g., solar, wind, geothermal, ocean, biomass, landfill gas, or incremental hydropower or geothermal energy). Renewable Energy Tax Incentives Act - Amends the Internal Revenue Code to provide tax incentives for investment in renewable energy sources and conversation, including by: (1) extending the tax credit for producing electricity from renewable resources, the energy tax credit, the small ethanol producer tax credit, and the tax credits for investment in clean new renewable energy bonds, biodiesel used as fuel, alternative fuel motor vehicles and refueling property, nonbusiness energy property, and new energy efficient homes, and the tax deduction for energy efficient commercial buildings; (2) allowing accelerated depreciation of qualified energy management devices and certain reuse and recycling property; and (3) allowing new tax credits for residential wind property, production of cellulosic biomass alcohol, fossil free alcohol production, and plug-in electric drive motor vehicles. Extends the tariff duty on ethanol until 2011. Denies major integrated oil companies the tax deduction for income attributable to domestic production of oil, natural gas, and related products. Increases and extends through 2017 the Oil Spill Liability Trust Fund tax. Imposes taxes on: (1) crude oil and natural gas produced from the outer Continental Shelf in the Gulf of Mexico; and (2) taxable fuels in foreign trade zones. Revises tax rules relating to: (1) penalties for sale of fuel failing to meet Environmental Protection Agency (EPA) regulations; (2) tax credits for fuels produced outside the United States and foreign oil and gas extraction income; (3) treatment of alcohol and biodiesel fuel mixtures as taxable fuels; (3) foreign corporation inversion transactions; (4) leasing of tax-exempt use property to foreign entities; and (5) taxation of U.S. citizens and permanent residents who revoke citizenship or resident status to avoid U.S. taxation (expatriates).

A bill to provide for a 5-year carryback of certain net operating losses and to suspend the 90 percent alternative minimum tax limit on certain net operating losses.

United States · United States Congress · 14 February 2008

Amends the Internal Revenue Code to: (1) allow a five-year carryback of net operating losses for taxable years beginning or ending during 2006, 2007, or 2008; and (2) suspend the 90% alternative minimum tax limitation on carrybacks and carryovers of net operating losses in such years.

American-Made Energy Act of 2008

United States · United States Congress · 14 February 2008

American-Made Energy Act of 2008 - Amends the Internal Revenue Code to modify and set forth provisions concerning tax credits for alternative and renewable energy, nuclear power facility construction, and an advanced coal project and deductions for energy efficient commercial buildings, qualified refinery property, and oil and gas well depletion. Establishes the American-Made Energy Trust Fund. Amends the Energy Independence and Security Act of 2007 to repeal a provision that prohibits federal agencies from procuring alternative or synthetic fuel for any mobility-related use unless its life cycle greenhouse gas emissions are less than those for fuel from conventional petroleum sources. Directs the Federal Trade Commission (FTC) to study the effects of state guaranteed profit laws and credit card processing fees on gasoline prices. Requires the Secretary of the Interior to establish a competitive oil and gas leasing program that will result in an environmentally sound program for the exploration, development, and production of the Coastal Plain's oil and gas resources. Amends the Alaska National Interest Lands Conservation Act of 1980 to repeal a provision concerning the prohibition on leasing or other development leading to the production of oil and gas from the Arctic National Wildlife Refuge. Authorizes the Secretary to designate certain Coastal Plain lands as Special Areas requiring special management and regulatory protection, including the Sadlerochit Spring area. Amends the Energy Policy and Conservation Act to set forth provisions concerning: (1) studying the maintenance of coal-to-liquid products in the Strategic Petroleum Reserve; (2) constructing specified storage facilities for the Reserve; (3) acquiring, storing, transporting, or exchanging coal-to-liquid fuel; (4) procuring biobased fuel or coal-to-liquid fuel; and (5) auctioning to the public coal-to-liquid fuel put option contracts. Amends the Clean Air Act to authorize funding for grants for cellulosic ethanol production for FY2009-FY2010. Amends the Farm Security and Rural Investment Act of 2002 to require the Secretary of Agriculture to: (1) make loan guarantees to entities to assist in paying the cost of development and construction of biorefineries and biofuel production plants to carry out projects to demonstrate the commercial viability of processes for converting biomass to fuels or chemicals; and (2) conduct a competitive research and development program to encourage new forest-to-energy technologies. Amends the Agricultural Risk Protection Act of 2000 to repeal provisions concerning biomass research and development. Authorizes persons who generate credits for renewable fuel that exceed their annual obligation for such fuel to retain such credits for the purpose of complying with obligations under the Clean Air Act with respect to advanced biofuel. Amends the Energy Policy Act of 1992 to terminate prohibitions on expenditures to conduct oil or natural gas leasing and preleasing activities for Outer Continental Shelf (OCS) areas and to revoke withdrawals of federal submerged lands from the OCS. Amends the Outer Continental Shelf Lands Act to prohibit the Secretary of the Interior from granting certain oil or natural gas leases for OCS areas that are located within a specified number of miles of the coastline of a state. Establishes the state seaward boundaries under the Outer Continental Shelf Lands Act. Authorizes the President to take steps to increase the share of electricity generated from nuclear power to 40% of the total domestic generation by 2050.

Improper Payments Elimination and Recovery Act of 2008

United States · United States Congress · 14 February 2008

Improper Payments Elimination and Recovery Act of 2008 - Amends the Improper Payments Information Act of 2002 to require the head of each federal agency to: (1) annually review all agency programs and identify those programs and activities that may be susceptible to significant improper payments; and (2) report on agency actions to reduce and recover improper payments. Defines "improper payment" as any payment that should not have been made, that was made in an incorrect or duplicate amount, or that was made to an ineligible recipient. Requires the Director of the Office of Management and Budget (OMB) to: (1) provide guidance to agencies for reducing improper payments, addressing risks, and establishing appropriate prepayment and postpayment internal controls; and (2) prepare an annual report with an identification of the compliance status of each agency in identifying improper payments and the delinquent programs responsible for the agency's status. Requires federal agencies with outlays of $1 million or more to conduct a recovery audit of all programs and activities to assist in recouping improper payments. Requires: (1) each agency's Inspector General to report each fiscal year on agency compliance with the Improper Payments Information Act of 2002 and this Act; (2) the head of an agency determined not to be in compliance for two consecutive fiscal years to reprogram available funds to achieve compliance; and (3) an agency determined not to be in compliance for three consecutive fiscal years, with a delinquent program reported for two of those years consecutively, to transfer 5% of the appropriations for each of delinquent program to the Treasury. Suspends appropriations to agencies that have a program that reports an improper payment rate greater than 15% for three consecutive fiscal years until the agency's Inspector General certifies that sufficient changes have been implemented to warrant resumed authorization of appropriations.

Modernize Our Bookkeeping In the Law for Employee's Cell Phone Act of 2008

United States · United States Congress · 14 February 2008

Modernize Our Bookkeeping In the Law for Employee's Cell Phone Act of 2008 - Amends the Internal Revenue Code to remove certain limitations on the tax deduction for employee use of cellular telephones.

TREASURY DEPARTMENT FISCAL YEAR 2009 BUDGET

United States · United States House of Representatives · 13 February 2008

THE PRESIDENT'S FISCAL YEAR 2009 BUDGET REQUEST FOR THE DEPARTMENT OF HOMELAND SECURITY

United States · United States House of Representatives · 13 February 2008

U.S. DEPARTMENT OF VETERANS AFFAIRS FISCAL YEAR 2009 BUDGET

United States · United States House of Representatives · 13 February 2008

THE PRESIDENT'S FISCAL YEAR 2009 BUDGET

United States · United States House of Representatives · 13 February 2008

HEARING ON FISCAL YEAR 2009 BUDGET FOR VETERANS' PROGRAMS

United States · United States Senate · 13 February 2008

PRESIDENT'S FISCAL YEAR 2009 BUDGET

United States · United States House of Representatives · 13 February 2008

BUDGET FOR FISCAL YEAR 2009 FOR THE DEPARTMENT OF THE INTERIOR

United States · United States Senate · 13 February 2008

NASA'S FISCAL YEAR 2009 BUDGET REQUEST

United States · United States House of Representatives · 13 February 2008

INTERNATIONAL RELATIONS BUDGET FOR FISCAL YEAR 2009

United States · United States House of Representatives · 13 February 2008

Foreclosure Prevention Act of 2008

United States · United States Congress · 13 February 2008

Foreclosure Prevention Act of 2008 - Amends the Internal Revenue Code to: (1) authorize use of the proceeds of a qualified mortgage bond issue to refinance a mortgage on a residence originally financed through a qualified subprime loan; (2) raise the ceiling and volume cap imposed upon certain state housing bonds; and (3) exclude from the meaning of tax preference item private activity bonds, for purposes of the alternative minimum tax, qualified mortgage bonds or veterans' mortgage bonds issued after enactment of this Act and before January 1, 2011. Makes FY2008 appropriations for: (1) emergency needs of states and local governmental units to redevelop certain abandoned and foreclosed homes; and (2) the Neighborhood Reinvestment Corporation for foreclosure mitigation activities, including grants for housing counseling. Helping Families Save Their Homes in Bankruptcy Act of 2008 - Authorizes a bankruptcy plan for individuals with regular income to: (1) modify an allowed secured claim secured by the debtor's principal residence if the debtor's income is insufficient to retain possession of the residence by curing a default and maintaining payments while the case is pending; (2) provide for payment of such claim for a period of up to 30 years; (3) set conditions for the addition of certain fees, costs, or charges to secured debt; and (4) waive any prepayment penalty on a claim secured by a debtor's principal residence. Waives the counseling requirement upon certification that a debtor's principal residence is scheduled for a foreclosure sale. Permits the debtor, in lieu of the trustee, to proceed as the real party in interest in certain state or federal actions respecting a claim or defense. Authorizes the bankruptcy court, in core proceedings involving an individual debtor with primarily consumer debts, to conduct the proceeding and enter orders and judgments in lieu of arbitration. Creates a principal residence homestead exemption for debtors over 55 years of age. Directs the bankruptcy court to disallow claims or interests subject to any remedy for damages or rescission due to noncompliance with state or federal consumer protection law, notwithstanding a prior foreclosure judgment. Mortgage Disclosure Improvement Act of 2008 - Amends the Truth in Lending Act to set forth additional disclosure requirements governing any extensions of credit (not only mortgages) secured by the dwelling of a consumer. Increases the actual damages for which a creditor is liable for noncompliance with such Act in the case of an individual action relating to a credit transaction not under an open end credit plan that is secured by real property or a dwelling. Replaces the current range of damages from $200 to $2,000 with a flat damages amount of $5,000, adjusted annually for inflation. Amends the Internal Revenue Code to: (1) set forth carryback rules for net operating losses for specified taxable years; and (2) suspend through taxable year 2008 the 90% of alternative minimum taxable income limit for certain adjustments to the alternative (minimum) tax net operating loss deduction.

A bill to amend the Internal Revenue Code of 1986 to treat income earned by mutual funds from exchange-traded funds holding precious metal bullion as qualifying income.

United States · United States Congress · 13 February 2008

Amends the Internal Revenue Code to treat income earned by mutual funds from interests holding certain gold, silver, platinum, or palladium bullion that are regularly traded on an established U.S. securities market as qualifying income (i.e., passed through and taxed at individual income tax rates).

Biennial Budgeting and Appropriations Act

United States · United States Congress · 13 February 2008

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 (OMB) 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.

Tax-Free Gold Act of 2008

United States · United States Congress · 13 February 2008

Tax-Free Gold Act of 2008 - Prohibits the imposition of tax on any coin, medal, token, or gold, silver, platinum, palladium, or rhodium bullion issued by any person or jurisdiction. Prohibits states from assessing any tax or fee on any currency or other monetary instrument that is used in interstate or foreign commerce and that is subject to the enjoyment of legal tender status under the U.S. Constitution.

American Health Benefits Program Act of 2008

United States · United States Congress · 12 February 2008

American Health Benefits Program Act of 2008 - Amends the Social Security Act (SSA) to establish under a new title XXII (American Health Benefits Program) a program to provide comprehensive health insurance coverage to all Americans who are: (1) not covered under certain federal health insurance programs; and (2) not eligible for employer-provided insurance coverage. Requires provision of such coverage in a manner similar to that in which coverage has been provided to Members of Congress, federal government employees, retirees, and their dependents under the Federal Employees Health Benefits Program. Requires federal government contributions towards the coverage of eligible individuals. Establishes in the Treasury an American Health Benefits Program Trust Fund. Directs the Commissioner of Health Benefits to establish a schedule of cost-sharing subsidies for lower-income individuals. Establishes an independent Health Benefits Administration, headed by the Commissioner. Amends the Internal Revenue Code to: (1) impose a premium on individuals enrolled in a qualified health plan under SSA title XXII, which shall be reduced by the amount of government contribution; (2) allow a tax credit to covered individuals equal to the sum of the aggregate amount of premiums paid (other than government contributions) with respect to the individual's coverage, and the applicable premium subsidy; (3) impose on every employer an excise tax equal to the applicable percentage of the wages paid employees; (4) allow a tax credit against such excise tax for periods during which an employee is covered by qualified employer-provided coverage; and (5) impose a tax on hospital revenues. Makes related amendments to SSA titles XIX (Medicaid) and XXI (SCHIP). Directs the Commissioner of Health Benefits to establish new guidelines that promote the proper use and understanding of health information technologies. Establishes the Health Benefits Commission to examine and make recommendations regarding the major issues and cost drivers affecting the delivery of healthcare services as it pertains to the American Health Benefits Program.

Renewable Energy and Energy Conservation Tax Act of 2008

United States · United States Congress · 12 February 2008

Renewable Energy and Energy Conservation Tax Act of 2008- Amends Internal Revenue Code provisions relating to renewable energy sources and energy conservation. Extends: (1) the tax credit for production of electricity from renewable resources through 2011; (2) the energy tax credit for solar energy and fuel cell property through 2016; (3) the special rule for treatment of gain from electronic transmission transactions by certain electric utilities through 2009; (4) the tax credit for residential energy efficient property expenditures through 2014; (5) the tax credit for alternative fuel vehicle refueling property expenditures through 2010; (6) the tax credit for biodiesel and renewable diesel used as fuel through 2010; (7) the tax credit for nonbusiness energy property expenditures through 2009; and (8) the tax deduction for energy efficient commercial buildings through 2013. Allows new tax credits for: (1) investment in new clean renewable energy bonds and qualified energy conservation bonds; and (2) the production of plug-in hybrid motor vehicles, cellulosic alcohol fuel, and electricity from marine and hydrokinetic renewable energy sources. Revises the definition of "passenger automobile" for purposes of the limitation on depreciation deductions. Allows a tax exclusion for bicycle commuting reimbursements. Revises certain tax incentives for investment in the New York Liberty Zone. Revises tax credit amounts for certain energy efficient household appliances produced after 2007. Allows a five-year recovery period for the depreciation of qualified energy management devices. Places limits on the tax deduction for income attributable to the domestic production of oil, natural gas, and any related products. Revises tax rules relating to foreign oil and gas extraction income and foreign produced fuel used or sold outside the United States.

Consumer and Manufacturer Energy Efficiency Tax Credit Extension Act of 2008

United States · United States Congress · 12 February 2008

Consumer and Manufacturer Energy Efficiency Tax Credit Extension Act of 2008 - Amends the Internal Revenue Code to extend through 2009 the tax credits for: (1) energy efficient appliances (i.e., dishwashers, clothes washers, and refrigerators that meet certain energy conservation standards); and (2) nonbusiness energy property expenditures.

Climate Change Center and Clearinghouse Act of 2008

United States · United States Congress · 12 February 2008

Climate Change Center and Clearinghouse Act of 2008 - Amends the Small Business Act to establish: (1) the Office of Environment, Energy, and Climate Change within the Small Business Administration (SBA); and (2) the Climate Change Center and Clearinghouse within such Office. Requires the Office to: (1) oversee and administer the Center; (2) promote energy efficiency efforts for, and efforts to reduce energy costs of, small businesses; and (3) oversee efforts by small businesses to develop renewable energy technologies. Requires the Center to: (1) provide information to small businesses on assessing and managing the impacts of climate change and on cost savings and revenue gains possible through carbon credit trading opportunities and federal and state renewable energy and energy efficiency tax relief programs, purchase incentives, and rebate programs; (2) ensure that such information is provided to small businesses on an accessible website and through nationwide workshops; (3) coordinate federal agency efforts to provide support to small businesses for the purpose of maintaining competitiveness while developing green products or services, implementing green business practices, or reducing pollution; (4) develop a baseline study that provides a broad analysis that aggregates small business energy consumption and emissions; (5) raise awareness among small businesses of the information, technical support, and network opportunities made available through the Energy Star Program to reduce energy waste and energy costs; (6) develop a carbon footprint website that contains information on how small business concerns can reduce their carbon footprint, links to other carbon footprint websites, and a calculator for obtaining an estimate of a small business's carbon emissions based on electricity usage, heating fuel usage, and fleet mileage; and (7) develop a marketing plan. Directs: (1) the President to establish an interagency working group to establish goals and priorities for the Center and to provide for interagency coordination of Center activities; and (2) the Administrator of SBA to specify a detailed definition for the terms "green products or services" and "green business practices."

RISE Act

United States · United States Congress · 12 February 2008

Recycling Investment Saves Energy or the RISE Act - Amends the Internal Revenue Code to allow a first-year tax deduction of 50% of the adjusted basis of qualified reuse and recycling property. Defines "qualified reuse and recycling property" as property placed in service after December 31, 2006, which has a useful life of at least five years and which is used exclusively to collect, distribute, or recycle certain scrap materials.

THE PRESIDENT'S FISCAL YEAR 2009 BUDGET

United States · United States House of Representatives · 7 February 2008

THE PRESIDENT'S FISCAL YEAR 2009 FEDERAL AVIATION ADMINISTRATION BUDGET

United States · United States House of Representatives · 7 February 2008

[H.A.S.C. No. 110-111]NATIONAL DEFENSE AUTHORIZATION ACT FOR FISCAL YEAR 2009 AND OVERSIGHT OF PREVIOUSLY AUTHORIZED PROGRAMS BEFORE THE COMMITTEE ON ARMED SERVICES HOUSE OF REPRESENTATIVES ONE HUNDRED TENTH CONGRESS SECOND SESSION

United States · United States House of Representatives · 7 February 2008

THE U.S. DEPARTMENT OF VETERANS AFFAIRS BUDGET REQUEST FOR FISCAL YEAR 2009

United States · United States House of Representatives · 7 February 2008

THE PRESIDENT'S FISCAL YEAR 2009 BUDGET REQUEST FOR ARMY CORPS OF ENGINEERS AND ENVIRONMENTAL PROTECTION AGENCY

United States · United States House of Representatives · 7 February 2008

THE PRESIDENT'S FISCAL YEAR 2009 BUDGET

United States · United States House of Representatives · 7 February 2008

FULL COMMITTEE HEARING ON THE SMALL BUSINESS ADMINISTRATION'S BUDGET FOR FISCAL YEAR 2009

United States · United States House of Representatives · 7 February 2008

DEPARTMENT OF ENERGY'S FISCAL YEAR 2009 BUDGET PROPOSAL

United States · United States House of Representatives · 7 February 2008

To deny a rebate of Federal income taxes to illegal immigrants.

United States · United States Congress · 7 February 2008

Renders nonresident aliens ineligible for any federal income tax rebate enacted by Congress in 2008. Prohibits the payment of any tax rebate to an individual who does not include a valid identification number (i.e., social security number) on a tax return.

Universal Economic Stimulus Act of 2008

United States · United States Congress · 7 February 2008

Universal Economic Stimulus Act of 2008 - Amends the Internal Revenue Code to allow social security or veterans benefits recipients with earned income less than $3,000 a $300 refundable tax credit ($600 for married couples filing a joint tax return) in 2008. Reduces the amount of such credit by 5% of the amount by which the taxpayer's adjusted gross income exceeds $75,000.

Business Activity Tax Simplification Act of 2008

United States · United States Congress · 7 February 2008

Business Activity Tax Simplification Act of 2008- Expands the federal prohibition against state taxation of interstate commerce to: (1) include taxation of out-of-state transactions involving all forms of property, including intangible personal property and services (currently, only sales of tangible personal property are protected); and (2) prohibit state taxation of an out-of-state entity unless such entity has a physical presence in the taxing state. Sets forth criteria for determining that a person has a physical presence in a state.

To amend the Internal Revenue Code of 1986 to repeal the additional 0.2 percent FUTA surtax.

United States · United States Congress · 7 February 2008

Amends the Internal Revenue Code to repeal the 6.2% federal unemployment tax rate for calendar years 1988 through 2008 and apply the 6.0% rate.

To amend the Internal Revenue Code of 1986 to allow additional expenses for purposes of determining the Hope Scholarship Credit, and for other purposes.

United States · United States Congress · 7 February 2008

Amends Internal Revenue Code provisions relating to the Hope Scholarship tax credit to make certain additional expenses eligible for such credit, including room and board, employment-related expenses, and books, supplies, and equipment.

Airport and Airway Extension Act of 2008

United States · United States Congress · 7 February 2008

Airport and Airway Extension Act of 2008 - Amends the Internal Revenue Code to extend through June 30, 2008: (1) the excise taxes on aviation fuels and air transportation of persons and property for funding the Airport and Airway Trust Fund; and (2) the expenditure authority for such Trust Fund. Amends federal transportation law to provide funding for airport planning and development and noise compatibility planning programs for the nine-month period beginning October 1, 2007. Extends until June 30, 2008: (1) the authority of the Secretary of Transportation to incur obligations to make grants under such programs; (2) the increase in the federal government's share (to 95%) of certain airport improvement program costs; and (3) funding for airport development at Midway Island Airport. Extends through FY2008 the period for final orders issued by the Secretary of Transportation with respect to eligibility for essential air service compensation.

To permit the Secretary of Health and Human Services to directly administer Ryan White part A and B grants for eligible areas, States, or territories that failed to make appropriate use of previous Ryan White part A and B grants.

United States · United States Congress · 7 February 2008

Amends provisions of title XXVI of the Public Health Service Act (popularly known as the Ryan White Care Act [RWCA]) to require the Secretary of Health and Human Services to administer certain RWCA grants in lieu of the chief elected official of an eligible area or state if the Secretary determines that the eligible area or state has substantially failed to make appropriate use of such grants during either of the two previous fiscal years. Provides that the Secretary is not authorized to administer any such grant to an eligible area or state in consecutive fiscal years. Requires the Secretary in making a determination under this Act to consider whether: (1) more than 5% of the grant funds awarded remained unobligated one year after the date on which the grant was made; (2) the eligible area or state has had additional requirements imposed on the grant under applicable federal regulations; or (3) the eligible area or state has had special conditions or restrictions imposed on the grant. Allows the Secretary to delegate to a federal instrumentality or private entity the authority to administer such grant.

Zero Gravity, Zero Tax Act of 2008

United States · United States Congress · 7 February 2008

Zero Gravity, Zero Tax Act of 2008 - Amends the Internal Revenue Code to: (1) exclude from gross income space-related income from products or articles produced, or services provided, in or from outer space; (2) allow an investment tax credit for the purchase of stock in a space company that has average annual gross receipts not exceeding $100 million and that derives more than 70 percent of its gross receipts from space-based business; and (3) exclude from gross income gain from the sale or exchange of any stock of certain space corporations.

DEPARTMENT OF DEFENSE AUTHORIZATION FOR APPROPRIATIONS FOR FISCAL YEAR 2009

United States · United States Senate · 6 February 2008

[H.A.S.C. No. 110-110]NATIONAL DEFENSE AUTHORIZATION ACT FOR FISCAL YEAR 2009 AND OVERSIGHT OF PREVIOUSLY AUTHORIZED PROGRAMS BEFORE THE COMMITTEE ON ARMED SERVICES HOUSE OF REPRESENTATIVES ONE HUNDRED TENTH CONGRESS SECOND SESSION

United States · United States House of Representatives · 6 February 2008

BUDGET FOR FISCAL YEAR 2009 FOR THE DEPARTMENT OF ENERGY

United States · United States Senate · 6 February 2008

Military Spouse Education and Employment Act of 2008

United States · United States Congress · 6 February 2008

Military Spouse Education and Employment Act of 2008 - Amends the Internal Revenue Code to include spouses of members of the Armed Forces on extended active duty (more than 90 days or for an indefinite period) and eligible teleworking military spouses (teleworking spouses whose wages are expected to equal or exceed 150% of U.S. median annual earnings) as members of a targeted group for purposes of the work opportunity tax credit. Includes the wife or husband of a member serving on extended active duty within the federal veterans' employment preference. Allows members who have completed two terms of service and have reenlisted for a third term to transfer a portion of their entitlement to basic educational assistance under the Montgomery GI Bill. (Current law allows such transfer for members with critical military skills.) Requires studies on: (1) the development of an education grant program for training military spouses in health care and early childhood development careers; and (2) creating work opportunities for undergraduate- and graduate-educated military spouses during the active-duty service of their spouses.

To amend the Internal Revenue Code of 1986 to provide that the proceeds of qualified mortgage bonds may be used to provide refinancing for subprime loans, to provide a temporary increase in the volume cap for qualified mortgage bonds used to provide that refinancing, and for other purposes.

United States · United States Congress · 6 February 2008

Amends the Internal Revenue Code to: (1) allow proceeds of qualified mortgage bonds to be used to refinance certain residential subprime loans issued between 2002 and 2008; (2) increase in 2008 limitations on issuance amounts for qualified mortgage bonds; and (3) exempt tax-exempt interest on qualified mortgage or veterans' mortgage bonds issued before 2011 from the alternative minimum tax.

Clean Energy Investment Act of 2008

United States · United States Congress · 6 February 2008

Clean Energy Investment Act of 2008 - Amends the Internal Revenue Code to extend through 2015 the tax credit for producing electricity from renewable resources.

To amend the Internal Revenue Code of 1986 to make permanent the deduction of State and local general sales taxes.

United States · United States Congress · 6 February 2008

Amends the Internal Revenue Code to make permanent the deduction of state and local general sales taxes.

Economic Growth Act of 2008

United States · United States Congress · 5 February 2008

Economic Growth Act of 2008 - Amends the Internal Revenue Code to: (1) repeal the dollar and other limitations on the expensing allowance of depreciable business assets; (2) reduce to 25% the maximum corporate income tax rate; (3) provide for an inflation adjustment to the basis of certain capital assets for purposes of determining gain or loss; and (4) reduce from 35 to 15% the alternative capital gains tax rate for corporations.

State Fiscal Relief Act of 2008

United States · United States Congress · 31 January 2008

State Fiscal Relief Act of 2008 - Provides that, if the federal medical assistance percentage (FMAP) determined without regard to this Act under title XIX (Medicaid) of the Social Security Act for a state for FY2008 is less than the FMAP as so determined for FY2007, the FY2007 FMAP shall be substituted for the state's otherwise applicable FMAP for the second, third, and fourth calendar quarters of FY2008. Provides also that, if the FMAP determined without regard to this Act for a state for FY2009 is less than the FMAP as so determined for FY2008, the FY2008 FMAP shall be substituted for the state's otherwise applicable FMAP for the first and second calendar quarters of FY2009. Provides that, for each eligible state for the second, third, and, fourth calendar quarters of FY2008, and for the first and second calendar quarters of FY2009, the FMAP shall be increased by 1.225% points. Provides for an increase in cap on Medicaid payments to territories. Makes a state eligible for such an FMAP increase, and a territory for an increase in a cap amount, only if eligibility under its Medicaid plan is no more restrictive than the eligibility under such plan (or waiver) as in effect on December 31, 2007. Authorizes appropriations for FY2008-FY2009 for payments to states (temporary state fiscal relief) for use in: (1) providing government services; (2) covering the costs of complying with any federal intergovernmental mandate to the extent that the federal government has not provided funds to cover such costs; or (3) compensating for a decline in federal funding to the state.

Improper Payments Elimination and Recovery Act of 2008

United States · United States Congress · 31 January 2008

Improper Payments Elimination and Recovery Act of 2008 - Amends the Improper Payments Information Act of 2002 to require the head of each federal agency to: (1) annually review all agency programs and identify those programs and activities that may be susceptible to significant improper payments; and (2) report on agency actions to reduce and recover improper payments. Defines "improper payment" as any payment that should not have been made, that was made in an incorrect or duplicate amount, or that was made to an ineligible recipient. Requires the Director of the Office of Management and Budget (OMB) to: (1) provide guidance to agencies for reducing improper payments, addressing risks, and establishing appropriate prepayment and postpayment internal controls; and (2) prepare an annual report with an identification of the compliance status of each agency in identifying improper payments and the delinquent programs responsible for the agency's status. Requires federal agencies with outlays of $1 million or more to conduct a recovery audit of all programs and activities to assist in recouping improper payments. Requires: (1) each agency's Inspector General to report each fiscal year on agency compliance with the Improper Payments Information Act of 2002 and this Act; (2) the head of an agency determined not to be in compliance for two consecutive fiscal years to expend available appropriations on intensified compliance; and (3) an agency determined not to be in compliance for three consecutive fiscal years, with a delinquent program reported for two of those years consecutively, to transfer 5% of the appropriations for each of delinquent program to the Treasury. Suspends appropriations to agencies that have an improper payment rate greater than 15% for three consecutive fiscal years until the agency's Inspector General certifies that sufficient changes have been implemented to warrant resumed authorization of appropriations.

Clean Stove Act of 2008

United States · United States Congress · 30 January 2008

Clean Stove Act of 2008 - Amends the Internal Revenue Code to allow individual taxpayers a tax credit, up to $500, for the cost of replacing a residential wood stove with: (1) a wood-burning stove that complies with current Environmental Protection Agency (EPA) standards; and (2) a pellet or corn-burning stove. Terminates such credit after 2010.