Taxation

DEPARTMENT OF DEFENSE APPROPRIATIONS FOR FISCAL YEAR 2009

United States · United States Senate · 4 June 2008

Family Tax Relief Act of 2008

United States · United States Congress · 4 June 2008

Family Tax Relief Act of 2008 - Amends the Internal Revenue Code to: (1) increase and make refundable the tax credit for employment-related dependent care expenses; and (2) increase and make permanent the tax deduction for certain expenses of elementary and secondary school teachers. Makes permanent provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 which allow: (1) an expanded tax credit for adoption expenses; and (2) an increased exclusion from the gross income of employees for employer-paid adoption expenses.

Imported Ethanol Parity Act

United States · United States Congress · 4 June 2008

Imported Ethanol Parity Act - Requires the President to: (1) reduce semiannually the temporary duty imposed on ethanol by an amount equal to the reduction in any federal income or excise tax credit for alcohol and ethanol blends used as fuel; and (2) take other necessary actions to ensure that the temporary duty imposed on ethanol is equal to, or lower than, any federal income or excise tax credit applicable to ethanol.

Colorado Charter Forest Act of 2008

United States · United States Congress · 4 June 2008

Colorado Charter Forest Act of 2008 - Directs the Secretary of Agriculture to conduct a demonstration project for National Forest System lands in Colorado ("covered lands") for the purposes of increasing community involvement in decision making regarding management and evaluating methods to improve the health and management of the lands. Requires establishment of: (1) an independent scientific panel to assess the ecological, social, and economic sustainability of the covered lands and prepare a monitoring plan; and (2) a community management council to advise on environmental, economic, and social issues related to the management, occupancy, and use of the lands. Requires the Secretary, not later than 60 days after appointment of the community management council, to begin to develop a land and resource management charter for the covered lands, notwithstanding the requirements of the National Environmental Policy Act of 1969. Requires the Secretary to promulgate rules to establish a pre-decision review process for use in connection with site-specific projects. Expresses the sense of Congress that in order to offset funds appropriated to implement this Act for a fiscal year, the Forest Service land acquisition budget for that year should be reduced by an equal amount.

Investing in Climate Action and Protection Act

United States · United States Congress · 4 June 2008

Investing in Climate Action and Protection Act - Amends the Clean Air Act to require the Administrator of the Environmental Protection Agency (EPA) to establish: (1) a federal greenhouse gas (GHG) registry, for which affected entities must report information regarding fossil fuels and the GHGs produced, consumed, or sequestered; (2) specified quantities of GHG emission allowances, which decline for each of 2012 to 2050; and (3) a GHG emission allowance transfer system for specified covered facilities that emit more than 10,000 carbon dioxide equivalents of GHGs in a year, including facilities within the electric power sector, industrial facilities, facilities that produce or entities that import petroleum- or coal- based liquid or gaseous fuel, local distribution companies that deliver natural gas, and facilities that produce for sale or distribution, or entities that import, certain fluorinated gases that are GHGs. Provides for the use of domestic or international offsets and destruction credits. Requires the Administrator to: (1) allocate allowances to owners or operators of manufacturing facilities that are located in the United States and that principally manufacture trade-exposed primary goods for 2012-2019; and (2) auction all other allowances. Establishes, and provides for the deposit of auction proceeds to and allocations from, the: (1) Investing in Climate Action and Protection Act Management Fund; (2) Climate Change Education and Outreach Fund; (3) Climate Trust Rebate Fund; (4) Low-Carbon Technology Fund; (5) National Energy Efficiency Fund; (6) Agriculture and Forestry Carbon Fund; (7) Climate Change Worker Transition Fund; (8) National Climate Change Adaptation Fund; (9) Natural Resource Conservation Fund; (10) International Forest Protection Fund; (11) International Clean Technology Fund; and (12) International Climate Change Adaptation Fund. Requires the Administrator to establish: (1) an international reserve allowance program; (2) standards for the best available control technologies and practices for reducing methane or nitrous oxide emissions from specified stationary sources; (3) standards of emission performance for certain new electric generating units; (4) requirements regarding the distribution, use, and disposal of hydrofluorocarbon substitutes; and (5) requirements to reduce GHG emissions of transportation fuel produced, refined, blended, or imported by fuel providers. Amends the Internal Revenue Code to establish climate trust tax credits for working families and senior citizens, climate trust rebates for low-income households, and health coverage tax credits for certain workers. Requires the establishment of: (1) the Worker Transition Assistance Program by the Secretary of Labor; (2) an interagency group to determine whether foreign counties have addressed GHGs, a National Climate Change Adaptation Council, and an Interagency Climate Change Task Force by the President; (3) a National Climate Change Adaptation Program and a National Climate Service by the Secretary of Commerce; (4) a Science Advisory Board by the Secretary of the Interior; (5) a Climate Change Education Program by the Director of the National Science Foundation; and (6) an International Climate Change Adaptation Program by the Secretary of State. Considers California's application for a waiver of preemption for regulations to control GHG emissions from motor vehicles to be approved. Amends the Federal Power Act to establish in the Federal Energy Regulatory Commission (FERC) an Office of Carbon Market Oversight. Provides for the regulation of carbon markets. Amends the Safe Drinking Water Act to direct the Administrator to promulgate regulations for state underground injection control programs establishing standards for permitting underground injection of carbon dioxide for purposes of geological sequestration. Amends the Energy Conservation and Production Act to require the Secretary of Energy to update and provide incentive funding to states for implementing national model building energy codes and standards.

STOP Act of 2008

United States · United States Congress · 4 June 2008

Security through Termination Of Proliferation Act of 2008 or the STOP Act of 2008 - States that specified U.S. sanctions with respect to Iran, North Korea, or Syria shall remain in effect until the President certifies to the appropriate congressional committees that such country has verifiably dismantled its weapons of mass destruction programs. Amends the Iran, North Korea, and Syria Nonproliferation Act to include within the scope of such Act (including identification/reporting and sanction provisions) persons involved in the transshipment (as defined by this Act) of certain goods, services, or technology. Establishes restrictions on nuclear cooperation with a country that is assisting the nuclear program of, or transferring advanced conventional weapons or missiles to, Iran, North Korea, or Syria. Provides for exclusion from the United States (with a discretionary national security waiver by the President) of an alien who is a senior government official of a foreign government or a corporate principal or significant shareholder of a foreign person identified as involved in proliferation activities respecting Iran, North Korea, or Syria. Amends the Internal Revenue Code to: (1) deny a foreign tax credit to a taxpayer engaged in business activity with Iran that is prohibited by U.S. law; and (2) set forth income tax provisions respecting a foreign corporation engaged in business activity with Iran that is prohibited by U.S. law. Establishes the Compensation for Former United States Hostages in Iran Fund.

TRADE Act of 2008

United States · United States Congress · 4 June 2008

Trade Reform, Accountability, Development, and Employment Act of 2008, or the TRADE Act of 2008 - Directs the Comptroller General of the United States to: (1) review biennially certain free trade agreements (including Uruguay Round Agreements) between the United States and foreign countries; and (2) report to the Congressional Trade Agreement Review Committee regarding such agreements, including analyses of specified subjects and of each agreement, as well as whether the country has a democratic form of government that respects certain core labor rights and fundamental human rights, protects intellectual property rights, and enforces environmental laws. Declares that implementing bills of new trade agreements shall not be subject to expedited consideration or special procedures limiting amendment,unless such agreements include certain standards with respect to: (1) labor; (2) environment and public safety; (3) food and product health and safety; (4) provision of services; (5) investment; (6) procurement; (7) intellectual property; (8) agriculture; (9) trade remedies and safeguards; (10) rules of origin; (11) dispute resolution and enforcement; (12) technical assistance; (13) national security; and (14) taxation. Requires the President to submit to Congress a plan for the renegotiation of existing trade agreements to bring them into compliance with such standards. Establishes a Congressional Trade Agreement Review Committee. Expresses the sense of Congress that: (1) certain requirements urging the attainment of certain trade goals shall apply to all existing and new trade agreements; and (2) a certain process for U.S. trade negotiations should be followed when Congress considers legislation providing special procedures for implementing bills of trade agreements.

American Heroes' Homeownership Assistance Act of 2008

United States · United States Congress · 4 June 2008

American Heroes' Homeownership Assistance Act of 2008 - Amends the Internal Revenue Code to allow current or former members of the Uniformed Services who perform duty in a combat zone between 2001 and 2010, or their surviving spouses, a one-time tax credit for 10% of the purchase price of a principal residence, up to $7,500. Limits such credit to residences purchased before January 1, 2011.

Home School Opportunities Make Education Sound Act of 2008

United States · United States Congress · 3 June 2008

Home School Opportunities Make Education Sound Act of 2008 - Amends the Internal Revenue Code to allow all taxpayers, including taxpayers who do not itemize their deductions, a tax deduction for expenses relating to the home schooling of their children at the elementary or secondary school level.

Strengthening Transparency and Accountability in Federal Spending Act of 2008

United States · United States Congress · 3 June 2008

Strengthening Transparency and Accountability in Federal Spending Act of 2008 - Amends the Federal Funding Accountability and Transparency Act of 2006 with respect to the Office of Management and Budget (OMB) searchable federal funding database website. Requires the website to allow the public to search programmatically and access all data in a serialized machine readable format (such as XML) via a web-services application programming interface. Specifies additional information on federal awards (federal financial assistance and expenditures) the website must include by certain deadlines. Requires the website to present information about federal awards and their recipients in ways that meet the needs of users with different levels of understanding about government spending and abilities using searching websites. Sets forth requirements of the Director of OMB to add specified data quality enhancements to the website. Requires the Director to ensure that the unique identifier used to link information on the website is also used to link information about performance of individual contractors and recipients of financial assistance starting with awards given in FY2008. Requires the chief executive officer of an award recipient to certify whether the entity has: (1) filed all federal tax returns required during the preceding five years; (2) been convicted of a criminal offense under the Internal Revenue Code; and (3) an outstanding debt under the Code for which a notice of lien has been publicly filed that is not being paid in a timely manner, or for which a collection due process hearing or relief is requested or pending. Requires the Director to: (1) develop certification forms; (2) ensure that each agency providing federal awards complies with tax compliance requirements; and (3) ensure that the website contains such certified information.

Travel Related Industries Protection Act of 2008

United States · United States Congress · 3 June 2008

Travel Related Industries Protection Act of 2008 - Amends the Internal Revenue Code to suspend for a specified period the excise tax on kerosene and certain liquids used as fuel in commercial aviation.

Crime Victim Restitution and Court Fee Intercept Act

United States · United States Congress · 3 June 2008

Crime Victim Restitution and Court Fee Intercept Act - Amends the Internal Revenue Code to direct the Secretary of the Treasury, upon receiving notice from a state judicial agency that a named person owes a past-due, legally enforceable state judicial debt, to pay such debt from any tax refund due to such person.

A bill to amend the Internal Revenue Code of 1986 to make the allowance of bonus depreciation and the increased expensing limitations permanent.

United States · United States Congress · 22 May 2008

Amends the Internal Revenue Code to make permanent: (1) the special depreciation allowance for certain property acquired after December 31, 2007 (bonus depreciation); and (2) the increased $250,000 expensing allowance for depreciable business assets.

S Corporation Modernization Act of 2008

United States · United States Congress · 22 May 2008

S Corporation Modernization Act of 2008 - Amends the Internal Revenue Code to revise the tax treatment of S corporations by: (1) reducing from 10 to seven years the period during which S corporation built-in gains are subject to tax; (2) repealing mandatory termination of S corporation elections for excessive passive investment income; (3) allowing S corporations to increase passive investment income from 25 to 60% without incurring additional tax; (4) allowing nonresident aliens to be potential current beneficiaries of an electing small business trust (ESBT); (5) allowing individual retirement accounts (IRAs) to be S corporation shareholders; and (6) allowing ESBTs to claim expanded charitable tax deductions.

A bill to amend the Internal Revenue Code of 1986 to make the capital gains and dividends rate permanent and to provide estate tax relief and reform, and for other purposes.

United States · United States Congress · 22 May 2008

Makes permanent the tax rate reductions for dividends and capital gains enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Amends the Internal Revenue Code to: (1) restore the unified credit against the estate and gift tax after 2009; (2) establish the amount of such credit at $3.5 million; and (3) provide for a single 15% estate and gift tax rate.

A bill to amend the Internal Revenue Code of 1986 to modify the rate of the excise tax on certain wooden arrows designed for use by children.

United States · United States Congress · 22 May 2008

Amends the Internal Revenue Code to exempt from the excise tax on bows and arrows certain shafts consisting of all natural wood which after assembly measure 5/16 of an inch or less in diameter and which are not suitable for use with bows that would otherwise be subject to such tax (having a peak draw weight of 30 pounds or more).

Naval Vessel Transfer Act of 2008

United States · United States Congress · 22 May 2008

Naval Vessel Transfer Act of 2008 - Authorizes the President to transfer on a grant basis to: (1) Pakistan, the OLIVER HAZARD PERRY class guided missile frigate MCINERNEY; (2) Greece, the OSPREY class minehunter coastal ships OSPREY and ROBIN; (3) Chile, the KAISER class oiler ANDREW J. HIGGINS; and (4) Peru, the NEWPORT class amphibious tank landing ships FRESNO and RACINE. 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.

Making Health Care More Affordable Act of 2008

United States · United States Congress · 22 May 2008

Making Health Care More Affordable Act of 2008 - Amends the Internal Revenue Code (IRC) to allow individual taxpayers a refundable tax credit for health insurance costs paid. Amends the Employee Retirement Income Security Act of 1974 (ERISA) to provide for establishment and governance of association health plans (AHPs), which are group health plans whose sponsors are trade, industry, professional, chamber of commerce, or similar business associations and which meet certain ERISA certification requirements. Amends the Public Health Service Act to provide that the laws of the state designated by a health insurance issuer (primary state) shall apply to individual health insurance coverage offered by that issuer in the primary state and in any other state (secondary state), but only if the coverage and issuer comply with certain requirements. Promoting Health for Future Generations Act of 2008 - Amends the IRC to to revise provisions related to health savings accounts (HSAs), high deductible health plans, and medical savings accounts (MSAs), including to: (1) increase the tax deduction for contributions to HSAs; (2) allow a new tax deduction for high deductible health plan premiums; and (3) allow individual contributions to a Medicare Advantage MSA. Increased Access to Health Insurance Act of 2008 - Amends the IRC to permit the use of HSAs to purchase health insurance. Sets forth conditions for lawsuits arising from health care liability claims regarding health care goods or services or any medical product affecting interstate commerce, including: (1) a statute of limitations of three years after the date of manifestation of injury or one year after the claimant discovers the injury, with certain exceptions; and (2) limits on noneconomic and punitive damages. Sets forth provisions related to health information technology. Provides for health record banks. Creates safe harbors from civil and criminal penalties in current anti-kickback laws for providing certain health information technology and training services.

American Energy Independence Act

United States · United States Congress · 22 May 2008

American Energy Independence Act - Amends the Internal Revenue Code to: (1) provide for tax credits for energy efficiency, alternative and unconventional fuel, and nuclear power; and (2) revise provisions concerning tax credits for renewable energy and energy efficiency. Amends the Energy Policy Act of 2005 to require the Secretary of Energy (Secretary) to make loan guarantees for advanced conservation and fuel efficiency motor vehicle technology projects for the production of vehicles that do not exceed 10,000 pounds. Includes among projects eligible for assistance under the congestion mitigation and air quality improvement program projects for the operation and maintenance of intelligent transportation system strategies that serve nonattainment or maintenance areas. Requires the: (1) Secretary of Transportation to establish a program to develop jet fuel produced from clean coal and from alternative and unconventional domestic feedstocks; and (2) Administrator of the Federal Aviation Administration (FAA) to designate an institution that has existing facilities and experience in the development and deployment of such technologies as the Center for Excellence for Coal-to-Jet-Fuel Research. Designates a fund comprised of revenues from fees for loan guarantees as the Incentives for Innovative Technologies Fund. Limits payments made by the Secretary for costs that result from certain nuclear plant delays to costs that occur after the initial 30-day period of covered delay and that are no more than $500 million per contract. Requires the Secretary to implement a Nuclear Power 2010 Program. Establishes an interagency working group to promote increasing domestic manufacture capacity and export of domestic nuclear energy products and services. Requires the Secretary of Labor to implement a program to provide workforce training for the nuclear utility and nuclear energy products and services industries. Amends the Atomic Energy Act to revise provisions concerning hearings and judicial review for proceedings on licenses or construction permits. Requires the Secretary to establish a National Nuclear Energy Council. Authorizes the Secretary to initiate spent nuclear fuel storage agreements. Amends the Nuclear Waste Policy Act of 1982 to revise provisions concerning contracts for the transportation and disposal of high-level radioactive waste or spent nuclear fuel of domestic origin. Requires the Secretary to offer to settle actions for damages resulting from failure to commence accepting such fuel or waste on or before January 31, 1998. Prohibits expenditures from the Nuclear Waste Fund for research and development of activities on advanced nuclear fuel cycle technologies. American-Made Energy and Good Jobs Act - Requires the Secretary of the Interior to establish a competitive oil and gas leasing program that will result in environmentally sound exploration, development, and production of resources in the Coastal Plain, Arctic National Wildlife Refuge (ANWR), Alaska. Amends the Alaska National Interest Lands Conservation Act of 1980 to repeal the prohibition of the production of oil and gas from ANWR. Authorizes the Secretary of the Interior to designate Special Areas within the Coastal Plain that may be excluded from leasing. Requires 50% of royalty revenues from leasing to be paid to Alaska. Requires the Secretary of the Interior to: (1) issue rights of way across the Coastal Plain for transportation of oil and gas; and (2) convey to the Kaktovik Inupiat Corporation and the Arctic Slope Regional Corporation specified estates. Authorizes the Secretary of the Interior to provide financial assistance from the Coastal Plain Local Government Impact Aid Assistance Fund to eligible entities impacted by the exploration for, or production of, oil and gas on the Coastal Plain. Terminates the prohibition on: (1) leasing of federal submerged lands of the Outer Continental Shelf for the exploration, development, or production of oil or gas; (2) issuing federal permits for such exploration, development, or production; and (3) expending federal funds on such leases or permits. Requires federal agencies which received funds for conducting climate change basic research to use such funds only for climate change applied research.

End the Pain at the Pump Act of 2008

United States · United States Congress · 22 May 2008

End the Pain at the Pump Act of 2008 - Amends the Internal Revenue Code to: (1) allow an excise tax credit between June 1, 2008, and May 30, 2011, for individuals commuting to work in a vehicle fueled primarily by gasoline or diesel fuel; (2) treat the income of partners performing investment management services as ordinary income and set forth tax rules for the treatment of partnership acquisition indebtedness and other partnership interests; and (3) require the inclusion in gross income for income tax purposes of employee compensation deferred under a nonqualified deferred compensation plan of a nonqualified entity when there is no substantial risk of forfeiture of the rights to such compensation. Refinery Permit Process Schedule Act - Authorizes the Administrator of the Environmental Protection Agency (EPA), upon request of a state governor, to provide financial assistance to hire additional personnel with expertise in federal refinery authorizations. Directs the President to: (1) appoint a federal coordinator to implement federal refinery authorizations; and (2) designate certain closed military installations as potentially suitable refinery construction sites. Directs the Secretary of the Interior to establish and implement a competitive oil and gas leasing program in the Coastal Plain of Alaska. Repeals the prohibition against producing oil and gas from the Arctic National Wildlife Refuge. Sets forth requirements for the sale of oil and natural gas leases in the Coastal Plain, environmental protection, and transportation easements. Establishes the Coastal Plain Local Government Impact Aid Assistance Fund to provide financial assistance to specified jurisdictions in Alaska. Deep Ocean Energy Resources Act of 2008 - Amends the Outer Continental Shelf Lands Act (OCSLA) to revise the outer Continental Shelf leasing program. Federal Energy Natural Resources Enhancement Act of 2008 - Authorizes appropriations for a natural resources enhancement program for the management of fish, wildlife, and natural resources. Terminates existing federal laws prohibiting the spending of appropriated funds to conduct oil and natural gas leasing or the issuance of a lease to any individual for any area of the outer Continental Shelf. Rigs to Reefs Act of 2008 - Amends the OCSLA to authorize the Secretary to use decommissioned offshore oil and gas platforms for artificial reef and scientific research. Allows the cancellation and exchange of certain oil and gas leases within 100 miles of the coastline within the California or Florida Adjacent Zones. Repeals: (1) the requirement to conduct a comprehensive inventory of outer Continental Shelf oil and natural gas resources; (2) the coastal impact assistance program; and (3) the Oil Shale, Tar Sands, and Other Strategic Unconventional Fuels Act of 2005. Amends the Energy Independence and Security Act of 2007 to repeal emission requirements with respect to the procurement and acquisition of alternative fuels.

Food, Conservation, and Energy Act of 2008

United States · United States Congress · 22 May 2008

Food, Conservation, and Energy Act of 2008 - Provides for the continuation of agricultural and other programs of the Department of Agriculture through FY2012. Revises agricultural and related programs, including provisions respecting: (1) commodity programs; (2) conservation; (3) trade; (4) nutrition; (5) credit; (6) rural development; (7) research and related matters; (8) forestry; (9) energy; (10) horticulture and organic agriculture; (11) livestock; (12) crop insurance and disaster assistance; (13) socially disadvantaged and limited resource producers; and (14) miscellaneous programs. Directs the President to establish and maintain an importer declaration program with respect to the importation of softwood lumber and softwood lumber products. Establishes the Bill Emerson National Hunger Fellowship Program and the Mickey Leland International Hunger Fellowship Program. Housing Assistance Council Authorization Act of 2008 - Amends provisions respecting the Housing Assistance Council. Small Business Disaster Response and Loan Improvements Act of 2008 - Amends provisions respecting small business disaster assistance. CFTC Reauthorization Act of 2008 - Amends provisions respecting commodity futures. Agricultural Security Improvement Act of 2008 - Amends provisions respecting agricultural security. Heartland, Habitat, Harvest, and Horticulture Act of 2008 - Amends provisions respecting trade, energy, tax, and Social Security. Haitian Hemispheric Opportunity through Partnership Encouragement Act of 2008 or the HOPE II Act - Amends provisions respecting trade benefits for Haiti.

Renewable Investment and Consumer Protection Act

United States · United States Congress · 22 May 2008

Renewable Investment and Consumer Protection Act - Establishes in the Treasury a Clean Energy Fund, to which shall be appropriated an amount equivalent to the increase in revenues resulting from a tax imposed on each repurchase of outstanding shares of stock by a major integrated oil company pursuant to a stock buyback program. Appropriates amounts in the fund as follows: (1) 60% to offset the cost of subsequent legislation to accelerate the use of clean domestic renewable energy resources and alternative fuels, promote energy efficiency and conservation, and increase research, development, and deployment of clean renewable energy and energy efficiency technologies; and (2) 40% for carrying out the Low-Income Home Energy Assistance program. Amends the Internal Revenue Code to impose the oil company stock repurchase transaction tax.

Family Relief and Economic Stimulus Act

United States · United States Congress · 22 May 2008

Family Relief and Economic Stimulus Act - Allows federal-state agreements for payment of emergency unemployment compensation to individuals who have exhausted their rights to such compensation. Amends the Internal Revenue Code to: (1) allow individuals who are facing foreclosure to make penalty-free withdrawals from tax-exempt retirement plans; (2) extend through 2008 the tax deduction for dividends received from controlled foreign corporations; (3) suspend the excise tax on gasoline, diesel fuel, and kerosene for a specified period in 2008; and (4) adjust the basis of certain capital assets for inflation for purposes of determining gain or loss for income tax purposes. Provides additional funding to state and local governments for the redevelopment of abandoned and foreclosed upon residences and for the weatherization of homes of low-income families.

To amend the Internal Revenue Code of 1986 to extend and modify the renewable energy production tax credit and the solar energy and fuel cell investment tax credit.

United States · United States Congress · 22 May 2008

Amends the Internal Revenue Code to: (1) extend through 2013 the tax credit for producing electricity from wind, open and closed-loop biomass, geothermal or solar energy, small irrigation power, landfill gas, trash combustion, refined coal, and hydropower facilities; (2) include marine and hydrokinetic renewable energy as a resource eligible for such credit; (3) extend through 2017 the investment tax credit for solar, fuel cell, and microturbine property; (4) repeal the dollar per kilowatt limitation for fuel cell property for purposes of the investment tax credit; and (5) allow public utility property to qualify for the investment tax credit.

To amend the Internal Revenue Code of 1986 to modify the exception from the 10 percent penalty for early withdrawals from governmental plans for qualified public safety employees.

United States · United States Congress · 22 May 2008

Amends the Internal Revenue Code to: ( 1) modify the exemption from the 10% penalty for premature distributions from governmental employee benefit plans to qualified public safety employees to eliminate the restriction that such plans be defined benefit plans; and (2) exempt from tax penalties certain periodic payments made to qualified public safety employees before the enactment of the Pension Protection Act of 2006 (i.e., August 17, 2006).

Ensuring access to affordable and quality health care without exacerbating the Federal budget or contributing to market inflation while providing greater choices for consumers.

United States · United States Congress · 22 May 2008

Calls for the following principles for a market-based approach to be included in any health care bill considered by the 110th Congress: (1) the ability to receive point-of-service health care in preventative, emergency, and rehabilitative settings in rural and urban areas; (2) refundable tax credits for the purchase of health insurance by low-income recipients, combined with laws that permit association and small business health plans; (3) medical liability reform; (4) safe and effective health service with measurable results through health information technology; (5) building new incentives into health plans to encourage wellness and prevention and to provide incentives for people to make smart choices involving their health, health care, and health insurance coverage; and (6) giving consumers the ability to choose the best health care plan and options to meet their needs through portable health insurance and Health Savings Accounts.

Diesel Tax Fairness Act of 2008

United States · United States Congress · 21 May 2008

Diesel Tax Fairness Act of 2008 - Amends the Internal Revenue Code to reduce the excise tax on diesel fuel and kerosene (from 24.3 cents to 18.3 cents per gallon) and diesel fuel emulsion (from 19.7 cents to 14.8 cents per gallon) until December 31, 2010.

Fiscal Integrity through Transparency (FIT) Act of 2008

United States · United States Congress · 21 May 2008

Fiscal Integrity through Transparency (FIT) Act of 2008 - Amends the Congressional Budget Act of 1974 to make it out of order in the House of Representatives or in the Senate to consider any budget resolution for any fiscal year if the percentage increase for the projected total outlays compared to the projected total outlays for the preceding fiscal year exceeds the allowable growth percentage, as determined according to a specified formula. Requires a super majority vote in either chamber to waive or suspend such prohibition. Requires federal departments and agencies to report annually to the Comptroller General, and federal intelligence departments and agencies and their intelligence-related divisions to report annually to the House Select Committee on Intelligence, on total department or agency operating costs for the year, with a separate statement detailing waste, fraud, and abuse during such year. Requires each federal department or agency to design and implement a plan to reduce its operational costs from $.36 to $.15 of every $1.00 appropriated to it (or reduce such costs by 41.67%) through the use of new technologies and standard management practices. Requires the Secretary of the Treasury to include, on each federal tax return, a statement of the aggregate dollar amount of waste, fraud, and abuse by all federal departments and agencies for the most recent year accounted for. Requires all requests for earmarks received by the congressional appropriations committtees or subcommittees to be posted on their respective websites at least 14 calendar days before mark-up of the applicable measure. Requires each such posting to include the name of the requesting Member, the cost of the earmark, and a justification of its need.

Roadmap for America's Future Act of 2008

United States · United States Congress · 21 May 2008

Roadmap for America's Future Act of 2008 - Amends the Internal Revenue Code to allow a refundable tax credit for health insurance coverage. Amends the Public Health Service Act to apply the laws of a health insurance issuer's primary state to individual health insurance coverage offered by the issuer in a secondary state. Amends the Employee Retirement Income Security Act of 1974 to set forth rules governing association health plans. Establishes the Health Care Services Commission to enhance health care services and access to them, and the Office of the Forum for Quality and Effectiveness in Health Care. Terminates the Agency for Healthcare Research and Quality. Independent Health Record Trust Act of 2008 - Directs the Federal Trade Commission to prescribe standards for independent health record trusts (IHRTs) in a nationwide health information technology network. Revises title XIX (Medicaid) of the Social Security Act (SSA) to: (2) require states to elect either a block grant for acute care services or implement a refundable tax credit for the Medicaid population for such services; (2) phase-out disproportionate share hospital (DSH) payments; and (3) establish a block grant to states for long-term care services. Abolishes SSA title XXI (State Children's Health Insurance Program) (SCHIP), effective January 1, 2010. Amends SSA title XVIII (Medicare) to create a program for new beneficiaries beginning in 2019, increasing the Medicare eligibility age to 65, and making an income-related reduction in the part D (Voluntary Prescription Drug Benefit Program) premium subsidy. Social Security Personal Savings Guarantee and Prosperity Act of 2008 - Amends SSA title II (Old Age, Survivors and Disability Insurance) (OASDI) to establish a Personal Social Security Savings Program, under which participating individuals will have their Social Security contributions directed to personal Social Security savings accounts. Establishes a Self-Liquidating Social Security Transition Fund. Amends the Internal Revenue Code to exempt certain account investments from taxation. Provides for the creation of a Social Security Lockbox Budget. Revises part A benefits. Provides for phase-in of normal retirement age to 67 by 2021. Taxpayer Choice Act of 2008 - Amends the Internal Revenue Code to: (1) repeal the alternative minimum tax on individual taxpayers after 2006; and (2) allow taxpayers to elect an alternative income tax system without tax credits. Makes permanent the capital gains and dividends rate reductions enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2001. Excludes from gross income net capital gains, qualified dividends, and interest. Repeals estate and gift taxes. Competitive American Business Tax - Amends the Internal Revenue Code to: (1) repeal the corporate income tax; and (2) impose a tax on the sale of property in the United States, the performance of services in the United States, and the importing of property into the United States by a taxable person in a transaction engaged in by a corporation or any other person (other than a corporation) in connection with a business. Allows as a credit against such tax any tax paid by sellers to the taxpayer of property and services which the taxpayer uses in the business to which the transaction relates. Exempts certain organizations and transactions from such new tax. Budget Control Act of 2008 - Establishes a mechanism for issuance by the President and the Office of Management and Budget (OMB) of spending reduction orders. Exempts Social Security benefits and obligated balances from such orders. Provides for suspension of such mechanism in the event of war or low-growth. Authorizes the majority leader of either House of Congress to introduce a joint resolution to direct the President to modify a final spending reduction order or provide an alternative to eliminate the spending excess for a fiscal year. Amends the Congressional Budget Act to make it out of order for the House or Senate to consider any legislation that would cause: (1) an excess spending amount; or (2) aggregate federal revenue levels exceeding a specified percentage of revenue relative to the Gross Domestic Product, unless so determined by a vote of at least three-fifths of the Members voting, a quorum being present.

Providing for consideration of the bill (H.R. 5658) to authorize appropriations for fiscal year 2009 for military activities of the Department of Defense, to prescribe military personnel strengths for fiscal year 2009, and for other purposes.

United States · United States Congress · 21 May 2008

Sets forth the rule for consideration of the bill (H.R. 5658) to authorize appropriations for fiscal year 2009 for military activities of the Department of Defense, to prescribe military personnel strengths for fiscal year 2009.

TO AUTHORIZE THE EDWARD BYRNE MEMORIAL JUSTICE ASSISTANT GRANT PROGRAM AT FISCAL YEAR 2006 LEVELS THROUGH 2012

United States · United States House of Representatives · 20 May 2008

DEPARTMENT OF DEFENSE APPROPRIATIONS FOR FISCAL YEAR 2009

United States · United States Senate · 20 May 2008

Consumer-First Energy Act of 2008

United States · United States Congress · 20 May 2008

Consumer-First Energy Act of 2008 - Amends the Internal Revenue Code to: (1) deny major integrated oil companies (i.e., companies producing at least 500,000 barrels of crude oil daily) a tax deduction for income attributable to domestic production of oil, gas, or primary products thereof; (2) conform tax treatment of foreign oil and gas extraction income and foreign oil related income for purposes of the foreign tax credit; (3) impose a windfall profits tax on major integrated oil companies; and (4) establish an Energy Independence and Security Trust Fund funded by revenues raised by the tax provisions of this Act to reduce U.S. dependence on foreign and unsustainable energy sources and reduce the risks of global warming. Petroleum Consumer Price Gouging Protection Act - Declares it unlawful for a supplier to sell crude oil, gasoline, petroleum distillates, or biofuel at an unconscionably excessive price in an area for which the President declares that an energy emergency exists. Grants the Federal Trade Commission (FTC) authority to enforce this Act. Authorizes the President to declare a federal energy emergency if the well-being of U.S. citizens is at risk because of a shortage or imminent shortage of adequate supplies of crude oil, gasoline, petroleum distillates, or biofuel because of: (1) a disruption in the national distribution system; or (2) significant pricing anomalies in the national energy markets for such products. Authorizes state attorneys general to bring civil actions to enforce this Act. Sets forth civil and criminal penalties for violations. Directs the Secretaries of Energy and the Interior to suspend acquisition of petroleum for the Strategic Petroleum Reserve until December 31, 2008. No Oil Producing and Exporting Cartels Act of 2008 or NOPEC - Amends the Sherman Act to make it illegal for any foreign state to act with another foreign state to: (1) limit the production or distribution of oil, natural gas, or any other petroleum product; (2) set or maintain prices for such products; or (3) otherwise take any action in restraint of trade for such products. Denies sovereign immunity or act of state doctrine protections for foreign states who engage in such such illegal conduct. Amends the Commodity Exchange Act to require the Commodity Futures Trading Commission (CFTC) to: (1) determine that foreign boards of trade subject to CFTC jurisdiction regulate and provide information on off-shore oil trading; and (2) set a substantial increase in margin levels for all oil futures trades, contracts, or transactions.

ACTION Act

United States · United States Congress · 20 May 2008

AmeriCorps: Together Improving Our Nation Act or the ACTION Act - Amends the National and Community Service Act of 1990 to alter the formula for determining the amount of the national service educational award to base the award on the average cost of attending a four-year institution of higher education, rather than a portion of a veteran's basic educational assistance allowance. Excludes the national service educational award from an individual's gross income for tax purposes. Permits the Corporation for National and Community Service to support a national service program that is carried out by another federal agency and implements the priorities of such agency. Makes Chief Executive Officer of the Corporation a Cabinet position. Raises the Officer's compensation to Level I of the Executive Schedule.

To make emergency supplemental appropriations for Katrina recovery for the fiscal year ending September 30, 2007, and for other purposes.

United States · United States Congress · 20 May 2008

Makes emergency supplemental FY2008 appropriations for disaster relief and recovery related to Hurricanes Katrina, Wilma, Dennis, and Rita to the Department of Defense (Civil) for construction, flood control, and coastal emergencies.

Patient Fairness and Indigent Care Promotion Act of 2008

United States · United States Congress · 20 May 2008

Patient Fairness and Indigent Care Promotion Act of 2008 - Amends the Internal Revenue Code to allow certain medical care providers a tax deduction for uncompensated medical care provided to individuals with income below 135% of the poverty line.

Providing for consideration of the bill (H.R. 5658) to authorize appropriations for fiscal year 2009 for military activities of the Department of Defense, to prescribe military personnel strengths for fiscal year 2009, and for other purposes.

United States · United States Congress · 20 May 2008

Sets forth the rule for consideration of the bill (H.R. 5658) to authorize appropriations for fiscal year 2009 for military activities of the Department of Defense, to prescribe military personnel strengths for fiscal year 2009.

Providing for consideration of the conference report to accompany the concurrent resolution (S. Con. Res. 70) setting forth the congressional budget for the United States Government for fiscal year 2009 and including the appropriate budgetary levels for fiscal years 2008 and 2010 through 2013.

United States · United States Congress · 20 May 2008

Sets forth the rule for consideration of the conference report to accompany the concurrent resolution (S. Con. Res. 70) setting forth the congressional budget for the United States Government for fiscal year 2009 and including the appropriate budgetary levels for fiscal years 2008 and 2010 through 2013.

Providing for consideration of the bill (H.R. 6049) to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes.

United States · United States Congress · 20 May 2008

Sets forth the rule for consideration of the bill (H.R. 6049) to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief.

Reimbursing Our American Drivers (ROAD) Act of 2008

United States · United States Congress · 19 May 2008

Reimbursing Our American Drivers (ROAD) Act of 2008 - Increases to 70 cents per mile, for the period after December 31, 2007, and before January 1, 2009: (1) the standard mileage rate for calculating the tax deduction for business, medical, and moving use of an automobile; and (2) the standard mileage rate for reimbursement of federal employee automobile expenses. Increases from 14 to 40 cents per mile the standard mileage rate for purposes of computing the tax deduction for the use of a passenger automobile for charitable purposes.

Auto File Act of 2008

United States · United States Congress · 19 May 2008

Auto File Act of 2008 - Amends the Internal Revenue Code to require the Secretary of the Treasury to establish a program for mailing pre-filled income tax returns to assist certain taxpayers who may be eligible for the earned income tax credit in completing their tax returns.

Heroes Earnings Assistance and Relief Tax Act of 2008

United States · United States Congress · 16 May 2008

Heroes Earnings Assistance and Relief Tax Act of 2008 - Amends Internal Revenue Code provisions relating to military personnel to: (1) deem spouses of members of the Armed Forces with valid identification numbers to have a valid identification number for purposes of claiming a 2008 recovery rebate; (2) require tax-qualified pension plans to entitle survivors of plan participants who die while on active military duty to certain additional benefits and benefit accruals; (3) treat differential wage payments to employees who serve on military active duty as wages for withholding and retirement plan purposes; (4) extend the limitation period for filing refund claims arising from Department of Veterans Affairs (VA) disability determinations; (5) allow tax-free rollovers of military death gratuities and life insurance benefits into survivor Roth individual retirement accounts (Roth IRAs) and education savings plans; (6) allow Peace Corps volunteers a five-year suspension of the use and ownership requirements applicable to the tax exclusion of gain from the sale of a personnel residence; (7) allow employers a tax credit for differential wage payments made to their employees who are active duty members of the uniformed services; (8) treat state payments to members of the uniformed services as qualified military benefits for purposes of the tax exclusion of such benefits; (9) permit members of the military reserve called to active duty to withdraw amounts held in a flexible spending account without penalty; and (10) affirm that excludable tax rebates and other benefits paid to volunteer firefighters are not subject to employment or unemployment taxes. Makes permanent: (1) the election to include combat pay as earned income for purposes of the earned income tax credit; (2) the authority to use qualified mortgage bonds to finance residences for veterans; (3) penalty-free retirement account withdrawals for individuals called or ordered to active military duty; (4) the authority of the Social Security Administration (SSA) to disclose tax return information to the VA for benefit determinations; and (5) exclusion of gain provisions relating to the sale of a principal residence by certain employees of the intelligence community. Amends title XVI (Supplemental Security Income for the Aged, Blind, and Disabled) of the Social Security Act to treat cash remuneration paid to members of the uniformed services as earned income. Excludes certain state annuity payments to blind, disabled, or aged veterans and cash or in-kind benefits paid to AmeriCorps volunteers from supplemental security income determinations. Revises tax rules relating to U.S. citizens and permanent residents (expatriates) who relinquish citizenship or residency to avoid U.S. taxation. Treats certain foreign subsidiaries of U.S. companies performing services under a contract with the U.S. government as U.S. employers for purposes of Social Security and Medicare employment taxes. Increases the minimum penalty for failure to file an individual income tax return. Extends through 2008 mental health parity requirements for group health plans.

Flex Fuel for All Americans Act

United States · United States Congress · 15 May 2008

Flex Fuel for All Americans Act - Amends the Internal Revenue Code to allow a tax credit for the purchase of a new qualified flexible fuel motor vehicle and an additional credit for the purchase of an optimum flexible fuel vehicle. Defines "new qualified flexible fuel motor vehicle" as any motor vehicle which is capable of operating on blends of gasoline, ethanol, methanol, diesel, and biodiesel fuel and "optimum flexible fuel vehicle" as a flexible fuel vehicle certified by the Environmental Protection Agency (EPA) to achieve certain higher levels of fuel efficiency.

National Guard and Reserve Mental Health Access Act of 2008

United States · United States Congress · 15 May 2008

National Guard and Reserve Mental Health Access Act of 2008 - Requires the Secretary of Defense to: (1) provide for the implementation of the Yellow Ribbon Reintegration Program for members of the National Guard and reserves and their families required by section 582 of the National Defense Authorization Act for Fiscal Year 2008 by not later than 180 days after the date of the enactment of this Act; and (2) report to the congressional defense committees on that Program's implementation. Directs the Secretary to carry out a joint psychological health program to: (1) increase access to and the provision of psychological health care and related services for members of the National Guard following their deployment, and their families; (2) improve coordination among DOD components in the provision of such care during members' transition from active duty to civilian life; and (3) coordinate and oversee DOD efforts to assist members of the National Guard with mental illness and members with traumatic brain injury post-deployment. Requires the Chief of the National Guard Bureau to establish the National Guard Psychological Health Council. Directs the Secretaries of Defense and Veterans Affairs to jointly carry out: (1) one or more pilot programs on the provision of mental health services to members of the National Guard and reserves, both before and after deployment, through telemental health technologies; and (2) an outreach program intended to reduce the stigma, among members of the National Guard and reserves returning from deployment, and their families, associated with seeking and obtaining mental health services. Requires the Secretary, as part of the Yellow Ribbon Reintegration Program, to assign community outreach coordinators to assist members of the National Guard and reserves returning from deployment.

Green Schools Act

United States · United States Congress · 15 May 2008

Green Schools Act - Directs the Administrator of the Environmental Protection Agency (EPA) to establish a program awarding matching grants to local educational agencies for green school construction and improvement projects that create healthy learning environments while saving natural resources and money. Amends the Internal Revenue Code to extend, through 2012, the Qualified Zone Academy Bond program (which provides tax credits to the holders of such bonds, which in turn finance low or no interest loans for the improvement of public schools serving low-income areas). Requires public school rehabilitation, repair, or equipment financed through such bonds to serve the green goals of creating healthy learning environments while saving natural resources and money.

Military Spouses Residency Relief Act

United States · United States Congress · 15 May 2008

Military Spouses Residency Relief Act - Amends the Servicemembers Civil Relief Act to prohibit, for purposes of voting for a federal, state, or local office, deeming a person to have lost a residence or domicile in a state, acquired a residence or domicile in any other state, or become a resident in or of any other state solely because the person is absent from a state because the person is accompanying the person's spouse who is absent from the state in compliance with military or naval orders. Prohibits a servicemember's spouse from either losing or acquiring a residence or domicile for purposes of taxation because of being absent or present in any U.S. tax jurisdiction solely to be with the servicemember in compliance with the servicemember's military orders if the residence or domicile is the same for the servicemember and the spouse.

DEPARTMENT OF DEFENSE APPROPRIATIONS FOR FISCAL YEAR 2009

United States · United States Senate · 14 May 2008

FINANCIAL SERVICES AND GENERAL GOVERNMENT APPROPRIATIONS FOR FISCAL YEAR 2009

United States · United States Senate · 14 May 2008

Energy Improvement and Extension Act of 2008

United States · United States Congress · 14 May 2008

Energy and Tax Extenders Act of 2008 - Amends the Internal Revenue Code to extend various provisions relating to energy production and conservation and to individual and business-related activities. Extends through 2009 the tax credit for producing electricity from wind facilities and through 2011 for closed and open-loop biomass, geothermal, small irrigation, hydropower, landfill gas, and trash combustion facilities. Includes marine and hydrokinetic renewable energy as a renewable resource for purposes of such tax credit. Extends through 2014: (1) the energy tax credits for solar energy, fuel cell, and microturbine property; and (2) the residential energy efficient property tax credit. Increases the authorization levels for new clean renewable energy bonds. Allows tax credits for investment in advanced coal electricity and coal gasification projects. Extends through 2018 the temporary increase in coal excise taxes. Sets forth special rules for refunds of coal excise taxes to certain producers or exporters. Directs the Secretary of the Treasury to study and report to Congress on: (1) Internal Revenue Code provisions that have the largest effects on carbon and other greenhouse gas emissions; and (2) current biofuel production. Allows a new tax credit for the production of cellulosic biofuels. Extends through 2009 income and excise tax credits for biodiesel and renewable diesel. Allows a tax credit for new qualified plug-in electric drive motor vehicles. Allows a tax credit against payroll liabilities of New York Liberty Zone governmental units (i.e., New York State, the City of New York, or any agencies or instrumentalities thereof) for expenditures involving transportation infrastructure projects in or connecting with the New York Liberty Zone. Increases and extends through 2010 the tax credit for alternative fuel vehicle refueling property expenditures. Extends through 2013 the tax deduction for energy efficient commercial building expenditures. Extends through 2009 the tax credit for energy efficient appliances. Extends through FY2012 tax-exempt bond financing for qualified green building and sustainable design projects. Extends through 2008: (1) the election to deduct state and local sales taxes in lieu of state and local income taxes; (2) the tax deductions for qualified tuition and related expenses and for certain expenses of elementary and secondary school teachers; (3) the special rules relating to regulated investment companies and for charitable contributions of capital gain real property for conservation purposes; (4) tax-free distributions from individual retirement plans (IRAs) for individuals called or ordered to active military duty and for charitable purposes; (5) the election to include combat pay as earned income for purposes of the earned income tax credit; (6) authority for use of qualified mortgage bonds to finance residences for veterans; (7) the tax exclusion for amounts received under qualified group legal services plans; and (8) the tax credit for nonbusiness energy property. Extends through 2008 various business-related tax provisions, including: (1) the tax credit for increasing research activities; (2) the tax credits for Indian employment and railroad track maintenance; (3) accelerated depreciation for qualified leasehold and restaurant improvements, for motorsports racing track facilities, and for business property on Indian reservations; (4) the expensing allowance for environmental remediation costs; (5) the tax deduction for income attributable to domestic production activities in Puerto Rico; (6) the special rule for the tax treatment of certain payments to tax-exempt organizations by a controlled subsidiary; (7) issuance authority for qualified zone academy bonds; (8) tax incentives for investment in the District of Columbia; (9) the economic development credit for American Samoa; (10) the special rule for charitable contributions of food and book inventories; (11) the increased tax deduction for corporate contributions of computer equipment and technology for educational purposes; (12) the special rule for reductions in the basis of S corporation stock for charitable contributions of property; (13) work opportunity tax credit eligibility for Hurricane Katrina employees; and (14) increases in alcohol excise taxes payable to Puerto Rico and the Virgin Islands. Extends through 2009: (1) the new markets tax credit; (2) the subpart F exemption for active financing income earned on business operations overseas; (3) special rules for the tax treatment of payments between related controlled foreign corporations; and (4) expensing of costs of certain film and television productions. Makes permanent authorities for: (1) Internal Revenue Service (IRS) disclosure of tax information relating to terrorist activities; (2) IRS undercover operations; and (3) Social Security Administration (SSA) disclosure of tax information for veterans' benefit determinations. Allows individual taxpayers an additional standard tax deduction in 2008 for state and local real property taxes. Lowers in 2008 (from $10,000 to $8,500) the earned income threshold amount for determining the refundable portion of the child tax credit. Increases the AMT refundable credit amount for individual taxpayers with long-term unused tax credits in prior taxable years. Abates any underpayment of tax and related interest and penalties attributable to the application of special AMT rules for the treatment of incentive stock options. Allow attorneys a tax deduction in the current taxable year for reimbursable expenses and court costs which they pay or incur in connection with contingency fee cases. Modifies criteria for penalties on tax return preparers who understate tax liabilities. Allows taxpayers who claimed a casualty loss deduction for damage to a personal residence caused by Hurricanes Katrina, Rita, or Wilma and who subsequently received a grant as compensation for such damage to file an amended tax return to disallow the casualty loss deduction without payment of any tax penalty. Waives deadlines for starting construction for property in the Gulf Opportunity (GO) Zone eligible for bonus depreciation. Includes Colbert and Dallas Counties in Alabama within the GO Zone for purposes of tax-exempt bond financing. Sets forth revenue provisions relating to: (1) the inclusion in gross income of deferred compensation paid by certain foreign entities; and (2) increases in estimated tax payments of certain large corporations. Delays until 2019 the application of special rules for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit.

Price Stability Act of 2008

United States · United States Congress · 14 May 2008

Price Stability Act of 2008 - Declares it is US policy that the principal economic responsibilities of the Government are to establish both long-term economic growth and increases in living standards, maintain free markets, low taxes, respect for private property, and the stable, long-term purchasing power of US currency. Declares that the promotion of price stability should be the primary long-term goal of the Board of Governors of the Federal Reserve System. Amends the Federal Reserve Act to revise the mandate of the Board and the Federal Open Market Committee to require them to: (1) establish a numerical definition of the term "price stability"; and (2) maintain a monetary policy that promotes long-term price stability. Requires the Board to consult with, and report to, Congress semi-annually about Board and Committee objectives and plans to achieve and maintain price stability. Repeals the Full Employment and Balanced Growth Act of 1978.