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Bill· HRH.R. 269 (108th)referred
United States · United States Congress · 8 January 2003
Simplified USA Tax Act of 2003 - Renames the Internal Revenue Code (IRC) the "USA Tax Code." Establishes a new chapter 1, "Simplified USA Tax for Individuals." Establishes tax rates at 15, 25, and 30 percent. Sets forth provisions defining gross income, exclusions from gross income, alimony and child support deductions, personal and dependency deductions, the family living allowance, the homeowner deduction, the education deduction (equal, as a general rule, to the sum of all qualified education expenses), the philanthropic transfer deduction, the kiddie tax (concerning taxable income of children), and tax credits (including allowing a payroll tax credit). Sets forth provisions concerning a Roth IRA, a deductible IRA, annuities, endowment contracts, and life insurance contracts. Permits contributions to a Roth IRA of up to the amount of an individual's adjusted gross income. Provides, as a general rule, for the exclusion from gross income of Roth IRA distributions. Sets forth provisions concerning basis, business transactions, and nonrecognition transactions. Establishes rules for exclusion from gross income, rules relating to deductions, and rules for the rental of real estate. Requires a trust or estate to prepay the Simplified USA Tax for individuals. Sets the tax rate at 30 percent on the taxable income of a trust or estate when the taxable income exceeds $3,800. Sets forth rules concerning trusts and estates, including rules for credits, deductions, trust income, distributions, beneficiaries, charitable remainder trusts, reversionary interests, and funeral trusts. Renumbers the current chapter 2 (Tax on Self-Employment Income) of the IRC as chapter 3. Establishes a new chapter 2, "Simplified USA Tax for Businesses." States that the tax equals the amount by which the business tax exceeds the payroll tax credit. Defines the "business tax" as the sum of: (1) 8 percent of the portion of the gross profits of the business entity for the taxable year that does not exceed $150,000; and (2) 12 percent of such portion of the gross profits of the business entity for the taxable year that exceeds $150,000. Directs the Secretary to prescribe rules under which the gross profits of business entities under common control are aggregated for purposes of applying the benefit of the lower rate. States that such rules shall be similar to rules applicable under IRC sections 1551 (Disallowance of the benefits of the graduated corporate rates and accumulated credit) and 1561 (Limitations on certain multiple tax benefits in the case of controlled corporations). Defines the "payroll tax credit" as a credit for the social security, railroad retirement, and hospital insurance taxes paid by an employer. Sets forth subchapters governing: (1) the basic rules for the business tax; (2) capital contributions, mergers, acquisitions, and distributions; (3) accounting method rules; (4) land and rental property; (5) insurance and financial products; (6) financial intermediation and financial institutions; (7) tax-exempt organizations; (8) cooperatives; (9) sourcing rules; (10) business conducted in a possession; (11) the payroll tax credit; (12) the import tax (as a general rule, eleven percent of the customs value of property or services); and (12) transition, administration, and consolidated returns (permitted, if it would have been permitted under the IRC provisions governing consolidated returns and such provisions were applied by treating each business entity as a corporation and its owners or partners as shareholders). Provides, in general, that subchapter D (Deferred Compensation) of chapter 1 of the IRC is saved. Repeals Subtitle B (Estate and Gift Taxes) of the IRC.
Bill· HRH.R. 297 (108th)referred
United States · United States Congress · 8 January 2003
Requires any amounts appropriated for a Representational Allowance for a Member of the House of Representatives which remain after all payments are made under such Allowance to be deposited in the Treasury and used for deficit reduction or, in fiscal years for which there is no Federal budget deficit, to reduce the Federal debt.
Bill· HRH.R. 252 (108th)referred
United States · United States Congress · 8 January 2003
Tax Refund Statute of Limitation Extension Act - Amends the Internal Revenue Code to extend to seven years the filing period for individual income tax refunds or credits.
Bill· HRH.R. 267 (108th)referred
United States · United States Congress · 8 January 2003
Broadband Internet Access Act of 2003 - Amends the Internal Revenue Code to establish the broadband credit which shall be the sum of: (1) the current generation broadband credit; plus (2) the next generation broadband credit. Defines terms.
Bill· HRH.R. 320 (108th)referred
United States · United States Congress · 8 January 2003
Aviation Employee Assistance Relief Act - Amends the Internal Revenue Code to exempt from the early withdrawal penalty distributions from qualified retirement plans by individuals separated from employment by air carriers, aircraft manufacturers, or manufacturers of aircraft parts or components.
Bill· HRH.R. 310 (108th)referred
United States · United States Congress · 8 January 2003
Farmland Capital Gains Equity Act of 2003 - Amends the Internal Revenue Code to provide an exclusion from gross income of gain from the sale of qualified farm property similar to the exclusion of gain on the sale of a principal residence. Excludes from gross income up to $500,000 ($250,000 in the case of a married individual filing a separate return), reduced by the aggregate amount of gain excluded for all preceding taxable years.
Bill· HRH.R. 311 (108th)referred
United States · United States Congress · 8 January 2003
American Dream Tax Relief Act of 2003 - Amends the Internal Revenue Code to establish a ten percent maximum capital gains rate for individuals.
Bill· HRH.R. 301 (108th)referred
United States · United States Congress · 8 January 2003
Job Creation Act of 2003 - Amends the Internal Revenue Code to exclude net capital gain from the gross income of taxpayers other than corporations.
Bill· HRH.R. 326 (108th)referred
United States · United States Congress · 8 January 2003
Fairness for American Investors Act of 2003 - Amends the Internal Revenue Code to allow a tax credit for a taxpayer other than a corporation in an amount equal to the shareholder credits determined with respect to dividends received from domestic corporations. Sets a maximum amount for the credit. Prohibits the allotting of credit in certain instances to nonresident aliens. Provides criteria for calculating a shareholder credit for a dividend. Classifies any shareholder credit determined under this Act as a tax paid by the relevant corporation. Includes a taxpayer's shareholder credits in gross income. Permits a corporation to deduct 100 percent of the amount received as dividends from a domestic corporation (presently the Code allows a deduction of 70 percent or 100 percent, depending on the type of dividend). Increases, from 70 to 100 percent, the amount a corporation is allowed to deduct with respect to dividends on certain preferred stock.
Bill· HRH.R. 235 (108th)open
United States · United States Congress · 8 January 2003
Houses of Worship Free Speech Restoration Act - Amends the Internal Revenue Code to state that churches and other houses of worship shall not lose such designation because of the content, preparation, or presentation of any homily, sermon, teaching, dialectic, or other presentation made during religious services or gatherings. States that such provision shall not affect campaign finance laws under the Federal Election Campaign Act of 1971.
Bill· HRH.R. 275 (108th)referred
United States · United States Congress · 8 January 2003
Corporate Charitable Disclosure Act of 2003 - Amends the Securities and Exchange Act of 1934 to require disclosure of: (1) corporate charitable contributions whose value exceeds what the issuer made during the previous year to any nonprofit organization of which a director, officer, or controlling person of the issuer (or a spouse) was a director or trustee (insider affiliated charity); (2) the name of such nonprofit organization and the value of the contribution; (3) the total value of contributions made by the issuer to nonprofit organizations during its previous fiscal year; and (4) the organization name and the value of contributions if the value to any one organization exceeds the amount designated by Securities and Exchange Commission rule.
Bill· HRH.R. 270 (108th)referred
United States · United States Congress · 8 January 2003
Veterans Equal Treatment Act - Requires the Secretary of Veterans Affairs to: (1) discontinue the funding allocation formula for the Department of Veterans Affairs medical care system known as the Veterans Equitable Resource Allocation system at the end of the fiscal year in which this Act is enacted; and (2) develop a new formula for the allocation of funds to the national service regions, known as Veterans Integrated Service Networks (VISNs), that takes into account specified requirements, including additional costs incurred by a VISN because the age of veterans, or the number of veterans requiring complex care, in that VISN exceeds the median for all VISNs. Authorizes additional appropriations to be allocated to VISNs that have experienced funding reductions.
Bill· HRH.R. 261 (108th)referred
United States · United States Congress · 8 January 2003
Stop Discrimination Against Seven States Act of 2003 - Amends the Internal Revenue Code to permit the deduction of State and local sales taxes by residents of States which do not impose income taxes.
Bill· HRH.R. 250 (108th)referred
United States · United States Congress · 8 January 2003
Peace Corps Charter for the 21st Century Act - Amends the Peace Corps Act to require all recruiting of volunteers to be carried out under the direction of the Director of the Peace Corps. Conditions the President's authority to detail or assign Peace Corps volunteers to certain Federal and State agencies and other entities upon a determination that such a detail or assignment does not contradict the standing of such volunteers as being independent from foreign policy-making and intelligence collection. Requires the Director of the Peace Corps to report to Congress on: (1) efforts undertaken to improve coordination of Peace Corps activities with activities of international voluntary service organizations, such as the United Nations (UN) volunteer program, and of host country voluntary service organizations; (2) any major new Peace Corps initiatives under review for the upcoming fiscal year or undertaken in the previous fiscal year; (3) the Peace Corp's plans for doubling the number of volunteers from 2002; (4) any standard or special security procedures for any country in which the Peace Corps operates programs or is considering doing so, including an assessment whether security conditions would be enhanced by colocating volunteers with international or local nongovernmental organizations or placing multiple volunteers in one location; (5) student loan forgiveness programs currently available to Peace Corps volunteers; and (6) initiatives the Peace Corps intends to pursue with eligible countries where the presence of volunteers would facilitate a greater understanding that there exists a universe of commonly shared human values and aspirations. Requires the Director to develop a training program for all Peace Corps volunteers in the education, prevention, and treatment of infectious diseases. Increases Peace Corps volunteer readjustment allowances from $125 to $275 a month. Establishes a program to award grants to private nonprofit corporations to enable returned Peace Corps volunteers to use their knowledge and expertise to develop and carry out programs and projects that promote the goals of the Peace Corps.
Bill· HRH.R. 286 (108th)referred
United States · United States Congress · 8 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.
Bill· HRH.R. 325 (108th)referred
United States · United States Congress · 8 January 2003
Child Safety and Home Security Act of 2003 - Amends the Internal Revenue Code to provide for a nonrefundable tax credit for the purchase of a residential safe storage device that is put into service for the securing of firearms. Prohibits the creation of a database identifying gun owners using information from tax returns on which credit under this Act is claimed.
Bill· HRH.R. 315 (108th)referred
United States · United States Congress · 8 January 2003
Amends the Internal Revenue Code to remove the requirement that individual retirement accounts must be distributed not later than a required beginning date.
Bill· HRH.R. 285 (108th)referred
United States · United States Congress · 8 January 2003
Fairness, Simplification and Competitiveness for American Business Act of 2003 - Revises Internal Revenue Code rules relating to U.S. businesses operating abroad. Revises provisions concerning treatment of controlled foreign corporations, including: (1) expanding the de minimis rule; (2) excluding from the definition of "foreign base company oil related income" the pipeline transportation of oil or gas within such foreign country; (3) repealing rules applicable to foreign personal holding companies and foreign investment companies; (4) amending the definition of foreign personal holding company income to include income from certain personal services contracts and sale of such contracts; (5) repealing controlled foreign corporation rules on foreign base company sales and service income; (6) reducing foreign tax credit baskets; and (7) not treating interest, dividends, rents, and royalties from a related controlled foreign corporation as foreign personal holding company income. Sets forth provisions concerning foreign tax credit, including: (1) extending the period in which excess foreign taxes may be carried; (2) defining overall domestic loss and setting forth provisions for determining taxable income for any taxpayer sustaining such a loss; (3) issuing special rules relating to financial services income; (4) dictating rules for the treatment of dividends from certain corporations and extending the look-through treatment for such corporations; (5) extending the carryforward period for foreign tax credits; (6) repealing the limitation of such credits under the alternative minimum tax; and (7) eliminating limitation on such credits with regard to oil or gas extraction taxes. Exempts certain foreign corporations from uniform capitalization rules. Sets forth provisions concerning airline mileage awards to certain foreign persons. Repeals the special capital gains tax on certain nonresident aliens. Exempts dividends paid by a foreign corporation to a nonresident alien from 30 percent taxation. Permits, for interest allocation rule purposes, treating each electing worldwide affiliated group as an affiliated group, subject to exceptions. Makes permanent the subpart F exception for active income financing (presently, the exception expires for taxable years beginning after December 31, 2006).
Bill· SS. 52 (108th)open
United States · United States Congress · 7 January 2003
Internet Tax Nondiscrimination Act - 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.
Bill· SS. 88 (108th)referred
United States · United States Congress · 7 January 2003
Amends the Internal Revenue Code to provide that if there exists a Federal on-budget deficit income tax rate reductions shall be suspended until it is determined that such a deficit does not exist.
Bill· SS. 102 (108th)referred
United States · United States Congress · 7 January 2003
Minimum Tax Relief Act of 2003 - Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 to make permanent the increase in the alternative minimum tax exemption.
Bill· SS. 68 (108th)referred
United States · United States Congress · 7 January 2003
Filipino Veterans' Benefits Improvements Act of 2003 - Authorizes: (1) payment of the full rate of compensation (currently, 50%) for the service-connected disability of members of the New Philippine Scouts (and their survivors) who served with U.S. armed forces during World War II and who now are U.S. citizens or lawfully reside in the United States; (2) full dependency and indemnity compensation for the surviving spouses of Filipino veterans who became U.S. citizens or lawfully resided in the United States; and (3) hospital and nursing home care and medical services for such veterans and new Philippine Scouts in the same manner as U.S. veterans. Limits the disability pension to $100 per month for such veterans who reside in the Philippines. Directs the Secretary of Veterans Affairs to furnish care and services to veterans of World War II, Commonwealth Army veterans, and new Philippine Scouts for the treatment of service-connected disabilities and non-service connected disabilities of such veterans and scouts residing in the Philippines on an outpatient basis at the Manila VA Outpatient Clinic. Limits to $500,000 the amount to be expended during a fiscal year for such services.
Bill· SS. 92 (108th)referred
United States · United States Congress · 7 January 2003
Amends the Internal Revenue Code and the Economic Growth and Tax Relief Reconciliation Act of 2001 to accelerate and make permanent the $1,000 child tax credit.
Bill· SS. 58 (108th)referred
United States · United States Congress · 7 January 2003
Revises Internal Revenue Code provisions concerning distributions by cooperative housing corporations to provide that: (1) no gain or loss shall be recognized to a cooperative housing corporation on the distribution by such corporation of a dwelling unit to a stockholder in such corporation if such distribution is in exchange for the stockholder's stock in such corporation; and (2) no gain or loss shall be recognized to a stockholder of such corporation on the transfer of such stockholder's stock in an exchange described in clause (1). Provides for determining the basis of a dwelling unit.
Bill· SS. 82 (108th)referred
United States · United States Congress · 7 January 2003
Amends the Internal Revenue Code to exempt from certain ticket taxes helicopter transport of persons and cargo in order to conduct removal and environmental restoration activities related to unexploded ordnance.
Bill· SS. 94 (108th)referred
United States · United States Congress · 7 January 2003
Tax Relief Act of 2003 - Amends the Internal Revenue Code and the Economic Growth and Tax Relief Reconciliation Act of 2001 to accelerate and make permanent the 10 percent income tax rate bracket.
Bill· SS. 8 (108th)referred
United States · United States Congress · 7 January 2003
Educational Excellence for All Learners Act of 2003 - Expresses the sense of the Senate that the No Child Left Behind Act of 2001 should be fully funded. Amends the Elementary and Secondary Education Act of 1965 (ESEA) to extend the authorization of appropriations for: (1) title I (improving academic achievement of the disadvantaged) part A (grants for basic programs of local educational agencies, LEAs); (2) education of migratory children; and (3) advanced placement incentive program grants. Amends the Individuals with Disabilities Education Act (IDEA) to extend the authorization of appropriations for assistance for education of all children with disabilities. Directs the Secretary of Education to make annual determinations as to whether each State's public school system provides all its students with educational resources to succeed academically and in life. Requires such education to enable students to: (1) acquire knowledge and skills necessary for responsible citizenship; (2) meet challenging academic achievement standards; and (3) compete and succeed in a global economy. Specifies what each system must provide. America's Better Classrooms Act of 2001 - Amends the Internal Revenue Code to establish a limited tax credit for qualified public school modernization bonds (construction and zone academy bonds) and tribal school modernization bonds. Amends the Workforce Investment Act of 1998 to provide for employment and training activities related to the construction or reconstruction of public school facilities. Amends the Higher Education Act of 1965 (HEA) to extend the authorization of appropriations for: (1) Gear Up programs, Federal TRIO programs, and programs for students whose families are engaged in migrant or seasonal farmwork; and (2) Indian tribally controlled colleges and universities, Alaska Native and Native Hawaiian-serving institutions, historically Black colleges and universities, challenge grants to eligible institutions, the minority science and engineering improvement program, and Hispanic-serving institutions. Amends the National Telecommunications and Information Administration (NTIA) Organization Act to direct the Secretary of Commerce to establish within NTIA's Technology Opportunities Program a digital network technologies program to award educational instruction grants, contracts, or cooperative agreements to: (1) historically Black colleges or universities; (2) Hispanic-, Alaska Native-, or Native Hawaiian-serving institutions; (3) tribally controlled colleges or universities; or (4) institutions with a substantial number of minority, low-income students who received assistance under HEA. Amends the Illegal Immigration Reform and Responsibility Act of 1996 to eliminate the prohibition against provision of postsecondary education benefits based on State residency to an illegal alien unless a U.S. citizen or national is eligible for similar benefits without regard to such residency. Expresses the sense of the Senate that an individual Pell Grant's maximum amount should be: (1) increased to $4,500; and (2) the amount eligible students receive. Makes appropriations for an emergency additional amount for FY 2003, available through FY 2004, for the Pell Grant program. Amends HEA title IV to provide for a phase-out of student loan origination fees. Amends the Internal Revenue Code to make the Hope and Lifetime Learning credits refundable.
Bill· SS. 90 (108th)referred
United States · United States Congress · 7 January 2003
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to extend Pay-As-You-Go (PAYGO) requirements. Extends congressional supermajority enforcement requirements in the Senate. Exempts direct spending or revenue effects resulting in net deficit reduction enacted pursuant to reconciliation since the beginning of that same calendar year from PAYGO points of order enforcement in the Senate. Expresses the sense of the Senate that Congress and the President should negotiate and agree on the appropriate discretionary spending levels and extend the statutory discretionary spending caps for 2003 and beyond as early as possible.
Bill· SS. 101 (108th)referred
United States · United States Congress · 7 January 2003
Authorizes salary adjustments for U.S. justices and judges for FY 2003 concurrently with increases in the General Schedule of Compensation for Federal employees.
Bill· SS. 95 (108th)open
United States · United States Congress · 7 January 2003
Makes Title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 (relating to sunset of provisions of such Act) inapplicable to title VI of such Act (relating to pensions and individual retirement arrangements).
Bill· SS. 96 (108th)open
United States · United States Congress · 7 January 2003
Contract With Investors - Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 to repeal the sunset provisions of such Act. Amends the Internal Revenue Code to: (1) accelerate individual income tax rate reductions; (2) accelerate the repeal of estate and generation-skipping transfer taxes; (3) reduce maximum capital gains tax rates for individuals; (4) increase capital loss limitations for individuals; (5) accelerate contribution increases for certain retirement plans; (6) increase the age for mandatory retirement and pension plan distributions; and (7) exclude from gross income dividends received by individuals from domestic, publicly traded C corporations, with exceptions. Expresses the sense of the Senate that Congress should: (1) pass legislation to safeguard workers' pension and retirement accounts; (2) modernize international tax provisions to permit U.S. companies to better compete internationally; (3) repeal outdated regulatory burdens on U.S. investors and companies; (4) enact tort reform; and (5) simplify the Federal tax code and reduce the cost recovery periods for businesses.
Bill· SS. 53 (108th)referred
United States · United States Congress · 7 January 2003
Amends the Internal Revenue Code to allow small business employers a credit against income tax for employee health insurance expenses the employer pays or incurs. Sets forth formula for deriving amount of credit. Specifies that no amount paid or incurred for health insurance coverage pursuant to a salary reduction arrangement shall be taken into account for purposes of determining the credit. Limits such credit to expenses paid for employees whose total annual wages exceed $5,000 but not $25,000, indexed for inflation.
Bill· SS. 100 (108th)referred
United States · United States Congress · 7 January 2003
Access to Affordable Health Care Act - Addresses health care access issues for small businesses, individuals and families, and rural and underserved areas. Addresses issues of the health care safety net, long-term care, the promotion of healthier lifestyles, and Medicare. Targets small businesses through tax credits for employee health insurance expenses and grants for health insurance purchasing groups, information dissemination, and access innovation. Targets individuals and families through health insurance cost credits and full premium deductibility for the self-employed. Renames the State Children's Health Insurance program as the FamilyCare program and revises the program, providing coverage for certain parents and optional coverage of legal immigrants and children through age 20 under the program and Medicaid. Revises restrictions, procedures, and allotments. Amends the Public Health Service Act to award State grants for the creation of high risk pools. Expresses the sense of the Senate that appropriations for consolidated health centers and the National Health Service Corps under the Public Health Service Act should be doubled over the next five fiscal years. Targets rural and underserved areas through revisions to the loan repayment and scholarship programs of the National Health Service Corps. Targets long-term care through Internal Revenue Code amendments concerning specified credits, deductions, and model provisions. Directs the Secretary of Health and Human Services to: (1) make grants to States for community partnership healthy lifestyle activities and small business worksite wellness programs; (2) expand comprehensive school health education programs; and (3) establish Medicare demonstration projects providing bonus payments for high-quality, low-cost inpatient hospital or physician's services and clinical practitioners to hospitals serving beneficiaries in underserved areas.
Bill· SS. 44 (108th)referred
United States · United States Congress · 7 January 2003
Elimination of Double Subsidies for the Hardrock Mining Industry Act of 2003 - Amends the Internal Revenue Code to disallow the percentage depletion allowance for hardrock mines located on land currently subject to the general mining laws, or on land patented under such laws. Establishes the Abandoned Mine Reclamation Trust fund in the Treasury. Appropriates to such Fund amounts equal to 25 percent of the additional revenues received by reason of the above change in the percentage depletion allowance. Prescribes guidelines under which such fund shall be available to the Secretary of the Interior for reclamation and restoration of lands and water resources adversely affected by mineral and mineral material mining (excluding coal and fluid materials).
Bill· SS. 49 (108th)referred
United States · United States Congress · 7 January 2003
Deficit Reduction Act of 2003 - Irrigation Subsidy Reduction Act of 2001 (sic) - Amends the Reclamation Reform Act of 1982 to direct the Secretary of the Interior, for each parcel of land to which irrigation water is delivered or proposed to be delivered, to identify a single individual or legal entity as the owner, lessee, or operator. Allows irrigation water to be delivered at less than the normal per-acre cost to either: (1) a qualified recipient that reports gross farm income from a single farm operation in excess of $500,000 per taxable year; or (2) a limited recipient that received such water on or before October 1, 1981, and that reports gross farm income in excess of such amount. Requires lessees (currently, only owners and operators) of an irrigation district to furnish such district a certification of compliance with the Act. Allows the Secretary to require a lessee or operator to submit for examination a copy of a tax return for any taxable year in which the single farm operation of the lessee or operator received irrigation water at less than full cost. Repeals a provision exempting from Federal reclamation ownership and cost pricing limitations district lands held in trust for a beneficiary or beneficiaries whose interests in the lands served do not exceed such limitations. Directs the Secretaries of the Interior, the Treasury, and Agriculture to enter into a memorandum of understanding to permit the Secretary of the Interior to have access to and use available information collected or maintained by either the Department of the Treasury or Agriculture that would aid in enforcement of the ownership and pricing limitations of Federal reclamation law. Terminates the Uniformed Services University of Health Science. Requires the Secretary of Defense to terminate production of D5 submarine-launched ballistic missiles under the D5 submarine-launched ballistic missile program.
Bill· SS. 34 (108th)referred
United States · United States Congress · 7 January 2003
Estate Tax Repeal Acceleration (ExTRA) for Family-Owned Businesses and Farms Act - Amends estate tax provisions of the Internal Revenue Code to repeal section 2057 (Family-Owned Business Interests). Allows for purposes of such tax, in the case of an electing estate of a decedent with specified carryover business interests, the taxable estate value to be determined by deducting from the value of the gross estate the adjusted value of such carryover business interests of the decedent. Provides for the treatment of carryover business interests and spousal property.
Bill· SS. 24 (108th)referred
United States · United States Congress · 7 January 2003
Amends the Internal Revenue Code to exclude dividend income from gross income.
Bill· SS. 19 (108th)referred
United States · United States Congress · 7 January 2003
Veterans and Military Personnel Fairness Act of 2003 - Removes, for months beginning on or after October 1, 2003, the requirement that qualifying offsetting legislation be enacted before a member or former member of the armed forces may be paid military retired pay and veterans' disability compensation concurrently without deduction. Repeals, as of such date, a special compensation program for certain severely disabled military retirees. Requires the Secretary of the Treasury to: (1) make available to the Secretary of Veterans Affairs for programs, functions, and activities of the Veterans Health Administration for FY 2005 120 percent of the amount obligated during FY 2003; and (2) adjust the amount provided after FY 2005 based on the number of enrolled veterans and the number of others eligible for and provided care and the percentage increase in the Consumer Price Index. Armed Forces Tax Fairness Act of 2003 - Amends the Internal Revenue Code to exclude from gross income as a qualified military benefit the amount of the death gratuity payable under chapter 75 of title 10 of the United States Code, effective with respect to deaths occurring after September 10, 2001. Authorizes a member of the uniformed services or the Foreign Service serving on "qualified official extended duty" to extend for ten years the five-year period utilized in determining full exclusion of gain from the sale of a principal residence. Exempts amounts received under the Homeowners Assistance Program from: (1) inclusion as gross income; and (2) consideration as wages for Federal Insurance Contributions Act (FICA) tax purposes (including Medicare). Extends combat zone filing rules to contingency operations. Provides a deduction for itemizers and non-itemizers for unreimbursed overnight travel, meals, and lodging expenses of National Guard and Reserve members who must travel as part of their official duties. States that all property of a "covered expatriate" shall be treated as sold on the day before the "expatriation date" for its fair market value. Permits an individual to make an irrevocable decision to be taxed as a U.S. citizen with respect to all property otherwise covered by the expatriation provisions. Excludes certain U.S. real property interests from the provisions of this Act. Subjects retirement plans to the provisions of this Act. Includes in a recipient's gross income the value of property received by gift or bequest from a covered expatriate, with exceptions. Establishes IRS service user fee authority through September 30, 2012. Amends the Immigration and Nationality Act to deny a former citizen reentry into the United States for noncompliance with the provisions of this Act. (Current law denies reentry based upon tax-motivated expatriation.)
Bill· SS. 97 (108th)referred
United States · United States Congress · 7 January 2003
Amends provisions of the Internal Revenue Code concerning the taxation of exempt organizations to treat certain hospital support organizations as qualified organizations for purposes of determining acquisition indebtedness.
Bill· SS. 9 (108th)referred
United States · United States Congress · 7 January 2003
Pension Protection and Expansion Act of 2003 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (IRC) to set forth requirements under defined contribution plans that are individual account plans (IAPs) (401(k) and similar plans) for: (1) diversification of plan assets, including employee freedom to invest plan assets and to divest employer securities or real property; (2) protection of plan participants and beneficiaries, through notice of blackout period, prohibition of relief from fiduciary liability during such periods of suspension of participants' and beneficiaries' ability to direct investments, liability for breach of fiduciary duty, increased maximum bond amount and insurance, and inclusion of participants in trusteeship of IAPs; and (3) information to assist and protect participants, including requirements for periodic pension benefit statements, investment education, provisions relating to whistleblower actions involving pension plans, and increased penalties for coercive interference. Retirement Security for All Americans Act - Amends IRC to permit a tax credit for an applicable percentage of up to $2,000 in retirement savings contributions of an individual. Repeals the nonrefundable credit for elective deferrals and individual retirement account contributions. Imposes a tax on any failure by an employer (except for certain small employers) that does not have a qualified plan or arrangement for a calendar year to permit its employees access to salary reduction contributions to individual retirement plans. Permits a tax credit for small employers that maintain salary reduction arrangements. Allows a tax credit for a duration of three years for pension plan contributions of small employers. Women's Pension Protection Act of 2003 - Amends ERISA and IRC to require the spouse's consent for distributions from defined contribution plans (DCPs, which include individual account plans such as 401(k) plans). (Current law only requires such consent in the case of defined benefit plans). Applies joint and survivor annuity rules to DCPs. Provides for division of pension benefits upon divorce, including rules for treating: (1) subsequent qualified domestic relations orders; and (2) former spouses as surviving spouses in certain cases. Revises requirements for joint and survivor annuities. Requires pension plans to offer participants the option of a qualified joint and 3/4 survivor annuity. Amends Federal law relating to the Civil Service Retirement System (CSRS) to provide for a survivor annuity to widows, widowers, and certain former spouses of Federal employees who die after having separated from the service with title to a deferred annuity under CSRS, but before attaining the age for such annuity under it. Revises CSRS and Federal Employees Retirement System (FERS) requirements for court orders relating to Federal employee retirement benefits for former spouses. Amends the Railroad Retirement Act of 1974 to: (1) entitle divorced spouses to railroad retirement annuities independent of the actual entitlement of the employees; and (2) extend the payment of any portion of Tier II railroad retirement benefits to surviving former spouses pursuant to divorce agreements. Sets forth provisions relating to: (1) an employee plans compliance resolution system; (2) extension to all governmental plans of a moratorium on application of certain nondiscrimination rules applicable to State and local plans; (3) missing participants; (4) a reduced Pension Benefit Guaranty Corporation (PBGC) premium for new plans of small employers; (5) substantial owner benefits in terminated plans; (6) voluntary early retirement incentive and employment retention plans maintained by local educational agencies and other entities; (7) automatic rollovers of certain mandatory distributions; (8) no reduction in unemployment compensation as a result of pension rollovers; (9) tax withholding on distributions from certain governmental plans; (10) transfer of pension plan liabilities upon dissolution of joint venture; and (11) plan amendments. Amends IRC to provide revenue offsets through: (1) reversal of the expatriation of certain profits offshore, including setting rules for tax treatment of inverted corporate entities, imposing an excise tax on stock compensation of insiders in inverted corporations, and reinsuring U.S. risks in foreign jurisdictions; (2) revisions and penalties relating to tax shelters; and (3) executive compensation. Includes in gross income funded deferred compensation of corporate insiders.
Bill· SJRESS.J.Res. 2 (108th)referred
United States · United States Congress · 7 January 2003
Constitutional Amendment - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a three-fifths rollcall vote of each House, authorizes a specific excess of outlays over receipts. Provides that any surplus of receipts over outlays of the Social Security trust funds shall not be counted, and any deficit of receipts relative to outlays of the Social Security trust funds shall be counted, and must be completely offset by a surplus of all other receipts over all other outlays. Requires a three-fifths rollcall vote of each House to increase the public debt limit. Directs the President to submit a balanced budget to Congress annually. Prohibits any bill to increase revenue from becoming law unless approved by a majority of each House by rollcall vote. Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict.
Bill· SS. 86 (108th)referred
United States · United States Congress · 7 January 2003
Small Employer Tax Assistance for Health Coverage Act of 2003 - Amends the Internal Revenue Code to allow small employers a limited credit for employee health insurance expenses.
Bill· SS. 85 (108th)referred
United States · United States Congress · 7 January 2003
Good Samaritan Hunger Relief Tax Incentive Act - Amends the Internal Revenue Code to set forth a special rule allowing a charitable deduction for contributions of food inventory.
Bill· SS. 26 (108th)referred
United States · United States Congress · 7 January 2003
Amends the Internal Revenue Code to provide that dividends and interest income shall be taxed as net capital gain.
Bill· SS. 25 (108th)referred
United States · United States Congress · 7 January 2003
Amends the Internal Revenue Code to provide that dividend income shall be taxed as net capital gain.
Bill· HRH.R. 188 (108th)referred
United States · United States Congress · 7 January 2003
Cuba Reconciliation Act - Amends the Foreign Assistance Act of 1961 (including other specified laws) to repeal the embargo placed upon all trade with Cuba. Amends the Internal Revenue Code to declare the denial of foreign tax credit inapplicable to Cuba. Permits: (1) installation and maintenance of telecommunications equipment and facilities in Cuba, including telecommunications services between the United States and Cuba; and (2) travel to and from Cuba by U.S. citizens or residents. Requires the U.S. Postal Service to provide direct mail service to and from Cuba.
Bill· HRH.R. 193 (108th)referred
United States · United States Congress · 7 January 2003
Second Amendment Rights Protection Act of 2003 - Amends the Brady Handgun Violence Prevention Act to prohibit the use of appropriated funds for: (1) any system to implement the Act that does not require and result in the immediate destruction of all information submitted by or on behalf of any person who has been determined not to be prohibited from owning a firearm; and (2) the implementation or collection of any tax or fee by any Federal officer, agent, or employee, or by any State or local officer or agent acting on behalf of the United States in connection with such implementation. Authorizes any person aggrieved by a violation of this Act to bring an action in Federal district court and, if successful, to receive damages, punitive damages, and such other remedies as the court may determine to be appropriate, including a reasonable attorney's fee.
Bill· HRH.R. 224 (108th)referred
United States · United States Congress · 7 January 2003
Small Business Expensing Act of 2003 - Amends the Internal Revenue Code to increase the annual amount of depreciable business assets (section 179 property) which may be expensed to $75,000.
Bill· HRH.R. 204 (108th)referred
United States · United States Congress · 7 January 2003
Prohibition on United Nations Taxation Act of 2001 (sic) - Prohibits the United States from paying any voluntary or assessed contributions to the United Nations (UN) or any of its agencies if the UN: (1) attempts to impose a tax on any U.S. person; or (2) borrows funds from the International Bank for Reconstruction and Development (World Bank), International Monetary Fund, or any other similar or regional international financial institution. Prohibits the United States from paying any voluntary or assessed contributions to the UN or any of its agencies, including the UN Development Program, unless the President certifies to the Congress 15 days in advance of such payment that the UN or such agency is not engaged in any effort to develop or promote any taxation proposals in order to raise revenue.
Bill· HRH.R. 223 (108th)referred
United States · United States Congress · 7 January 2003
Business Expensing Act of 2003 - Amends the Internal Revenue Code to: (1) increase the first year bonus depreciation to 50 percent for property acquired after December 31, 2003, if no written binding contract was in effect before January 1, 2003; and (2) extend bonus depreciation provisions to 2007.
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