Taxation

Big Oil Accountability Act of 2010

United States · United States Congress · 27 May 2010

Big Oil Accountability Act of 2010 - Amends the Internal Revenue Code to extend through 2015: (1) the tax credit for biodiesel and renewable diesel used as fuel and the excise tax credit for biodiesel and renewable diesel fuel mixtures; (2) the tax credit for alcohol used as fuel, the cellulosic biofuel producer credit, and the credit amount for ethanol blenders; (3) the excise tax credit for alcohol fuel mixtures; and (4) the tax credit for the production of electricity from certain renewable resources (e.g., biomass, geothermal or solar energy facilities, and hydropower facilities). Amends the Harmonized Tariff Schedule of the United States to extend until 2016 the additional tariff on ethyl alcohol blends (ethanol) used as fuel. Denies a tax deduction for income attributable to the domestic production, refining, processing, transportation, or distribution of oil (or any primary products thereof).

Private Option Health Care Act

United States · United States Congress · 27 May 2010

Private Option Health Care Act - Repeals the Patient Protection and Affordable Care Act (PPACA) and the Health Care and Education Reconciliation Act of 2010 and restores the provisions of law amended or repealed by such Acts as if such Acts had not been enacted. Amends the Internal Revenue Code to: (1) revise the refundable tax credit for the health insurance costs of individual taxpayers to allow a full credit for health insurance plus the amount contributed to a health savings account; (2) permit up to $500 of unused health benefits under a health flexible spending arrangement to be carried over to a succeeding plan year or paid directly to an employee as compensation; (3) revise the tax deduction for contributions to a health savings account (HSA) to increase the allowable amount of such deduction and repeal the requirement for coverage under a high deductible health plan; (4) repeal the 7.5% adjusted gross income threshold for the tax deduction for medical expenses; (5) allow a tax credit for the purchase of insurance against negative outcomes from surgery, including those caused by physician malpractice; and (6) allow an exclusion from gross income for damages awarded for medical malpractice in binding arbitration. Permits interstate purchase of health insurance. Amends the Federal Food, Drug, and Cosmetic Act (FFDCA) to repeal provisions restricting the importation of prescription drugs.

To repeal the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010, repeal the 7.5 percent threshold on the deduction for medical expenses, provide for increased funding for high-risk pools, allow acquiring health insurance across State lines, and allow for the creation of association health plans.

United States · United States Congress · 27 May 2010

Repeals the Patient Protection and Affordable Care Act (PPACA) and the Health Care and Education Reconciliation Act of 2010, effective as of their enactment. Restores provisions of law amended by such Acts. Amends the Internal Revenue Code to allow the tax deduction for medical expenses without the gross income percentage limitation. Amends the Public Health Service Act to: (1) authorize appropriations for FY2011-FY2015 for grants to states for the creation and operation of qualified high risk health insurance pools; and (2) 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 the conditions of this Act. Amends the Employee Retirement Income Security Act of 1974 (ERISA) to provide for establishment and governance of association health plans (AHPs), which are privately-sponsored group health plans that meet certain ERISA certification requirements. Establishes the Association Health Plan Fund to be used by the Secretary of Labor to make payments to an insurer to maintain coverage for a plan if there is a reasonable expectation that, without such payments, claims would not be satisfied by reason of termination of coverage. Allows a state to impose a contribution tax on an association health plan that commences operations in such state after the enactment of this Act.

Electric Drive Vehicle Deployment Act of 2010

United States · United States Congress · 27 May 2010

Electric Drive Vehicle Deployment Act of 2010 - Directs the Secretary of Energy (Secretary) to establish a a two-phased competitive program to provide financial assistance to states, Indian tribes, or local governments (or groups thereof) for the deployment of electric drive vehicles in five selected deployment communities. Requires each recipient of financial assistance for a deployment community to provide a minimum of $2,000 in benefits to each of the first 100,000 consumers who purchase electric drive vehicles. Amends the Internal Revenue Code to: (1) increase and extend through December 31, 2016, the tax credit for alternative fuel vehicle refueling property expenditures for vehicles powered by electricity; and (2) allow a tax credit for qualified electric vehicle refueling property bonds. Amends the Public Utility Regulatory Policies Act of 1978 (PURPA) to establish standards for electric utilities regarding electric drive vehicle infrastructure. Directs each state regulatory authority (in the case of each electric utility for which it has ratemaking authority) and each utility (in the case of a nonregulated utility) to: (1) require that infrastructure deployed complies with federal standards and is interoperable with products of all manufacturers; (2) establish protocols and standards for integrating electric drive vehicles into an electrical distribution system; (3) provide for the ability of each vehicle to be identified individually and to be associated with its owner's electric utility account; and (4) review their determinations on time-based metering and communications. Requires the Secretary to: (1) study and report to Congress on secondary use applications of electric drive vehicle batteries; and (2) establish a competitively awarded, peer reviewed grant program of research, development, demonstration, and commercial application of advanced batteries with vehicle applications, qualified electric drive vehicle components, and qualified electric drive infrastructure. Requires the Secretary of the Interior to study and report to Congress on the identity of raw materials needed for the manufacture of such vehicles, components, and infrastructure. Requires the Administrator of General Services to acquire 1,000 electric drive vehicles for the federal fleet. Directs the Secretary to carry out a loan program for eligible individuals and entities for the costs of: (1) reequipping, expanding, or establishing a manufacturing facility in the United States to produce qualified electric drive infrastructure or qualified electric drive vehicle components; and (2) engineering integration performed in the United States of qualified electric drive vehicle components. Earmarks 25% of such loans for small manufacturers (less than 500 individuals) and component suppliers. Amends the Energy Independence and Security Act of 2007 to require the Secretary to establish program to provide loan guarantees to eligible entities by private institutions for the purchase of at least 500 qualified advanced automotive batteries a year.

To amend the Internal Revenue Code of 1986 to provide that the treatment of tenant-stockholders in cooperative housing corporations also shall apply to stockholders of corporations that only own the land on which the residences are located.

United States · United States Congress · 27 May 2010

Amends the Internal Revenue Code to provide that stockholders in cooperative housing corporations that own or lease the land on which cooperative residences (other than mobile homes) are located are eligible for the same tax treatment (i.e., deductibility of real estate taxes and mortgage interest) as tenant-stockholders who reside in such residences.

Small Business Tax Equalization and Compliance Act of 2010

United States · United States Congress · 26 May 2010

Small Business Tax Equalization and Compliance Act of 2010 - Amends the Internal Revenue Code to extend the tax credit for social security taxes paid for employee cash tips to employers of cosmetologists. Requires employers of cosmetologists to report income and tips of their cosmetologist employees and to provide income and tip information to self-employed cosmetologists to whom they pay more than $600 in the taxable year. Imposes similar reporting requirements upon individuals who rent chairs to cosmetologists. Requires such employers to provide their cosmetologist employees and self-employed cosmetologists with information on the tax and tip reporting obligations of employees and self-employed individuals.

A resolution honoring the entrepreneurial spirit of small businesses in the United States during "National Small Business Week", beginning May 23, 2010.

United States · United States Congress · 26 May 2010

Honors the entrepreneurial spirit of small businesses during National Small Business Week beginning May 23, 2010. Applauds the efforts and achievements of small business owners and their employees. Recognizes the work of the Small Business Administration (SBA) and its resource partners in providing assistance to entrepreneurs and small businesses. Recognizes the importance of ensuring that: (1) applicable procurement goals for small businesses are reached by all federal agencies; (2) guaranteed loans and microloans are made available to all qualified small businesses; (3) necessary federal resources are provided to management assistance programs delivered by SBA resource partners; (4) SBA small business disaster assistance is provided in a timely and efficient manner; (5) federal tax policy spurs small business growth, creates jobs, and increases competitiveness; (6) the federal government reduces the regulatory compliance burden on small businesses; (7) advanced technology policy facilitates access to affordable broadband Internet service to foster rural small business growth; and (8) systems of intellectual property protection continue to foster small business innovation.

Incentives for Successful Companies Act of 2010

United States · United States Congress · 26 May 2010

Incentives for Successful Companies Act of 2010 - Amends the Internal Revenue Code to allow through 2014: (1) certain businesses designated as successful companies a business-related tax credit for job training expenses; and (2) an increase to $250,000 in the expensing allowance for depreciable business assets placed in service by such companies. Defines a "successful company" as a U.S. company or enterprise that maintains a long-term U.S. growth plan, meets certain financial and creditworthiness criteria, and had an average of not fewer than 5 or more than 500 employees in the most recent calendar year.

Small Business Asset Investment and Modernization (AIM) Act of 2010

United States · United States Congress · 26 May 2010

Small Business Asset Investment and Modernization (AIM) Act of 2010 - Amends the Small Business Investment Act of 1958 concerning the 504 program (Small Business Administration [SBA] financings to small businesses through certified development companies) to increase maximum program loan amounts. Authorizes the Administrator of the SBA, from the date of enactment of this Act through FY2012, to approve under such program the refinancing of indebtedness that is secured by a lien on commercial real estate or equipment of a small business, under specified terms and conditions. Limits to $7.5 billion the total amount of such financing in a fiscal year. Authorizes the Administrator, in order to carry out such program, to make personnel appointments of at least one year and not more than six years. Allows the Administrator to eliminate the pension offset for the reemployment of retired federal employees for such purposes.

Proposing an amendment to the Constitution of the United States.

United States · United States Congress · 26 May 2010

Constitutional Amendment - Requires the concurrence of two-thirds of the Members of each house of Congress for final adoption of any legislation changing the internal revenue laws, unless such legislation is determined not to increase the internal revenue by more than a de minimis amount. Permits a waiver of this requirement when a declaration of war is in effect or when the United States is engaged in military conflict which causes an imminent and serious threat to national security and is so declared by a joint resolution which becomes law. Prohibits any increase in the internal revenue enacted under such a waiver from lasting more than two years.

Providing for consideration of the bill (H.R. 5136) to authorize appropriations for fiscal year 2011 for military activities of the Department of Defense, to prescribe military personnel strengths for such fiscal year, and for other purposes; waiving a requirement of clause 6(a) of rule XIII with respect to consideration of certain resolutions reported from the Committee on Rules; and for other purposes.

United States · United States Congress · 26 May 2010

Sets forth the rule for consideration of the bill (H.R. 5136) to authorize appropriations for fiscal year 2011 for military activities of the Department of Defense, to prescribe military personnel strengths for such fiscal year, and for other purposes; waiving a requirement of clause 6(a) of rule XIII with respect to consideration of certain resolutions reported from the Committee on Rules.

Establishing the congressional budget for the United States Government for fiscal year 2011, revising the appropriate budgetary levels for fiscal year 2010, and setting forth the appropriate budgetary levels for fiscal years 2012 through 2020.

United States · United States Congress · 26 May 2010

Sets forth the congressional budget for the federal government for FY2011, including the appropriate budgetary levels for FY2010, and FY2012-FY2020. Lists recommended budgetary levels and amounts for FY2010-FY2020 with respect to: (1) federal revenues; (2) new budget authority; (3) budget outlays; (4) deficits (on-budget); (5) debt subject to limit; and (6) debt held by the public. Lists the appropriate levels of new budget authority and outlays for specified major functional categories for FY2010-FY2020. Sets forth reconciliation instructions for the House Committees on: (1) Agriculture; (2) Education and Labor: (3) Energy and Commerce; (4) Financial Services; (5) the Judiciary; (6) Natural Resources; (7) Oversight and Government Reform; and (8) Ways and Means. Requires the House Committee on the Budget to report a reconciliation bill that slows the growth in mandatory spending and achieves deficit reduction. Requires each House Committees to identify savings amounting to 1% of total mandatory spending under its jurisdiction from activities determined to be wasteful, unnecessary, or lower-priority. Prohibits House legislation that would require advance appropriations, except for certain FY2012-FY2013 programs, projects, activities, or accounts. States that Rule XXVII (Disclosure by Members and Staff of Employment Negotiations) [ sic ] of the Rules of the House of Representatives shall not apply with respect to adoption by Congress of a budget resolution for FY2011. Prescribes requirements for legislation reported out of committee and designated as an emergency requirement. Requires the Joint Committee on Taxation to calculate the impact of any proposal to change federal revenues on Gross Domestic Product (GDP), total domestic employment, and other specified economic variables. Prohibits the chairman of the House Committee on the Budget from taking into account the provisions of any piece of legislation which propose to increase revenue or offsetting collections if the net effect of the bill is to increase the level of revenue or offsetting collections beyond the level assumed in this concurrent resolution. Makes it out of order in the House to consider direct spending legislation increasing a specified on-budget deficit or decreasing an on-budget surplus for any applicable time period. Requires the chairman of the House Committee on the Budget to maintain a Budget Protection Mandatory Account and a Budget Protection Discretionary Account. Requires the Majority Leader to introduce rescission bills quarterly. Prescribes legislative procedures for their floor consideration. Expresses the sense of the House regarding: (1) baseline revenue projections; and (2) long-term budget projections. Establishes an earmark moratorium for FY2011 for legislation providing or authorizing discretionary budget authority, credit or other spending authority, providing a federal tax deduction, credit, or exclusion, or modifying the Harmonized Tariff Schedule in FY2011. Prohibits the House Committee on Rules from reporting a rule or order waiving such moratorium. Declares it is the policy of this resolution that: (1) the Patient Protection and Affordable Care Act (P.L. 111-148) and the Health Care and Education Reconciliation Act of 2010 (P.L. 111-152) should be repealed; and (2) in their place, health care reform that empowers patients should be enacted.

Veto Wasteful Spending and Protect Taxpayers Act of 2010

United States · United States Congress · 25 May 2010

Veto Wasteful Spending and Protect Taxpayers Act of 2010 - Amends the Congressional Budget and Impoundment Control Act of 1974 to authorize the President to suspend and propose for cancellation (line item veto) any dollar amount of discretionary budget authority, item of new direct spending, or limited tax benefit. Prohibits such items from being proposed for suspension and cancellation more than once. Authorizes the President to transmit to Congress up to two special messages suspending and proposing the cancellation of items, including a draft bill that, if enacted would only cancel the items included. Requires the special message to include: (1) a determination, for every item, that such cancellation will reduce the federal budget deficit, not impair any essential government functions, and not harm the national interest; (2) any federal account, department, or establishment for which budget authority was to have been available for obligation and the specific project or governmental functions involved; (3) the specific states and congressional districts, if any, affected by the cancellation; and (4) the total number of cancellations imposed during the current session of Congress on such states and congressional districts. Sets forth procedures for expedited congressional consideration of a proposed cancellation.

To require Amtrak to discontinue passenger rail service on certain long distance routes that operate at a loss.

United States · United States Congress · 25 May 2010

Directs Amtrak to discontinue passenger rail service on any long distance route that operates at a loss (where the total direct service costs are more than twice as great as total revenues for the first full fiscal year after enactment of this Act).

Help Disaster Victims Buy a New Home Act of 2010

United States · United States Congress · 25 May 2010

Help Disaster Victims Buy a New Home Act of 2010 - Amends the Internal Revenue Code to: (1) treat individual taxpayers who purchase a principal residence to replace a principal residence damaged or destroyed by a federally declared disaster as first-time homebuyers for purposes of the tax credit allowed to such homebuyers; (2) allow taxpayers who do not itemize their tax deductions a deduction from gross income for net casualty losses due to a federally declared disaster and permit a carryover of such losses for five years; and (3) exclude from gross income unemployment compensation paid to workers in a federally declared disaster area.

Green Energy Efficient Roofs and Job Creation Act of 2010

United States · United States Congress · 25 May 2010

Green Energy Efficient Roofs and Job Creation Act of 2010 - Amends the Internal Revenue Code to classify as 20-year property for depreciation purposes a roof replacement on a commercial building during 2010 or 2011 with a roof assembly which has the new insulation installed entirely above the roof deck and which meets or exceeds the minimum R-value for the appropriate climate zone as specified in the International Energy Conservation Code.

Veteran Employment Transition Act of 2010

United States · United States Congress · 25 May 2010

Veteran Employment Transition Act of 2010 - Amends the Internal Revenue Code to revise the definition of "qualified veteran" for purposes of the work opportunity tax credit to mean recently discharged veterans and disadvantaged veterans. Defines "recently discharged veteran" to mean: (1) any individual who has served on active duty (other than active duty for training) in the Armed Forces for more than 180 total days (whether consecutive or not); (2) any individual who has been discharged or released from active duty for a service-connected disability; and (3) any member of the National Guard who has served for more than 180 total days (whether consecutive or not) in active duty, full-time National Guard duty, or duty in state status. Defines "disadvantaged veteran" as any veteran who is certified as being a member of a family receiving assistance under a supplemental nutrition assistance program and is entitled to compensation for a service-connected disability. Requires the Department of Defense (DOD) and the National Guard to inform military personnel who are discharged or released from active duty of the work opportunity tax credit and provide them with documentation relating to eligibility for and use of such credit.

Close Big Oil Tax Loopholes Act

United States · United States Congress · 24 May 2010

Close Big Oil Tax Loopholes Act - Amends the Internal Revenue Code to deny to taxpayers with gross revenues in excess of $100 million in a taxable year (applicable large taxpayers): (1) the tax deduction for intangible drilling and development costs; (2) the tax deduction for qualified tertiary injectant expenses; (3) the exemption from restrictions on the deductibility of passive losses; (4) the percentage depletion allowance for oil and gas wells; and (5) the tax deduction for income attributable to domestic production of oil, natural gas, or primary products thereof. Requires applicable large taxpayers to amortize their geological and geophysical expenditures over a seven-year period. Imposes on producers of taxable crude oil or natural gas a 13% excise tax on the removal price of such oil and natural gas produced from lands on the Outer Continental Shelf in the Gulf of Mexico. Allows a nonrefundable credit against such tax for royalties paid under federal law with respect to the production of such crude oil and natural gas. Denies a foreign tax credit to any large integrated oil company that is subject to a levy of a foreign country or possession of the United States and receives an economic benefit from such country or possession (dual capacity taxpayer) if such country or possession does not impose a generally applicable income tax.

Veteran Employment Transition Act of 2010

United States · United States Congress · 24 May 2010

Veteran Employment Transition Act of 2010 - Amends the Internal Revenue Code to revise the definition of "qualified veteran" for purposes of the work opportunity tax credit to mean recently discharged veterans and disadvantaged veterans. Defines "recently discharged veteran" to mean: (1) any individual who has served on active duty (other than active duty for training) in the Armed Forces for more than 180 total days (whether consecutive or not); (2) any individual who has been discharged or released from active duty for a service-connected disability; and (3) any member of the National Guard who has served for more than 180 total days (whether consecutive or not) in active duty, full-time National Guard duty, or duty in state status. Defines "disadvantaged veteran" as any veteran who is certified as being a member of a family receiving assistance under a supplemental nutrition assistance program and is entitled to compensation for a service-connected disability. Requires the Department of Defense (DOD) and the National Guard to inform military personnel who are discharged or released from active duty of the work opportunity tax credit and provide them with documentation relating to eligibility for and use of such credit.

Reserve Retirement Deployment Credit Correction Act

United States · United States Congress · 24 May 2010

Reserve Retirement Deployment Credit Correction Act - Removes the requirement that days of active duty or active service used to reduce the minimum age at which a member of the reserves may retire for non-regular (reserve) service must occur in the same fiscal year.

To amend the Internal Revenue Code of 1986 to treat any business credit attributable to wind, solar, or biomass electricity production and investment in solar energy property as refundable to the extent the taxpayer makes new wind, solar, and other renewable energy investments.

United States · United States Congress · 24 May 2010

Amends the Internal Revenue Code to allow an election to treat business-related tax credits for the production of electricity from wind, solar, or biomass facilities and for investment in solar energy property as refundable in taxable years beginning in 2010 or 2011. Provides that credit amounts shall not exceed the basis of renewable energy facilities placed in service in the subsequent taxable year.

FINANCIAL SERVICES AND GENERAL GOVERNMENT APPROPRIATIONS FOR FISCAL YEAR 2011

United States · United States Senate · 20 May 2010

Strengthening Entrepreneurship for America's Veterans Act of 2010

United States · United States Congress · 20 May 2010

Strengthening Entrepreneurship for America's Veterans Act of 2010 - Amends the Small Business Act to direct the Associate Administrator for Veterans Business Development of the Small Business Administration (SBA) to establish an online mechanism to assist, and coordinate and leverage the work of, veterans' assistance providers. Requires the SBA Administrator to establish a veterans' business center program to provide financial assistance to private nonprofit organizations to conduct five-year projects for the benefit of small businesses owned and controlled by veterans. Directs each organization receiving such assistance to establish a veterans' business center to provide specific assistance to veterans, service-disabled veterans, and reservists, as well as their spouses. Sets assistance limits at not less than $150,000 or more than $200,000 per organization per fiscal year. Provides matching funds requirements. Requires the Associate Administrator to conduct an annual examination of the programs and finances of each center, and authorizes the Associate Administrator to discontinue a center's funding under appropriate circumstances. Requires the Administrator to designate at least one individual in each SBA district as a veterans business ownership representative. Directs the Comptroller General to report to: (1) the congressional veterans and small business committees regarding the ability of small businesses owned and controlled by veterans to access credit; and (2) Congress an evaluation of the effectiveness of the veterans' business center program. Requires the Administrator to report to Congress at least semiannually on appointments made to, and activities of, an interagency task force established for small businesses owned and controlled by veterans and service-disabled veterans. Repeals current grant provisions providing for the establishment and implementation of outreach programs for veterans, disabled veterans, and reservists and permits any organization previously awarded such a grant to apply for a grant renewal under the provisions of this Act.

Federal Workforce Reduction Act of 2010

United States · United States Congress · 20 May 2010

Federal Workforce Reduction Act of 2010 - Prohibits the head of an executive agency from appointing any individual to a position in the agency in any fiscal year for which the Director of the Office of Management and Budget (OMB) projects a federal budget deficit. Makes an exception if: (1) there is a position available in the federal workforce hiring pool (to be established by the President); and (2) the President approves an agency head's request for the allocation of a position in the pool to the agency. Sets the number of positions in the hiring pool at zero as of the first day of FY2011, after which the number shall: (1) increase by .50 for each full time-equivalent position in any agency which subsequently becomes vacant; and (2) decrease by 1.0 for each request for a full time-equivalent position that is approved by the President. Authorizes the President to waive this limitation upon determining that such waiver is required by the existence of a state of war, other national security concern, or an extraordinary emergency threatening life, health, safety, or property. Exempts the Department of Defense (DOD), the Department of Homeland Security (DHS), and the Department of Veterans Affairs (VA).

Force Protection and Readiness Act of 2010

United States · United States Congress · 20 May 2010

Force Protection and Readiness Act of 2010 - Grants, in cases arising under the Uniform Code of Military Justice (UCMJ) for communications made between an alleged victim of sexual assault and a Sexual Assault Victim Advocate of the Department of Defense (DOD), to an individual who consulted with such an Advocate, a victim service organization, or a health care professional the privilege of refusing to disclose a confidential communication made by the individual if such communication was made for the purpose of securing advice, counseling, treatment, or assistance in connection with a sexual assault or other sexual misconduct. Allows the privilege to be claimed by the individual's guardian or conservator. Provides exceptions. Requires the Secretary of the military department concerned to provide for the expedited consideration of a request for a permanent change of military station or unit transfer submitted by a member of the Armed Forces serving on active duty who was a victim of sexual assault or other sexual offense. Codifies under federal law a required information database on sexual assault incidents involving members of the Armed Forces. Repeals a superseded requirement under the Duncan Hunter National Defense Authorization Act for Fiscal Year 2009. Directs the Secretary of Defense to establish a universal hotline to facilitate the reporting of sexual assault involving members of the Armed Forces. Requires: (1) at least one full-time Sexual Assault Victim Advocate to be assigned to each battalion or equivalent military unit; and (2) appropriate training and certification of such advocates. Requires a copy of the record of proceedings of a court-martial involving a sexual assault or other sexual offense to be given to the victim if the victim testified during the proceedings. Directs the Secretary to provide a training module for judge advocates who serve as trial counsel to improve their ability to investigate and prosecute cases involving a sexual assault or other sexual offense.

War is Making You Poor Act

United States · United States Congress · 20 May 2010

War is Making You Poor Act - Limits amounts made available to the Department of Defense (DOD) in any appropriations Act for fiscal year 2011 that may be available for the base budget or for overseas contingency operations in Iraq, Afghanistan, or Pakistan. Amends the Internal Revenue Code to allow individual taxpayers whose modified adjusted gross income is $35,000 or less ($70,000 for married couples) a tax credit (designated as the War is Making You Poor Tax Credit) equal to their net income tax liability for the first taxable year beginning in 2011.

Oil Spill Response and Assistance Act

United States · United States Congress · 20 May 2010

Oil Spill Response and Assistance Act - Amends the Oil Pollution Act of 1990 to direct the Secretary of Energy, within two years, to require the development and deployment of certain technology for use in the event of a breach or explosion at, or a significant discharge of oil from, a deepwater port, offshore facility, or tank vessel (covered event), including: (1) technology for use in capping underwater oil wells that is effective at water depths at least 2,000 feet deeper than the limits of oil and gas production on the outer continental shelf as of the date of enactment of this Act; (2) flameproof booms capable of functioning in the open ocean with six-foot waves; and (3) remote operated vehicles for use in the open ocean that are capable of welding and cutting or torching below 15,000 feet of water. Requires the purchase and deployment of such technologies in such locations throughout the United States as would permit their use within 24 hours of a covered event. Doubles the limits on the total of the liability of, and the removal costs incurred by or on behalf of, the party responsible for a vessel or a facility from which oil is discharged into or upon navigable waters, adjoining shorelines, or the exclusive economic zone. Increases such a limit to the amount of a party's aggregate net after-tax profits generated during the four full financial reporting quarters preceding the date of an incident if that amount exceeds the limit otherwise applicable. Makes this Act effective on April 15, 2010. Requires the head of a federal agency that has carried out an activity with respect to the oil spill that occurred in the Gulf of Mexico in April 2010 to study and report to Congress on the effectiveness of the coordination of, and the success of, federal government actions relating to the spill.

Alaska Clean Energy Development Act

United States · United States Congress · 20 May 2010

Alaska Clean Energy Development Act - Includes as renewable energy, for purposes of any federal program or standard, hydroelectric energy generated in the state of Alaska by a hydroelectric facility: (1) that has a nameplate capacity rating of a wattage that is less than 50 megawatts; or (2) through the use of a lake tap or siphon, pumped storage, or a run of the river system. Amends the Internal Revenue Code to make such a hydroelectric facility that is placed in service after the date of enactment of this Act eligible for the renewable electricity production tax credit.

TRANSPORTATION AND HOUSING AND URBAN DEVELOPMENT, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2011

United States · United States Senate · 19 May 2010

Advanced Biofuel Investment Act of 2010

United States · United States Congress · 19 May 2010

Advanced Biofuel Investment Act of 2010 - Amends the Internal Revenue Code to allow a 30% energy tax credit for investment in qualified advanced biofuel production property. Defines "qualified advanced biofuel production property" as property used to produce biofuel which meets the definition of advanced biofuel in the Farm Security and Rural Investment Act of 2002 and has lifecycle greenhouse gas emissions that are at least 50% less than baseline lifecycle greenhouse gas emissions required by the Clean Air Act. Terminates such credit after 2015. Amends the American Recovery and Reinvestment tax Act of 2009 to allow investors in qualified advanced biofuel production property a grant in lieu of a tax credit for investment in such property.

Local Education Authority Returns Now Act

United States · United States Congress · 19 May 2010

Local Education Authority Returns Now Act - Requires the Secretary of the Treasury to make an annual determination of states that have chosen to opt-out of K-12 education grant programs. Requires the Secretary of Education to determine credits due to states as opt-out state education amounts. Amends the Internal Revenue Code to allow individual taxpayers in states that opt-out a refundable tax credit for a share of the opt-out amount creditable to such states.

Providing that all revenue derived from the excise tax on oil production should continue to pay for the cleanup of, and the damages incurred by all individuals, businesses, States, municipalities, and natural resources negatively impacted by, the current oil spill in the Gulf of Mexico and any future spills.

United States · United States Congress · 19 May 2010

States the policy of the House of Representatives that the revenue derived from the excise tax on oil production: (1) should continue to pay for the cleanup of, and the damages incurred by, the oil spill in the Gulf of Mexico and any future oil spills; and (2) should not be used by Congress to fund unrelated policies and programs.

A bill to temporarily prohibit the United States loans to the International Monetary Fund to be used to provide financing for any member state of the European Union, and for other purposes.

United States · United States Congress · 18 May 2010

Amends the Bretton Woods Agreements Act to: (1) prohibit U.S. loans to the International Monetary Fund (IMF) for assistance to any European Union (EU) member state until the ratio of the total outstanding public debt of each member state to its gross domestic product (as of the end of the most recent fiscal year of the member state ending in the preceding calendar year) is not more than 60%; and (2) direct the Secretary of the Treasury to instruct the U.S. Executive Director of the IMF to use the voice and vote of the United States to oppose any IMF loans to member states until all member states are in compliance with such debt ratio.

Save America's Future Economy Act of 2010

United States · United States Congress · 18 May 2010

Save America's Future Economy Act of 2010 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to require the Office of Management and Budget (OMB) to calculate the uniform percentage by which nonexempt spending accounts are to be sequestered such that total government spending for a budget year, compared to the preceding fiscal year, does not increase at a rate greater than the percentage point change in the Consumer Price Index (CPI) plus the percentage point change in annual population growth. Requires OMB to prepare annually a report to be included in the President's budget for each fiscal year setting forth: (1) the projected level of total federal spending for the current year; (2) the percentage point increase in the CPI over the fiscal year before the current year; (3) the total percentage point increase in population from July 1 of the second preceding fiscal year before the current year and July 1 of the fiscal year before the current year; (4) the sum of such total percentage point increases; and (5) the projected level of total federal spending for the budget year and the amount, if any, by which that spending would exceed the projected level of total federal spending for the current year, as adjusted by the such sum of the total percentage point increases. Prescribes requirements for OMB Preview Reports and OMB Final Sequestration Reports. Requires the President to issue a sequestration order, effective on issuance, if OMB in its Final Sequestration Report estimates that any sequestration is required. Prohibits OMB from including the budgetary effects of an emergency requirement in its estimates. Exempts from any sequestration reduction order: (1) payments for net interest; and (2) federal obligations required to be paid under the U.S. Constitution or legally contractual obligations. Extends indefinitely certain Pay-As-You-Go (PAYGO) enforcement mechanisms.

NATO First Act

United States · United States Congress · 18 May 2010

NATO First Act - States that it is U.S. policy on force structure in Europe to permit the United States to: (1) satisfy its commitments under article 5 of the North Atlantic Treaty of 1949; (2) address the current security environment in Europe, including U.S. participation in theater cooperation activities; and (3) contribute to peace and stability in Europe. Requires a report from the Secretary of Defense (DOD) to the congressional defense committees evaluating potential changes in the composition and capabilities of such force structure. Directs the Secretary to notify Congress at least 30 days before the permanent relocation of a military unit stationed outside the United States. Provides exceptions, including relocation due to deployment to a combat zone. Repeals a superseded reporting requirement under the National Defense Authorization Act (NDAA) for Fiscal Year 2010. Amends the NDAA for Fiscal Year 2006 to increase funding limits for, and extend through FY2013, a program to build the capacity of foreign military forces to support the European Command and other geographic combatant commands. Requires a program implementation plan by the Secretary. Sets forth U.S. policy on its extended deterrence commitment to Europe. Provides specific limitations on reductions in U.S. nuclear forces based in Europe, including that such reduction is requested by the government of the host nation and that the President makes certain certifications concerning the effects of such reduction. Requires the President to notify the defense committees of any such reduction, including a justification therefor, and prohibits the reduction until 180 days after such notification. Authorizes appropriations for: (1) developing the F-35 Lightning II aircraft into a dual-capable aircraft; and (2) supporting the life extension program for the B61 gravity bomb. Sets forth U.S. policy with respect to long-range missile defenses in Europe, including defending all North American Treaty Organization (NATO) allies from intercontinental and intermediate-range ballistic missiles, and continuing development and testing of the two-stage ground-based interceptor. Reserves FY2012-FY2013 funding for such purposes. Expresses the sense of Congress concerning the effects on U.S. missile defense of the New STAR treaty between the United States and Russia. Directs the Secretary of the Air Force to establish and maintain a scholarship program to allow personnel of air forces of foreign signatories of the Partnership for Peace Framework Document to receive undergraduate pilot and related training through the Euro-NATO Joint Jet Pilot Training program.

International Tax Competitiveness Act of 2010

United States · United States Congress · 18 May 2010

International Tax Competitiveness Act of 2010 - Amends the Internal Revenue Code to: (1) treat foreign corporations that are managed, directly or indirectly, within the United States as domestic corporations for U.S. tax purposes; (2) make certain royalty income and income from intangibles received from a controlled foreign corporation subject to U.S. taxation; (3) repeal tax rules exempting foreign source income attributable to the active conduct of a foreign trade or business from withholding of tax requirements; and (4) revise the tax treatment of property other than stock (i.e., boot) received in connection with a corporate reorganization to provide that such property shall be treated as a taxable dividend.

A bill to amend the Internal Revenue Code of 1986 to provide for the treatment of securities of a controlled corporation exchanged for assets in certain reorganizations.

United States · United States Congress · 17 May 2010

Amends the Internal Revenue Code to allow nonrecognition of gain in a corporate reorganization for corporations that exchange property solely for stock other than nonqualified preferred stock.

Small Business Investment Penalty Relief Act of 2010

United States · United States Congress · 14 May 2010

Small Business Investment Penalty Relief Act of 2010 - Amends the Internal Revenue Code to waive the 10% penalty on premature distributions made in 2010 or 2011 from a tax-exempt retirement plan if made for investment in a qualified small business (defined as having gross receipts not exceeding $20 million or not more than 50 full-time employees during the preceding taxable year).

TRANSPORTATION AND HOUSING AND URBAN DEVELOPMENT, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2011

United States · United States Senate · 13 May 2010

Oil Spill Response and Assistance Act

United States · United States Congress · 13 May 2010

Oil Spill Response and Assistance Act - Amends the Oil Pollution Act of 1990 to direct the Secretary of Energy, within two years, to require the development and deployment of certain technology for use in the event of a breach or explosion at, or a significant discharge of oil from, a deepwater port, offshore facility, or tank vessel (covered event), including: (1) technology for use in capping underwater oil wells that is effective at water depths at least 2,000 feet deeper than the limits of oil and gas production on the outer continental shelf as of the date of enactment of this Act; (2) flameproof booms capable of functioning in the open ocean with six-foot waves; and (3) remote operated vehicles for use in the open ocean that are capable of welding and cutting or torching below 15,000 feet of water. Requires the purchase and deployment of such technologies in such locations throughout the United States as would permit their use within 24 hours of a covered event. Doubles the limits on the total of the liability of, and the removal costs incurred by or on behalf of, the party responsible for a vessel or a facility from which oil is discharged into or upon navigable waters, adjoining shorelines, or the exclusive economic zone. Increases such a limit to the amount of a party's aggregate net after-tax profits generated during the four full financial reporting quarters preceding the date of an incident if that amount exceeds the limit otherwise applicable. Makes this Act effective on April 15, 2010. Requires the head of a federal agency that has carried out an activity with respect to the oil spill that occurred in the Gulf of Mexico in April 2010 to study and report to Congress on the effectiveness of the coordination of, and the success of, federal government actions relating to the spill.

Community Development Financing Act of 2010

United States · United States Congress · 13 May 2010

Community Development Financing Act of 2010 - Amends the Internal Revenue Code to make permanent the tax-exemption of interest on state or local bonds guaranteed by a federal home loan bank on or after July 30, 2008.

To amend the Internal Revenue Code of 1986 to provide a 15-year recovery period for nonresidential real property in rural areas.

United States · United States Congress · 13 May 2010

Amends the Internal Revenue Code to provide for accelerated depreciation (i.e., 15-year recovery period) for nonresidential real property placed in service in a rural area.

European Bailout Protection Act

United States · United States Congress · 13 May 2010

European Bailout Protection Act - Amends the Bretton Woods Agreements Act to: (1) prohibit U.S. loans to the International Monetary Fund (IMF) for assistance to any European Union (EU) member state until the ratio of the total outstanding public debt of each member state to its gross domestic product (as of the end of the most recent fiscal year of the member state ending in the preceding calendar year) is not more than 60%; and (2) direct the Secretary of the Treasury to oppose any IMF loans to member states until all member states are in compliance with such debt ratio.

Legal Employment Certification Act of 2010

United States · United States Congress · 13 May 2010

Legal Employment Certification Act of 2010 - Amends the Internal Revenue Code to require employers to sign a statement on their income tax returns, under penalties of perjury, that they did not knowingly employ anyone who is not authorized to work in the United States during the taxable year.

DEPARTMENT OF DEFENSE APPROPRIATIONS FOR FISCAL YEAR 2011

United States · United States Senate · 12 May 2010

Veterans One Source Act of 2010

United States · United States Congress · 12 May 2010

Veterans One Source Act of 2010 - Directs the Secretary of Veterans Affairs (VA) to establish and maintain an Internet website that provides information on the benefits, resources, services, and opportunities available for veterans and their families and caregivers, including veterans' benefits provided through the VA and the Department of Labor, tax benefits, social security benefits, state and local resources, and small business assistance. Requires the website to: (1) consolidate, expand on, and improve information and links from other existing websites relating to such benefits, resources, services, and opportunities; and (2) integrate dynamic Internet features and virtual interface tools to provide a personalized, interactive, and user-centered Internet experience. Requires the Secretary to consult with specified federal officials in providing information on benefits and services. Directs the Secretary to include, in a currently-required biennial plan on VA outreach activities, the VA's plans for improving and enhancing the website.

A bill to amend the Internal Revenue Code of 1986 to extend the nonbusiness energy property credit to include insulated siding.

United States · United States Congress · 12 May 2010

Amends the Internal Revenue Code to allow a nonbusiness energy tax credit for the installation of any building cladding system (including vinyl siding) with integral insulating material that has a minimum thermal resistance of R-2.

Municipal Bond Market Support Act of 2010

United States · United States Congress · 12 May 2010

Municipal Bond Market Support Act of 2010 - Amends Internal Revenue Code provisions relating to the small issuer exemption from interest expense allocation rules for financial institutions to: (1) permanently increase from $10 million to $30 million the annual limit on small issuers of tax-exempt municipal bonds; and (2) allow an inflation adjustment to such increased limit amount after 2011.

Tax Information for New Fiscal Oversight Act of 2010

United States · United States Congress · 12 May 2010

Tax Information for New Fiscal Oversight Act of 2010 - Directs the Joint Committee on Taxation, beginning with its 2011 annual tax expenditure report, to: (1) analyze each tax expenditure identified in such report for its equity, efficiency, and ease of administration; and (2) reflect in such report the aggregate annual revenue lost due to such tax expenditures.

Public Safety Access to Medicare Act of 2010

United States · United States Congress · 12 May 2010

Public Safety Access to Medicare Act of 2010 - Amends the Internal Revenue Code to allow qualified public safety employees (state employees who provide police protection, firefighting services, or emergency medical services) to elect Medicare coverage under the hospital insurance tax.