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201 records in US in 2007
United States · United States Congress · 29 October 2007
Classroom Readiness Tax Relief Act of 2007 - Amends the Internal Revenue Code to make permanent the tax deductions for: (1) certain expenses of elementary and secondary school teachers; and (2) corporate contributions of computer technology and equipment for educational purposes.
United States · United States Congress · 29 October 2007
Brownfield Redevelopment Tax Incentive Act of 2007 - Amends the Internal Revenue Code to make permanent the taxpayer election to expense (deduct in the current taxable year) expenditures made for environmental remediation (i.e., abatement or control of hazardous substances at contaminated sites).
United States · United States Congress · 29 October 2007
California Wildfire Tax Relief Act of 2007 - Provides special tax treatment for taxpayers in areas affected by the California wildfires of October 2007 relating to: (1) nonrecognition of gain from the involuntary conversion of property; (2) limitations on charitable contributions for relief efforts; (3) the exclusion from gross income for discharges of indebtedness; (4) mortgage revenue bonds; (5) limitations on personal casualty losses; (6) additional tax exemptions for providing housing for displaced individuals; (7) earned income calculations; (8) dependency status for purposes of tax exemptions or the child tax credit; (9) premature withdrawals from retirement plans; (10) income averaging; (11) recontributions to tax-deferred home purchase plans; and (12) loans from tax-qualified employer plans.
United States · United States Congress · 29 October 2007
Combat Illegal Immigration Through Employment Verification Act - Amends the Immigration and Nationality Act to make employment of unauthorized aliens unlawful. Sets forth provisions respecting: (1) employer document verification requirements; and (2) employment authorization and/or identity documents. Sets forth employment eligibility verification system (EEVS) provisions. Amends the Internal Revenue Code to: (1) provide for the disclosure of certain taxpayer identity information to the Department of Homeland Security (DHS) to assist in immigration enforcement; and (2) increase specified penalties for employer failure to provide correct information returns. Directs the Secretary of the Treasury to establish within the Criminal Investigation office of the Internal Revenue Service (IRS) a unit to investigate tax-related violations related to the employment of unauthorized aliens. Sets forth IRS and Social Security Administration (SSA) immigration-related enforcement provisions. Provides for increases in worksite enforcement and immigration fraud detection personnel.
United States · United States Congress · 26 October 2007
Motorsports Tax Fairness Act - Amends the Internal Revenue Code to make permanent the classification, for depreciation purposes, of any motorsports entertainment complex as seven-year property.
United States · United States Congress · 25 October 2007
Amends the Internal Revenue Code to extend through 2008 the tax deduction for qualified tuition and related expenses.
United States · United States Congress · 25 October 2007
Amends the Internal Revenue Code to make permanent the tax deduction for state and local general sales taxes.
United States · United States Congress · 25 October 2007
Lead Elimination, Abatement, and Poisoning Prevention Act of 2007 or the LEAPP Act of 2007 - Requires the Secretary of Health and Human Services to carry out demonstration projects and outreach programs for the identification and abatement of lead hazards. Requires the Secretary, in conjunction with the Administrator of the Environmental Protection Agency (EPA) and the Secretary of Housing and Urban Development, to establish the Joint Task Force on Lead-Based Hazards. Requires the President, in conjunction with the Administrator, to establish the Task Force on Children's Environmental Health and Safety. Requires the Secretary to conduct outreach and education activities about lead exposure. Requires the Secretary, in conjunction with the Administrator of the Centers for Medicare and Medicaid Services, to undertake pilot projects in states to provide lead poisoning risk assessments, blood-lead level screening, interventions to reduce exposure to lead-based hazards, and medically appropriate treatment to pregnant women enrolled in the Medicaid program under title XIX of the Social Security Act. Amends the Residential Lead-Based Paint Hazard Reduction Act of 1992 to require a seller or lessor of housing to: (1) conduct a risk assessment or inspection for the presence of lead-based paint hazards (current law permits the purchaser a 10-day period to conduct such assessment or inspection unless the parties mutually agree on a different period); (2) disclose to the purchaser or lessee the results of such inspection or assessment and hazard control measures carried out; (3) remediate any lead-based paint hazards found; and (4) include in any contract for the purchase or lease of housing documentation of any inspection, risk assessment, or hazard control measure. Includes within the meaning of the term "target housing" housing for the elderly or persons with disabilities or any zero bedroom dwelling. Redefines the term "qualified allocation plan" for purposes of the low-income housing tax credit. Directs the Department of Energy (DOE) to require the conduct of lead hazard control measures during weatherization projects. Authorizes appropriations for HUD's Lead Hazard Reduction Program.
United States · United States Congress · 25 October 2007
Equity for Our Nation's Self Employed Act of 2007 - Amends the Internal Revenue Code to allow self-employed individuals to deduct health insurance costs in computing the tax on self-employment income.
United States · United States Congress · 25 October 2007
Heartland, Habitat, Harvest, and Horticulture Act of 2007 - Amends the Trade Act of 1974 to establish a program of supplemental agricultural disaster assistance and an Agricultural Disaster Relief Trust Fund to make payments to farmers and ranchers for certain losses incurred in disaster areas. Amends the Internal Revenue Code to: (1) allow tax credits for various conservation-related expenditures, including habitat protection easements and restoration, wetlands reserve conservation, and working grassland protection: (2) make permanent the special rule for tax deductions of capital gain real property for conservation purposes; and (3) allow a tax deduction for expenditures related to certain species recovery plans approved under the Endangered Species Act of 1973. Provides for the issuance of tax-exempt forest conservation bonds to nonprofit organizations to acquire forest lands for conservation purposes. Allows a tax deduction for up to 60% of gains from certain sales or exchanges of timber. Sets forth rules for the tax treatment of timber real estate investment trusts (REITs). Allows new tax credits for qualified small wind energy property expenditures for residential heating purposes, for the production of cellulosic biomass alcohol used as fuel, and for fossil free alcohol. Extends through 2012 the small ethanol and small agri-biodiesel producer tax credits. Extends tariff duties on ethanol until January 1, 2011. Extends through 2010: (1) the tax credit for biodiesel and renewable diesel used as fuel; (2) the tax credit for alternative fuel vehicle refueling property expenditures; and (3) the alternative fuel and alternative fuel mixture excise tax credit and refund provisions. Increases the maximum loan limit on small issue agricultural bonds for first-time farmers. Allows new tax credits for holders of rural renaissance bonds, for agricultural chemical and pesticide security, for safety and effectiveness testing expenses for new animal drugs intended for use in a minor species, and for the purchase of qualified energy efficient motors that meet or exceed certain energy efficiency standards. Places limits on the deductibility of farming losses for taxpayers receiving agriculture program payments or loans from the Commodity Credit Corporation. Limits the deductibility of fines and penalties paid to a governmental entity for violations of law. Increases penalties for failure to file certain informational tax returns. Sets forth rules for the application of the economic substance doctrine to transactions affecting tax liability. Imposes penalties for underpayments of tax attributable to transactions lacking economic substance.
United States · United States Congress · 25 October 2007
Amends the Internal Revenue Code to make permanent the special rule allowing a tax deduction for charitable contributions of food inventories by business taxpayers (other than C corporations).
United States · United States Congress · 25 October 2007
Health Insurance Affordability Act of 2007 - Amends the Internal Revenue Code to allow individual taxpayers a tax deduction for health insurance costs.
United States · United States Congress · 25 October 2007
Tax Reduction and Reform Act of 2007 - Amends Internal Revenue Code provisions relating to individual income tax rates, the alternative minimum tax, partnerships and corporations and extends certain expiring tax credits, deductions, and other tax incentives. Increases and modifies: (1) the standard tax deduction for individual taxpayers; and (2) the earned income and child tax credits. Extends the increased alternative minimum tax exemptions for individual taxpayers through 2007. Repeals such tax after 2007. Imposes limitations on the itemized deductions and exemptions of taxpayers with adjusted gross incomes in excess of $250,000. Treats partnership income earned for providing investment management services (i.e., carried interest) as ordinary income. Extends through 2008 various expiring tax provisions primarily affecting individual taxpayers, including: (1) the tax deductions for state and local sales taxes, for qualified tuition and related expenses, for qualified conservation contributions, for certain expenses of elementary and secondary school teachers, and for mortgage insurance premiums; (2) tax-free distributions from individual retirement accounts for charitable purposes; (3) the taxpayer election to include combat pay as earned income for purposes of the earned income tax credit; (4) special rules for qualified mortgage bonds to finance home purchases by veterans; and (5) tax-free distributions from retirement plans for individuals called to active military service. Extends through 2008 various expiring tax provisions primarily affecting businesses, including: (1) the tax credits for increasing research expenses, for hiring workers on Indian reservations, for investment in new markets, and for railroad track maintenance; (2) accelerated depreciation for qualified leasehold and restaurant improvements, for motorsports entertainment complexes, and for business property on Indian reservations; (3) expensing allowances for environmental remediation costs; (4) tax deductions for contributions of food and book inventories and for computer equipment for educational purposes; and (5) tax incentives for investment in the District of Columbia and American Samoa. Extends through 2008 authorities for: (1) issuing qualified zone academy bonds; (2) making disclosures of tax information to facilitate student loan repayments, for combating terrorist activities, and for veterans programs purposes; and (3) Internal Revenue Service (IRS) undercover operations. Reduces the top marginal income tax rate for corporations from 35 to 30.5% and the tax deduction for dividends received by corporations. Repeals various provisions relating to corporate taxation, including the tax deduction for income attributable to domestic production activities, the LIFO and the lower of cost or market accounting methods, interest allocation rules for U.S. corporations with foreign assets, and special rules relating to domestic international sales corporations. Makes permanent the increased expensing allowance ($125,000) for small business assets. Increases the amortization period for goodwill and other intangibles from 15 to 20 years. Sets forth rules for the application of the economic substance doctrine to tax transactions. Imposes enhanced penalties for underpayments of tax due to transactions lacking in economic substance.
United States · United States Congress · 25 October 2007
Sets forth the rule for consideration of the bill (H.R. 1366) to amend the Internal Revenue Code of 1986 to repeal the alternative minimum tax on individuals.
United States · United States Congress · 24 October 2007
Habitat and Land Conservation Act of 2007 - Amends Internal Revenue Code provisions relating to habitat conservation and restoration to: (1) make permanent the special rule allowing an enhanced tax deduction for contributions of capital gain real property for conservation purposes; (2) allow a tax credit for costs and landowner losses relating to habitat protection and restoration; (3) allow a tax deduction for expenditures related to endangered species recovery plans approved by the Endangered Species Act of 1973; (4) exclude from gross income certain payments under the Fish and Wildlife Act of 1956; (5) extend through 2010 the taxpayer election to expense (i.e., deduct in full in the current taxable year) certain environmental remediation expenditures; and (6) allow tax-free exchanges of shares in certain mutual ditch, reservoir, or irrigation companies. Amends the American Jobs Creation Act of 2004 to change the effective dates applicable to leases of tax-exempt use property to foreign entities.
United States · United States Congress · 24 October 2007
Truth in Accounting Act of 2007 - Requires the Secretary of the Treasury to include in the audited financial statement of executive branch accounts of the previous year a calculation of the net present value of the overall fiscal exposures of the U.S. government. Requires such financial statement to include a program-by-program calculation of: (1) the generational imbalance; (2) the fiscal imbalance; and (3) the total amount of the fiscal imbalance plus the public debt. Instructs the President, in preparing the federal budget, to take this financial statement into consideration, including the effect of the overall budget upon: (1) the generational imbalance calculation and the fiscal imbalance calculation; and (2) the net present value of the overall fiscal exposures of the federal government. Directs the Secretary to testify each year before Congress on the financial statement for the preceding fiscal year. Directs the Comptroller General to: (1) assess the financial condition of the U.S. government in an annual report to Congress; and (2) testify before Congress on that condition, upon request.
United States · United States Congress · 24 October 2007
Children's Health Insurance Program Reauthorization Act of 2007 - Amends title XXI (State Children's Health Insurance Program) (CHIP) of the Social Security Act (SSA) to reauthorize the CHIP program (also known as SCHIP) through FY2012 at increased levels. Revises requirements for: (1) CHIP allotments; (2) optional coverage of low-income pregnant women; (3) outreach and enrollment activities; (4) verification of U.S. citizenship or nationality for CHIP and Medicaid (SSA title XIX); (5) state option for providing premium assistance, including coordination with private coverage; (6) child health quality improvement activities; (7) access to dental and mental health benefits; and (8) program integrity and data collection, including the payment error rate measurement (PERM). Establishes in the Treasury the Child Enrollment Contingency Fund. Denies payments under CHIP for coverage of children with effective family income that exceeds 300% of the poverty line. Denies federal funding for illegal aliens. Prohibits initiation of new health opportunity account demonstration programs. Support for Injured Servicemembers Act - Amends the Family and Medical Leave Act of 1993 to entitle the family member of a covered servicemember to a total of 26 workweeks of leave during a 12-month period to care for the servicemember. Expresses the sense of the Senate affirming its intent to enact legislation this year that improves access to affordable and meaningful health insurance coverage for employees of small businesses and individuals. Amends the Internal Revenue Code to increase the excise tax on tobacco products, but allow a specified credit against such tax. Amends the Tax Increase Prevention and Reconciliation Act of 2005 to decrease the estimated tax rate for certain large corporations in the third quarter of 2012.
United States · United States Congress · 24 October 2007
Homeowners Property Tax Relief Act of 2007 - Amends the Internal Revenue Code to allow the deduction of state and local real and personal property taxes in calculating the alternative minimum taxable income of individual taxpayers.
United States · United States Congress · 24 October 2007
Science Museum and National Laboratory Partnership Demonstration Act - Authorizes the award of up to five grants only to partnerships that include science museums, or consortia thereof serving at least 1,000,000 visitors annually and with an existing partnership with one or more national laboratories, for the purposes of : (1) increasing public understanding of scientific work occurring at the national laboratories; (2) developing exhibits and informal education programs featuring advances in the physical sciences; and (3) increasing public understanding of science, technology, engineering, and mathematics disciplines. Disallows such science museums or consortia from receiving more than 60% of a grant award for any fiscal year, with the remaining funds allocated to National Laboratory partners.
United States · United States Congress · 24 October 2007
Amends the Internal Revenue Code to: (1) increase to $5,000 the maximum dollar amount of the child tax credit for the surviving spouse and children of a member of the Armed Forces who dies while serving in a combat zone; and (2) waive the adjusted gross income limitation applicable to the child tax credit for such military families.
United States · United States Congress · 24 October 2007
Amends the Internal Revenue Code to: (1) exclude participations and residuals from the dollar limitation on the taxpayer election to expense qualified film and television production costs; (2) allow amortization of costs ineligible for expensing; and (3) make such expensing election permanent.
United States · United States Congress · 24 October 2007
Superfund Polluter Pays Act - Amends the Internal Revenue Code by reinstating until January 1, 2016, the Hazardous Substance Superfund financing rate and the corporate environmental income tax.
United States · United States Congress · 24 October 2007
Native American Full Access to Dental Care Act of 2007 - Amends the Internal Revenue Code to exclude from the gross income of individual taxpayers for income tax purposes loan repayments under the Indian Health Care Improvement Act in exchange for service as an dentist.
United States · United States Congress · 23 October 2007
Amends the Internal Revenue Code to extend through 2008 the Indian employment tax credit and the accelerated depreciation of business property used on Indian reservations.
United States · United States Congress · 23 October 2007
Outdoor Recreation Act of 1963 Amendments Act - Amends the Outdoor Recreation Act of 1963 to authorize appropriations for FY2009 and, subject to specified limitations, FY2010 and each subsequent fiscal year to the National Tropical Botanical Garden to match donations made to it by state and local governments and private persons to operate and maintain the five tropical botanical gardens under its jurisdiction.
United States · United States Congress · 23 October 2007
Amends the Internal Revenue Code to extend through 2009 the suspension of the taxable income limitation on percentage depletion for oil and natural gas produced from marginal properties.
United States · United States Congress · 23 October 2007
Share the Sacrifice Act of 2007 - Amends the Internal Revenue Code to impose an Iraq War surtax on the net income tax liabilities of individuals, estates and trusts, and corporations. Exempts from such surtax: (1) members of the Armed Forces who have received combat pay after September 11, 2001; (2) survivors of military personnel who received a death gratuity; and (3) taxpayers with adjusted gross income not in excess of $30,000.
United States · United States Congress · 23 October 2007
Government Contractor Accountability Act of 2007 - Directs federal government contracting officers to require covered contractors to submit for each contract entered: (1) a certification that the contractor received 80% or less of its annual gross revenues from other federal contracts; or (2) a statement disclosing the names and salaries of the contractor's principal executive officer, principal financial officer, three most highly compensated other executive officers or individuals, and directors. Directs contracting officers to require contractors to update such statements annually. Requires such certifications and statements to be made publicly available in searchable form through the Federal Procurement Data System. Defines a "covered contractor" to mean an individual or entity that: (1) received more than $5,000,000 in annual gross revenues from federal contracts for the preceding fiscal year; and (2) is not a publicly traded company required to file periodic reports under the Securities Exchange Act of 1934. Requires the Administrator of General Services to promulgate regulations to carry out this Act.
United States · United States Congress · 23 October 2007
Trade Adjustment Assistance and Training Improvement Act of 2007 - Amends the Trade Act of 1974 to revise requirements with respect to the filing of a petition for certification of eligibility to apply for trade adjustment assistance (TAA) by a group of adversely affected workers in a firm or subdivision (including agricultural firm or subdivision). Revises TAA group eligibility requirements for such workers and for adversely affected secondary workers. Sets forth a process for administrative reconsideration of Secretary of Labor determinations that deny certification of eligibility to apply for TAA by a group of adversely affected workers. Revises: (1) trade readjustment allowance (TRA) eligibility requirements for adversely affected workers (including to provide for the the payment of an additional TRA provided certain conditions are met); and (2) training program requirements for adversely affected workers. Establishes a program where adversely affected workers that have been certified for TAA may alternatively elect to receive wage supplement and health insurance costs tax credit benefits from the state provided certain requirements are met. Authorizes the Secretary to award grants to community colleges or entities that provide training for occupations in demand in order to expand available training slots and prepare adversely affected workers for occupations in demand. Extends the TAA program for firms and farmers through FY2012. Amends the Internal Revenue Code to: (1) authorize the reduction of the credit against the federal unemployment tax liability of a state that fails to meet certain benchmark requirements in the provision of reemployment services and training to adversely affected workers under the TAA program; and (2) make TAA wage supplement recipients eligible for a health insurance costs tax credit.
United States · United States Congress · 23 October 2007
Amends the Internal Revenue Code to make permanent: (1) the taxpayer election to include combat zone compensation as earned income for purposes of the earned income tax credit; and (2) the exemption from penalties for premature distributions from retirement plans to individuals called or ordered to active military duty. Amends title XVI (Supplemental Security Income for the Aged, Blind, and Disabled) of the Social Security Act to exclude from supplement security income benefit determinations any state annuity paid to a blind veteran.
United States · United States Congress · 23 October 2007
Amends the Internal Revenue Code to permit up to $500 of unused health benefits in a plan or other arrangement that provides for a health flexible spending arrangement to be carried forward to the next year of such health flexible spending arrangement without affecting the status of such plan or arrangement as a tax-exempt employee benefit cafeteria plan. Terminates such carryforward after 2009.
United States · United States Congress · 22 October 2007
Amends the International Center Act to authorize the lease or sublease of property identified by the District of Columbia as tax lots 803, 804, 805, and 806 to an entity other than a foreign government or international organization, so long as the Secretary of State maintains the right to approve the occupant and the intended use of the property.
United States · United States Congress · 22 October 2007
Home Lead Safety Tax Credit Act of 2007 - Amends the Internal Revenue Code to allow a tax credit for 50 percent of the costs of reducing lead hazards in U.S. homes built before 1960 in which certain low-income children less than six years of age and women of child-bearing age reside. Allows a maximum credit of $3,000 for lead abatement costs and $1,000 for the cost of interim lead control measures.
United States · United States Congress · 22 October 2007
Offshore Deferred Compensation Reform Act of 2007 - Amends the Internal Revenue Code to require the inclusion in gross income for income tax purposes of employee compensation deferred under a nonqualified deferred compensation plan of a nonqualified foreign corporation when there is no substantial risk of forfeiture of the rights to such compensation. Defines "nonqualified foreign corporation" as any foreign corporation unless substantially all of its income is: (1) effectively connected with a trade or business in the United States; or (2) subject to an income tax imposed by a foreign country that has a comprehensive tax treaty with the United States.
United States · United States Congress · 22 October 2007
Mortgage Reform and Anti-Predatory Lending Act of 2007 -- Amends the Truth in Lending Act to set forth a duty of care standard for residential mortgage loan originations. Prohibits steering incentives to mortgage originators, including incentive compensation and any yield spread premium based on, or varying with, the terms of a residential mortgage loan. Directs the Secretary of Housing and Urban Development and other specified federal banking regulatory agencies to prescribe jointly regulations to prohibit mortgage originators from steering any consumer to a residential mortgage loan that is not in the consumer's interest (loans with predatory characteristics). Sets forth licensing and registration requirements for mortgage originators. Sets forth minimum repayment standards for residential mortgage loans. Requires creditors to determine, based on verified and documented information, that a consumer has a reasonable ability to repay the loan, according to its terms, and all applicable taxes, insurance, and assessments. Prohibits creditors from extending credit for residential mortgage loans that involve refinancing of a prior residential mortgage loan unless the creditor determines that refinancing provides a net tangible benefit to the consumer. Subjects assignees and securitizers to liability for certain violations in connection with residential mortgage loans. Sets forth defenses to foreclosure. Proscribes certain practices, including: (1) certain prepayment penalties; (2) single premium credit insurance; (3) mandatory use of arbitration; and (4) negative amortization mortgages. Redefines high-cost mortgages. Prohibits balloon payments for such mortgages. Revises requirements governing prepayment penalties. Prohibits lending without due regard to repayment ability. Prohibits certain creditor practices with respect to high-cost mortgages, including: (1) recommending default on an existing loan or other debt before and in connection with closing of a high-cost mortgage that refinances all or any portion of such existing loan or debt; (2) imposing late fees except according to specified requirements; (3) exercising sole discretion to accelerate indebtedness; (4) financing points and fees; (4) structuring certain transactions and reciprocal arrangements to evade the requirements and prohibitions of this Act; and (5) charging certain modification or deferral fees, and fees for notification of payoff information. Requires pre-loan counseling.
United States · United States Congress · 22 October 2007
Trade and Globalization Act of 2007 - Amends the Trade Act of 1974 to allow the filing of a petition with the Secretary of Labor for certification of eligibility to apply for trade adjustment assistance (TAA) by adversely affected workers in a service sector firm, a public agency, or subdivision. Revises group eligibility requirements for TAA to cover: (1) a shift, by such workers' firm or subdivision to a foreign country, of production of articles or in provision of services, like or directly competitive with articles which are produced, or services that are provided by the workers' firm or subdivision; or (2) instances where the workers' firm or subdivision obtains or is likely to obtain such articles or services from a foreign country. Provides for the certification for TAA of: (1) adversely affected workers in a public agency, its subdivision, or in a domestic industry; and (2) adversely affected secondary workers in a service sector firm or its subdivision. Prohibits TAA program benefits from being provided to an alien worker unless such worker is a lawful permanent resident living in the United States. Revises certain qualifying requirements for TAA for adversely affected workers. Increases: (1) the amount of payments for training of adversely affected workers; and (2) the maximum allowance to cover costs of such workers for job search expenses and relocation expenses. Amends the Internal Revenue Code to increase the credit for health insurance costs of certain TAA and Pension Benefit Guaranty Corporation (PBGC) pension recipients. Sets forth requirements to prevent a lapse of health care coverage for TAA workers and their families. Establishes eligibility requirements for reemployment TAA for adversely affected older workers. Establishes the Office of Trade Adjustment Assistance. Extends through FY2012 the TAA program for workers and farmers. Allows the filing of a petition with the Secretary of Commerce for certification of eligibility to apply for TAA by a service sector firm. Extends the TAA program for firms through FY2012. Unemployment Insurance Modernization Act - Amends the Social Security Act to require the Secretary of Labor to make unemployment compensation modernization incentive payments in FY2008-FY2012 by certain transfers from the federal unemployment account to the accounts of the states in the Unemployment Trust Fund. Provides for the issuance of manufacturing redevelopment bonds (qualified tax credit bonds) and tax-exempt facility bonds and require the proceeds to be used for environmental remediation and public infrastructure improvements in manufacturing redevelopment zones. Increases the state low-income housing credit for buildings located in such zones. Allows a credit to holders of such qualified tax credit bonds.
United States · United States Congress · 22 October 2007
Naval Vessels Transfer Act of 2007 - Authorizes the President to transfer on a grant basis to: (1) Turkey, the OLIVER HAZARD PERRY class guided missile frigates GEORGE PHILIP and SIDES; and (2) Lithuania, the OSPREY class minehunter coastal ships CORMORANT and KINGFISHER. Authorizes the President to transfer on a sale basis to: (1) Taiwan, the OSPREY class minehunter coastal ships ORIOLE and FALCON; and (2) Turkey, the OSPREY class minehunter coastal ship SHRIKE. 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.
United States · United States Congress · 19 October 2007
Research Credit Improvement Act of 2007 - Amends the Internal Revenue Code to revise the tax credit for increasing research activities by: (1) phasing-in increases in the alternative simplified tax credit rate through 2009; (2) establishing a 20% alternative simplified tax credit rate in 2010 in lieu of the standard research tax credit rate; (3) increasing the amount of basic and contract research expenses eligible for such tax credit; and (4) making such tax credit permanent.
United States · United States Congress · 18 October 2007
Amends the Internal Revenue Code to extend through 2009 the suspension of the taxable income limitation on percentage depletion for oil and natural gas produced from marginal properties.
United States · United States Congress · 18 October 2007
More Children, More Choices Act of 2007 - Amends title XXI (State Children's Health Insurance) (SCHIP) of the Social Security Act (SSA) to require a state SCHIP plan to specify how it will achieve coverage for 90% of targeted low-income children. Prohibits SCHIP payment for children with family income above 250% of the applicable poverty line. Sets forth special rules for SCHIP payment for children with family income above 200% of the applicable poverty line. Provides for standardization of income determinations. Applies citizenship documentation requirements to SCHIP beneficiaries, and increases the federal matching rate for citizenship documentation enforcement under SSA title XIX (Medicaid) and SCHIP. Places limitations on SCHIP eligibility based on substantial net assets. Requires state SCHIP plans to describe how they will provide for targeted low-income children covered under a group health plan. Revises federal financial participation requirements for employer-sponsored insurance. Requires the offering of alternative coverage options under SCHIP. Changes the allotment distribution formula for allotments to the states and the District of Columbia, particularly for targeted low-income children and pregnant women. Prohibits redistribution of unused allotments. Reauthorizes the SCHIP program through FY2012 at increased levels. Directs the Secretary of Health and Human Services to make grants to eligible entities to improve outreach to and enrollment of eligible children. Amends the Internal Revenue Code to allow: (1) a limited tax credit for qualified health insurance for any dependent child; and (2) advance payment to insurance providers of health insurance credit for purchasers of such insurance. Directs the Secretary to establish a State Health Innovation Commission to make grants to states for innovative health reform projects. Expresses the sense of the Senate that any increases in federal budget outlays resulting from this Act be fully offset by reductions in federal budget outlays, and that any reductions in federal revenues resulting from this Act be fully offset.
United States · United States Congress · 18 October 2007
Home Ownership Mortgage Emergency Act, or the HOME Act - Exempts any qualified mortgage delinquency relief distribution from the 10% additional tax imposed by the Internal Revenue Code on early distributions from qualified retirement plans. Provides that the aggregate amount of distributions received by an individual which may be treated as qualified mortgage delinquency relief distributions for any taxable year shall not exceed the excess (if any) of $100,000, over the aggregate amounts treated as qualified mortgage delinquency relief distributions received by such individual for all prior taxable years. Defines the term "qualified mortgage delinquency relief distribution," with the exception of such aggregate dollar limitation, as any distribution from an eligible retirement plan made on or after the enactment of this Act and before January 1, 2010, to an individual whose: (1) acquisition indebtedness, with respect to the taxpayer's principal residence, is in delinquency for at least 60 days; and (2) adjusted gross income for the taxable year of such distribution does not exceed a specified amount. Declares that qualified mortgage delinquency relief distributions shall not be treated as eligible rollover distributions (thus exempting them from certain trustee to trustee transfer and withholding rules). Treats such relief distributions as meeting certain plan distribution requirements of the Code.
United States · United States Congress · 18 October 2007
Offshore Deferred Compensation Reform Act of 2007 - Amends the Internal Revenue Code to require the inclusion in gross income for income tax purposes of employee compensation deferred under a nonqualified deferred compensation plan of a nonqualified foreign corporation when there is no substantial risk of forfeiture of the rights to such compensation. Defines "nonqualified foreign corporation" as any foreign corporation unless substantially all of its income is: (1) effectively connected with a trade or business in the United States; or (2) subject to an income tax imposed by a foreign country that has a comprehensive tax treaty with the United States.
United States · United States Congress · 18 October 2007
Amends the Internal Revenue Code to extend through 2008 the Indian employment tax credit and the accelerated depreciation of business property used on Indian reservations.
United States · United States Congress · 18 October 2007
More Children, More Choices Act of 2007 - Amends title XXI (State Children's Health Insurance) (SCHIP) of the Social Security Act (SSA) to require a state SCHIP plan to specify how it will achieve coverage for 90% of targeted low-income children. Prohibits SCHIP payment for children with family income above 250% of the applicable poverty line. Sets forth special rules for SCHIP payment for children with family income above 200% of the applicable poverty line. Provides for standardization of income determinations. Applies citizenship documentation requirements to SCHIP beneficiaries, and increases the federal matching rate for citizenship documentation enforcement under SSA title XIX (Medicaid) and SCHIP. Places limitations on SCHIP eligibility based on substantial net assets. Requires state SCHIP plans to describe how they will provide for targeted low-income children covered under a group health plan. Revises federal financial participation requirements for employer-sponsored insurance. Requires the offering of alternative coverage options under SCHIP. Changes the allotment distribution formula for allotments to the states and the District of Columbia, particularly for targeted low-income children and pregnant women. Prohibits redistribution of unused allotments. Reauthorizes the SCHIP program through FY2012 at increased levels. Directs the Secretary of Health and Human Services to make grants to eligible entities to improve outreach to and enrollment of eligible children. Amends the Internal Revenue Code to allow: (1) a limited tax credit for qualified health insurance for any dependent child; and (2) advance payment to insurance providers of health insurance credit for purchasers of such insurance. Directs the Secretary to establish a State Health Coverage Innovation Commission to make grants to states for innovative health reform projects. Directs the Secretary to implement administrative reforms with respect to the Medicare and Medicaid programs sufficient to result in projected reductions in the Medicare and Medicaid federal budget baselines for FY2008-FY2013 that exceed the projected revenue loss for the same period attributable to the tax credit provided for, and the increase in the federal budget baseline for SCHIP resulting from, this Act.
United States · United States Congress · 18 October 2007
National Infrastructure Development Act of 2007 - Establishes the National Infrastructure Development Corporation and the National Infrastructure Insurance Corporation as wholly owned Government corporations that shall conduct their respective businesses as self-supporting entities. Empowers the National Infrastructure Development Corporation to: (1) make senior and subordinated loans and purchase senior and subordinated debt securities and equity securities; (2) enter into commitments to make any such loan or security purchases, on such terms as the Corporation may (in its discretion) determine to be appropriate, the proceeds of which are to be used to finance or refinance development of infrastructure facilities; and (3) provide preconstruction phase assistance. Empowers the National Infrastructure Insurance Corporation to insure and reinsure bonds, debentures, notes, debt instruments, loans, and any interest thereon, the proceeds of which are to be used to finance or refinance development of infrastructure facilities. Declares that: (1) obligations of either Corporation, and obligations insured by any such corporation shall not be obligations of, or guaranteed as to principal or interest by, the United States or any federal agency; and (2) assistance from the NIC shall not be treated as a direct or indirect guarantee of any payment by the United States of principal or interest on any security. Amends the Internal Revenue Code to prescribe guidelines for the tax treatment of distributions from qualified retirement plans investing in public benefit bonds (defined as any obligation issued after the date of the enactment of this Act if: (1) 95% or more of the net proceeds of such obligation are used in connection with the financing or refinancing of infrastructure facilities; (2) such obligation has received a published rating, and (3) development of such infrastructure facilities is undertaken by a governmental entity or public-private partnership).
United States · United States Congress · 18 October 2007
Middle Class Tax Relief Act of 2007 - Amends the Internal Revenue Code to make permanent the tax deductions for: (1) state and local general sales taxes; (2) mortgage insurance premiums; and (3) qualified tuition and related expenses. Makes permanent provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 that increased dollar limitations on the tax credit for household and dependent care expenses.
United States · United States Congress · 18 October 2007
Block Burmese JADE (Junta's Anti-Democratic Efforts) Act of 2007 - Amends the Burmese Freedom and Democracy Act of 2003 to: (1) waive the requirement that Congress annually enact renewal resolutions for the continuation of import restrictions against Burmese products; and (2) continue such sanctions until they are terminated by a joint resolution of Congress or by the President (under current law, until terminated by the President). Prohibits the importation of gemstones or rough unfinished geological material mined or extracted from Burma. Expands the ban on the issuance of visas and admission to the United States to former and present leadership of the State Peace and Development Council (SPDC) or the Union Solidarity Development Association (Burmese regime) to include Burmese military members (including their families) involved in the repression of protests in Burma in August, September, and October 2007, and Burmese officials who have engaged in gross violations of internationally recognized human rights. Waives such ban only if the President certifies to Congress that it is in the national interests of the United States. Expands current law provisions providing for the freezing of assets in the United States of Burmese regime members to provide for the blocking of all property and assets in the United States: (1) that are owned by members of the Burmese regime and Burmese military and Burmese officials who have engaged in gross violations of internationally recognized human rights; and (2) of persons and financial institutions associated with such individuals. Sets forth, with specified exceptions, certain prohibited activities related to the blocking of such property. Subjects persons who violate such prohibitions to certain penalties. Denies tax deductions or tax credits with respect to amounts paid or incurred by the Burmese regime, or a joint production agreement involving the Yadana gas field or pipeline.
United States · United States Congress · 18 October 2007
Small Business Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) make permanent the work opportunity tax credit, the new markets tax credit, and the tax credit for increasing research activities; (2) make permanent accelerated depreciation of qualified leasehold improvement and restaurant property and expensing of environmental remediation expenditures; (3) increase the partial tax exclusion of gain from sales of certain small business stock for noncorporate business taxpayers and businesses in an empowerment zone; (4) permit certain small businesses to elect taxable years ending between April and November; (5) increase the allowable number of S corporation shareholders from 100 to 150; and (6) exempt certain small businesses from the 3% withholding requirement applicable to payments made to such businesses by government entities.
United States · United States Congress · 18 October 2007
Brownfields Redevelopment Promotion Act - Amends the Internal Revenue Code to make permanent the taxpayer election to expense (deduct in the current taxable year) expenditures made for environmental remediation (i.e., abatement or control of hazardous substances at contaminated sites).
United States · United States Congress · 18 October 2007
Public School Repair and Renovation Act of 2007 - Amends the Elementary and Secondary Education Act of 1965 (ESEA) to direct the Secretary of Education to allocate funds to states for competitive school repair and renovation grants to local educational agencies (LEAs). Requires each state, in awarding such grants, to: (1) award high-need and rural LEAs, in the aggregate, at least the same proportion of this Act's LEA funds for the state that they received of total LEA school improvement funds for the state under part A of title I of the ESEA; and (2) consider the percentage of poor children LEAs serve, the condition of their public schools, and their fiscal capacity to cover repairs and renovations without such a grant. Directs each state to reserve a portion of their allocation for a state-level database of public school facility inventory, condition, design, and utilization. Requires the Comptroller General to study and report to Congress on the costs of, and public and private expenditures for, repairing, renovating, and constructing public elementary and secondary schools.