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Bill· HRH.R. 63 (107th)referred
United States · United States Congress · 3 January 2001
Amends the Internal Revenue Code to prohibit a cafeteria plan from failing to be treated as a cafeteria plan or flexible spending or similar arrangement solely because under such plan or other arrangement any nontaxable benefit which is unused as of the close of a taxable year may be distributed to the participant.
Bill· HRH.R. 86 (107th)referred
United States · United States Congress · 3 January 2001
Simplified USA Tax Act of 2001 - Title I: Findings; Need to Replace the Income Tax - Sets forth findings, the main features of the Simplified USA Tax System, and the concepts and structure of the Simplified USA Tax System. Title II: Simplified USA Tax for Individuals - Establishes a new chapter 1 of the Internal Revenue Code (IRC), "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. Title III: Simplified USA Tax for Businesses - 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). Repeals chapter 6 (Consolidated Returns) of the IRC. Title IV: Deferred Compensation Plans - Provides, in general, that subchapter D (Deferred Compensation) of chapter 1 of the IRC is saved. Title V: Repeal of Estate and Gift Taxes - Repeals Subtitle B (Estate and Gift Taxes) of the IRC. Title VI: Technical and Administrative Changes: Effective Dates - Renames the IRC the "USA Tax Code." Makes other amendments to the IRC which reflect the amendments made by this Act.
Bill· HRH.R. 43 (107th)referred
United States · United States Congress · 3 January 2001
First-Time Home Ownership Made Easy Act of 2001 - Amends the Internal Revenue Code with respect to tax-exempt mortgage issues to include a specified median family income-based alternative purchase price limitation.
Bill· HRH.R. 47 (107th)referred
United States · United States Congress · 3 January 2001
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. 12 (107th)referred
United States · United States Congress · 3 January 2001
IRA Fairness Act of 2001 - Amends the Internal Revenue Code to increase the annual limitation on deductible individual retirement account contributions to $5000.
Bill· HRH.R. 15 (107th)referred
United States · United States Congress · 3 January 2001
Capital Gains Tax Reduction Act of 2001 - Amends the Internal Revenue Code to reduce the maximum capital gains tax rates for both individuals and corporations. Provides for the indexing of assets for determining gain or loss.
Bill· HRH.R. 56 (107th)referred
United States · United States Congress · 3 January 2001
Agricultural Water Conservation Act - Amends the Internal Revenue Code to allow a tax credit for water conservation system expenses, if used on farm land having an extreme drought or a water shortage and meeting other requirements. Limits the amount of the credit and allows unused credit to be carried to the succeeding taxable year.
Bill· HRH.R. 13 (107th)referred
United States · United States Congress · 3 January 2001
Mortgage Cancellation Relief Act of 2001 - Amends the Internal Revenue Code to exclude from individual gross income the discharge of certain qualified residential indebtedness.
Bill· HRH.R. 16 (107th)referred
United States · United States Congress · 3 January 2001
National Health Insurance Act - Title I: Benefits and Eligibility - Makes medical services available to eligible individuals. (Sec. 102) Authorizes the National Health Insurance Board to limit services when personnel, facilities, or funds are inadequate. (Sec. 103) Allows patient choice of physicians and hospitals. (Sec. 105) Makes Federal grants to States under the Social Security Act available to the States for services for uninsured needy individuals. Title II: Participation of Physicians, Dentists, Nurses, Hospitals, and Others - Authorizes State agreements with individuals or organizations for service provision. (Sec. 208) Regulates payment bases and rates, requiring local adjustments. (Sec. 210) Allows providers to choose their practice locality and, consistent with State law and professional ethics, reject patients. Title III: Local Administration - Decentralizes administration to local administrative committees or officers. (Sec. 303) Requires establishment in each health service area of a local area committee and local professional committees. Title IV: State Administration - Expresses the intent of the Congress that benefit provisions be administered by each State. Provides for Board administration if State plans are not approved and complied with. Title V: National Health Insurance Board; National Advisory Medical Policy Council; General Administrative Provisions - Establishes: (1) in the Department of Health and Human Services the National Health Insurance Board; and (2) the National Advisory Medical Policy Council. Title VI: Eligibility Determinations, Complaints, Hearings, and Judicial Review - Requires that the Secretary of Health and Human Services determine benefit eligibility. (Sec. 602) Describes complaint investigation procedures. Title VII: Application of Act to Individuals Covered Under Medicare Program - Limits, for individuals entitled to benefits under title XVIII (Medicare) of the Social Security Act, benefits under this Act to services for which the individual is not eligible under Medicare. (Sec. 702) Mandates a study of the relationship of this Act's program and Medicare. Title VIII: Fiscal Provisions - Makes National Health Care Trust Fund amounts available for expenditures under this Act. (Sec. 802) Directs the Board to determine amounts to be made available from the Fund and allotments to the States. (Sec. 803) Authorizes grants to: (1) educational institutions regarding the training of personnel providing or administering benefits; and (2) individuals in courses regarding the provision or administration of benefits. Requires that funds be made available. Title IX: Miscellaneous Provisions - Requires that benefits first become available on a specified date. Title X: Value Added Tax and National Health Care Trust Fund - Amends the Internal Revenue Code to impose a tax on each taxable transaction (the sale of property, performance of services, and importing of property by a taxable person in a commercial-type transaction). Sets the tax rate at zero for: (1) retail food, principal residence housing (sale and rental), and medical care; (2) certain transactions involving governmental entities; and (3) certain tax-exempt organizations. Makes the person selling the property or services liable for the tax. (Sec. 1002) Establishes the National Health Care Trust Fund. Appropriates to the Fund amounts received from the value added tax. Allows the Fund to be used only to carry out the program under this Act. Title XI: Study and Development of Cost Control Mechanisms - Directs the Secretary of Health and Human Services to: (1) conduct a study on controlling benefit costs, including malpractice claims and malpractice insurance costs; (2) report to the Congress; and (3) implement the report's recommendations.
Resolution· HCONRESH.Con.Res. 8 (107th)referred
United States · United States Congress · 3 January 2001
Declares the sense of Congress that the Federal income tax deduction for interest paid on debt secured by a first or second home should not be further restricted.