Taxation

Fiscal Accountability and Transparency in Infrastructure Spending Act of 2011

United States · United States Congress · 20 July 2011

Fiscal Accountability and Transparency in Infrastructure Spending Act of 2011 - Requires each executive agency to obtain a life-cycle cost analysis for each major infrastructure project prior to obligating funds. Defines "life-cycle cost analysis" as a process for evaluating the total economic worth of an infrastructure project by analyzing specified costs over a minimum 50-year period. Authorizes the use of alternate infrastructure type bidding procedures for awarding contracts for projects on the National Highway System and for major infrastructure projects. Requires the Secretary of Transportation to require states to utilize the Mechanistic-Empirical Pavement Design Guide (developed under the National Cooperative Highway Research Program Project I-37A) for the initial design phase of all authorized highway projects.

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 · 20 July 2011

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.

Providing for consideration of the bill (H.R. 2551) making appropriations for the Legislative Branch for the fiscal year ending September 30, 2012, and for other purposes.

United States · United States Congress · 20 July 2011

Sets forth the rule for consideration of the bill (H.R. 2551) making appropriations for the Legislative Branch for the fiscal year ending September 30, 2012.

Airport and Airway Extension Act of 2011, Part IV

United States · United States Congress · 19 July 2011

Airport and Airway Extension Act of 2011, Part IV - Amends the Internal Revenue Code to extend through September 16, 2011, increased excise taxes on aviation fuels, the excise tax on air transportation of persons and property, and the expenditure authority for the Airport and Airway Trust Fund. Extends through September 16, 2011: (1) the authorization of appropriations for airport planning and development and noise compatibility planning projects (known as airport improvement projects [AIPs]), and (2) the authority of the Secretary of Transportation to make new AIP grants. Extends until September 17, 2011: (1) the pilot program for passenger facility fee authorizations at non-hub airports, and (2) disclosure requirements for large and medium hub airports applying for AIP grants. Directs the Secretary to extend through September 16, 2011, the termination date of insurance coverage for domestic or foreign-flag aircraft. Grants the Secretary discretionary authority to further extend such coverage through December 31, 2011. Extends through December 31, 2011, the authority of the Secretary to limit air carrier liability for claims arising out of acts of terrorism. Extends through September 16, 2011: (1) grant eligibility for airports located in the Marshall Islands, Micronesia, and Palau; (2) grants to state and local governments for land use compatibility AIPs; and (3) authority for approving an application of the Metropolitan Washington Airports Authority for an airport development grant or for permission to impose a passenger facility fee. Amends the Vision 100 - Century of Aviation Reauthorization Act to extend through September 16, 2011: (1) the temporary increase to 95% of the federal government's share of certain AIP costs, and (2) funding for airport development at Midway Island Airport.

Middle East and North Africa Transition and Development Act

United States · United States Congress · 19 July 2011

Middle East and North Africa Transition and Development Act - States that it is U.S. policy to: (1) support a democratic transition in the Middle East and North Africa, including Egypt and Tunisia; and (2) increase economic prosperity in that region through financial investment and technical assistance and by utilizing the resources of appropriate multilateral development banks. States that U.S. negotiating objectives to expand the European Bank for Reconstruction and Development's (Bank) resources for countries in the Middle East or North Africa should be to seek: (1) specified lending criteria for loans or other Bank assistance for countries of activity (countries provided with Bank resources for loans or other assistance), and (2) establishment of a Bank mechanism to ensure that countries of activity not committed to multiparty democracy and market economics do not benefit from Bank resources. Urges the Secretary of the Treasury to use U.S. influence to: (1) oppose the approval of a loan or other Bank assistance to a country of activity in the Middle East or North Africa that does not meet specified criteria, and (2) seek the Bank's adoption of clear standards for the graduation of countries of activity that have substantially achieved required transition objectives. Amends the European Bank for Reconstruction and Development Act to authorize the U.S. Governor of the Bank to subscribe to additional shares of Bank stock. Authorizes appropriations for such purpose. Amends the Millennium Challenge Act of 2003 to: (1) revise candidate country criteria, and (2) permit a country that no longer meets the requirements for being a candidate country because of per capita income changes in a fiscal year to maintain such candidate status during such fiscal year and the next three fiscal years.

Foreign Relations Authorization Act, Fiscal Year 2012

United States · United States Congress · 19 July 2011

Foreign Relations Authorization Act, Fiscal Year 2012 - Authorizes FY2012 appropriations for: (1) the Department of State (Department) for the administration of foreign affairs, (2) international organizations, (3) international peacekeeping, (4) international commissions, (5) migration and refugee assistance, and (6) the National Endowment for Democracy. Revises provisions regarding local guard and protective service contracts in high risk areas abroad. Expresses the sense of Congress regarding: (1) Israel; (2) microenterprise programs and development; (3) boundary, water, and fisheries commissions; (4) the Arab League boycott of Israel; (5) religious freedom in Vietnam; (6) Eritrea's support for armed insurgents in Somalia; (7) religious minorities in Egypt; (8) Sudan and South Sudan; (9) European Union (EU) arms exports to China; and (10) the Peace Corps. Extends passport surcharge authority. Authorizes the Secretary of State to establish a Tibet Section within the U.S. Embassy in Beijing, China, until such time as a U.S. consulate in Tibet is established. Revises Foreign Service member-related provisions. Authorizes appropriations for: (1) bilateral economic assistance; (2) the President, for operating expenses, the capital investment fund, and the Office of Inspector General of the United States Agency for International Development (USAID); (3) the Millennium Challenge Corporation; (4) the Democracy Fund; and (5) international broadcasting. Prohibits U.S. economic or development assistance from being provided to a country that does not meet the corruption performance indicator of the Millennium Challenge Corporation. Urges the President to transfer to the Treasury at least 50% of all assets from the liquidation of: (1) the U.S.-Russia Investment Fund and the Western Newly Independent States Enterprise Fund, (2) the Baltic-American Enterprise Fund, and (3) the South African Enterprise Development Fund. Prohibits funds from being made available for: (1) any foreign nongovernmental organization that promotes or performs abortions, with certain exceptions; (2) USAID's Office of Budget and Resource Management; and (3) the Center for Cultural and Technical Interchange Between East and West. Authorizes the President to interdict imports into or exports from Iran with respect to materials, equipment, or technology for nuclear, biological, chemical, missile, or conventional arms programs. Supports the reunification of Cyprus. Limits assistance to the Former Yugoslav Republic of Macedonia (FYROM). Calls on Turkey to grant the Ecumenical Patriarchate international recognition and ecclesiastic succession. Security Assistance Act of 2011 - Provides funding for: (1) the foreign military financing program, (2) Israel, (3) Iraq, and (4) international military education and training. Increases the aggregate value of excess defense articles that may be transferred in a fiscal year. Authorizes the Secretary to establish the Global Security Contingency Fund to provide assistance to strengthen a foreign country's national and regional security interests consistent with U.S. foreign policy interests. Limits international education and training assistance to Chad, Equatorial Guinea, Somalia, Angola, Cameroon, the Central African Republic, Cote d'Ivoire, Guinea, and Zimbabwe. Increases specified congressional notification thresholds for specified foreign military sales and defense equipment. Makes it an unlawful act to knowingly violate military sales agent or arms export/import provisions under the Arms Export Control Act. Sets forth criminal penalty provisions. Authorizes the Secretary to provide assistance to Israel for the Iron Dome Air Defense Missile System. Conditions security assistance to: (1) Egypt, (2) Lebanon, (3) the Palestinian Authority (PA), and (4) Yemen. Revises: (1) conditions for the provision of assistance to Pakistan, and (2) Pakistan assistance strategy report requirements. Requires that such report be provided to Congress for each of FY2012-FY2014. Directs the Secretary to fully cooperate with audits and information requests from the Office of the Special Inspector General for Iraq Reconstruction (SIGIR). Authorizes peacekeeping assistance to be used: (1) to enhance the capacity of foreign civilian security forces, including gendarmes, to participate in peacekeeping operations; and (2) for programs to disarm and reintegrate former members of foreign terrorist organizations into civilian society. Authorizes appropriations for international peacekeeping activities in Somalia and for a U.S. contribution to the Multinational Force Observers Mission in the Sinai.

Seniors Protection Act of 2011

United States · United States Congress · 19 July 2011

Seniors Protection Act of 2011 - Directs the Secretary of the Treasury to disburse a $250 payment to recipients of Social Security, SSI (Supplemental Security Income under title XVI of the Social Security Act), railroad retirement benefits, and veterans disability compensation or pension benefits if no cost-of-living adjustment is payable in 2011. Allows a tax credit for $250 ($500 in the case of a joint return if both spouses are eligible) for certain federal, state, and territorial retirees.

Charitable Contribution Parity and Enhancement Act

United States · United States Congress · 19 July 2011

Charitable Contribution Parity and Enhancement Act - Amends the Internal Revenue Code to extend the tax deduction for charitable contributions of ordinary income property to all trades and businesses (currently limited to corrporations other than S corporations).  Limits the amount of such deduction for taxpayers other than C corporations to not more than 10% of their aggregate net income for a taxable year from all trades or businesses.

IRS Act

United States · United States Congress · 19 July 2011

Instituting Responsible Spending Act or IRS Act - Requires any fees for services provided by the Internal Revenue Service (IRS) to be deposited in the Treasury as general receipts.

Savings Through Eligibility Fairness Act

United States · United States Congress · 18 July 2011

Savings Through Eligibility Fairness Act - Amends the Internal Revenue Code to modify the definition of "modified adjusted gross income" for purposes of eligibility for the refundable tax credit for coverage under a qualified health plan to include in such income the portion of a taxpayer's social security and tier 1 railroad retirement benefits that are not included in gross income for income tax purposes.

A bill to conform income calculations for purposes of eligibility for the refundable credit for coverage under a qualified health plan and for Medicaid to existing Federal low-income assistance programs.

United States · United States Congress · 18 July 2011

Amends the Internal Revenue Code to modify the definition of "modified adjusted gross income" for purposes of eligibility for the refundable tax credit for coverage under a qualified health plan to include in such income the portion of a taxpayer's social security and tier 1 railroad retirement benefits that are not included in gross income for income tax purposes.

To amend the Internal Revenue Code of 1986 to modify the calculation of modified adjusted gross income for purposes of determining eligibility for certain healthcare-related programs.

United States · United States Congress · 18 July 2011

Amends the Internal Revenue Code to include social security benefits that are excluded from gross income in the calculation of modified adjusted gross income for purposes of determining eligibility for the tax credit for coverage under a qualified health plan.

Drive to Stay Alive Act of 2011

United States · United States Congress · 18 July 2011

Drive to Stay Alive Act of 2011 - Requires the Secretary of Transportation (DOT) to withhold 5% of a state's apportionment of certain federal-aid highway funds for FY2012, and each succeeding fiscal year, if the state has not enacted and implemented a law that: (1) prohibits a driver from using a personal wireless communications device (cell phone, but excluding a global navigation satellite system receiver used for positioning, emergency notification, or navigation [GPS]) to call or text while driving when there is a minor in the vehicle, (2) makes violation of the law a primary offense, and (3) establishes certain minimum fines and increased civil and criminal penalties. Permits laws meeting the requirements of this Act to provide exceptions for driver: (1) use of a hands-free device (other than a driver who is a minor), (2) use of a cell phone in emergency situations, and (3) use of a cell phone by a commercial motor vehicle driver or school bus driver.

To amend title 10, United States Code, to provide for the permanent and expanded authority for Army industrial facilities to enter into certain cooperative arrangements with non-Army entities.

United States · United States Congress · 15 July 2011

Repeals the limit (eight) on the number of cooperative arrangements that may be entered into by Army industrial facilities with non-Army entities. Makes such authority permanent (under current law, terminates at the end of FY2014). Revises a report requirement under the National Defense Authorization Act for Fiscal Year 2008 to include an assessment of the effectiveness of the use of such authority and recommendations to improve the ability of each facility to compete for such contracts. Requires each military industrial facility of the military departments and defense agencies (other than facilities approved for closure or major realignment under the Defense Base Closure and Realignment Act of 1990) to be designated as a Center of Industrial and Technical Excellence in the recognized core competencies of the designee.

Legislative Branch Appropriations Act, 2012

United States · United States Congress · 15 July 2011

Legislative Branch Appropriations Act, 2012 - Makes appropriations to the House of Representatives for FY2012 for: (1) salaries and/or expenses of the House leadership offices, committees (including the Committee on Appropriations), and officers and employees; and (2) Members' representational allowances. Requires deposit in the Treasury of any amounts of a Member's representational allowance remaining after all payments are made, to be used for federal deficit reduction, or, if there is no deficit, federal debt reduction. Makes appropriations for salaries and/or expenses of: (1) the Joint Economic and Taxation Committees; (2) the Office of the Attending Physician; (3) the Office of Congressional Accessibility Services; (4) the Capitol Police; (5) the Office of Compliance; (6) the Congressional Budget Office (CBO); and (7) the Architect of the Capitol (AOC), including for the care and operation of Capitol buildings and grounds, House office buildings, the Capitol power plant, the Library of Congress buildings and grounds, the Capitol Police buildings, grounds, and security, the Botanic Garden, and the Capitol Visitor Center. Appropriates funds for: (1) the Library of Congress for salaries and expenses, the Copyright Office, Congressional Research Service (CRS), and Books for the Blind and Physically Handicapped; (2) the Government Printing Office (GPO) for congressional printing and binding (including transfer of funds); (3) GPO for the Office of Superintendent of Documents (including transfer of funds); (4) the Government Printing Office Revolving Fund; (5) the Government Accountability Office (GAO) for salaries and expenses; and (6) a payment to the Open World Leadership Center Trust Fund.

Airport and Airway Extension Act of 2011, Part IV

United States · United States Congress · 15 July 2011

Airport and Airway Extension Act of 2011, Part IV - Amends the Internal Revenue Code to extend through September 16, 2011, increased excise taxes on aviation fuels, the excise tax on air transportation of persons and property, and the expenditure authority for the Airport and Airway Trust Fund. Increases the authorization of appropriations for the period beginning on October 1, 2010, and ending on September 16, 2011, for airport planning and development and noise compatibility planning projects (known as airport improvement projects [AIPs]). Extends through September 16, 2011, the authority of the Secretary of Transportation to make new AIP grants. Extends until September 17, 2011: (1) the pilot program for passenger facility fee authorizations at non-hub airports, and (2) disclosure requirements for large and medium hub airports applying for AIP grants. Directs the Secretary to extend through September 16, 2011, the termination date of insurance coverage for domestic or foreign-flag aircraft. Grants the Secretary discretionary authority to further extend such coverage through December 31, 2011. Extends through December 31, 2011, the authority of the Secretary to limit air carrier liability for claims arising out of acts of terrorism. Extends through September 16, 2011: (1) grant eligibility for airports located in the Marshall Islands, Micronesia, and Palau; (2) grants to state and local governments for land use compatibility AIPs; and (3) authority for approving an application of the Metropolitan Washington Airports Authority for an airport development grant or for permission to impose a passenger facility fee. Amends the Vision 100 - Century of Aviation Reauthorization Act to extend through September 16, 2011: (1) the temporary increase to 95% of the federal government's share of certain AIP costs, and (2) funding for airport development at Midway Island Airport. Revises essential air service (EAS) program eligibility requirements to limit such service to airports (except those in Alaska) that: (1) are located at least 90 miles from the nearest medium or large hub airport, and (2) had an average subisdy per passenger of less than $1,000. Authorizes the Secretary of Transportation to waive such requirements for a particular location if its geographic characteristics result in undue difficulty in accessing the nearest medium or large hub airport.

Cut, Cap, and Balance Act of 2011

United States · United States Congress · 15 July 2011

Cut, Cap, and Balance Act of 2011 - Amends the Congressional Budget Act of 1974 (CBA) to make it out of order in both chambers to consider any bill, joint resolution, amendment, or conference report that would cause the discretionary spending limits established in this Act to be exceeded. Establishes the discretionary spending limits for FY2012 as $1,019,402,000,000 in new budget authority and $1,224,568,000,000 in outlays. Authorizes the Chairman of the Senate Committee on the Budget to adjust such limits, budgetary aggregates in the most recently adopted concurrent budget resolution, and CBA committee allocations if a bill or joint resolution is reported making appropriations for FY2012 that provides funding for the global war on terrorism. Makes it out of order in both chambers to consider any legislation that includes any provision that would cause total direct spending to exceed the spending limit specified in this Act. Exempts from such spending limits: (1) Social Security, function 650; (2) Medicare, function 570; (3) Veterans Benefits and Services, function 700; and (4) Net Interest, function 900. Makes $680.73 billion the limit on total combined outlays for all non-exempt direct spending for FY2012. Amends the CBA to prescribe requirements for implementing sequestration orders under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to enforce the discretionary and direct spending caps in this Act. Exempts from any sequestration orders: (1) payments for military personnel accounts (within subfunctional category 051), (2) TRICARE for Life, (3) Medicare (functional category 570), (4) military retirement, (5) Social Security (functional category 650), (6) veterans (functional category 700), (7) net interest (functional category 900), and (8) discretionary appropriations. Makes it out of order in both chambers to consider legislation which waives, modifies, or in any way alters a sequestration order unless the chair of the House or Senate Committee on the Budget certifies that the measure achieves the same levels of reductions in new budget authority and outlays for the applicable year in such order. Amends the CBA to prescribe requirements for enforcing GDP outlay limits. Requires: (1) the Office of Management and Budget (OMB) to establish in the President's budget the GDP outlay limit for the budget year, and (2) total federal outlays to include all on-budget and off-budget outlays. Amends the CBA to make it out of order in both chambers to consider any legislation that would cause the most recently reported current GDP outlay limits set forth in this Act to be exceeded. Prohibits the Secretary of the Treasury from exercising additional borrowing authority until the date that the Archivist of the United States transmits to the states for their ratification H.J. Res. 1 (as reported on June 23, 2011), S.J. Res. 10 (as introduced on March 31, 2011), or H.J. Res. 56 (as introduced on April 7, 2011), a balanced budget amendment to the Constitution, or a similar amendment if it requires that total outlays not exceed total receipts, contains a spending limitation as a percentage of GDP, and requires that tax increases be approved by a two-thirds vote in both chambers. Increases the public debt from $14.294 trillion to $16.7 trillion on the date such legislation is transmitted to the states.

Free File Program Act of 2011

United States · United States Congress · 15 July 2011

Free File Program Act of 2011 - Authorizes and directs the Secretary of the Treasury to continue to implement and operate the Internal Revenue Service (IRS) Free File program (free online individual income tax preparation and electronic filing services provided by the private sector technology industry to lower income taxpayers).

Historic Homeownership Revitalization Act of 2011

United States · United States Congress · 15 July 2011

Historic Homeownership Revitalization Act of 2011 - Amends the Internal Revenue Code to: (1) allow a new tax credit for 20% of rehabilitation expenditures for a historic home used as a principal residence, up to $60,000; and (2) increase the rehabilitation tax credit for residential rental property located in economically distressed areas with high construction costs.

Ending Excessive Corporate Deductions for Stock Options Act

United States · United States Congress · 14 July 2011

Ending Excessive Corporate Deductions for Stock Options Act - Amends the Internal Revenue Code to: (1) limit the employer tax deduction for stock options granted to its employees to the value of such options as recorded on the employer's books at the time such options are granted; and (2) apply the $1 million limitation on the employer tax deduction for employee remuneration to stock option compensation.

International Tax Competitiveness Act of 2011

United States · United States Congress · 14 July 2011

International Tax Competitiveness Act of 2011 - 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. income tax purposes; (2) make certain royalty income and income from intangibles received from a controlled foreign corporation subject to U.S. taxation; and (3) 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.

Restoring Access to Medication Act

United States · United States Congress · 14 July 2011

Restoring Access to Medication Act - Repeals provisions of the Patient Protection and Affordable Care Act that limited payments for medications from health savings accounts, medical savings accounts, and health flexible spending arrangements to only prescription drugs or insulin. Rescinds appropriated but unobligated discretionary funds determined by the Director of the Office of Management and Budget (OMB) to be equal to the reduction in tax revenues resulting from the repeal in this Act. Requires the Director to report to the Secretary of the Treasury and Congress the accounts and amounts identified for rescission. Exempts unobligated funds of the Department of Veterans Affairs (VA) or the Social Security Administration (SSA).

Prisoner Fraud Reduction Act of 2011

United States · United States Congress · 14 July 2011

Prisoner Fraud Reduction Act of 2011 - Requires: (1) the Director of the Federal Bureau of Prisons and the head of each state prison system, by December 1 each year, to transmit to the Internal Revenue Service (IRS) in electronic format certain identifying information on inmates who have been incarcerated during any portion of the three-calendar-year period ending with November 15 of the year of the report, and (2) the IRS to notify the Federal Bureau of Prisons and the head of each state prison system annually of any incarcerated individual whom the IRS has determined may have filed or facilitated the filing of a false or fraudulent federal tax return. Amends the Internal Revenue Code to make permanent the authority of the Secretary of the Treasury to disclose tax return information to the Federal Bureau of Prisons and to state prison systems to prevent false or fraudulent filings by prison inmates.

Jobs for Urban Sustainability and Training in America Act of 2011

United States · United States Congress · 14 July 2011

Jobs for Urban Sustainability and Training in America Act of 2011 - Authorizes the Secretary of Commerce to make additional grants to: (1) cities with high unemployment (with a population of at least 600,000 and an unemployment rate greater than the national unemployment rate) for public works, training, and economic development projects, as well as for economic adjustment; and (2) firms adversely affected by import competition which are assisted under the Trade Adjustment Assistance for Firms (TAAF) Program. Directs the Secretary of Labor to make grants to carry out adult and dislocated worker employment and training activities under the Workforce Investment Act of 1998 in cities with high unemployment. Amends the Internal Revenue Code to deny a tax deduction for income attributable to the domestic production, refining, processing, transportation, or distribution of oil, gas, or any primary products thereof by a major integrated oil company (an oil company which has an average daily worldwide production of crude oil of at least 500,000 barrels for the taxable year, and which had gross receipts in excess of $1 billion for its last taxable year ending during calendar year 2005).

College LIFE Act

United States · United States Congress · 14 July 2011

College Literacy in Finance and Economics Act of 2011 or College LIFE Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require institutions of higher education (IHEs) to provide student borrowers under the Federal Family Education Loan, Direct Loan, and Perkins Loan programs with financial literacy counseling within 45 days of their first receipt of such a loan and prior to the completion of their studies or when they leave school. Requires student borrowers to receive at least four hours of counseling on each occasion. Makes such counseling requirements inapplicable to borrowers of consolidation loans. Requires financial literacy counseling to include information on student financial aid, banking, budgeting and saving, credit and debt management, credit cards and products, investing, credit scores, housing, taxes, and responsible financial decision making. Directs the Secretary of Education to develop a curriculum that IHEs may use to fulfill this Act's requirements.

IRS Rulemaking Fairness Act of 2011

United States · United States Congress · 14 July 2011

IRS Rulemaking Fairness Act of 2011 - Expands requirements relating to review of federal agency actions that have a significant economic impact on small entities (e.g., small organizations and businesses) to include rulemaking by the Internal Revenue Service (IRS).

Restoring Access to Medication Act

United States · United States Congress · 14 July 2011

Restoring Access to Medication Act - Repeals provisions of the Patient Protection and Affordable Care Act that limited payments for medications from health savings accounts, medical savings accounts, and health flexible spending arrangements to only prescription drugs or insulin. Rescinds appropriated but unobligated discretionary funds determined by the Director of the Office of Management and Budget (OMB) to be equal to the reduction in tax revenues resulting from the repeal in this Act. Requires the Director to report to the Secretary of the Treasury and Congress the accounts and amounts identified for rescission. Exempts unobligated funds of the Department of Veterans Affairs (VA) or the Social Security Administration (SSA).

Public Private Vocational Partnership Act of 2011

United States · United States Congress · 14 July 2011

Public Private Vocational Partnership Act of 2011 - Amends the Internal Revenue Code to allow corporations (other than S corporations, personal holding companies, and service organizations) a general business tax credit for: (1) charitable contributions to secondary schools, community colleges, or technical schools that provide vocational education; and (2) employing interns as part of a vocational education course approved by a secondary school or community college.

Taxpayer Freedom to File Protection Act of 2011

United States · United States Congress · 14 July 2011

Taxpayer Freedom to File Protection Act of 2011 - Prohibits the Secretary of the Treasury from developing or implementing a return-free tax system. Repeals provisions of the Internal Revenue Service Restructuring and Reform Act of 1998 directing the Secretary to develop a return-free tax system.

MEDICARE AND SOCIAL SECURITY: THE FISCAL FACTS

United States · United States House of Representatives · 13 July 2011

A bill to amend the Internal Revenue Code of 1986 to broaden the special rules for certain governmental plans under section 105(j) to include plans established by political subdivisions.

United States · United States Congress · 13 July 2011

Amends the Internal Revenue Code to expand the special rule for the exclusion from gross income of amounts received by an employee from a governmental accident or health plan to include amounts paid from plans established by or on behalf of a state or political subdivision.

Shareholder Protection Act of 2011

United States · United States Congress · 13 July 2011

Shareholder Protection Act of 2011 - Amends the Securities Exchange Act of 1934 to require that any solicitation of a proxy, consent, or authorization with respect to any security of an issuer: (1) describe the specific nature (to the extent known) and total amount of expenditures proposed for political activities for the forthcoming fiscal year but not yet authorized by a vote of the issuer's shareholders, and (2) provide for a separate shareholder vote to authorize such proposed expenditures. Prohibits an issuer from making an expenditure for political activities in any fiscal year unless: (1) such expenditure is of the nature of those proposed by the issuer according to the requirements of this Act; and (2) authorization for such expenditure has been granted by votes representing a majority of outstanding shares. Deems a violation of this requirement to be a breach of the fiduciary duty of the officers and directors who authorized such expenditure. Subjects officers and directors who authorize the expenditure without prior shareholder authorization to joint and several liability to any shareholder or class of shareholders for the amount of such expenditure. Requires certain institutional investment managers to disclose annually in mandatory reports how they voted (proxies) in certain shareholder votes. Prohibits any person from bringing any civil, criminal, or administrative action against an institutional investment manager, or any of its employees, officers, or directors, based solely upon the investment manager's decision to divest from, or not to invest in, securities of an issuer because of expenditures for political activities made by that issuer. Requires the Securities and Exchange Commission (SEC) to direct the national securities exchanges and national securities associations to prohibit the listing of any equity security of an issuer whose corporate bylaws do not expressly provide for a vote of the issuer's directors on any individual expenditure for political activities in excess of $50,000. Requires an issuer to make public, within 48 hours, the individual votes of the directors regarding any such expenditure. Directs the SEC to: (1) require issuers to disclose expenditures for political activities made during the preceding quarter and the individual votes by board members authorizing such expenditures; and (2) make such reports publicly available through the SEC website. Requires the SEC to make annual assessments of the compliance by public corporations and their management with the reporting and disclosure requirements of this Act, and the Comptroller General (GAO) to evaluate periodically the effectiveness of SEC oversight of these requirements.

Affordable Medicines Utilization Act of 2011

United States · United States Congress · 13 July 2011

Affordable Medicines Utilization Act of 2011 - Amends title XIX (Medicaid) of the Social Security Act, with respect to FY2012-FY2014, to require an increase in the quarterly Medicaid payment to a state by 50% of the generic drug utilization savings amount if the state's generic substitution rate for the most recent preceding fiscal year for which data is available is greater than its rate for the most recent second preceding fiscal year for which data is available. Directs the Secretary of Health and Human Services (HHS) to determine the state's generic substitution rate for such fiscal years. Defines "generic substitution rate" as the share of all drug units for which Medicaid payment is made to a state for the 20 most widely prescribed multiple source drugs under the state program that have a specific National Drug Code.

A PLUS Act

United States · United States Congress · 13 July 2011

Academic Partnerships Lead Us to Success Act or A PLUS Act - Allows each state to enter into a five-year performance agreement with the Secretary of Education permitting it to receive federal funds on a consolidated basis that would otherwise be directed toward specific programs furthering the stated purpose of title I (Improving the Academic Achievement of the Disadvantaged) of the Elementary and Secondary Education Act of 1965. Requires each agreement to be approved by a combination of specified state parties, and list the programs for which consolidated funding is requested. Allows states to use such funds for any educational purpose permitted by state law, but requires them to make certain assurances that they will use fiscal control and fund accounting procedures, abide by federal civil rights laws, and advance educational opportunities for the disadvantaged. Allows amendments to the scope of performance agreements. Requires each agreement state to: (1) maintain an accountability system measuring annual student progress toward state proficiency standards, (2) disseminate annually student performance data disaggregated by specified student groups, and (3) keep aggregate spending on elementary and secondary education at no less than 90% of such spending for the school year coinciding with this Act's enactment. Limits administrative expenses. Requires the inclusion of private schools and teachers in activities funded on a consolidated basis. Directs the Secretary to evaluate each performance agreement midway through its execution. Allows the Secretary to terminate an agreement whose terms are not met for three consecutive school years.

Shareholder Protection Act of 2011

United States · United States Congress · 13 July 2011

Shareholder Protection Act of 2011 - Amends the Securities Exchange Act of 1934 to require that any solicitation of a proxy, consent, or authorization with respect to any security of an issuer: (1) describe the specific nature (to the extent known) and total amount of expenditures proposed for political activities for the forthcoming fiscal year but not yet authorized by a vote of the issuer's shareholders, and (2) provide for a separate shareholder vote to authorize such proposed expenditures. Prohibits an issuer from making an expenditure for political activities in any fiscal year unless: (1) such expenditure is of the nature of those proposed by the issuer according to the requirements of this Act; and (2) authorization for such expenditure has been granted by votes representing a majority of outstanding shares. Deems a violation of this requirement to be a breach of the fiduciary duty of the officers and directors who authorized such expenditure. Subjects officers and directors who authorize the expenditure without prior shareholder authorization to joint and several liability to any shareholder or class of shareholders for the amount of such expenditure. Requires certain institutional investment managers to disclose annually in mandatory reports how they voted (proxies) in certain shareholder votes. Prohibits any person from bringing any civil, criminal, or administrative action against an institutional investment manager, or any of its employees, officers, or directors, based solely upon the investment manager's decision to divest from, or not to invest in, securities of an issuer because of expenditures for political activities made by that issuer. Requires the Securities and Exchange Commission (SEC) to direct the national securities exchanges and national securities associations to prohibit the listing of any equity security of an issuer whose corporate bylaws do not expressly provide for a vote of the issuer's directors on any individual expenditure for political activities in excess of $50,000. Requires an issuer to make public, within 48 hours, the individual votes of the directors regarding any such expenditure. Directs the SEC to: (1) require issuers to disclose expenditures for political activities made during the preceding quarter and the individual votes by board members authorizing such expenditures; and (2) make such reports publicly available through the SEC website. Requires the SEC to make annual assessments of the compliance by public corporations and their management with the reporting and disclosure requirements of this Act, and the Comptroller General (GAO) to evaluate periodically the effectiveness of SEC oversight of these requirements.

To extend through fiscal year 2013 the increase in the maximum original principal obligation of a mortgage that may be purchased by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, and for other purposes.

United States · United States Congress · 13 July 2011

Declares that, for mortgages originated during FY2012 and FY2013, if the dollar amount limit on the maximum original principal obligation of a mortgage that may be purchased by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) for any size residence for any area is less than the limit in effect for 2008 under the Economic Stimulus Act of 2008, the maximum dollar amount limit on the principal obligation of such a mortgage shall be such maximum limit in effect for 2008 (in effect, an increase in the limit on the maximum original mortgage principal obligation from the FY2012 or FY2013 level to the 2008 level). Makes a similar declaration (and mortgage principal limit increase), for mortgages for which the mortgagee issues credit approval during FY2012 and FY2013, about the dollar amount limit on the maximum original principal obligation of a mortgage that may be insured by the Secretary of Housing and Urban Development (HUD).

Microenterprise Empowerment and Job Creation Act of 2011

United States · United States Congress · 13 July 2011

Microenterprise Empowerment and Job Creation Act of 2011 - Amends the Foreign Assistance Act of 1961 to authorize appropriations through FY2016 for: (1) assistance for programs in developing countries to increase the availability of credit, savings, and other services to microfinance and microenterprise clients lacking full access to capital, training, technical assistance, and business development services; and (2) microenterprise development credits. Expands targeted assistance services for such microfinance and microenterprise clients. Reduces the annual fiscal year amount available for the office of microenterprise development's central funding program. Revises targeted assistance requirements for sustainable poverty-focused programs. Sets forth microfinance programs procurement policies.

To amend the Internal Revenue Code of 1986 to provide for a waiver of minimum required distribution rules applicable to pension plans for 2011 and 2012.

United States · United States Congress · 13 July 2011

Amends the Internal Revenue Code to waive minimum distribution requirements for tax-exempt retirement plans for calendar years 2011 and 2012.

To amend the Internal Revenue Code of 1986 to increase the dollar limitation on employer-provided group term life insurance that can be excluded from the gross income of the employee.

United States · United States Congress · 13 July 2011

Amends the Internal Revenue Code to increase from $50,000 to $350,000 the amount of employer-provided group term life insurance that an employee can exclude from gross income. Indexes the $350,000 amount for inflation for taxable years beginning after 2012.

Stop Tax Haven Abuse Act

United States · United States Congress · 12 July 2011

Stop Tax Haven Abuse Act - Authorizes the Secretary of the Treasury to impose restrictions on foreign jurisdictions or financial institutions operating in the United States that are of prime money laundering concern or that impede U.S. tax enforcement. Amends the Internal Revenue Code to: (1) establish a rebuttable presumption against the validity of transactions by institutions that do not comply with reporting requirements under the Foreign Account Tax Compliance Act (FATCA), (2) treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes, (3) require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts, (4) treat credit default swap payments sent offshore as taxable U.S. source income, (5) allow the use of tax return information to evaluate foreign financial account reports, (6) increase penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability, (7) prohibit tax advisor contingent fee agreements for obtaining a tax savings or benefit, and (8) impose additional requirements for third party summonses used to obtain information in tax investigations that do not identify the person with respect to whose liability the summons is issued (i.e., John Doe summons). Amends the Securities Exchange Act of 1934 to: (1) require corporations registered with the Securities and Exchange Commission (SEC) to report annually, on a country-by country basis, on employees, sales, financing, tax obligations, and tax payments; and (2) authorize a fine of up to $1 million for failure to disclose any holding or transaction involving equity or debt instruments known to involve a foreign entity that would otherwise be subject to disclosure requirements. Requires the Secretary to publish a proposed rule in the Federal Register requiring unregistered investment companies, including hedge funds or private equity funds, to establish anti-money laundering programs and submit suspicious activity reports. Extends anti-money laundering requirements to persons engaged in the business of forming new businesses or other legal entities. Requires federal banking agencies and the SEC to develop examination techniques to detect and prevent abusive tax shelter activities or the aiding or abetting of tax evasion by financial institutions. Requires the Secretary to: (1) disclose tax return information to federal financial regulators for purposes of tax shelter investigations; (2) disclose to Congress documents relating to a determination to grant, deny, revoke, or restore the tax-exempt status of an organization; and (3) expand the standards applicable to tax practitioners for issuing written advice on transactions which have a potential for tax avoidance or evasion.

Making Work and Marriage Pay Act of 2011

United States · United States Congress · 12 July 2011

Making Work and Marriage Pay Act of 2011- Establishes the National Commission on Effective Marginal Tax Rates for Low-Income Families to study, report, and make recommendations on policy changes to mitigate the impact of the effective marginal tax rate and of phaseouts in federal benefits on low-income earners and their families.

Public Good IRA Rollover Act of 2011

United States · United States Congress · 12 July 2011

Public Good IRA Rollover Act of 2011 - Amends the Internal Revenue Code to revise the tax exclusion of distributions from individual retirement accounts (IRAs) for charitable purposes to: (1) make such exclusion permanent; (2) eliminate the $100,000 cap on such exclusion; (3) permit tax-free distributions from IRAs to a split-interest entity (i.e., a charitable remainder annuity or unitrust, a pooled income fund, and a charitable gift annuity); and (4) allow distributions to a split-interest entity to be made when the account beneficiary attains age 59-1/2 (otherwise, age 70-1/2 for IRA distributions to a charitable organization).

Tax Equity and Middle Class Fairness Act of 2011

United States · United States Congress · 11 July 2011

Tax Equity and Middle Class Fairness Act of 2011 - Repeals or revises tax expenditure provisions in the Internal Revenue Code relating to: (1) the production of oil and gas; (2) the production and development of coal resources; (3) individuals, including a phase-out of health savings and Archer medical savings accounts; (4) business taxpayers, including the elimination of certain expensing allowances and the repeal of capital gain treatment for the sale of timber; and (5) certain international tax preferences.

Mobile Mammography Promotion Act of 2011

United States · United States Congress · 11 July 2011

Mobile Mammography Promotion Act of 2011- Amends the Internal Revenue Code to exempt from the motor fuel excise tax fuel used in any highway vehicle designed exclusively to provide mobile mammography services.

SERVE Act of 2011

United States · United States Congress · 11 July 2011

Supporting Emergency Responders Volunteer Efforts Act of 2011 or the SERVE Act of 2011 - Amends the Internal Revenue Code to allow an individual taxpayer who is a bona fide volunteer of a qualified volunteer emergency response organization a $1,000 refundable tax credit.  Requires such individual to: (1) have served as a bona fide volunteer performing fire fighting and prevention services, emergency medical services, and ambulance services for more than six months in a taxable year; (2) have provided more than 40 hours of such services actively engaged in the prevention, control, or extinguishment of fires or response to emergency situations where life, property, or the environment is at risk; or (3) have been stationed on the premises of an emergency response organization in anticipation of being actively engaged in providing such services.

End Discriminatory State Taxes for Automobile Renters Act of 2011

United States · United States Congress · 8 July 2011

End Discriminatory State Taxes for Automobile Renters Act of 2011 - Prohibits states or local governments from levying or collecting a discriminatory tax (generally, a tax or tax assessment that is applicable to the rental of motor vehicles or motor vehicle businesses or property, but not to the majority of other rentals of tangible personal property within a state or locality) on the rental of motor vehicles, motor vehicle rental businesses, or motor vehicle rental property.

Administrative Conference of the United States Reauthorization Act of 2011

United States · United States Congress · 8 July 2011

Administrative Conference of the United States Reauthorization Act of 2011 - Authorizes appropriations for the Administrative Conference of the United States for FY2012-FY2014.  Prohibits more than $2,500 from being made available in each fiscal year for official representation and entertainment expenses for foreign dignitaries.

Expanding Dependent and Child Care Act of 2011

United States · United States Congress · 8 July 2011

Expanding Dependent and Child Care Act of 2011 - Amends the Internal Revenue Code to increase to $7,500 the amount of employer-provided dependent care assistance that an employee may exclude from gross income. Allows an annual inflation adjustment to such increased amount after 2012.

Creating American Prosperity through Preservation Act of 2011

United States · United States Congress · 8 July 2011

Creating American Prosperity through Preservation Act of 2011 - Amends the Internal Revenue Code, with respect to tax credits for building rehabilitation expenditures, to: (1) allow an increased 30% credit for projects involving $7.5 million or less in rehabilitation expenditures, (2) provide for an additional 2% credit amount for a building that is a qualified energy efficient rehabilitated building (increased energy efficiency of 30% or more), (3) change the placed-in-service requirement for non-historic rehabilitated buildings from before 1936 to 50 years prior to the year in which qualified rehabilitation expenditures are taken into account, and (4) exempt from tax the proceeds of a state historic tax credit.

To amend the Internal Revenue Code of 1986 to exclude from gross income amounts received for services by a student at a work-college.

United States · United States Congress · 8 July 2011

Amends the Internal Revenue Code to exclude from gross income payments received by a student under a comprehensive student work-learning-service program operated by a work college.