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1,351 records in US in 2007
United States · United States Congress · 24 January 2007
Taxpayer Abuse and Harassment Prevention Act of 2007 - Amends the Internal Revenue Code to repeal the authority of the Secretary of the Treasury to enter into contracts with private collection agencies to collect unpaid taxes.
United States · United States Congress · 23 January 2007
Greater Access to Education Act of 2007 - Amends Internal Revenue Code provisions relating to the Hope Scholarship tax credit to: (1) include room, board, fees, books, supplies, and equipment as expenses eligible for such credit; (2) exclude Pell and Supplemental Educational Opportunity Grants from types of scholarship assistance which reduce the allowable amount of such credit; and (3) exempt certain expenses eligible for such credit from tax information reporting requirements. Makes the Hope Scholarship and Lifetime Learning tax credits refundable.
United States · United States Congress · 23 January 2007
No Child Left Behind Improvements Act of 2007 - Amends the Elementary and Secondary Education Act of 1965 (ESEA) to alter requirements for adequate yearly progress (AYP) assessments of student groups by: (1) allowing states to vary the number of students sufficient for such an assessment from local educational agency (LEA) to LEA and from school to school; (2) lowering the percentage of students in a failing group who must show improvement from the preceding year for a school to avoid corrective action; (3) changing the method of counting students in more than one group; (4) allowing states to use alternative methods of defining AYP; (5) exempting a higher percentage of students from such assessments; (6) giving states greater flexibility in the use of alternative assessments for disabled students and those not proficient in English; and (7) allowing multiple assessments of the same student prior to the following school year and measurement of the achievement of students as if they were in their prior grade. Provides that a state's intermediate academic achievement goals need not increase in equal increments for all groups. Requires that states be given maximum flexibility in devising academic improvement plans. Limits the implementation of sanctions to schools and LEAs that fail AYP standards in the same subject for the same group for two consecutive school years, and the provision of school transfers and supplemental services to students in the group who failed AYP standards. Provides further exceptions to and conditions on the application of corrective actions. Involves LEAs in the choice and critique of supplemental service providers as well as the provision of such services. Authorizes states, LEAs, and schools to defer implementation of certain corrective actions in any fiscal year when the amount appropriated under ESEA and the Individuals with Disabilities Act does not equal or exceed a specified authorized amount. Applies AYP assessments to private schools receiving benefits under ESEA. Allows states to deny such benefits to private schools that fail state AYP standards for three consecutive years and underperform local public schools.
United States · United States Congress · 23 January 2007
Health Care Freedom of Choice Act - Amends the Internal Revenue Code to allow the tax deduction for medical expenses without the gross income percentage limitation.
United States · United States Congress · 23 January 2007
Collegiate Housing and Infrastructure Act of 2007 - Amends the Internal Revenue Code to allow tax-exempt charitable or educational organizations to make collegiate housing and infrastructure improvement grants to certain tax-exempt social clubs (e.g., college fraternities and sororities) so long as all of the active members of such clubs are full-time students at the college or university with which such clubs are associated. Defines "collegiate housing and infrastructure grants" to include grants to provide, improve, operate, or maintain collegiate housing.
United States · United States Congress · 23 January 2007
College Fire Prevention Act - Directs the Secretary of Education to make competitive demonstration grants to private or public colleges or universities, fraternities, and sororities for up to half the cost of installing fire sprinkler systems, or other fire suppression or prevention technologies, in student housing and dormitories owned or controlled by such entities. Gives grant priority to applicants that demonstrate the greatest financial need. Reserves the following portions of grant funds made available for each fiscal year: (1) at least 10% for historically Black colleges and universities, Hispanic-serving institutions, and tribally controlled colleges and universities; and (2) at least 10% for social fraternities and sororities. Provides that any application for assistance under this Act, any negative determination on the part of the Secretary with respect to such application, or any statement of reasons for the determination, shall not be admissible as evidence in any proceeding of any court, agency, board, or other entity (except a proceeding to enforce an agreement entered into between the Secretary and a grantee under this Act).
United States · United States Congress · 23 January 2007
Mark-to-Market Extension Act of 2007 - Amends the Multifamily Assisted Housing Reform and Affordability Act of 1997 to reauthorize through FY2011: (1) the Federal Housing Administration (FHA)-insured Multifamily Housing Mortgage and Housing Assistance Restructuring (Mark-to-Market) program; and (2) the Office of Multifamily Housing Assistance Restructuring. Permits the Secretary of Housing and Urban Development to waive rent level limits for: (1) disaster-damaged eligible projects; and (2) up to 9% (currently 5%) of all units subject to restructured mortgages in any fiscal year, based on certain findings of special need. Redefines multifamily housing project eligible for the Mark-to-Market program to authorize eligibility treatment, upon owner request, for certain projects whose rents do not, on an average per unit or per room basis, exceed the rent of comparable properties in the same market area, if the Secretary determines that such treatment is necessary to preserve a project in the most cost-effective manner in relation to other alternative preservation options. Requires each mortgage restructuring and rental assistance sufficiency plan to determine, for units assisted with project-based assistance in eligible multifamily housing projects, adjusted rent levels for disaster-damaged eligible projects equal to 100% of the fair market rents for the relevant market area. Revises requirements for an approved mortgage restructuring and rental assistance sufficiency plan with respect to modification or forgiveness of all or part of a second mortgage held by the Secretary (debt relief) if the project concerned is acquired by a tenant organization or tenant-endorsed community-based nonprofit or public agency. Sets forth requirements for alternative periods of eligibility for such nonprofit debt relief if the purchaser acquires the project subsequent to the date of recordation of the related affordability agreement.
United States · United States Congress · 23 January 2007
Sets forth a special rule for the tax treatment of amounts received by a taxpayer from the Louisiana Recovery Authority or the Mississippi Development Authority for the repair or reconstruction of such taxpayer's primary residence due to hurricane damage in 2005.
United States · United States Congress · 23 January 2007
Health and Higher Education Facilities Improvement Act of 2007 - Amends the Internal Revenue Code to allow a small tax-exempt bond issuer, the proceeds of the obligations of which are to be used to make or finance eligible loans for health care or educational purposes, to elect to apply specified current limitations on the amount of obligations by treating each borrower as the issuer of a separate issue.
United States · United States Congress · 22 January 2007
Student Debt Relief Act of 2007 - Amends the Higher Education Act of 1965 to extend the Pell Grant program through FY2012 and increase yearly maximum Pell grant amounts. Authorizes and appropriates specified additional annual funding for such grants. Requires the Secretary of Education to provide institutions of higher education Student Aid Reward Payments for participating in the Federal Family Education Loan (FFEL) or Direct Loan (DL) program most cost-effective for taxpayers. Phases-in cuts to the interest rates charged undergraduate student borrowers under the FFEL and DL programs, thereby reducing such rate from 6.8% in July 2006 to 3.4% in July 2011. Directs the Secretary to forgive the balance due on DLs and direct consolidation loans by individuals who have been public sector employees for 10 years and have made 120 income contingent payments on such loans. Caps FFEL and DL repayments by student borrowers at no more than 15% of the amount a borrower's adjusted gross income exceeds 150% of the poverty line. Requires the Secretary to cancel or repay such loans after 25 years. Eliminates the three-year limit on the deferral of FFELs, DLs, and Perkins loans when borrowers are suffering economic hardship, redefined to include borrowers whose full-time earnings do not exceed 150% of the poverty line. Includes such deferral periods, as well as the months a borrower's FFEL or DL payments are capped, in calculating the maximum period an income contingent repayment plan may be in effect for a non-defaulting borrower. Allows students to consolidate loans under the FFEL program while still in school. Reduces DL origination fees. Sets limits on funds available for administrative expenses under the FFEL and DL programs for FY2007-FY2012. Amends the Internal Revenue Code to increase the deduction for higher education expenses and make it permanent. Establishes a tax credit for student loan interest payments.
United States · United States Congress · 22 January 2007
Small Business and Work Opportunity Act of 2007 - Amends Internal Revenue Code provisions relating to small businesses to: (1) extend through 2010 the increased expensing allowance for small business assets; (2) extend provisions allowing accelerated depreciation for qualified leasehold and restaurant improvement property and to allow accelerated depreciation for improvements to property used in retail businesses; (3) allow certain small businesses to use cash accounting methods and exempt such businesses from the use of inventories; (4) extend through 2012 the work opportunity tax credit and extend such credit to the hiring of residents in certain economically-distressed areas and to certain disabled veterans; and (5) allow certified professional employer organizations to manage employment tax responsibilities for employers. Revises provisions relating to S corporations involving passive investment income, shareholder eligibility, and stock transfers. Revises tax rules relating to: (1) deductibility of punitive damages and of fines and penalties paid to governments for violations of law; (2) tax rules for the treatment of U.S. citizens and permanent resident aliens who leave the United States to avoid payment of taxes; (3) criminal fines and monetary penalties for underpayment of tax due to fraud or tax shelter activities; (4) collection due process hearings for employment tax liabilities; and (5) the Internal Revenue Service (IRS) whistleblower program. Extends the authorization for charging IRS user fees through FY2016.
United States · United States Congress · 22 January 2007
Minimum Wage Act of 2007 - Amends the Fair Labor Standards Act of 1938 to increase the federal minimum wage to: (1) $5.85 an hour, beginning on the 60th day after enactment of this Act; (2) $6.55 an hour, beginning 12 months after that 60th day; and (3) $7.25 an hour, beginning 24 months after that 60th day. Amends the Internal Revenue Code to: (1) make permanent accelerated cost recovery provisions for qualified leasehold improvement and restaurant property; (2) permit certain small businesses with gross receipts of not more than $10 million to use cash accounting methods and be exempt from the requirement of using inventories; (3) allow employers the work opportunity tax credit for hiring certain restaurant workers between the ages of 16 and 20; (4) set forth a definition and rules for evaluating the economic substance of financial transactions with tax consequences (economic substance doctrine); (5) impose an enhanced penalty for understatements of tax liability due to transactions lacking economic substance; (6) apply inverted corporation tax rules to certain transactions occurring after March 20, 2002; and (7) eliminate the requirement for a pre-levy collection due process hearing for taxpayers with employment tax liabilities.
United States · United States Congress · 22 January 2007
Homeland Security Trust Fund Act of 2007 - Establishes in the Treasury the Homeland Security and Neighborhood Safety Trust Fund. Expresses the sense of the Senate that the Senate Finance Committee should report legislation that: (1) increases revenues by $53.3 billion during taxable years 2007-2011 by reducing scheduled income tax reductions for taxpayers with taxable incomes exceeding $1 million; and (2) appropriates such revenues to the Fund. Authorizes appropriations from the Fund for: (1) the Office of Community Oriented Policing Services for grants to state, local, and tribal law enforcement and to enhance state and local government interoperable communications efforts; (2) the Justice Assistance Grant; and (3) the Office of Domestic Preparedness for Fire Act grants and SAFER grants. Amends the Communications Act of 1934 to require the Federal Communications Commission (FCC) to complete the assignment of specified electromagnetic spectrum for public safety services and permit their operation by January 1, 2007. Authorizes appropriations from the Fund to: (1) implement FCC recommendations; (2) support state and local government law enforcement and first responders; (3) ensure the inspection and scanning of 100% of cargo containers destined for U.S. ports and the scanning of domestic air cargo; (4) protect critical infrastructure and other high threat targets; (5) enhance public health sector preparedness to prevent and respond to biological and nuclear terrorism; (6) develop scanning technologies to detect dangerous substances at U.S. ports of entry; and (7) protect other high risk targets. Establishes within the executive branch a Homeland Security Spending Advisory Board.
United States · United States Congress · 22 January 2007
Title X Family Planning Act - Amends the Public Health Service Act to prohibit federal family planning funds from being awarded to any grantees who perform abortions or whose subgrantees perform abortions, except where a woman suffers from a physical disorder, physical injury, or physical illness that would, as certified by a physician, place the woman in danger of death unless an abortion is performed. (Current law prohibits such funds from being used in programs where abortion is a method of family planning.) Excludes hospitals from such provisions as long as the hospital does not subgrant to a non-hospital entity that performs abortions. Requires the Secretary of Health and Human Services to submit to Congress a list of grantees who perform abortions, regardless of how such abortions are funded. Makes such a grantee ineligible for family planning funds for subsequent fiscal years unless the grantee certifies that neither the grantee nor any subgrantee performs abortions that are not explicitly permitted under this Act.
United States · United States Congress · 22 January 2007
Energy Fairness for America Act - Amends the Internal Revenue Code to terminate: (1) the tax deduction for oil and gas intangible drilling and development costs; (2) the percentage depletion allowance for oil and gas wells; and (3) the tax credit for enhanced oil recovery costs. Repeals provisions of the Energy Policy Act of 2005 relating to: (1) oil and gas royalties in-kind; (2) marginal property production incentives; (3) incentives for natural gas production in the Gulf of Mexico; (4) royalty suspension for deep water production; (5) the inventory of Outer Continental Shelf oil and natural gas resources; (6) Alaska offshore royalty suspension; (7) accelerated depreciation of electric transmission property, natural gas distribution lines, and natural gas gathering lines and expensing of liquid fuel refinery property; (8) the exemption of small oil refiners from limitations on the oil depletion allowance; and (9) two-year amortization of geological and geophysical expenditures. Requires certain large integrated oil companies to revalue their LIFO inventories of crude oil, natural gas, or other petroleum productions using a specified formula. Limits or denies the foreign tax credit and tax deferrals for dual capacity taxpayers (taxpayers receiving economic and tax benefits from certain foreign jurisdictions), foreign oil and gas income, and foreign oil and gas extraction income.
United States · United States Congress · 22 January 2007
Volunteer Emergency Responder Fair Mileage Act of 2007 - Amends the Internal Revenue Code to: (1) exclude from the gross income of volunteer firefighters and emergency medical responders reimbursements of automobile operating expenses incurred for the benefit of a volunteer fire department; and (2) allow such volunteers to deduct such automobile operating expenses using the higher business mileage rate instead of the standard rate.
United States · United States Congress · 22 January 2007
Rural Economic Development and Opportunities Act of 2007 - Amends the Internal Revenue Code to allow an employer to claim a work opportunity tax credit during the next five years for the hiring of employees who live in a rural area and perform services for such employer in a rural area.
United States · United States Congress · 22 January 2007
Free Trade With Cuba Act - Amends the Foreign Assistance Act of 1961 to repeal the embargo on trade with Cuba. Prohibits the exercise by the President with respect to Cuba of certain authorities conferred by the Trading With the Enemy Act and exercised on July 1, 1977, as a result of a specified national emergency. Declares that any prohibition on exports to Cuba under the Export Administration Act of 1979 shall cease to be effective. Authorizes the President to impose export controls with respect to Cuba and exercise certain authorities under the International Emergency Economic Powers Act only on account of an unusual and extraordinary threat to U.S. national security that did not exist before enactment of this Act. Repeals: (1) the Cuban Democracy Act of 1992; (2) the Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996; (3) the prohibition under the Food Security Act of 1985 against allocation of the annual sugar quota to any country unless its officials verify that it does not import for reexport to the United States any sugar produced in Cuba; and (4) the prohibition under the Department of Commerce and Related Agencies Appropriations Act, 1999 on transactions or payments respecting certain U.S. intellectual property. Amends the Trade Sanctions Reform and Export Enhancement Act of 2000 to remove Cuba from the list of state sponsors of terrorism subject to agricultural and medical export restrictions. Amends the Internal Revenue Code to terminate the denial of foreign tax credit with respect to Cuba. Authorizes common carriers to install and repair telecommunications equipment and facilities in Cuba, and otherwise provide telecommunications services between the United States and Cuba. Prohibits regulation or banning of travel to and from Cuba by U.S. citizens or residents, or of any transactions incident to travel. Directs the U.S. Postal Service to provide direct mail service to and from Cuba. Urges the President to take all necessary steps to conduct negotiations with the Government of Cuba to: (1) settle claims of U.S. nationals against Cuba for the taking of property; and (2) secure protection of internationally recognized human rights.
United States · United States Congress · 22 January 2007
Preserve Historic America Act of 2007 - Amends the Internal Revenue Code to modify the tax credit for rehabilitation of older and historic buildings by: (1) increasing from 20 to 25% the tax credit rate for certified historic structure rehabilitation expenditures; (2) permitting a building at least 50 years old to qualify for the rehabilitation tax credit (currently, a building must have been placed in service before 1936); (3) permitting qualified rehabilitated buildings to be used for lodging purposes; (4) limiting to 50% the basis reduction for buildings qualifying for the low-income housing and rehabilitation tax credits; (5) allowing an increased rehabilitation tax credit for certain buildings in difficult development areas or which qualify as small rehabilitation projects; (6) exempting tax credits for rehabilitation of certified historic structures from the calculation of the passive activity credit; and (7) permitting the assignment of rehabilitation tax credits. Allows a new tax credit for 20% of the cost of rehabilitating a qualified historic home. Defines "qualified historic home" as a certified historic structure which has been substantially rehabilitated and which is owned by the taxpayer and is or will be used as the taxpayer's principal residence.
United States · United States Congress · 22 January 2007
E-85 Investment Act of 2007 - Amends the Internal Revenue Code to modify the tax credit for alternative fuel vehicle refueling property by: (1) increasing to 75% the rate of such credit for property using 85% ethanol fuel; (2) reducing the maximum dollar amount of such credit in 2013 and 2014 for ethanol-related refueling property; and (3) extending such credit through 2016 for ethanol-related refueling property.
United States · United States Congress · 22 January 2007
Telecommunications Ownership Diversification Act of 2007 - Amends the Internal Revenue Code to allow a taxpayer election to exclude from gross income a portion of the gain from the sale of the assets of a telecommunications business to an eligible purchaser. Defines "eligible purchaser" as: (1) any economically and socially disadvantaged business as designated by the Secretary of the Treasury using specified criteria; or (2) a corporation or partnership which, following the sale of a telecommunications business, owns substantially all of the assets of such business and is at least five percent owned by the Telecommunications Development Fund established under the Communications Act of 1934. Allows an investment tax credit of ten percent of the taxable income of any local exchange carrier that is not a Bell operating company and is headquartered in an area designated as an empowerment zone by the Secretary of Housing and Urban Development. Allows the exclusion from gross income of 50 percent of the gain from the sale or exchange of stock, held for more than five years, in an eligible purchaser engaged in a telecommunications business. Directs the Comptroller General, not later than January 1, 2007, and two years thereafter, to audit and report on the administration of this Act.
United States · United States Congress · 19 January 2007
Energy Fairness for America Act - Amends the Internal Revenue Code to terminate: (1) the tax deduction for oil and gas intangible drilling and development costs; (2) the percentage depletion allowance for oil and gas wells; and (3) the tax credit for enhanced oil recovery costs. Repeals provisions of the Energy Policy Act of 2005 relating to: (1) oil and gas royalties in-kind; (2) marginal property production incentives; (3) incentives for natural gas production in the Gulf of Mexico; (4) royalty suspension for deep water production; (5) the inventory of Outer Continental Shelf oil and natural gas resources; (6) Alaska offshore royalty suspension; (7) accelerated depreciation of electric transmission property, natural gas distribution lines, and natural gas gathering lines and expensing of liquid fuel refinery property; (8) the exemption of small oil refiners from limitations on the oil depletion allowance; and (9) two-year amortization of geological and geophysical expenditures. Requires certain large integrated oil companies to revalue their LIFO inventories of crude oil, natural gas, or other petroleum productions using a specified formula. Limits or denies the foreign tax credit and tax deferrals for dual capacity taxpayers (taxpayers receiving economic and tax benefits from certain foreign jurisdictions), foreign oil and gas income, and foreign oil and gas extraction income.
United States · United States Congress · 19 January 2007
Amends the Ronald W. Reagan National Defense Authorization Act for Fiscal Year 2005 to extend the period during which members of the Armed Forces deployed in connection with Operations Noble Eagle, Enduring Freedom, or Iraqi Freedom may request and receive reimbursement for purchasing protective helmet pads.
United States · United States Congress · 19 January 2007
Student Loan Interest Full Deductibility Act - Amends the Internal Revenue Code to repeal the current dollar limitations on the tax deduction of interest on education loans.
United States · United States Congress · 19 January 2007
Access to Capital for Entrepreneurs Act of 2007 - Amends the Internal Revenue Code to allow certain investors a business tax credit for 25% of equity investments made in small businesses, up to an annual limit of $500,000. Terminates such credit after 2011.
United States · United States Congress · 19 January 2007
Get Real Incentives to Drive Plug-in Act - Directs the Secretary of Transportation to establish: (1) a program to make grants to motor vehicle manufacturers for research and development on plug-in hybrid electric vehicles; (2) a pilot project on how best to integrate plug-in hybrid electric vehicles into the electric power grid and into the overall transportation infrastructure; and (3) a test site for the advancement of battery technologies for such vehicles. Amends the Internal Revenue Code to establish a tax credit for taxpayers who own or lease a new plug-in hybrid motor vehicle. Requires at least 10% of the motor vehicles purchased by a federal agency in any fiscal year to be plug-in hybrid electric vehicles.
United States · United States Congress · 19 January 2007
Student Financial Readiness Act of 2007 - Amends the Internal Revenue Code to: (1) increase from $2,000 to $5,000 the annual contribution limit to Coverdell education savings accounts; (2) adjust such contribution limit for inflation after 2007; and (3) prohibit contributions by individuals whose modified adjusted gross income exceeds $150,000 ($300,000 for married couples filing joint tax returns).
United States · United States Congress · 18 January 2007
Dependence Reduction through Innovation in Vehicles and Energy Act or DRIVE Act - Instructs the Director of the Office of Management and Budget to publish in the Federal Register an oil savings target and action plan for specified calendar years. Directs the Secretary of Transportation to develop: (1) a fuel efficiency consumer education program for motor vehicle tires; (2) a fuel efficiency program for passenger automobile and light truck tires; and (3) a program to designate Transit-Oriented Development Corridors. Directs the Administrator of the Environmental Protection Agency to: (1) develop a testing and assessment program to determine heavy duty vehicle fuel economy; (2) establish a task force to develop minimum certification standards for plug-in hybrid electric vehicles; and (3) establish a near-term electric transportation deployment program. Instructs the Secretary of Transportation to prescribe average heavy duty vehicle fuel economy standards. Amends the Internal Revenue Code to: (1) allow a tax credit for 50% of the cost and installation (up to $3,500) of a qualifying idling reduction device (includes off-truck infrastructure equipment) on a heavy-duty diesel-powered on-highway vehicle; (2) allow a credit for 35% of the advanced motor vehicle technology expenses of certain motor vehicle manufacturers or component parts manufacturers; (3) terminate the limitation on the number of new qualified hybrid and advanced lean burn vehicles eligible for the alternative motor vehicle credit; (4) extend the alternative motor vehicle credit; (5) establish a fuel-efficient tax credit for private fleets; (6) subject heavy vehicles to the depreciation limitation for certain luxury automobiles; (7) increase the alternative fuel vehicle refueling property credit; (8) extend biodiesel income and excise tax credits; (9) increase the small ethanol producer tax credit for sucrose and cellulosic ethanol producers; and (10) provide plug-in electric vehicle incentives. Directs the Secretary of Energy to: (1) establish a lightweight material research and development program; (2) carry out a research and commercial application program for electric drive transportation technology and engine dominant hybrid vehicle technology; (3) provide hybrid technology loan guarantees; and (4) require that by FY2016 each federal agency achieve at least a 30% reduction in its fleet petroleum consumption, and have at least 30% of its alternative fuel vehicles be hybrid or lean burn vehicles; (5) establish an alternative fuels pilot grant program; and (6) conduct a national media campaign to decrease U.S. oil consumption over the next decade. Sets forth a federal agency motor vehicle efficiency and fuel requirements. Requires certain minimum percentages of light-duty motor vehicles manufactured for model years 2012 and beyond to use specified propulsion technologies and fuels. Amends the Clean Air Act to prescribe minimum annual quantities of renewable fuel from cellulosic biomass and sugar. Directs the Secretary of Agriculture to establish a low-interest loan and grant program for farmer-owned ethanol producers to develop infrastructure, including pump stations, for the retail delivery of any fuel containing at least 85% ethanol.
United States · United States Congress · 18 January 2007
Requires the Internal Revenue Service (IRS) to suspend the use of private debt collection companies to collect unpaid taxes and prohibits the use of any IRS funds for tax collection contracts with private companies.
United States · United States Congress · 18 January 2007
Indiana Dunes National Lakeshore Corrections Act - Permits the Secretary of the Interior, with respect to the Indiana Dunes National Lakeshore in Indiana, to: (1) accept donations of lands located outside the present boundaries of the Lakeshore if they are either contiguous or separated from such lands by only a right-of-way; and (2) make acquisitions to the boundaries of the Lakeshore from units of state or local government by satisfaction of delinquent state or local taxes.
United States · United States Congress · 18 January 2007
Teacher Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) increase the allowable tax deduction for the expenses of elementary and secondary school teachers to $400; (2) allow the deduction of professional development expenses; and (3) make such deduction permanent.
United States · United States Congress · 18 January 2007
Home Ownership for America's Veterans Act of 2007 - Amends the Internal Revenue Code to: (1) extend the eligibility period of veterans for mortgage financing; and (2) require annual inflation adjustments after 2010 to limits on state veteran bond amounts based on the Conventional Mortgage Home Price Index (compiled by Freddie Mac).
United States · United States Congress · 18 January 2007
Securing America's Energy Independence Act of 2007 - Amends the Internal Revenue Code to extend through 2016: (1) the energy tax credit for solar energy property and qualified fuel cell property; and (2) the tax credit for residential energy efficient property expenditures. Allows such credits to be applied against alternative minimum tax liability. Includes advanced energy storage systems as energy property for purposes of the tax credit. Provides for a special credit amount for solar photovoltaic energy property and residential energy efficient property based upon kilowatt capacity. Allows accelerated depreciation (three-year recovery period) for solar energy and fuel cell property.
United States · United States Congress · 17 January 2007
Disabled Veterans Tax Fairness Act of 2007 - Amends the Internal Revenue Code to allow members of the uniformed services whose retired pay in any taxable year is reduced due to an award of disability compensation by the Department of Veterans Affairs an extension of the three-year limitation period for filing tax refund claims until one year after the date of a disability determination. Limits the period for which such refund claims may be filed to taxable years beginning less than five years before the date of a disability determination.
United States · United States Congress · 17 January 2007
Reducing the Incentives to Guzzle Gas Act - Amends the Internal Revenue Code to: (1) include certain heavy vehicles (with a gross vehicle weight of between 6,000 and 14,000 pounds) as passenger vehicles to which the limitations on the depreciation allowed for luxury automobiles apply; (2) exempt vehicles used in a farming business from such depreciation limitations; (3) revise the limitation amounts for the depreciation of luxury automobiles; and (4) allow the expensing of up to $30,000 of the cost of vehicles used in a farming business.
United States · United States Congress · 17 January 2007
Full Funding for IDEA Now Act - Amends the Individuals with Disabilities Education Act (IDEA) to set forth a mandatory minimum level of federal grant payments to states for assistance for education of all children with disabilities under IDEA part B. Entitles a state to receive such a minimum grant allotment in an amount determined by current formulas for maximum authorization levels in specified fiscal years (which such minimum entitlement replaces). Eliminates the current authorization of appropriations for specified fiscal years for such grants.
United States · United States Congress · 17 January 2007
Health Partnership Through Creative Federalism Act - Requires the Secretary of Health and Human Services to establish a State Health Coverage Innovation Commission to: (1) request states to submit proposals for state health care expansion and improvement programs, which may include reform options such as tax credit approaches, expansions of public programs, or other appropriate alternatives; (2) review state applications and submit to Congress a list of state applications that the Commission recommends for approval; (3) report to the public concerning progress made by states; and (4) make recommendations to the Secretary and Congress for minimizing the negative effect of state programs on national employer groups, provider organizations, and insurers because of differing state requirements under the programs. Requires states to prepare and submit to the Commission a healthcare plan that has as its goal increased coverage and such additional goals as improvements in quality, efficiency, cost-effectiveness, and the appropriate use of information technology. Sets forth rules for congressional consideration of state proposals. Requires the Secretary to provide a grant to a state that has an application approved to enable such state to carry out an innovative state health program. Requires the Commission to direct the Secretary to: (1) fund a balanced diversity of approaches; and (2) link allocations to the state to the meeting of goals and performance measures related to health care coverage and health care costs. Prohibits states from: (1) changing eligibility criteria for state medical assistance programs; or (2) permitting the imposition of any preexisting condition exclusion for covered benefits, with exceptions.
United States · United States Congress · 17 January 2007
Independence from Oil with Agriculture Act of 2007 - Amends the Internal Revenue Code to delete provisions that terminate tax credits after a certain time (thus extending such credits) for: (1) alcohol fuels; (2) biodiesel fuels; (3) alcohol fuel mixtures; (4) biodiesel mixtures; (5) electricity produced from wind and open-loop or close-loop biomass facilities; and (6) alternative fuel vehicle refueling property. Amends the Clean Air Act to: (1) increase the applicable volume of renewable fuel for calendar years 2008-2012 that must be part of gasoline in the United States (except in noncontiguous states or territories); and (2) increase the number of gallons of renewable fuel in the calculation used to determine the required volume of renewable fuel in gasoline for calendar years 2013 and thereafter.
United States · United States Congress · 17 January 2007
Buildings for the 21st Century Act - Amends the Internal Revenue Code to: (1) increase the allowable amount of the tax deduction for energy efficient commercial building costs; and (2) extend such deduction through 2013.
United States · United States Congress · 17 January 2007
Better Future for American Families Act - Amends the Internal Revenue Code to rename the tax credit for elective deferrals and IRA contributions as the saver's credit. Revises the applicable percentage and phaseout formula for calculating the credit and makes such credit refundable.
United States · United States Congress · 17 January 2007
Corporate Entitlement Reform Act of 2007 - Establishes the Corporate Entitlement Reform Commission to: (1) examine and identify federal programs and tax laws that provide corporate entitlements (federally-funded payments to profitmaking enterprises provided without a reasonable expectation that activities performed in return for such payments would result in benefits to the public at least as great as the payments); (2) review such entitlements; (3) recommend $50 billion in federal savings on corporate entitlements for the period beginning October 1, 2007, and ending September 30, 2017; and (4) report to Congress on its findings and recommendations. Sets forth procedures for congressional consideration and implementation of the Commission's recommendations.
United States · United States Congress · 17 January 2007
Tax Code Termination Act - Terminates the Internal Revenue Code of 1986 after December 31, 2010, except for self-employment taxes, Federal Insurance Contributions Act taxes, and Railroad Retirement taxes. Declares that any new federal tax system should be a simple and fair system that: (1) applies a low rate to all Americans; (2) provides tax relief for working Americans; (3) protects the rights of taxpayers and reduces tax collection abuses; (4) eliminates the bias against savings and investment; (5) promotes economic growth and job creation; and (6) does not penalize marriage or families. Requires that the new federal tax system be approved by Congress in its final form by July 4, 2010.
United States · United States Congress · 17 January 2007
Constitutional Amendment - Repeals the Sixteenth Amendment to the Constitution (authorizing taxation of income).
United States · United States Congress · 16 January 2007
Amends the Internal Revenue Code to exempt certain small business taxpayers from the requirements of using the accrual method of accounting and of using inventories. Allows such taxpayers to use a cash method of accounting if they meet the gross receipts test and are not engaged in farming as a corporation. Increases the amount of the gross receipts test to $10 million (currently, $5 million) and permits an annual inflation adjustment of that amount.
United States · United States Congress · 16 January 2007
Renewable Energy, Fuel Reduction, and Economic Stabilization and Enhancement Act of 2007 or REFRESH Act - Directs the Secretary of Energy to make grants to: (1) promote geothermal power development; (2) develop all forms of ocean energy; and (3) assist in the development of new technology for the production of plug-in hybrid electric-combustion engine vehicles. Directs the Administrator of the Environmental Protection Agency (EPA), in calculating average fuel economy, to use the procedures described in the final rule relating to fuel economy labeling published in the Federal Register on December 27, 2006. Requires the Administrator of the National Highway Traffic Safety Administration (NHTSA) to study anticipated economic impacts and fuel savings from a requirement that all vehicles manufactured in the United States with a gross vehicle weight of not less than 10,000 pounds meet specific average fuel economy standards. Requires all passenger automobile tires sold in the United States to meet low rolling resistance standards prescribed by the NHTSA Administrator. Authorizes the Secretary to award grants to states to develop telecommuting and flexible work scheduling incentives to reduce traffic congestion in urban areas. Amends the Internal Revenue Code to: (1) include wave, current, tidal, and ocean thermal resources as qualified energy resources under the renewable energy tax credit; (2) extend through 2012 the qualified hybrid motor vehicle credit for plug-in hybrids; and (3) eliminate the limit on new qualified hybrid and advanced lean burn technology vehicles eligible for the full alternative motor vehicle tax credit.
United States · United States Congress · 16 January 2007
Amends the Internal Revenue Code to extend through 2010 the increased expensing allowance for small business assets.
United States · United States Congress · 16 January 2007
Securing America's Future Economy Commission Act, or SAFE Commission Act - Establishes the Securing America's Future Economy (SAFE) Commission to develop legislation designed to address: (1) the unsustainable imbalance between long-term federal spending commitments and projected revenues; (2) increases in net national savings to provide for domestic investment and economic growth; (3) the implications of foreign ownership of federally issued debt instruments; and (4) revision of the budget process to place greater emphasis on long-term fiscal issues. Requires the Commission to: (1) develop one or two methods for estimating the cost of legislation as an alternative to the current Congressional Budget Office (CBO) method; and (2) hold at least one town-hall style public hearing within each federal reserve district. Requires the Commission to submit a legislative proposal to Congress and the President. Authorizes the President to submit to Congress an alternative proposal. Authorizes the Committee on the Budget of either chamber to publish its own alternative proposal in the Congressional Record. Sets forth procedures for consideration of such legislation. Requires CBO to prepare a long-term cost estimate and have it published in the Congressional Record as expeditiously as possible whenever requested to do so by the Commission, the President, or the chairman or ranking minority member of the Committee on the Budget of either chamber.
United States · United States Congress · 16 January 2007
Business Relief and Incentives for Small Entrepreneurs Act of 2007 or the Business RAISE Act - Amends the Internal Revenue Code to: (1) allow accelerated depreciation (i.e., 15-year recovery period) of qualified retail improvement property (defined as any improvement to the interior portion of any nonresidential building used in the trade or business of selling retail goods or services to the general public) placed in service before January 1, 2008; (2) allow new improvements to restaurant property to qualify for accelerated depreciation; and (3) expand the eligibility of certain disabled veterans for employment under the work opportunity tax credit.
United States · United States Congress · 16 January 2007
Nontraditional Student Success Act - Authorizes and appropriates specified funds for Federal Pell grants under the Higher Education Act of 1965 (HEA). Increases yearly maximum grant amounts and revises requirements for the allowance of two Pell grants during a single award year. Requires the Secretary to publish annually in the Federal Register a revised table of income protection allowances. Excludes the earned income tax credit (EITC) from financial aid determinations. Authorizes the Secretary to select institutions of higher education for a Nontraditional Students Demonstration Program to test the effectiveness of providing expanded financial assistance to less than half-time students and students in compressed, modular, or other alternative schedules. Directs the Secretary to award competitive grants to eligible institutions to improve remedial education. Increases minimum grant amounts for the Federal TRIO programs. Permits student support services and educational opportunity centers to include career and academic (as well as personal) counseling. Makes awards under the Early Intervention and College Awareness Program for six years. Revises requirements for and reauthorizes the Program. Reauthorizes the Child Care Access Means Parents in School Program of campus-based child care services for low-income parents in postsecondary education. Directs the Secretary to establish a website and brochures for providing outreach about financial aid and education tax credits that targets employers, one-stop centers, Head Start centers, and other appropriate locations. Increases the activities for which grants to Hispanic-serving institutions, as well as grants from the Fund for the Improvement of Postsecondary Education, may be used. Revises requirements for Special Programs for Students Whose Families Are Engaged in Migrant and Seasonal Farmwork. Reauthorizes the high school equivalency and the college assistance migrant programs. Amends the Internal Revenue Code to increase the percentage Lifetime Learning income tax credit for qualified higher education expenses, but reduce the maximum annual dollar amount. Makes a portion of the credit refundable. Directs the Secretary of the Treasury to establish a program for making advance payments of such credits to eligible institutions on behalf of certified individuals.
United States · United States Congress · 16 January 2007
Social Security Lock-Box Act of 2007 - Amends the Congressional Budget Act of 1974 to provide a point of order against consideration of any: (1) budget resolution that sets forth totals for any fiscal year with respect to the Social Security Trust Funds that are less than the totals of the Social Security Trust Funds for that fiscal year as calculated in accordance with a current services baseline; or (2) spending or tax legislation that would cause any totals to be less than the Funds totals for the covered fiscal year. Makes the point of order described in (2) above inapplicable to Social Security reform legislation. Requires any federal budget submitted by the President that recommends totals for any fiscal year with respect to the Funds that are less than the totals of the Funds for that fiscal year to include a detailed proposal for Social Security reform legislation. Makes this Act inapplicable upon the enactment of such legislation. Defines "Social Security reform legislation" as a bill or joint resolution to save Social Security that specifies that it constitutes reform legislation.