Taxation

Energy For Our Future Act

United States · United States Congress · 19 April 2007

Energy For Our Future Act - Amends the Internal Revenue Code to: (1) repeal the limitation on the number of new qualified hybrid and advanced lean-burn technology vehicles eligible for the credit; (2) provide tax credits for manufacturers of fuel efficient motor vehicles; and (3) subject sports utility vehicles (SUVs) to the limitation on the depreciation of certain luxury automobiles. Sets forth a grant program for development of transit-oriented development corridors in urban areas. Amends federal transportation law to: (1) revise phased increases in automobile fuel economy standards; (2) set forth a national passenger car and light truck tire efficiency program; and (3) prescribe heavy duty vehicle fuel economy requirements. Amends the Energy Conservation and Production Act to double the appropriations authorized for weatherization assistance. Authorizes appropriations for the Energy Star program. Amends the Internal Revenue Code to extend the tax credits for: (1) renewable electricity production; and (2) residential energy efficient property. Amends the Public Utility Regulatory Policies Act of 1978 regarding: (1) efficiency resource standards for retail electricity and natural gas suppliers; (2) federal renewable portfolio standards; and (3) a revised net metering standard. Amends the Internal Revenue Code regarding: (1) tax credits for qualified energy efficiency expenditures for non-business property and for residential property; (2) modified tax deductions for energy efficient commercial buildings and low-rise buildings; (3) the tax deduction for energy efficient residential property; and (4) an energy savings certification credit. Amends the Energy Policy Act of 2005 to repeal certain provisions related to oil and gas production, resources, and tax incentives. Amends the Outer Continental Shelf Lands Act to repeal the Alaska Offshore Royalty suspension. Amends the Energy Policy and Conservation Act to declare certain preemptions of state law inapplicable to state regulation of energy consumption or water use of specified products. Amends the Coastal Zone Management Act of 1972 to restore the former procedure for appeals from consistency determinations revised by the Energy Policy Act of 2005. Amends the Federal Power Act to repeal specified provisions governing the siting of interstate electric transmission facilities. Amends the Natural Gas Act to rescind the authority of the Federal Energy Regulatory Commission to coordinate federal permits and other authorizations and compliance with the National Environmental Policy Act of 1969. Amends federal transportation law to repeal the preemption of state law relating to automobile fuel economy standards. Instructs the Secretary of Energy to implement a research and development program targeting advanced technologies, including: (1) biofuel; (2) hydrogen storage; (3) solar photovoltaic; and (4) wind energy. Plug-In Hybrid Electric Vehicle Act of 2007 - Instructs the Secretary to establish: (1) a research and development program targeting technologies for the development of plug-in hybrid electric vehicles and electric drive transportation; and (2) establish a competitive grant pilot demonstration program for governmental and public entities to implement plug-in hybrid electric vehicles. Solar Utilization Now Demonstration Act of 2007, or the SUN Act of 2007 - Instructs the Secretary to establish a grants program for states to demonstrate advanced photovoltaic technology.

Timber Revitalization and Economic Enhancement (TREE) Act of 2007

United States · United States Congress · 19 April 2007

Timber Revitalization and Economic Enhancement (TREE) Act of 2007 - Amends the Internal Revenue Code to: (1) allow a tax deduction for 60% of qualified timber gains; (2) exempt deductible timber gains from the excise tax on the undistributed income of real estate investment trusts (REITs); (3) provide for the treatment of timber gains as qualifying REIT income and for mineral royalty income as qualifying income for timber REITs; and (4) provide special rules relating to income limitations and prohibited transactions for timber REITs.

To amend the Internal Revenue Code of 1986 to modify the credit to holders of clean renewable energy bonds.

United States · United States Congress · 19 April 2007

Amends Internal Revenue Code provisions allowing a tax credit for holders of clean renewable energy bonds (CREBs) to: (1) extend the period for reimbursement of costs paid by CREB borrowers; (2) require ratable amortization of CREB principal; (3) revise the maximum term for maturity of such bonds; and (4) extend through 2009 the authority for issuing CREBs.

AMT Middle Class Fairness Act of 2007

United States · United States Congress · 19 April 2007

AMT Middle Class Fairness Act of 2007 - Amends Internal Revenue Code provisions relating to the alternative minimum tax (AMT) on individuals to: (1) allow a deduction from such tax for state and local taxes; and (2) adjust the AMT exemption amounts for inflation after 2006.

[H.A.S.C. No. 110-53]NATIONAL DEFENSE AUTHORIZATION ACT FOR FISCAL YEAR 2008 AND OVERSIGHT OF PREVIOUSLY AUTHORIZED PROGRAMS BEFORE THE COMMITTEE ON ARMED SERVICES HOUSE OF REPRESENTATIVES ONE HUNDRED TENTH CONGRESS FIRST SESSION

United States · United States House of Representatives · 18 April 2007

STATE, FOREIGN OPERATIONS, AND RELATED PROGRAMS APPROPRIATIONS FOR FISCAL YEAR 2008

United States · United States Senate · 18 April 2007

ENERGY AND WATER DEVELOPMENT APPROPRIATIONS FOR FISCAL YEAR 2008

United States · United States Senate · 18 April 2007

Biogas Production Incentive Act of 2007

United States · United States Congress · 18 April 2007

Biogas Production Incentive Act of 2007 - Amends the Internal Revenue Code to allow a business tax credit for the production and sale of biogas. Defines "biogas" as a gas that is derived by processing qualified energy feedstock (i.e., manure of agricultural livestock and other waste material) in an anaerobic digester and which contains at least 60% methane and carbon dioxide and trace gases. Amends the Farm Security and Rural Investment Act of 2002 to direct the Secretary of Agriculture to: (1) use Commodity Credit Corporation funds for making countercyclical payments to qualified biogas producers for biogas production facilities placed in service before December 31, 2013; and (2) make loans, loan guarantees, and grants to providers of qualified energy feedstock for collecting and transporting such feedstock to a biogas facility or for the purchase or construction of equipment of facilities for such collection and transportation activities.

Conservation Reserve Program Tax Fairness Act of 2007

United States · United States Congress · 18 April 2007

Conservation Reserve Program Tax Fairness Act of 2007 - Amends the Internal Revenue Code and the Social Security Act to treat payments under the Conservation Acreage Reserve Program as rentals from real estate and thus not self employment income subject to employment tax. Transfers from the general fund of the Treasury to specified social security trust funds amounts necessary to cover any reductions in trust fund revenues resulting from this Act.

Health Care for Hybrids Act

United States · United States Congress · 18 April 2007

Health Care for Hybrids Act - Requires the Secretaries of Energy, Health and Human Services, Transportation, and the Treasury to establish a task force to create a program to reimburse certain domestic automobile manufacturers for a portion (up to 10%) of the annual health care coverage costs for their retired employees. Requires such manufacturers to invest at least 50% of their health care cost savings in petroleum fuel reduction technologies, including alternative or flexible fuel vehicles and hybrids, and in the retraining of workers and retooling of manufacturing plants. Terminates such program on December 31, 2017. Amends the Internal Revenue Code to: (1) define economic substance for purposes of evaluating tax shelter transactions; (2) impose penalties for understatements of tax liability resulting from transactions lacking in economic substance; and (3) deny a tax deduction for interest assessed on underpayments of tax resulting from transactions lacking in economic substance.

Automatic IRA Act of 2007

United States · United States Congress · 18 April 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.

Working American Competitiveness Act

United States · United States Congress · 18 April 2007

Working American Competitiveness Act - Amends the Internal Revenue Code to allow a taxpayers to elect to exclude from gross income, without limitation, earned income (i.e., income for services performed) from sources within a foreign country.

To amend the Internal Revenue Code of 1986 to adjust the estimated tax payment safe harbor based on income for the preceding year in the case of individuals with adjusted gross income greater than $5 million.

United States · United States Congress · 18 April 2007

Amends the Internal Revenue Code to increase (from 110% to 110.1%) the estimated tax payment safe harbor percentage for determining the amount of estimated tax payable by individual taxpayers whose adjusted gross income for the preceding taxable year exceeds $5 million.

To amend the Small Business Act to increase the minimum Government-wide goal for procurement contracts awarded to small business concerns.

United States · United States Congress · 18 April 2007

Amends the Small Business Act to increase the government-wide goal for procurement contracts awarded to small businesses owned and controlled by service-disabled veterans, qualified HUBZone small businesses, and small businesses owned and controlled by socially and economically disadvantaged individuals or women to 25 percent (currently, 23 percent) of the total amount of federal procurement contracts awarded in a fiscal year.

To amend the Internal Revenue Code of 1986 to expand, and extend for 10 years, the American Samoa economic development credit.

United States · United States Congress · 18 April 2007

Amends the Internal Revenue Code to allow, between January 1, 2008, and December 31, 2017, a tax credit to certain domestic corporations engaged in business activities and asset sales within American Samoa.

Save the Family Farm and Ranch Act of 2007

United States · United States Congress · 18 April 2007

Save the Family Farm and Ranch Act of 2007 - Amends the Internal Revenue Code to exclude from the gross estate of a decedent the value of farmland used by an heir of the decedent for farming purposes. Imposes a recapture tax on an heir who disposes of such farmland after the decedent's death or who ceases to use it for farming purposes.

American Marriage Tax Relief Act of 2007

United States · United States Congress · 18 April 2007

American Marriage Tax Relief Act of 2007 - Amends the Internal Revenue Code to increase the exemption amount for the alternative minimum tax on individuals and to provide for an annual inflation adjustment to such increased amount after 2006.

To amend the Internal Revenue Code of 1986 to provide credit rate parity for all renewable resources under the electricity production credit.

United States · United States Congress · 18 April 2007

Amends the Internal Revenue Code to eliminate after 2006 the reduction in the rate of the tax credit for electricity produced from open-loop biomass, small irrigation power, landfill gas, trash combustion, and hydropower facilities (thus allowing the same credit rate for all renewable resource facilities).

Tax Relief for Working Caregivers Act of 2007

United States · United States Congress · 18 April 2007

Tax Relief for Working Caregivers Act of 2007 - Amends the Internal Revenue Code to: (1) increase from $15,000 to $75,000 the taxpayer adjusted gross income amount at which the tax credit for household and dependent care expenses is phased down; and (2) allow such credit for a physically or mentally incapacitated parent (or an ancestor of such parent) of the taxpayer who is a dependent of such taxpayer.

Health Care for Hybrids Act

United States · United States Congress · 18 April 2007

Health Care for Hybrids Act - Requires the Secretaries of Energy, Health and Human Services, Transportation, and the Treasury to establish a task force to create a program to reimburse certain domestic automobile manufacturers for a portion (up to 10%) of the annual health care coverage costs for their retired employees. Requires such manufacturers to invest at least 50% of their health care cost savings in petroleum fuel reduction technologies, including alternative or flexible fuel vehicles and hybrids, and in the retraining of workers and retooling of manufacturing plants. Terminates such program on December 31, 2017. Amends the Internal Revenue Code to: (1) define economic substance for purposes of evaluating tax shelter transactions; (2) impose penalties for understatements of tax liability resulting from transactions lacking in economic substance; and (3) deny a tax deduction for interest assessed on underpayments of tax resulting from transactions lacking in economic substance.

Religious Freedom Peace Tax Fund Act

United States · United States Congress · 18 April 2007

Religious Freedom Peace Tax Fund Act - Directs the Secretary of the Treasury to establish in the Treasury the Religious Freedom Peace Tax Fund for the deposit of income, gift, and estate taxes paid by or on behalf of taxpayers: (1) who are designated conscientious objectors opposed to participation in war in any form based upon their deeply held moral, ethical, or religious beliefs or training (within the meaning of the Military Selective Service Act); and (2) who have certified their beliefs in writing to the Secretary. Requires that: (1) amounts deposited in the Fund be allocated annually to any appropriation not for a military purpose; (2) the Secretary report to the House and Senate Appropriations Committees on the total amount transferred into the Fund during the preceding fiscal year and the purposes for which such amount was allocated; and (3) the privacy of individuals using the Fund be protected. Expresses the sense of Congress that any revenue increase resulting from the creation of the Fund be allocated in a manner consistent with its purposes.

Providing for consideration of the bill (H.R. 1905) to provide for the treatment of the District of Columbia as a Congressional district for purposes of representation in the House of Representatives, and for other purposes and providing for consideration of the bill (H.R. 1906) to amend the Internal Revenue Code of 1986 to adjust the estimated tax payment safe harbor based on income for the preceeding year in the case of individuals with adjusted gross income greater that $5 million.

United States · United States Congress · 18 April 2007

Sets forth the rule for consideration of the bill (H.R. 1905) to provide for the treatment of the District of Columbia as a Congressional district for purposes of representation in the House of Representatives, and for other purposes and providing for consideration of the bill (H.R. 1906) to amend the Internal Revenue Code of 1986 to adjust the estimated tax payment safe harbor based on income for the preceeding year in the case of individuals with adjusted gross income greater that $5 million.

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

United States · United States Senate · 17 April 2007

Taxpayer Abuse Prevention Act

United States · United States Congress · 17 April 2007

Taxpayer Abuse Prevention Act - Amends the Internal Revenue Code to provide that advance payments of the earned income tax credit are not transferable or assignable or subject to the claims of any creditors, except outstanding claims of the federal government. Prohibits: (1) the collection of a debt from a debtor's federal tax refund by means of a refund anticipation loan; and (2) mandatory arbitration as a condition of providing a refund anticipation loan. Terminates the Department of the Treasury Debt Indicator Program. Excludes tax returns that have been filed subject to a refund anticipation loan from any determination of whether goals for electronic filing of tax returns have been met. Allows earned income tax credit benefits to be paid through electronic transfer accounts. Directs the Secretary of the Treasury to: (1) develop and implement a program to encourage the greater use of the advance earned income tax credit; and (2) enter into cooperative agreements with federally insured depository institutions to provide low- and moderate-income taxpayers with the option of establishing low-cost direct deposit accounts using appropriate tax forms.

Simplified Small Business Telephone Tax Relief Act of 2007

United States · United States Congress · 17 April 2007

Simplified Small Business Telephone Tax Relief Act of 2007 - Allows an extension through 2007 for filing refunds for excise tax paid on nontaxable toll telephone service billed after February 28, 2003, and before August 1, 2006. Allows taxpayers eligible for such refunds to elect a specified refund amount based on adjusted gross income in lieu of the actual amount of nontaxable toll telephone service billed after February 28, 2003, and before August 1, 2006.

Tax Lien Simplification Act

United States · United States Congress · 17 April 2007

Tax Lien Simplification Act - Amends the Internal Revenue Code to revise procedures for the filing of federal tax liens. Direct the Secretary of the Treasury to establish and maintain a federal tax lien registry, in lieu of filing tax liens in local jurisdictions, which would be accessible to and searchable by the public through the Internet at no cost. Establishes the priority of a federal tax lien based upon the date and time of the filing of a notice of lien in the federal tax lien registry. Reduces the period for releasing satisfied or unenforceable tax liens from 30 to 10 days.

Freight Rail Infrastructure Capacity Expansion Act of 2007

United States · United States Congress · 17 April 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 new 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.

A bill to amend the Internal Revenue Code of 1986 to allow Indian tribes to receive charitable contributions of apparently wholesome food.

United States · United States Congress · 17 April 2007

Amends the Internal Revenue Code to qualify Indian tribes as eligible recipients of tax deductible contributions of food inventory (i.e., apparently wholesome food as defined by the Bill Emerson Good Samaritan Food Donation Act).

Legal Services Benefit Act of 2007

United States · United States Congress · 17 April 2007

Legal Services Benefit Act of 2007 - Amends the Internal Revenue Code to restore, increase, and make permanent the exclusion from gross income for amounts received under qualified group legal services plans.

Invest in America Act

United States · United States Congress · 17 April 2007

Invest in America Act - Repeals the general termination date (i.e., December 31, 2010) of the Economic Growth and Tax Relief Reconciliation Act of 2001 (thus making provisions of that Act that reduce income tax rates and repeal the estate and gift tax permanent). Repeals the termination date in the Jobs Growth Tax Relief Reconciliation Act of 2003 applicable to the reduction in taxes on dividends and capital gains. Amends the Internal Revenue Code to make permanent: (1) the tax credit for increasing research activities; (2) the increased expensing allowance for small business assets; and (3) the tax deduction for certain expenses of elementary and secondary school teachers. Repeals the alternative minimum tax on individuals after 2006. Expresses the sense of the Senate that the Committee on Finance should report legislation before December 31, 2007, to simplify the federal income tax system, without raising tax rates.

Achieving Our IDEA Act of 2007

United States · United States Congress · 17 April 2007

Achieving Our IDEA Act of 2007 - Amends the Individuals with Disabilities Education Act (IDEA) to authorize and make appropriations for: (1) each of FY2008-FY2012 in specified amounts; and (2) each subsequent fiscal year, in amounts necessary to fully fund 40% of the average per pupil expenditure for IDEA part B programs of assistance for education of all children with disabilities.

Child Health Care Affordability Act

United States · United States Congress · 17 April 2007

Child Health Care Affordability Act - Amends the Internal Revenue Code to allow a tax credit for the medical expenses of a dependent. Limits the amount of such credit to $500 (adjusted for inflation) per dependent. Increases the amount of the credit to $3,000 (adjusted for inflation) for a dependent who has a terminal disease, cancer, a disability, or any other health condition requiring hospitalization or other forms of specialized care. (Coordinates the credit allowed by this Act with the income tax credit for household and dependent care expenses and the income tax deduction for medical expenses to prevent a double tax benefit.)

Cool and Efficient Buildings Act

United States · United States Congress · 17 April 2007

Cool and Efficient Buildings Act - Amends the Internal Revenue Code to allow a 20-year depreciation recovery period, calculated on a straight line basis, for heating, ventilation, air conditioning, or commercial refrigeration systems installed in nonresidential buildings.

Mortgage Cancellation Relief Act of 2007

United States · United States Congress · 17 April 2007

Mortgage Cancellation Relief Act of 2007 - Amends the Internal Revenue Code to exclude from gross income amounts attributable to the discharge of certain residential mortgage obligations.

Communities First Act

United States · United States Congress · 17 April 2007

Community Banks Serving Their Communities First Act, or the Communities First Act - Revises regulatory requirements for community banks, including amendments to: (1) the Federal Deposit Insurance Act to permit certain insured depository institutions to submit a short form report of condition; (2) the Sarbanes-Oxley Act of 2002 to exempt certain small-sized depository institutions from annual management assessment of internal controls requirements; (3) the Securities Investor Protection Act of 1970 to exempt certain small-size community banks from its prohibition against advances for customers' net equity claims; (4) the Federal Reserve Act to increase the asset size of banks exempt from the limitation on extensions of credit to executive officers, directors, and principal shareholders; and (5) the Securities Exchange Act of 1934 to increase the shareholder registration threshold. Amends the Truth in Lending Act to direct the Federal Reserve Board to prescribe regulations authorizing a consumer to waive the right of rescission as to certain transactions when the creditor is an insured depository institution. Seasoned Customer CTR Exemption Act of 2007 - Instructs the Secretary of the Treasury to prescribe regulations to exempt a depository institution from filing a currency transaction report (CTR) in the case of certain qualified customers. Amends additional Acts, including: (1) the Gramm-Leach-Bliley Act to exempt specified community banks from furnishing a mandatory privacy notice; (2) the Fair Credit Reporting Act to require a consumer's written consent before a consumer reporting agency may furnish a consumer report upon request from another creditor; and (3) the Federal Reserve Act to limit loans to executive officers. Amends the Internal Revenue Code with respect to specified tax provisions for long-term certificates of deposit, loans secured by agricultural real property, qualified small issue bonds, Federal Deposit Insurance Corporation-insured limited liability companies, and young savers accounts. Repeals the individual alternative minimum tax for individuals and community banks. Reduces the tax rates for community banks. Revises certain Subchapter S requirements for tax treatment of small businesses. Amends the Small Business Act with respect to: (1) reduced fees for specified loans; and (2) a low documentation loan program.

To amend title 31, United States Code, to allow certain local tax debt to be collected through the reduction of Federal tax refunds.

United States · United States Congress · 17 April 2007

Amends federal monetary law relating to reduction of a tax refund by the amount of a tax debt to establish a pilot program during 2009 and 2010 for the collection of past-due legally enforceable local government tax obligations. Instructs the Secretary of the Treasury, upon receiving notice from any eligible state on behalf of a local government that a named person owes such local government a past-due, legally enforceable tax obligation, to: (1) reduce the federal tax refunds payable to such person by the amount of such debt; (2) pay the amount of such reduction to the state for payment to the affected local government; (3) notify the state of the person's name, taxpayer identification number, address, and the amount collected; and (4) notify the person due the refund that it has been reduced by an amount necessary to satisfy a past-due, legally enforceable tax obligation. Requires the Secretary to select between three and five states to participate in the pilot program, including from among: (1) Illinois; (2) Iowa; (3) Louisiana; (4) New York; (5) Ohio; and (6) Virginia. Amends the Internal Revenue Code to permit disclosure of taxpayer information to agencies of states requesting refund offsets for tax debts owed to local governments.

Farm Risk Management Act of 2007

United States · United States Congress · 17 April 2007

Farm Risk Management Act of 2007 - Amends the Internal Revenue Code to: (1) establish tax-exempt farm risk management accounts to allow taxpayers engaged in the business of farming or ranching to use distributions from such accounts to offset operational losses in lieu of receiving, after a specified transitional period, federal subsidies to purchase crop insurance; (2) allow a tax deduction for cash contributions to such accounts; (3) specify minimum levels of contributions to, and maximum levels of distributions from, such accounts; (4) require the Secretary of Agriculture to make matching contributions to such accounts; and (5) set forth tax rules relating to account distributions, excess contributions, and prohibited transactions.

Superfund Equity and Megasite Remediation Act of 2007

United States · United States Congress · 17 April 2007

Superfund Equity and Megasite Remediation Act of 2007 - Amends the Internal Revenue Code to reinstate the Hazardous Substance Superfund financing rate and the corporate environmental income tax, except in certain calendar quarters in which the unobligated balance in the Hazardous Substance Superfund exceeds $5.7 billion. Provides for a 50% increase in the Hazardous Substance Superfund financing rate and the corporate environmental income tax between 2008 and 2013 to fund response actions at Superfund sites estimated to cost more than $50 million (megasites) or which pose high health risks. Establishes the Megasites and High Risk Sites Cleanup Account in the Hazardous Substance Superfund. Transfers to such Account revenues resulting from the temporary 50% increase in the Hazardous Substance Superfund financing rate and the corporate environmental income tax. Requires the Administrator of the Environmental Protection Agency (EPA) to report to Congress annually on the progress of response actions funded by the Hazardous Substance Superfund.

To amend the Internal Revenue Code of 1986 to permanently extend the Indian employment credit and the depreciation rules for property used predominantly within an Indian reservation.

United States · United States Congress · 17 April 2007

Amends the Internal Revenue Code to make permanent: (1) the Indian employment tax credit; and (2) accelerated depreciation of business property used on Indian reservations.

Family Care Act of 2007

United States · United States Congress · 17 April 2007

Family Care Act of 2007 - Amends the Internal Revenue Code to: (1) increase the rate of the tax credit for expenses for household and dependent care services; and (2) allow an inflation adjustment after 2007 to the adjusted gross income limitation applicable to such credit. Makes such increased tax credit permanent.

Contractor Tax Enforcement Act

United States · United States Congress · 17 April 2007

Contractor Tax Enforcement Act - Amends federal claims law to direct the head of any federal agency that administers either a loan or a loan guarantee program, or issues a request for proposals for a federal contract, to require each loan or guarantee applicant and each entity that submits a contract proposal to submit a form authorizing the Secretary of the Treasury to disclose to the head of the agency information on whether the applicant or prospective contractor has an outstanding debt under the Internal Revenue Code in delinquent status.

Fair Flat Tax Act of 2007

United States · United States Congress · 16 April 2007

Fair Flat Tax Act of 2007 - Amends the Internal Revenue Code with respect to individual taxpayers to: (1) reduce to three (15, 25, and 35%) the number of income tax brackets for married and single taxpayers; (2) repeal tax rate reductions for capital gains and dividend income; (3) allow a health care standard deduction and increase the basic standard tax deduction; (4) allow a refundable tax credit for state and local income, sales, and real and personal property taxes; (5) revise the earned income and child tax credits for taxpayers with no children; (6) repeal the alternative minimum tax for individual taxpayers; and (7) repeal certain tax credits, deductions, and exclusions after 2007. Imposes a flat tax of 35 percent on corporate taxable income. Allows a limited tax deduction for use of a corporate aircraft. Terminates certain preferential tax provisions for domestic and foreign corporations and large oil companies. Increases or imposes new penalties for understatements of tax, failure to report tax information, and failure to file tax returns or pay tax. Sets forth rules for the application of the economic substance doctrine to transactions with tax significance. Imposes penalties for underpayments of tax due to transactions lacking economic substance. Denies a tax deduction for payment of punitive damages. Terminates this Act after 2012.

Expand and Rebuild America's Schools Act of 2007

United States · United States Congress · 16 April 2007

Expand and Rebuild America's Schools Act of 2007 - Amends the Internal Revenue Code to allow a nonrefundable tax credit to holders of school construction bonds. Sets forth requirements for issues of school construction bonds, including that: (1) 95% of the proceeds of such bonds must be used to construct new elementary and secondary school facilities and provide equipment for such schools; (2) local education agencies must require private business contributions of not less than 10% of the proceeds of an issue; and (3) bonds must be used for schools which meet specified criteria relating to curriculum, the alleviation of classroom overcrowding, and student-teacher ratios. Provides for a national school construction bond limitation of $400 million in 2008 and 2009.

Identity Theft Relief Act of 2007

United States · United States Congress · 16 April 2007

Identify Theft Relief Act of 2007 - Amends the Internal Revenue Code to allow a tax deduction from gross income (available to taxpayers who do not itemize deductions) for all identity theft expenses arising from a fraud committed or attempted using identifying information without authority.

MILITARY CONSTRUCTION AND VETERANS AFFAIRS, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2008

United States · United States Senate · 12 April 2007

An act to increase the number of Iraqi and Afghani translators and interpreters who may be admitted to the United States as special immigrants, and for other purposes.

United States · United States Congress · 12 April 2007

Amends the National Defense Authorization Act for Fiscal Year 2006 to authorize special immigrant status for certain Afghan or Iraqi translators or interpreters working with the U.S. Armed Forces or federal agencies under the Chief of Mission in Afghanistan and Iraq. (Currently, such status is authorized for Afghan and Iraqi translators working with U.S. Armed Forces in Afghanistan and Iraq.) Authorizes: (1) additional FY2007-FY2009 entrants (up to 500 annually); and (2) adjustment to permanent resident status.

New Homestead Act of 2007

United States · United States Congress · 12 April 2007

New Homestead Act of 2007 - Directs the Secretary of Education to repay a specified percentage (up to $2,000 per year) of certain education loans to an individual who completes a degree and both resides and is employed for at least five years in an area outside a metropolitan statistical area which for 20 years has a net out-migration of inhabitants of at least 10% of the county population (qualifying county). Amends the Internal Revenue Code to allow a: (1) tax credit for the lesser of $5,000 or 10% of the purchase price of a principal residence in a qualifying county; and (2) capital loss deduction with respect to a sale or exchange of a principal residence in a qualifying county. Provides for the creation of tax-exempt individual homestead accounts, funded by individual cash contributions and matching federal contributions according to a specified formula, whose tax-free distributions after five years are used by residents of qualifying counties for qualified higher education or medical expenses, first-time homebuyer or business capitalization costs, or rollovers. Establishes a rural investment tax credit of 70% of the present value of new buildings (including rehabilitation projects) or 30% of the present value of existing buildings. Establishes a qualified rural small business investment credit of 30% of expenditures for starting or expanding a business, including costs for capital, plant and equipment, inventory expenses, and wages, but not including interest costs. Provides for accelerated depreciation of business property in rural investment projects. New Homestead Venture Capital Fund Act - Amends the Consolidated Farm and Rural Development Act to establish the New Homestead Venture Capital Fund (Fund), owned by private investors, to generate and provide equity capital to rural businesses in qualifying counties. Directs the Secretary of Agriculture to provide funding and guarantees for private investors in the Fund.

Part D Equity for Low-Income Seniors Act of 2007

United States · United States Congress · 12 April 2007

Part D Equity for Low-Income Seniors Act of 2007 - Amends part D (Voluntary Prescription Drug Benefit Program) of title XVIII (Medicare) of the Social Security Act to direct the Commissioner of Social Security to provide for an expedited process for the qualification for low-income assistance through a request to the Secretary of the Treasury for tax return and other information. Increases the alternative resource standard for determination of eligibility for a low-income subsidy for 2008, indexed for inflation for succeeding years. Requires indexing of deductibles and cost-sharing above the annual out-of-pocket threshold for individuals with income below 150% of the poverty line.

DEPARTMENT OF DEFENSE AUTHORIZATION FOR APPROPRIATIONS FOR FISCAL YEAR 2008

United States · United States Senate · 11 April 2007

DEPARTMENT OF DEFENSE APPROPRIATIONS FOR FISCAL YEAR 2008

United States · United States Senate · 11 April 2007