Taxation

Private Property Rights Protection Act of 2005

United States · United States Congress · 25 October 2005

Private Property Rights Protection Act of 2005 - Prohibits any state or political subdivision from exercising its power of eminent domain for economic development if that state or political subdivision receives federal economic development funds during the fiscal year. Makes a state or political subdivision that violates such prohibition ineligible for any such funds for two fiscal years. Prohibits the federal government from exercising its power of eminent domain for economic development. Establishes a private cause of action for any private property owner who suffers injury as a result of a violation of this Act. Sets the statute of limitation for such an action at seven years. Allows the prevailing plaintiff's attorney to obtain reasonable attorney's fees and expert fees. Requires the Attorney General to: (1) compile a list of the federal laws under which federal economic development funds are distributed; (2) provide to each state and publish on a Department of Justice website the text of this Act, a description of the rights of property owners under this Act, and the compiled list of relevant federal laws; and (3) publish such text and description in the Federal Register. Requires the Attorney General to submit an annual report to the Chairman and Ranking Member of the appropriate congressional committees identifying states or political subdivisions that have used eminent domain in violation of this Act.

To provide that rates of pay for Members of Congress shall not be increased as a result of any adjustment otherwise scheduled to take effect in fiscal year 2006.

United States · United States Congress · 25 October 2005

Prohibits a Member of Congress from receiving during FY2006 a cost of living adjustment under the Legislative Reorganization Act of 1946.

EXPENSE Act of 2005

United States · United States Congress · 25 October 2005

Expensing Property Expands our Nation's Strong Economy Act of 2005 or the EXPENSE Act of 2005 - Amends the Internal Revenue Code to: (1) repeal the limitations on the expensing of depreciable business assets; and (2) allow taxpers to elect a two-year recovery period for depreciable property.

A bill to amend the Internal Revenue Code of 1986 to exclude property tax rebates and other benefits provided to volunteer firefighters, search and rescue personnel, and emergency medical responders from income and employment taxes and wage withholding.

United States · United States Congress · 21 October 2005

Amends the Internal Revenue Code to exclude from gross income rebates of state or local real or personal property taxes or any other benefit provided by a state or local government to volunteer firefighters, search and rescue personnel, and emergency medical responders. Exempts such rebates and benefits from employment and unemployment taxes and from withholding of tax requirements.

Whatever It Takes to Rebuild Act, Part II

United States · United States Congress · 20 October 2005

Whatever It Takes to Rebuild Act, Part II - Repeals the Community Disaster Loan Act of 2005. Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to authorize the President to make community disaster loans to any state government which may suffer a substantial loss of tax and other revenue as a result of a major disaster, and has demonstrated a need for financial assistance in order to perform its governmental functions. Removes the $5 million cap set for community disaster loans. Provides that in the case of a community disaster loan made to a state or local government which suffers a substantial loss of tax and other revenues as a result of a major disaster the President determines to be an incident of national significance: (1) the amount of the loan shall not be subject to the current limitation of 25% of the annual operating budget of that state or local government for the fiscal year in which the major disaster occurs; and (2) the President shall not require the payment of any interest or principal on a loans.

Qualified Long-term Care Fairness Act of 2005

United States · United States Congress · 20 October 2005

Qualified Long-term Care Fairness Act of 2005 - Amends the Internal Revenue Code to allow a tax deduction from gross income for the cost of long-term care services and long-term care insurance contracts.

Advocates Dedicated to Older Child Parental Tax Credit (ADOPT) Act of 2005

United States · United States Congress · 20 October 2005

Advocates Dedicated to Older Child Parental Tax Credit (ADOPT) Act of 2005 - Amends the Internal Revenue Code to allow a $2,000 tax credit for costs associated with the adoption of a child who has reached nine years of age before the adoption decree becomes final. Allows the credit each year until such child attains the age of 19.

Stealth Tax Relief Act of 2005

United States · United States Congress · 20 October 2005

Stealth Tax Relief Act of 2005 - Amends the Internal Revenue Code to: (1) extend through 2006 the increased alternative minimum tax exemption amount for individual taxpayers; and (2) adjust such increased exemption amount for inflation in 2006.

Expressing support for the current standards of the Federal mortgage interest tax deduction.

United States · United States Congress · 20 October 2005

Expresses support for the current standards of the mortgage interest tax deduction under the Internal Revenue Code and opposition to the initial recommendation of the President's Advisory Panel on Federal Tax Reform to limit such deduction.

Government Settlement Transparency Act of 2005

United States · United States Congress · 19 October 2005

Government Settlement Transparency Act of 2005 - Amends the Internal Revenue Code to revise the rule denying a tax deduction for fines and penalties paid to a government for the violation of any law to provide that no deduction shall be allowed for any fine or penalty paid (whether by suit, agreement, or otherwise) to, or at the direction of, a government or nongovernmental regulatory entity for a violation of law or for the investigation or inquiry by such government or entity into a potential violation of any law. Allows exceptions to the general rule of nondeductibility for: (1) certain restitution payments or payments required to come into compliance with law; (2) court-ordered payments not involving a government or nongovernmental regulatory entity; and (3) amounts paid or incurred as taxes due. Requires governmental agencies involved in a settlement with a taxpayer to report to the Secretary of the Treasury and the taxpayer information about such settlement, including the amount of the settlement, the amount paid as restitution or remediation of property, and the amount paid to come into compliance with law.

Private Property Rights Protection Act

United States · United States Congress · 19 October 2005

Private Property Rights Protection Act - Makes ineligible for federal funds any condemning authority or acquiring party that engages or participates in a taking or condemnation of any real property interest not for a public use or public purpose using the power of eminent domain, without the owner's consent. Requires any entity applying for federal funds to certify eligibility. Allows the Commissioner of the Internal Revenue Service (IRS) to audit any condemning authority or acquiring party that has made such a certification. Allows a property owner who is notified that his or her property will be taken to file for and attach a Fifth Amendment property protection statement (PPS) indicating that the condemning entity is exceeding its authority, which shall prohibit any acquiring party from claiming any benefit, deduction, or tax credit related to any activities conducted within the geographical boundaries comprising the jurisdiction of the condemning authority. Allows the condemning entity to seek a judicial determination of the statement's validity and an order releasing the PPS if not valid. Prohibits any government from engaging or participating in a taking or condemnation of any private real property interest under the power of eminent domain for any purpose that is not for a public purpose or a public use. Applies such prohibition to an exercise of eminent domain: (1) by the federal government; (2) related to a program or activity receiving federal financial assistance; or (3) that would affect commerce with foreign nations, among the states, or with Indian tribes. Allows a person to assert a violation of this act as a claim or defense in a judicial proceeding. Allows the United States to bring an action for injunctive or declaratory relief to enforce compliance with this Act.

Biotechnology Future Investment Expansion Act of 2005

United States · United States Congress · 19 October 2005

Biotechnology Future Investment Expansion Act of 2005 - Amends the Internal Revenue Code to permit certain biomedical research corporations to engage in investments and other transactions involving shifts in ownership without incurring limitations on net operating loss carryforwards and certain built-in losses.

Biotechnology Future Investment Expansion Act of 2005

United States · United States Congress · 19 October 2005

Biotechnology Future Investment Expansion Act of 2005 - Amends the Internal Revenue Code to permit certain biomedical research corporations to engage in investments and other transactions involving shifts in ownership without incurring limitations on net operating loss carryforwards and certain built-in losses.

To amend the Internal Revenue Code of 1986 to provide a tax credit for health insurance costs of eligible disaster relief recipients.

United States · United States Congress · 19 October 2005

Amends the Internal Revenue Code to qualify disaster relief recipients living or working in a federally-declared disaster area for the tax credit for health insurance costs and for advance payments of such credit.

Naval Vessels Transfer Act of 2005

United States · United States Congress · 18 October 2005

Naval Vessels Transfer Act of 2005 - Authorizes the President to transfer on a grant basis to: (1) Greece, the OSPREY class minehunter coastal ship PELICAN; (2) Egypt, the OSPREY class minehunter coastal ships CARDINAL and RAVEN; (3) Pakistan, the SPRUANCE class destroyer ship FLETCHER; and (4) Turkey, the SPRUANCE class destroyer ship CUSHING. Authorizes the President to transfer on a sale basis to: (1) India, the AUSTIN class amphibious transport dock ship TRENTON; (2) Greece, the OSPREY class minehunter coastal ship HERON; and (3) Turkey, the SPRUANCE class destroyer ship O'BANNON. States that: (1) the value of such vessels transferred on a grant basis shall not be counted against the aggregate value of excess defense articles transferred to countries in any fiscal year under the Foreign Assistance Act of 1961; (2) transfer costs shall be charged to the recipient; and (3) to the maximum extent practicable, the country to which a vessel is transferred shall have necessary vessel repair and refurbishment carried out at U.S. shipyards (including U.S. Navy shipyards). Terminates transfer authority two years after enactment of this Act.

To amend the Internal Revenue Code of 1986 to modify the construction contract exception to the percentage of completion method for determining income under long-term contracts.

United States · United States Congress · 17 October 2005

Amends the Internal Revenue Code to revise requirements relating to the exemption for construction contracts from the percentage of completion method for determining income under long-term contracts. Extends the estimated completion time for such contracts from two to three years and increases the gross receipts eligibility limitation from $10 million to $25 million.

Business Travel Incentives Act of 2005

United States · United States Congress · 17 October 2005

Business Travel Incentives Act of 2005 - Amends the Internal Revenue Code to repeal the 50% limitation on the tax deduction for meals and entertainment expenses.

Mutual Fund Shareholder Equity Act of 2005

United States · United States Congress · 17 October 2005

Mutual Fund Shareholder Equity Act of 2005 - Amends the Internal Revenue Code to extend from eight to 10 years the capital loss carryover period for regulated investment companies.

Evacuees Tax Relief Act of 2005

United States · United States Congress · 17 October 2005

Evacuees Tax Relief Act of 2005 - Amends the Internal Revenue Code to allow individual taxpayers to elect either a tax credit or tax deduction for up to $5,000 of their voluntary or mandatory evacuation expenses due to a disaster.

A bill to amend the Internal Revenue Code of 1986 to treat certain farming business machinery and equipment as 5-year property for purposes of depreciation.

United States · United States Congress · 7 October 2005

Amends the Internal Revenue Code to allow a five-year depreciation recovery period for certain farming business machinery or equipment placed in service before January 1, 2010.

A bill to amend the Internal Revenue Code of 1986 to restore the phaseout of personal exemptions and the overall limitation on itemized deductions.

United States · United States Congress · 7 October 2005

Amends the Internal Revenue Code to repeal: (1) the reduction of the phaseout amount for personal tax exemptions; and (2) the phaseout of the overall limitation on itemized tax deductions. Makes permanent the overall limitation on itemized tax deductions.

GAS Act

United States · United States Congress · 7 October 2005

Gasoline Affordability and Security Act or the GAS Act - States it is unlawful to sell gasoline or diesel fuel at a price which constitutes price gouging (as defined by Federal Trade Commission (FTC)) during the 30-day period beginning on the date on which the President determines the existence of conditions warranting the drawdown and sale of petroleum products from the Strategic Petroleum Reserve. Requires the FTC to establish a Competitive Pricing Task Force to provide assistance upon request of a state attorney general. Amends the Energy Policy Act of 2005 to direct the Secretary of Energy to: (1) ensure that specified funds are allocated to coal-based gasification technologies, including a Fischer-Tropsch technology project to produce ultra-low sulfur liquid transportation fuel; (2) establish as an energy policy priority the expedited, large-scale commercialization of such technology; and (3) provide funds for a subsequent Fischer-Tropsch technology project. Amends the Internal Revenue Code to allow as a credit against the income tax the qualified teleworking expenses paid or incurred by the taxpayer during such year. Prescribes guidelines for the treatment of employer-provided computer equipment as a fringe benefit. Expresses the sense of Congress that Congress and the employees of the legislative branch of the federal government should: (1) conserve gasoline, aviation, and diesel fuel by whatever means practicable; and (2) as a part of such conservation efforts, promote teleworking.

Rapid Response Border Protection Act of 2005

United States · United States Congress · 7 October 2005

Rapid Response Border Protection Act of 2005 - Authorizes the emergency deployment of Border Patrol agents to a requesting border state. Sets forth provisions for Border Patrol acquisition and use of: (1) helicopters and power boats, (2) motor vehicles; (3) portable computers; (4) radio communications; (5) hand-held global positioning devices; (6) night vision equipment; and (7) body armor, uniform items, and weapons. Directs the Secretary of Homeland Security (DHS) to: (1) provide for additional detention space for illegal aliens; (2) increase Border Patrol agents, airport and land border immigration inspectors, immigration enforcement officers, and fraud and document fraud investigators; (3) enhance Border Patrol training and operational facilities; (4) establish immigration, customs, and agriculture inspector occupations within the Bureau of Customs and Border Protection; (5) reestablish the Border Patrol anti-smuggling unit; (6) establish criminal investigator occupations within DHS; (7) increase Border Patrol agent and investigator pay; (8) require foreign language training for appropriate DHS employees; and (9) establish the Task Force on Fraudulent Immigration Documents. Increases maximum employer-paid student loan amounts for Border Patrol agents. Repeals the DHS human resources management system. Redefines the term "law enforcement officer" under provisions of the Federal Employees Retirement System (FERS) and the Civil Service Retirement System (CSRS) to include: (1) federal employees not otherwise covered by such term whose duties include the investigation or apprehension of suspected or convicted individuals and who are authorized to carry a firearm; and (2) Internal Revenue Service (IRS) employees whose duties are primarily the collection of delinquent taxes and the securing of delinquent returns. Amends the Immigration and Nationality Act to establish within the S visa nonimmigrant classification (criminal or terrorist law enforcement assistance) a category for an alien: (1) who has reliable information about a commercial alien smuggling enterprise; (2) who is willing to supply or has supplied such information to a federal or state court; and (3) whose presence in the United States is essential to such investigation. Authorizes: (1) up to 400 annual entrants; and (2) status adjustment to permanent resident when needed to protect such individuals. Establishes a reward program to assist in eliminating immigration-related commercial document fraud operations.

Community Disaster Loan Act of 2005

United States · United States Congress · 7 October 2005

Community Disaster Loan Act of 2005 - Authorizes the transfer of up to $300 million in certain disaster relief funds to the Disaster Assistance Direct Loan Program (DADLP) for the cost of direct loans authorized by the Robert T. Stafford Disaster Relief and Emergency Assistance Act (the Act) to assist local governments in providing essential services. Authorizes the transfer, also, of up to $1 million of such funds to the DADLP for administrative expenses. Amends the Act to eliminate the $5 million limit on the amount of any community disaster loans (but keep the limit of 25% of the local government annual operating budget for the fiscal year in which the major disaster occurs). Repeals the requirement that repayment of all or part of any such loans be cancelled to the extent that the local government's revenues during the three fiscal years following the major disaster are insufficient to meet its operating budget. (Retains denial of such a government's eligibility for further assistance during any period in which it is in arrears on required repayment of such a loan.)

Keep Gulf Coast Families Healthy Act of 2005

United States · United States Congress · 7 October 2005

Keep Gulf Coast Families Healthy Act of 2005 - Waives until December 31, 2010, the limitation on the tax deduction for medical expenses (i.e., only expenses exceeding 7.5% of adjusted gross income are deductible) for taxpayers residing in the Hurricane Katrina disaster area on August 28, 2005.

To amend the Internal Revenue Code of 1986 to provide that the deduction for certain flood-related attorney fees shall be fully allowable in computing both taxable income and alternative minimum taxable income.

United States · United States Congress · 7 October 2005

Amends the Internal Revenue Code to exempt from the limitation on miscellaneous itemized tax deductions (i.e., only expenses in excess of two percent of adjusted gross income are deductible) any deduction for attorney fees paid in connection with flood-related damages from a natural disaster.

To amend the Internal Revenue Code of 1986 to provide that the deduction for certain attorney fees shall be fully allowable in computing both taxable income and alternative minimum taxable income.

United States · United States Congress · 7 October 2005

Amends the Internal Revenue Code to exempt from the limitation on miscellaneous itemized tax deductions (i.e., only expenses in excess of two percent of adjusted gross income are deductible) any deduction for attorney fees paid by or on behalf of a taxpayer in connection with damages from a lawsuit or settlement agreement received by such taxpayer.

To amend the Internal Revenue Code of 1986 to repeal the inflation adjustment of the earned income threshold used in determining the refundable portion of the child tax credit and to restore the threshold to its original amount.

United States · United States Congress · 7 October 2005

Amends the Internal Revenue Code to repeal the annual inflation adjustment to the $10,000 earned income threshold amount used to determine the refundable portion of the child tax credit.

To amend title 4 of the United States Code to clarify the treatment of self-employment for purposes of the limitation on State taxation of retirement income.

United States · United States Congress · 7 October 2005

Amends certain federal law, which prohibits states from taxing the retirement income of nonresidents, to specify retirement plans, programs, or arrangements for self-employed individuals among those which may be exempt from state taxation if the individuals are nonresidents of that state. Provides that certain adjustments of a plan's benefits will not cause its periodic payments to fail the test of being substantially equal.

Community Disaster Loan Equity Act of 2005

United States · United States Congress · 7 October 2005

Community Disaster Loan Equity Act of 2005 - Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to authorize the President to make community disaster loans to state governments. Eliminates the $5 million limit on such a loan, and prohibits the President from requiring its repayment, if the state or local government receiving it may suffer a substantial loss of tax and other revenues as a result of a major disaster determined to be an incident of national significance. Applies this Act to any major disaster occurring on or after August 24, 2005.

Economic Relief for Gulf Coast Families and Businesses Act

United States · United States Congress · 7 October 2005

Economic Relief for Gulf Coast Families and Businesses Act - Amends the Internal Revenue Code to: (1) exclude from gross income gain from the sale or exchange of Hurricane Katrina Zone assets held for more than five years; and (2) allow reduced estate tax rates for Hurricane Katrina victims. Includes as such assets: (1) Katrina Zone business stock or principal interests issued after August 28, 2005, and acquired by the taxpayer before January 1, 2007; and (2) Katrina Zone business property acquired between such dates, provided its original use in the Zone commences with the taxpayer.

Middle Class Energy Initiative Act of 2005

United States · United States Congress · 7 October 2005

Middle Class Energy Initiative Act of 2005 - Amends the Internal Revenue Code to allow individuals a $500 tax credit for: (1) gasoline and diesel fuel expenses; and (2) home energy consumption expenses. Denies the credit for taxpayers whose adjusted gross income is twice the state median adjusted gross income. Limits the amortization of geological and geophysical expenses to 90 percent of such expenses.

TO PREVENT CERTAIN DISCRIMINATORY TAXATION OF INTERSTATE NATURAL GAS PIPELINE PROPERTY

United States · United States House of Representatives · 6 October 2005

AFTER THE HURRICANES: IMPACT ON THE FISCAL YEAR 2007 BUDGET

United States · United States House of Representatives · 6 October 2005

Rapid Efficiency Credit Act of 2005

United States · United States Congress · 6 October 2005

Rapid Efficiency Credit Act of 2005 - Amends the Energy Policy Act of 2005 to make certain energy-related income tax credits available for energy property placed in service after the enactment of this Act (instead of after December 31, 2005). Amends the Internal Revenue Code to allow a tax credit for Energy Star compliant compact fluorescent light bulbs used in a residence.

Reducing the Incentives to Guzzle Gas Act

United States · United States Congress · 6 October 2005

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.

A bill to repeal certain sections of the Act of May 26, 1936, pertaining to the Virgin Islands.

United States · United States Congress · 6 October 2005

Amends Federal law to repeal specified provisions pertaining to real property taxation in the U.S. Virgin Islands.

Gulf Coast Infrastructure Redevelopment and Recovery Act of 2005

United States · United States Congress · 6 October 2005

Gulf Coast Infrastructure Redevelopment and Recovery Act of 2005 - Federal Infrastructure Preparedness Act of 2005 - Directs the Secretary of the Army to establish a Federal Infrastructure Task Force to improve preparedness for the effects of extreme weather events on U.S infrastructure. Requires the Task Force to serve as the coordinating entity to distribute federal funding for infrastructure redevelopment required by Hurricane Katrina (Katrina). Authorizes the Secretary of Transportation to obligate more than $100 million in a state for a fiscal year under the emergency relief program for projects for the repair or reconstruction of highways, roads, and trails in response to Katrina. Emergency Water Infrastructure Assistance Act of 2005 - Authorizes Alabama, Louisiana, and Mississippi to provide additional subsidization to projects that receive funds through a revolving loan under the Federal Water Pollution Control Act to repair, replace or rebuild publicly-owned treatment works in Katrina-affected areas or water quality projects directly related to relief efforts. Amends: (1) the Public Works and Economic Development Act of 1965 to authorize appropriations for post-disaster economic recovery; and (2) the Consolidated Farm and Rural Development Act to authorize the Delta Regional Authority to designate as a disaster area a county or parish that is affected by the declaration of a major disaster in response to Katrina. Directs the Authority to establish the Delta Regional Authority Hurricane Katrina Relief Fund. Directs: (1) the Administrator of the Environmental Protection Agency (EPA) to use specified funds for activities, including cleanup, reconstruction, and rehabilitation of drinking water supplies and wastewater treatment plants, and to report on hazardous materials releases; and (2) the Secretary, acting through the Chief of Engineers, to conduct an assessment of Corps infrastructure in the region to determine whether opportunities exist for project modifications that may reduce future hurricane impacts. National Levee Safety Program Act of 2005 - Directs the Secretary to: (1) carry out a program under which the Secretary inspects U.S. levees every 10 years; (2) establish the Interagency Committee on Levee Safety; (3) establish the National Levee Safety Review Board; and (4) establish and maintain a national levee safety program. Emergency Water Infrastructure Assistance Act of 2005 - Authorizes the Administrator of General Services to enter into an emergency lease, for up to five years, during a major disaster declared by the President or the head of a federal agency. Habitability of Residential Homes, Schools, and Commercial Buildings Affected by Hurricane Katrina Act of 2005 - Directs the Administrator to establish a grant program to pay the federal share of the cost of abatement and inspection activities for residential homes, commercial buildings, and schools affected by Katrina. Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to provide reimbursement for the establishment of commuter assistance programs to improve worker access to assist in the rapid recovery of communities in response to a major disaster.

Older Worker Opportunity Act

United States · United States Congress · 6 October 2005

Older Worker Opportunity Act - Amends the Internal Revenue Code to: (1) establish a tax credit equal to 40% of annual wages for older workers in flexible and phased work programs; and (2) extend the dependent care credit to eldercare expenses. Amends the Employee Retirement Income Security Act of 1974 (ERISA) to extend COBRA continuation coverage for certain older workers. Amends the Workforce Investment Act of 1998 to revise: (1) statewide employment and training activities, adding developing strategies for serving hard-to-serve populations and coordinating programs among one-stop partners; (2) local employment and training activities, with respect to intensive services and training services, and adding customer support for members of hard-to-serve populations, including individuals with disabilities; (3) performance measures, data, and reporting; (4) uses of funds for statewide activities, adding incentive grants for local areas; and (5) incentive grants for states. Directs the Secretary of Labor to establish a Federal Task Force on Older Workers.

Affordable Gas Price Act

United States · United States Congress · 6 October 2005

Affordable Gas Price Act - Declares without force or effect all provisions of existing federal law that prohibit spending appropriated funds to conduct oil or natural gas leasing and preleasing activities for any area of the Outer Continental Shelf. Revokes all existing withdrawals by the President under the authority of the Outer Continental Shelf Lands Act. Amends the Alaska National Interest Lands Conservation Act to repeal: (1) the withdrawal of public lands within the Coastal Plain from entry or appropriation under federal mining or mineral leasing laws; and (2) the prohibition against the production, leasing, and development of oil and gas from the Arctic National Wildlife Refuge (ANWR). Amends the National Environmental Policy Act of 1969 to shield from judicial review mandatory statements by certain federal officials regarding the environmental impact of federal actions upon the quality of the human environment. Amends the Internal Revenue Code to: (1) set forth additional incentives for investment in oil refineries; (2) suspend the tax on highway motor fuels when retail gasoline exceeds a certain benchmark; and (3) increase mileage reimbursement rates. Authorizes the President to extend normal trade relations treatment to the products of the Russian Federation and Kazakhstan.

Idling Reduction Tax Credit Act of 2005

United States · United States Congress · 6 October 2005

Idling Reduction Tax Credit Act of 2005 - Amends the Internal Revenue Code to allow a business tax credit for 50 percent of the cost of a qualifying idling reduction device, up to $3,500. Defines "qualifying idling reduction device" as any device that is: (1) installed on a heavy-duty diesel-powered on-highway vehicle to provide services that would otherwise require the operation of the main drive engine while the vehicle is temporarily parked or stationary; and (2) certified by the Secretary of Energy to reduce long-duration idling. Directs the Secretary to publish standards for certifying such devices.

To temporarily waive the restriction on highway use in applying the tax exemption for diesel fuel used on a farm for farming purposes.

United States · United States Congress · 6 October 2005

Waives until December 31, 2005, the restriction on highway use of diesel fuel applicable to the tax exemption for such fuel when used on a farm for farming purposes.

Katrina Economic Opportunity Act

United States · United States Congress · 6 October 2005

Katrina Economic Opportunity Act - Amends the Internal Revenue Code to: (1) exclude from gross income gain from the sale or exchange of a Gulf Opportunity Zone asset (business stock, partnership interest, or property in a Hurricane Katrina disaster area) held for more than five years; (2) waive small business asset expensing limits for Gulf Opportunity Zone assets; and (3) qualify Gulf Opportunity Zone investments for the new markets tax credit.

Winter Readiness Act of 2005

United States · United States Congress · 6 October 2005

Winter Readiness Act of 2005 - Amends the Internal Revenue Code to allow a taxpayer election to expense (i.e., deduct in the current taxable year) all costs for qualified oil and gas production property placed in service before January 1, 2009, and for repairs to such property for hurricane-related damage. Defines "qualified oil and gas production property" to include assets used in offshore drilling for oil and gas, and for exploration and production of petroleum and natural gas deposits. Allows a 10-year carryback of net operating losses incurred in 2005 for hurricane-damaged oil and gas facilities.

Small Business Tax Flexibility Act of 2005

United States · United States Congress · 6 October 2005

Small Business Tax Flexibility Act of 2005 - Amends the Internal Revenue Code to permit certain small start-up businesses to elect a taxable year, other than the required taxable year, which ends on the last day of any of the months of April through November (or at the end of an equivalent annual period).

Strengthen the Earned Income Tax Credit Act of 2005

United States · United States Congress · 5 October 2005

Strengthen the Earned Income Tax Credit Act of 2005 - Amends the Internal Revenue Code to: (1) make permanent the reduction in the marriage penalty applicable to the earned income tax credit; (2) increase the percentage of such credit for families with three or more children; (3) reduce the phase-out of such credit for individuals without children; and (4) make permanent provisions treating combat pay as earned income for purposes of calculating such credit.

A bill to amend the Internal Revenue Code of 1986 to allow the manufacturing deduction provided by the American Jobs Creation Act of 2004 with respect to income attributable to domestic production activities in any possession of the United States, and for other purposes.

United States · United States Congress · 4 October 2005

Amends the Internal Revenue Code to allow the tax deduction for income related to domestic production activities for production activities in possessions of the United States.

A bill to amend the Internal Revenue Code of 1986 to allow the manufacturing deduction provided by the American Jobs Creation Act of 2004 with respect to income attributable to domestic production activities in Puerto Rico.

United States · United States Congress · 4 October 2005

Amends the Internal Revenue Code to allow taxpayers engaged in domestic production activities in Puerto Rico the tax deduction for income attributable to domestic production activities.

401(k) Enhancement Act: Encouraging Retirement Savings

United States · United States Congress · 4 October 2005

401(k) Enhancement Act: Encouraging Retirement Savings - Amends the Internal Revenue Code to allow 401(k) retirement plans to adopt automatic employee contribution arrangements. Provides for: (1) employer matching contributions; (2) employee elections to opt out of automatic contribution plans; (3) notice to employees of their rights under automatic contribution plans; and (4) default investment arrangements for employees who do not make investment decisions.

Recapture Excess Profits and Invest in Relief (REPAIR) Act of 2005

United States · United States Congress · 3 October 2005

Recapture Excess Profits and Invest in Relief (REPAIR) Act of 2005 - Amends the Internal Revenue Code to: (1) impose on certain oil companies, for taxable years beginning in 2005 or 2006, an excise tax on 50 percent of their windfall profit from the sale of crude oil; (2) allow a tax deduction for the payment of such windfall profit tax; and (3) establish in the Treasury the Hurricane Relief Trust Fund to which windfall tax revenues will be paid to offset the cost of supplemental spending legislation enacted to aid Hurricane Katrina and Rita victims.