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1,151 records in US in 2003
United States · United States Congress · 28 January 2003
Investment Protection Act of 2003 - Amends the Internal Revenue Code to increase from $1,500 to $10,000 ($3,000 to $20,000 on a joint return) the limitation on capital losses allowed against ordinary income.
United States · United States Congress · 28 January 2003
Amends the Internal Revenue Code to permanently extend the Indian employment credit and the depreciation rules for property used predominantly within an Indian reservation.
United States · United States Congress · 28 January 2003
Constitutional Amendment - Prohibits the United States from engaging in any business, professional, commercial, financial, or industrial enterprise except as specified in the Constitution. Prohibits the constitution or laws of any State, or the laws of the United States, from being subject to the terms of any foreign or domestic agreement which would abrogate this amendment. Requires any activities of the U.S. Government which violate the intent and purposes of this amendment to be liquidated and the properties and facilities affected to be sold within three years from the date of ratification of this amendment. Repeals the sixteenth article of amendments to the Constitution three years after ratification of this amendment and thereafter prohibits Congress from levying taxes on personal incomes, estates, and/or gifts.
United States · United States Congress · 28 January 2003
Expresses the sense of the Congress that: (1) the earned income tax credit is a program of critical importance designed to assist the working poor; (2) the Internal Revenue Service (IRS) and Members of Congress must be fully aware that not all eligible workers take advantage of the earned income tax credit; and (3) the IRS and Members of Congress should take steps to increase the number of qualifying residents who claim the credit.
United States · United States Congress · 27 January 2003
Tribal College or University Teacher Loan Forgiveness Act - Amends the Higher Education Act of 1965 to provide for the cancellation of a specified percentage of the total amount of any Federal Perkins loan, Federal Family Education loan, or direct student loan for each year of employment (up to five) as a full-time teacher at a tribal college or university if the borrower is not in default on such loan. Prohibits a borrower from receiving, for the same service, such a benefit and a national service educational award. Provides that the amount of any loan forgiven under this Act shall not be treated as gross income for Federal tax purposes.
United States · United States Congress · 27 January 2003
Property Tax Endowment Act of 2003 - Amends Federal law to fund the payment in lieu of taxes program for five years. Permits a local government to receive a one-time payment to offset revenue loss from a Federal acquisition of land within its jurisdiction. Specifies that if a local government receives a one-time payment, the acquired land shall not be considered entitlement land, irrespective of changes in economic factors. Applies this Act to land acquisitions completed after September 30, 1998. Specifies criteria for determining amounts of one-time payments. Provides that in the case of land acquired before enactment of this Act, the head of the Federal land management agency shall deduct from the one-time payment the amount of any Federal sums paid to the local government since September 30, 1998. Requires each one-time payment to go into a trust fund, the interest of which may be used for any governmental purpose. Forbids expenditure of the principal of such a fund.
United States · United States Congress · 27 January 2003
Indian Reservation Jobs and Investment Act of 2003 - Amends the Internal Revenue Code to allow an Indian reservation investment credit based on specified amounts. Includes qualified personal property and qualified real property used or located outside an Indian reservation which is connected to existing tribal infrastructure in the reservation, including roads, power lines, water systems, railroad spurs, and communication facilities as a reservation infrastructure investment. Limits the credit based on the Indian unemployment rate. Provides for recapture of the credit in certain cases.
United States · United States Congress · 27 January 2003
Senior Citizens' Tax Relief Act of 2003 - Amends the Internal Revenue Code to repeal the 85 percent (second tier) taxation of Social Security and Railroad Retirement benefits. Appropriates, from the general fund, to the Hospital Insurance Trust Fund amounts equal to the reduction in revenue lost because of the repeal.
United States · United States Congress · 27 January 2003
North American Prescription Price Equity Act of 2003 - Amends the Internal Revenue Code to allow drug manufacturers a limited tax credit if they certify that the wholesale price of a drug in the United States market is not greater than its wholesale price in the Canadian or Mexican market.
United States · United States Congress · 27 January 2003
Amends the Internal Revenue Code to provide employers a business tax credit for a portion of compensation that was not paid with respect to members of the Ready Reserve or National Guard who were absent from work on active duty. Limits such credit to $2,000 with respect to any one Ready Reserve-National Guard employee.
United States · United States Congress · 27 January 2003
Amends Internal Revenue Code provisions concerning involuntary conversions to extend the replacement period from two to five years for livestock sold on account of drought, flood, or other weather-related conditions.
United States · United States Congress · 27 January 2003
Amends the Internal Revenue Code to provide employers a business tax credit for a portion of the actual compensation amount paid with respect to members of the Ready Reserve or National Guard who were absent from work on active duty. Limits such credit to $2,000 with respect to any one Ready Reserve-National Guard employee.
United States · United States Congress · 27 January 2003
Tribal Government Tax-Exempt Bond Authority Amendments Act of 2003 - Amends the Internal Revenue Code to permit the issuance of tax-exempt bonds by an Indian tribal government if at least 95 percent of the net proceeds are used to finance tribal facilities. Provides for the tax-exempt treatment of any private activity bond issued by an Indian tribal government or subdivision as a qualified bond. Prescribes specific ownership restrictions and an employment test. Exempts from the exclusion any bond issued by such tribal government or subdivision unless it is federally guaranteed. Amends the Securities Act of 1933 to exempt obligations issued by an Indian tribal government or subdivision from registration requirements.
United States · United States Congress · 27 January 2003
Leave No Child Behind Tax Credit Act of 2003 - Amends the Internal Revenue Code to allow a maximum $250 ($500 for joint filers) annual credit for contributions to charitable organizations that provide elementary and secondary student scholarships. States that the Constitutional authority upon which this Act is based is the power of Congress to lay and collect taxes and to regulate commerce with foreign nations and the Indian tribes and among the States.
United States · United States Congress · 27 January 2003
Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 (Public Law 107-16) to make the sunset provisions inapplicable to section 202, which expanded and increased the adoption credit and adoption assistance programs under the Internal Revenue Code.
United States · United States Congress · 27 January 2003
Amends Public Law 107-229 to extend until February 7, 2003, specified continuing appropriations for FY 2003.
United States · United States Congress · 27 January 2003
Sets forth the rule for consideration of H.J.Res. 13 (further continuing appropriations for FY 2003).
United States · United States Congress · 23 January 2003
Charitable IRA Rollover Act of 2003 - Amends the Internal Revenue Code to exempt from inclusion as income individual retirement account (IRA) distributions used for qualified charitable purposes. Sets forth related rules for charitable remainder trusts, pooled income funds, and charitable gift annuities.
United States · United States Congress · 23 January 2003
Amends the Internal Revenue Code to provide a ten-year extension of the credit for electricity produced from a qualified wind facility.
United States · United States Congress · 23 January 2003
Building Security Act of 2003 - Requires the Director of the National Institute of Standards and Technology to establish a research and development program to provide for improved building and fire codes, standards, and practices. Requires the Director to: (1) work with industry, trade associations, and professional societies to research construction, material, and equipment standards and practices to reduce the impact of extreme threats to the safety of buildings, their occupants, and emergency responders and to study the best methods (such as tax incentives or grants) for ensuring full implementation of and compliance with such standards and practices; and (2) oversee a program for dissemination and implementation of such practices and standards. Directs the Secretary of Homeland Security to establish a Private Security Industry Task Force to: (1) examine the limitations in training, screening, standard-setting, retention, and oversight practice in the private security industry; and (2) develop structural guidelines and standards of quality for the industry and determine the best way to help States implement them.
United States · United States Congress · 23 January 2003
Amends the Internal Revenue Code to exclude stock options and employee stock purchase plans from the definition of wages for purposes of employment taxes.
United States · United States Congress · 22 January 2003
Reserve Component Tax Assistance Act of 2003 - Amends the Internal Revenue Code to allow as a business or trade deduction the expenses of a member of the reserve component of the U.S. armed forces in connection with such service. Makes such deduction available to itemizers and non-itemizers. Establishes related reserve component business-related employment and self-employment credits.
United States · United States Congress · 22 January 2003
State and Local Aid and Economic Stimulus Act of 2003 - Amends Federal law to authorize and make appropriations for FY 2003 for a one-time revenue grant to States and local governments. Specifies amounts to be allotted to each of the States based upon population and changes in unemployment rates. Declares the sense of Congress that priority for using funds allotted under this Act should be given to homeland security, medicaid, public health, highway construction, childcare, elementary, secondary, and higher education, and the prevention of additional property tax increases.
United States · United States Congress · 21 January 2003
New Homestead Economic Opportunity Act - Amends the Internal Revenue Code to permit a community homeownership tax credit based upon an applicable percentage of each qualified residence's eligible basis. Makes such credit available to residences located in a census tract with a median gross income not exceeding 80 percent of the greater area or statewide median gross income or in an area of chronic economic distress, and which is purchased by a "qualified buyer." Sets forth rules concerning, among other things, buyer eligibility and residence eligibility.
United States · United States Congress · 16 January 2003
Ending the Double Standard for Stock Options Act - Amends the Internal Revenue Code to limit the amount of deductions taken for property transferred in connection with a stock option to the amount treated as an expense by taxpayer in ascertaining income, profit, or loss. Requires Secretary to formulate rules where the stock option is granted by a parent or subsidiary corporation. Excludes from the definition of "wages," for purposes of the research tax credit, the amount of property transferred in connection with a stock option and required to be included in a report or statement until such amount is so included. Limits the portion of the amount to be treated as wages to no more than the amount of the deduction taken with respect to such amount.
United States · United States Congress · 16 January 2003
John's Law of 2003 - Directs the Secretary of Transportation to withhold specified Federal highway funds from a State that fails to enact and enforce a law that requires: (1) an agency to provide an individual summoned to transport or accompany a person who has been arrested for public intoxication with a written statement advising that individual of his or her potential criminal and civil liability for permitting or facilitating the arrestee's operation of a motor vehicle while the arrestee remains intoxicated; and (2) a law enforcement agency to impound the vehicle of a person arrested for public intoxication for a period of 12 hours or until such later time as the person is able to operate the vehicle in a safe manner and not in violation of driving while intoxicated laws. Allows withheld funds to: (1) remain available for apportionment to the State (once it meets Act requirements) for four years; (2) remain available for expenditure for three fiscal years after apportionment; and (3) be redistributed to other States if the originally targeted State is not in compliance, or the funds are not obligated for expenditure, within such periods.
United States · United States Congress · 16 January 2003
Veterans Health Care Reimbursement Act of 2003 - Amends title XVIII (Medicare) of the Social Security Act (SSA) to authorize the Secretaries of Health and Human Services (HHS) and of Veterans Affairs (VA), under a new Medicare Reimbursement Program for Veterans, to establish a program under which the HHS Secretary shall reimburse the VA Secretary from the Federal Hospital Insurance Trust Fund and the Federal Supplementary Medical Insurance Trust Fund for Medicare health care services furnished to targeted Medicare-eligible veterans who volunteer for such program. Directs the VA Secretary to establish and operate coordinated care health plans to provide benefits to the enrolled veterans consistent with the program under SSA title XVIII part C (Medicare+Choice). Expresses the sense of Congress that the amount of funds appropriated for the Department of Veterans Affairs for medical care in any fiscal year beginning after the enactment of this Act should not be reduced because of the implementation of the Medicare Reimbursement Program for Veterans.
United States · United States Congress · 15 January 2003
Tuition Assistance for Families Act - Amends the Internal Revenue Code to expand the tax deduction for qualified higher education tuition and related expenses. Sets such deduction at: (1) $12,000 for those with incomes up to $65,000 single or $130,000 joint; and (2) $2,000 for those whose incomes are above that level, but not more than $80,000 single or $160,000 joint. Provides for inflation adjustment. Makes such tuition deduction permanent. Increases the amount of the Lifetime Learning tax credit percentage from 20 to 25 percent. Increases the amount of education expenses subject to such credit from $10,000 to $12,000 (thus making the maximum allowable credit $3,000, rather than the current $2,000). Provides for inflation adjustment. Raises annual income limits for the Hope and Lifetime Learning tax credits to $55,000 single and $110,000 joint. Amends the Department of Education Appropriations Act, 2002 to increase the maximum Pell Grant award from $4,000 to $4,500. Establishes an academic achievement scholarship program. Authorizes the Secretary of Education to award a $1,000 college scholarship to each student in a State who graduates in the top five percent of his or her accredited secondary school's graduating class.
United States · United States Congress · 15 January 2003
Toxic Clean-up Polluter Pays Renewal Act - Amends the Internal Revenue Code by reinstating the Hazardous Substance Superfund financing rate until January 1, 2014, and reinstating the Corporate Environmental Income Tax until January 1, 2014.
United States · United States Congress · 15 January 2003
Permanent Death Tax Repeal Act of 2003 - Amends the Internal Revenue and the Economic Growth and Tax Relief Reconciliation Act of 2001 to permanently repeal the estate and generation-skipping transfer taxes, effective January 1, 2005.
United States · United States Congress · 14 January 2003
Small Business Expensing Improvement Act of 2003 - Amends the Internal Revenue Code with respect to the expensing of depreciable business assets (section 179) to increase the maximum amount which may be expensed to $75,000 and the phase-out threshold to $325,000.
United States · United States Congress · 14 January 2003
Emergency Agricultural Disaster Assistance Act of 2003 - Directs the Secretary of Agriculture to provide: (1) emergency financial assistance to agricultural producers who have incurred qualifying 2001 or 2002 crop losses due to weather or related conditions; and (2) payments to livestock producers who have incurred 2001 and 2002 losses in an emergency-designated county, with set-asides for the American Indian livestock program. Amends the Harmonized Tariff Schedule of the United States to impose tariff-rate quotas (quantitative import limits) and provide various duty rates on certain casein, caseinates, milk protein concentrate, and other casein derivatives and glues imported into the United States (except imports from Mexico). Authorizes the President to: (1) enter into a trade agreement with a foreign country to grant new concessions as compensation in order to maintain the general level of reciprocal and mutually advantageous concessions; and (2) proclaim any necessary modification or continuance of any existing duty, or continuance of existing duty-free or excise treatment. Sets forth certain limits on the reduction of duties on such products. Biodiesel Renewable Fuels Act - Amends the Internal Revenue Code to: (1) allow a tax credit of between 3 and 20 cents per gallon for soy or specified vegetable based biodiesel fuel mixtures; and (2) make corresponding reductions to motor fuel excise taxes. Amends the Energy Policy Act of 1922 to set forth Federal agency (except the Department of Defense) purchasing requirements for ethanol-blended gasoline and biodiesel for use in agency vehicles.
United States · United States Congress · 14 January 2003
Amends the Internal Revenue Code to: (1) permit any qualified broadband expenditure which is paid or incurred by the taxpayer to be treated as an expense which is not chargeable to capital account; and (2) any expenditure so treated to be allowed as a deduction. Defines terms and sets forth rules.
United States · United States Congress · 13 January 2003
Internet Tax Non-discrimination Act of 2003 - Amends the Internet Tax Freedom Act to: (1) permanently ban taxes on Internet access and on multiple or discriminatory taxes on electronic commerce; and (2) repeal the ban exception for a tax on the sale or use of Internet services that was generally imposed and actually enforced prior to October 1, 1998.
United States · United States Congress · 13 January 2003
Amends the Internal Revenue Code to allow a specified credit for the purchase of outpatient prescriptions not covered by Medicare or insurance by persons eligible for Medicare. Requires the Secretary of Health and Human Services to notify those entitled to Medicare of this credit.
United States · United States Congress · 13 January 2003
Amends the Merchant Marine Act, 1936 to grant to the Secretary of Transportation the sole responsibility for designating a program as subject to the requirement that at least 50 percent of Government-generated cargoes be shipped on privately owned U.S.-flag commercial vessels to the extent such vessels are available at fair and reasonable rates. Declares that requirements that specified percentages of gross tonnage of equipment, materials, or agricultural commodities furnished or financed by the United States be transported on U.S.-flag commercial vessels shall be applicable for the 12-month period commencing April 1 of each year before 2003, the 18-month period commencing on April 1, 2003, and the 12-month period commencing on October 1 (fiscal year) of each year after 2004. Repeals certain additional gross tonnage requirements with respect to U.S.-flag commercial vessels.
United States · United States Congress · 9 January 2003
Declares that, if the Federal medical assistance percentage (FMAP) under title XIX (Medicaid) of the Social Security Act (SSA) for a State for FY 2003 is less than the FMAP for FY 2002, the FY 2002 FMAP shall be substituted for the State's FMAP for the third and fourth calendar quarters of FY 2003. Declares similarly that if a State's FY 2004 FMAP is less than the FY 2003 FMAP, the FY 2003 FMAP shall be substituted for each calendar quarter of FY 2004. Requires each eligible State for the third and fourth calendar quarters of FY 2003 and each calendar quarter of FY 2004 to have its FMAP increased by 2.45 percentage points. Mandates a specified Medicaid payment cap increase for territories. Prohibits application of the FMAP increases for a State under this Act with respect to: (1) disproportionate share hospital payments under Medicaid; and (2) payments under SSA titles IV and XXI (State Children's Health Insurance) (SCHIP). Amends SSA title XX (Block Grants to States for Social Services), for the purpose of providing State fiscal relief allotments to States and territories in accordance with a specified table, to make appropriations to be available for obligation by the State through June 30, 2005, and for expenditure by the State through September 30, 2005. Directs the Comptroller General to study and report to the Congress on the most appropriate data and methodology to use to determine the Federal medical assistance percentage for purposes of programs authorized under the Social Security Act.
United States · United States Congress · 9 January 2003
Amends the Individuals with Disabilities Education Act (IDEA) to authorize and make appropriations in amounts necessary for FY 2004 and each subsequent fiscal year to fully fund 40 percent of the average per pupil expenditure for IDEA part B programs of assistance for education of all children with disabilities.
United States · United States Congress · 9 January 2003
War Financing Act of 2003 - Amends the Internal Revenue Code to add a new chapter which imposes a tax on each taxable transaction. Defines such transactions as: (1) the sale of property or services in the United States by a taxable person in connection with a business; (2) the import of property or services for use or consumption in the United States; (3) the (a) sale of property or services (not included in (b)) in the United States other than in connection with business for a consideration that exceeds $1,000, or (b) lease of property in the United States other than in connection with a business, if the fair market value of the leased property exceeds $1,000; and (4) the sale of property or services exported from the United States for use or consumption outside the United States. Sets forth further provisions: (1) concerning taxable transactions; (2) taxable amount, rate of tax and exemption from tax for certain transactions and certain entities, and credits; (3) administration; and (4) definitions and special rules. Establishes in the U.S. Treasury the War Financing Trust Fund into which amounts received from the taxes imposed by this Act will be deposited. Requires the Trust Fund to be used to: (1) pay the administrative costs of collecting such taxes or in operating the War Financing Trust Fund; and (2) meet those obligations of the United States incurred with respect to any case in which U.S. Armed Forces are introduced into hostilities or into situations where imminent involvement in hostilities is clearly indicated by the circumstances.
United States · United States Congress · 9 January 2003
Marriage Penalty Relief Act of 2003 - Amends the Internal Revenue Code (IRC) to provide that the basic standard deduction on a joint return shall be equal to 200 percent of the dollar amount of an individual who is not married. Makes the maximum taxable income in the lowest joint bracket equal to double the maximum taxable income in the lowest single filer bracket. Increases the earned income credit phaseout amount on a joint return by $3,000.
United States · United States Congress · 9 January 2003
Amends the Internal Revenue Code to provide that if there exists a Federal on-budget deficit income tax rate reductions in the highest rate shall be suspended until it is determined that such a deficit does not exist.
United States · United States Congress · 9 January 2003
Child Support Enforcement Act - Amends the Internal Revenue Code (relating to the deduction for bad debts) to allow a custodial parent to claim unpaid child support payments as a deduction. Bars a delinquent debtor from filing an amended return in any subsequent year to reflect the subsequent payment of unpaid child support. Includes unpaid child support in the gross income of the delinquent debtor. Prohibits any discrepancy between the tax returns of a custodial parent and a delinquent debtor concerning whether a child support payment has been made from serving as a basis for selecting an individual's tax return for general audit.
United States · United States Congress · 9 January 2003
Dayton Fair Tax Cut Act - Amends the Internal Revenue Code to: (1) expand the 10 percent bracket; (2) eliminate scheduled decreases in the higher brackets; (3) eliminate the repeal of the estate tax by repealing subtitle A (Repeal of Estate and Generation-Skipping Transfer Taxes) of the Economic Growth and Tax Reconciliation Act of 2001), provide for a $4 million estate tax exemption, and provide for a complete estate tax deduction for family-owned businesses; (4) set forth rules for concerning the economic substance doctrine, increase certain penalties, and impose additional requirements with respect to tax shelters; (5) tax as domestic corporations foreign corporations created through inversion transactions; (6) accelerate the $1,000 child tax credit; (7) provide marriage penalty relief; and (8) extend the special alternative minimum tax rule applicable to years 2000, 2001, 2002, and 2003 to years 2003, 2004, and 2005.
United States · United States Congress · 9 January 2003
Small Business Growth and Worker Assistance Act - Amends the Internal Revenue Code to permit an individual taxpayer to exclude from gross income 75 (currently, 50) percent of any gain from the sale or exchange of qualified small business stock held for more than three (currently, five) years. Increases from 50 to 60 percent the applicable percentage in the case of an empowerment zone business. Provides for a 15 year recovery period for restaurant buildings. Increases the section 179 expensing limit to $50,000. Amends the Temporary Extended Unemployment Compensation Act of 2002 to extend the temporary extended unemployment compensation program to July 1, 2003. Amends the Workforce Investment Act of 1998 to authorize FY 2003 appropriations of: (1) $1 billion (currently, such sums as necessary) for youth activities; (2) $2 billion (currently, such sums as necessary) for adult employment and training activities; and (3) $2 billion (currently, such sums as necessary) for dislocated worker employment and training activities. Declares that, if the Federal medical assistance percentage (FMAP) under title XIX (Medicaid) of the Social Security Act (SSA) for a State for FY 2003 is less than the FMAP for FY 2002, the FY 2002 FMAP shall be substituted for the State's FMAP for the third and fourth calendar quarters of FY 2003. Declares similarly that, if a State's FY 2004 FMAP is less than the FY 2003 FMAP, the FY 2003 FMAP shall be substituted for each calendar quarter of FY 2004. Requires each eligible State for each calendar quarter for the last two calendar quarters of FY 2003 through FY 2004 to be increased by 1.35 percentage points. Prohibits application of the FMAP increases for a State under this Act with respect to: (1) disproportionate share hospital payments under Medicaid; and (2) payments under SSA titles IV and XXI (State Children's Health Insurance). Amends SSA title XX (Block Grants to States for Social Services) to appropriate $3 billion for State fiscal relief allotments to be available for obligation through June 30, 2004, and for expenditure through September 30, 2004.
United States · United States Congress · 8 January 2003
NAFTA-Impacted Community Relief Act - Amends the Internal Revenue Code to, among other things: (1) provide for the designation of NAFTA-impacted communities; (2) establish an employment credit for such communities; and (3) provide for job training grants to such communities.
United States · United States Congress · 8 January 2003
Child Support Enforcement Act - Amends the Internal Revenue Code (relating to the deduction for bad debts) to allow a custodial parent to claim unpaid child support payments as a deduction. Bars a delinquent debtor from filing an amended return in any subsequent year to reflect the subsequent payment of unpaid child support. Includes unpaid child support in the gross income of the delinquent debtor. Prohibits any discrepancy between the tax returns of a custodial parent and a delinquent debtor concerning whether a child support payment has been made from serving as a basis for selecting an individual's tax return for general audit.
United States · United States Congress · 8 January 2003
Housing Bond and Credit Modernization and Fairness Act of 2003 - Amends the Internal Revenue Code to: (1) repeal the required use of certain principal repayments on mortgage subsidy bond financings to redeem bonds; (2) modify the purchase price limitation under mortgage subsidy bond rules based on median family income; and (3) define the term "area median gross income" for low-income housing credit projects.
United States · United States Congress · 8 January 2003
Date Certain Tax Code Replacement Act - Prohibits the imposition of any tax by the Internal Revenue Code: (1) for any taxable year beginning after December 31, 2007; and (2) in the case of any tax not imposed on the basis of a taxable year, on any taxable event or for any period after December 31, 2007. Excepts the: (1) tax on self-employment income (chapter 2 of the Code); (2) Federal Insurance Contributions Act (chapter 21 of the Code); and (3) Railroad Retirement Tax Act (chapter 22 of the Code). Establishes the National Commission on Tax Reform and Simplification to review: (1) the present structure and provisions of the Code; (2) whether the tax systems of other countries could provide more efficient and fair methods of funding government revenue requirements; (3) whether the income tax should be replaced with a tax imposed in a different manner or on a different base; and (4) whether the Code can be simplified, absent wholesale restructuring or replacement. Requires a Commission report to Congress on review results, with recommendations for Code reform and simplification. Terminates the Commission 90 days after such report. Authorizes appropriations (with interim funding). Declares that any new Federal tax system should be approved by Congress in its final form before July 4, 2007, and, if not, Congress should be required to vote to reauthorize the Code.
United States · United States Congress · 8 January 2003
Dividend Payment Incentive Act of 2003 - Amends the Internal Revenue Code to allow dividends as a deduction in the case of a C corporation, except in the case of: (1) a regulated investment company; (2) a real estate investment trust; or (3) an exempt corporation.
United States · United States Congress · 8 January 2003
Education Freedom Act - Amends the Internal Revenue Code to permit a tax credit for 50 percent of certain cash contributions by a taxpayer to an education investment organization or to an elementary or secondary school. Sets a maximum credit of $50,000 for corporations and $250 for other taxpayers ($500 for a joint return). Provides other limitations on the amount of the credit in certain specified instances. Excludes from gross income any amount received as a grant for qualified elementary and secondary expenses from an education investment organization. Defines "qualified elementary and secondary expenses" and "education investment organization." Revises definition of "school" for purposes of defining qualified elementary and secondary education expenses.