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51 records in US in 2002
United States · United States Congress · 22 November 2002
Amends the Internal Revenue Code to accelerate the effective date for the expansion of the adoption tax credit and the adoption assistance programs by one year, to taxable years beginning after December 31, 2001.
United States · United States Congress · 22 November 2002
Tax Administration Reform Act of 2002 - Amends the Internal Revenue Code to: (1) revise collection procedures concerning the review of installment agreements for partial collection; (2) extend the time allowed to return property wrongfully levied; and (3) provide for a study of liens and levies. Increases funding for low-income tax clinics. Revises tax administration provisions to provide for the termination of the employment of an IRS employee upon a final administrative or judicial determination of misconduct. Permits the Tax Court to apply the doctrine of equitable recoupment to the same extent as in other Federal courts. Limits the right to appeal a levy determination to the Tax Court (currently, a U.S. district court may have jurisdiction). Provides a 15-day delay in due date for electronically filed individual income tax returns. Revises confidentiality requirements concerning: (1) the disclosure upon oral request of either spouse of collection activities with respect to a joint return; (2) compliance by contractors; (3) standards for requests for and consents to disclosure; and (3) notice to taxpayer of an administrative determination that a return was unlawfully inspected; and (4) expanded disclosure in emergency circumstances. Makes additional miscellaneous amendments including: (1) requiring an evaluation of alternative, technological means of communicating with taxpayers; (2) authorizing regulations for the conduct of enrolled agents; (3) charging fees to the IRS by the Financial Management Service; and (4) procedures concerning Treasury auctions. Revises penalty and interest provisions concerning the treatment of penalties for failure by an individual to pay estimated income tax (converted to interest charge). Excludes interest on overpayments of tax from gross income. Abates interest on all erroneous refunds. Waives certain penalties for first-time unintentional minor errors. Revises and increases the penalty for filing a frivolous tax return.
United States · United States Congress · 20 November 2002
Amends title XXI (State Children's Health Insurance) (SCHIP) of the Social Security Act to revise the rule for redistribution and extended availability of FY1998 and 1999 allotments to States, permitting and extending retention of half of the FY 2000 allotment, and permitting and extending retention of half of the FY 2001 allotment.
United States · United States Congress · 19 November 2002
Renewal Community Tax Benefit Improvement Act - Amends the Internal Revenue Code concerning the renewal community employment credit to permit employers in a renewal community to also qualify by employing residents of certain other renewal communities (within the same State).
United States · United States Congress · 19 November 2002
Amends the Internal Revenue Code to reduce from $18 to $9 (its pre-1991 level) the per-barrel tax on beer.
United States · United States Congress · 19 November 2002
Contract With Investors - Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 to repeal the sunset provisions of such Act. Amends the Internal Revenue Code to: (1) accelerate individual income tax rate reductions; (2) accelerate the repeal of estate and generation-skipping transfer taxes; (3) reduce maximum capital gains tax rates for individuals; (4) increase capital loss limitations for individuals; (5) accelerate contribution increases for certain retirement plans; (6) increase the age for mandatory retirement and pension plan distributions; and (7) exclude from gross income dividends received by individuals from domestic, publicly traded C corporations, with exceptions. Expresses the sense of the Senate that Congress should: (1) pass legislation to safeguard workers' pension and retirement accounts; (2) modernize international tax provisions to permit U.S. companies to better compete internationally; (3) repeal outdated regulatory burdens on U.S. investors and companies; (4) enact tort reform; and (5) simplify the Federal tax code and reduce the cost recovery periods for businesses.
United States · United States Congress · 19 November 2002
Amends the Internal Revenue Code to treat earnings on contributions to tax-deferred savings accounts as gain from the sale or exchange of a capital asset.
United States · United States Congress · 19 November 2002
Social Security Preservation Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to add a part B (Investment-Based Social Security) outlining a new program to allow any individual born on or after January 1, 1953, who is employed by a covered employer or who is self-employed, and certain other individuals requesting and granted an eligibility waiver, to elect to receive social security benefits from a portion of their wages that have been contributed to designated social security savings accounts for employees (SAFE accounts) for investment, with a total monthly benefit guaranteed to be not less than the monthly benefit promised under the current program under OASDI, redesignated as part A (Debt-Based Social Security). Permits investing employees to use the money in their accounts to purchase a social security savings annuity for eligible retirees (SAFER annuity) to pay benefits promised under the current system plus a bonus for participating in the new system. Treats any SAFE account generally in the same manner as an individual retirement plan. Amends the Internal Revenue Code to provide for a reduction of FICA (Federal Insurance Contributions Act) resulting from the investment-based social security system under part B. Amends the Gramm-Leach-Bliley Act to establish in the executive branch a Social Security Investment Board to oversee administration of the new program. Directs the Secretary of the Treasury to estimate and transfer to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund each fiscal year an amount equal to the annual savings of the Federal Government resulting from investment-based social security under new part B. Exempts SAFE account and SAFER annuity investments from Federal corporate income taxes. Requires the Secretary, from the surplus in the total U.S. budget, or from that portion of Federal revenues directly attributable to the surplus income of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, to reimburse the Federal Old-Age and Survivors Insurance Trust Fund in an amount equal to the amounts transferred to SAFE accounts under part B. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) with respect to discretionary spending limits to provide an overall cap for FY 2003 through 2009. Amends the Gramm-Rudman-Hollings Act and the Congressional Budget Act of 1974 to extend enforcement provisions through FY 2009.
United States · United States Congress · 19 November 2002
Internet Gambling Licensing and Regulation Commission Act - Establishes the Internet Gambling Licensing and Regulation Study Commission to conduct a comprehensive study of the existing legal framework governing Internet gambling and the issues involved with the licensing and regulation of Internet gambling. Includes within the matters to be studied by the Commission: (1) a review of existing laws governing various forms of wagering over the Internet; (2) assessments of the impact of Internet gambling with respect to problem gambling, the availability of gambling to minors, and its susceptibility to money laundering by terrorists or criminal enterprises; (3) the potential of regulatory measures to minimize adverse impacts of Internet gambling; (4) federalism issues; and (5) the problems of unregulated international Internet wagering and Federal options in seeking international cooperation. Requires the Commission to issue proposed changes to Federal laws and regulations providing for the licensing and regulation of Internet gambling in the United States which: (1) preserve the prerogatives of States and tribal sovereignty; (2) include measures to minimize adverse impacts of Internet gambling and to eliminate the disparate treatment of various forms of Internet gambling (with an exception); (3) provide for the appropriate taxation of Internet gambling enterprises (comparable to land-based gambling); (4) provide for the licensing of enterprises both within and outside of the United States; (5) remain consistent with U.S. goals, principles, and obligations in other international negotiations governing electronic commerce; and (6) include measures to discourage, prohibit, or prevent U.S. citizens from wagering with unlicensed Internet gambling operations outside the United States.
United States · United States Congress · 15 November 2002
Amends the Elementary and Secondary Education Act of 1965 to entitle certain local educational agencies (LEAs) to certain payment amounts under Impact Aid programs: (1) relating to Federal acquisition of real property; and (2) for basic support for eligible federally-connected children. (Current law makes such LEAs eligible for such payments up to specified maximum amounts.) Revises the formula for calculating weighted student units for Impact Aid payments to LEAs for federally-connected children. Extends the authorization of appropriations for: (1) construction and school modernization payments for certain LEAs, including ones with high percentages of children living on Indian lands or children of military parents; and (2) facilities maintenance payments for certain schools located on military bases and serving military dependent children. Makes appropriations for payments in each fiscal year to LEAs under Impact Aid programs: (1) relating to Federal acquisition of real property; and (2) for basic support for eligible federally-connected children.
United States · United States Congress · 14 November 2002
Stable Transitions in Education for Armed Services' Dependent Youth Act - Directs the Secretary of Defense to establish a five-year demonstration program for competitive matching grants to eligible State educational agencies (SEAs) for subgrants to eligible local educational agencies (LEAs) to establish and maintain high quality military charter schools as independent public elementary or secondary schools in areas of greatest need. Requires the commander of each military installation served by such a school to establish a nonprofit corporation or an oversight group to provide the applicable LEA with oversight and guidance regarding the day-to-day operations of the school. Amends the Elementary and Secondary Education Act of 1965 to direct the Secretary of Education to award at least four grants in each fiscal year to establish or improve innovative credit enhancement initiatives that assist military charter schools in acquiring, constructing, and renovating facilities. Requires such grants to be made to eligible entities, which may be a public entity such as a military installation, a private nonprofit entity, or a consortium of those two types of entities. Includes among requirements for military charter schools: (1) an admissions policy providing for at least 60 percent and at most 80 percent military dependent students, except where such percentages are impossible to maintain because of the demographics of the area around the military installation; (2) an intensive high-quality program including practices relating to the academic-passport concept to ease transitions for mobile students; and (3) a curriculum aligned with State student performance standards which may incorporate a curriculum from the Department of Defense Education Activity.
United States · United States Congress · 14 November 2002
Amends title XXI (State Children's Health Insurance) (SCHIP) of the Social Security Act to revise the rule for redistribution and extended availability of FY1998 and 1999 allotments to States, permitting and extending retention of half of the FY 2000 allotment, and permitting and extending retention of half of the FY 2001 allotment.
United States · United States Congress · 14 November 2002
Foreign Tax Credit Revenue Enhancement Act of 2002 - Amends the Internal Revenue Code to state that refunded accrued taxes relating to the foreign tax credit don't need to be redetermined by the Secretary of the Treasury if the refund was a result of a court determination that the imposed tax is unlawful.
United States · United States Congress · 14 November 2002
Bankruptcy Abuse Prevention and Consumer Protection Act of 2002 - Amends Federal bankruptcy law governing: (1) conversion of bankruptcy petitions; (2) abusive creditor practices; (3) domestic support obligations; (4) consumer protections, including protection of personally identifiable information; (5) measures to discourage bankruptcy abuse, including reduction of the homestead exemption for fraud; (6) guidelines for general and small business bankruptcies, including appointment of a committee of retired employees; (7) bankruptcy data dissemination and bankruptcy tax provisions; (8) ancillary and other cross-border cases to incorporate the Model Law on Cross-Border Insolvency; and (9) financial contracts and transfers entered into with an insolvent insured depository institution before its conservatorship or receivership. Reenacts Chapter 12, Adjustment of Debts of a Family Farmer with Regular Annual Income. Brings family fishermen within the purview of Federal bankruptcy protection. Prescribes guidelines for insolvent health care businesses and related patients' rights. Bankruptcy Judgeship Act of 2002 - Amends the Federal Judicial Code to mandate appointments for additional temporary bankruptcy judgeships in designated States. (This provision does not appear in H.R. 5745, as inserted in H.R. 333). Prescribes additional consumer credit disclosures, including open end credit plans and introductory rates.
United States · United States Congress · 14 November 2002
Retirement Security Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to create a new Individual Retirement Security Program (Program) involving an Interim Investment Fund (IIF), established in the Treasury by this Act and governed by the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund. Authorizes a participating individual and spouse, upon the attainment of a minimum deposit balance of $2,500 in the IIF to designate one or more personal retirement savings accounts, to which the Secretary of the Treasury shall make deposits from the IIF with respect to the individual according to prescribed formulae. Mandates that the Board divide the IIF into three accounts for investment in common stock and corporate bonds. Requires the Secretary to deposit into the IIF, from amounts otherwise available in the general fund of the Treasury, a total amount equal, in the aggregate, to 100 percent of the redirected social security taxes for such calendar year of each covered individual for such calendar year. Requires a reduction in Federal Old-Age and Survivors Insurance appropriations, according to a certain formula. Provides for adjustments to primary OASDI insurance amounts of such covered individuals with designated accounts in the IIF. Amends the Internal Revenue Code to: (1) allow a tax deduction in the case of an electing personal retirement savings account participant in an amount equal to 50 percent (up to $2,000) of the amount the individual contributed during the taxable year to a personal retirement savings account maintained, regardless of whether or not the taxpayer itemizes other deductions; (2) exclude from gross income any amount deposited in a personal retirement savings account; (3) include distributions in gross income as if they were social security benefits; and (4) provide for Program refundable credit. Amends SSA title II to provide for: (1) transfers of budget surpluses to the Federal Old-Age and Survivors Insurance Trust Fund; (2) revisions in social security benefits, such as a gradual increase in retirement age and early retirement age; and (3) reimbursement of Federal Disability Insurance Trust Fund for certain costs of disability insurance benefits. Directs the Commissioner of Social Security to study and report to the Congress on the most appropriate and feasible means of providing for individuals to opt out of OASDI coverage. Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 to make permanent its pension and individual retirement arrangement provisions. Amends the Internal Revenue Code to provide for accelerated phase-in of scheduled increases in individual retirement account and pension plan contribution limits, and to make changes concerning long-term care insurance contracts and dependent care and other matters affecting seniors.
United States · United States Congress · 14 November 2002
Prohibits a State from imposing a tax on the income earned in the State by nonresidents unless the tax is of substantial equality of treatment for the citizens of the State and the nonresidents so commuting.
United States · United States Congress · 14 November 2002
Tax Administration Reform Act of 2002 - Amends the Internal Revenue Code to: (1) revise collection procedures concerning the review of installment agreements for partial collection; (2) extend the time allowed to return property wrongfully levied; and (3) provide for a study of liens and levies. Increases funding for low-income tax clinics. Revises tax administration provisions to provide for the termination of the employment of an IRS employee upon a final administrative or judicial determination of misconduct. Permits the Tax Court to apply the doctrine of equitable recoupment to the same extent as in other Federal courts. Limits the right to appeal a levy determination to the Tax Court (currently, a U.S. district court may have jurisdiction). Provides a 15-day delay in due date for electronically filed individual income tax returns. Revises confidentiality requirements concerning: (1) the disclosure upon oral request of either spouse of collection activities with respect to a joint return; (2) compliance by contractors; (3) standards for requests for and consents to disclosure; and (3) notice to taxpayer of an administrative determination that a return was unlawfully inspected; and (4) expanded disclosure in emergency circumstances. Makes additional miscellaneous amendments including: (1) requiring an evaluation of alternative, technological means of communicating with taxpayers; (2) authorizing regulations for the conduct of enrolled agents; (3) charging fees to the IRS by the Financial Management Service; and (4) procedures concerning Treasury auctions. Revises penalty and interest provisions concerning the treatment of penalties for failure by an individual to pay estimated income tax (converted to interest charge). Excludes interest on overpayments of tax from gross income. Abates interest on all erroneous refunds. Waives certain penalties for first-time unintentional minor errors. Revises and increases the penalty for filing a frivolous tax return.
United States · United States Congress · 14 November 2002
Bankruptcy Abuse Prevention and Consumer Protection Act of 2002 - Amends Federal bankruptcy law governing: (1) conversion of bankruptcy petitions; (2) abusive creditor practices; (3) domestic support obligations; (4) consumer protections, including protection of personally identifiable information; (5) measures to discourage bankruptcy abuse, including reduction of the homestead exemption for fraud; (6) guidelines for general and small business bankruptcies, including appointment of a committee of retired employees; (7) bankruptcy data dissemination and bankruptcy tax provisions; (8) ancillary and other cross-border cases to incorporate the Model Law on Cross-Border Insolvency; and (9) financial contracts and transfers entered into with an insolvent insured depository institution before its conservatorship or receivership. Reenacts Chapter 12, Adjustment of Debts of a Family Farmer with Regular Annual Income. Brings family fishermen within the purview of Federal bankruptcy protection. Prescribes guidelines for insolvent health care businesses and related patients' rights. Prescribes additional consumer credit disclosures, including open end credit plans and introductory rates.
United States · United States Congress · 14 November 2002
Amends the Internal Revenue Code to allow an individual a refundable tax credit (up to $1,550) annually for social security taxes.
United States · United States Congress · 14 November 2002
Excludes Metro-North Railroad and its employees from otherwise applicable provisions requiring the withholding and reporting of State and local income taxes only for the State and locality where an employee actually resides (as opposed to works).
United States · United States Congress · 13 November 2002
Tax Technical Corrections Act of 2002 - Amends the Internal Revenue Code to make technical corrections to the Job Creation and Worker Assistance Act of 2002 concerning: (1) the special depreciation allowance for certain property acquired after September 10, 2001 and before September 11, 2004; (2) the application of the temporary suspension of the 90 percent alternative minimum taxable income limit on certain carrybacks of net operating losses; (3) certain tax benefits for areas of New York City which sustained damage from the terrorist acts of September 11, 2001; (4) the interest rate range for certain additional funding requirements under the Employee Retirement Income Security Act of 1974 (ERISA); and (5) a technical correction to the Economic Growth and Tax Relief Reconciliation Act of 2001. Makes technical corrections to the Economic Growth and Tax Relief Reconciliation Act of 2001 concerning: (1) modifications to educational individual retirement accounts (IRAs); (2) an increase in benefit and contribution limits for defined benefit plans; and (3) a waiver of tax for nondeductible contributions to domestic and similar workers. Makes technical corrections to the Victims of Terrorism Tax Relief Act of 2001 concerning the disclosure of tax information in terrorism and national security investigations. Makes technical corrections to the Community Renewal Tax Relief Act of 2000 concerning the tax treatment of securities futures contracts. Makes technical corrects to the Taxpayer Relief Act of 1997 concerning constructive sales treatment for appreciated financial positions and the extension and modification of taxes funding the Airport and Airway Trust Fund. Redefines valid taxpayer identification number for the earned income credit.
United States · United States Congress · 13 November 2002
Amends the Internal Revenue Code to address issues concerning the fuel excise tax. Requires that fuel be transferred by registered pipeline or vessel to qualify for the fuel tax exemption of bulk transfers to registered terminals or refineries. Imposes civil penalties for the carrying of taxable fuels by nonregistered pipelines. Requires registered operators and dealers in aviation fuel to file electronically for fuel tracking purposes. Requires that the tax imposed on the sale of diesel fuel be imposed whether or not the fuel is suitable for use in a diesel-powered vehicle or train. Imposes a civil penalty for each refusal of entry (inspection) relating to the transport and distribution of untaxed adulterated fuel mixtures or dyed diesel for taxable use. States that any person required to be registered for the sale of fuels must display that registration. Requires that the fuel tax be imposed at the point of entry when the importer is not registered. Increases the tax on vehicles at or above a taxable gross weight of 55,000 pounds, permitting proration of the tax only as specified. Requires information on returns concerning such vehicles to be available as necessary for law enforcement purposes. Requires copies of records to be furnished to inspectors, upon request. Permits the inspection of books and records to determine who is selling or purchasing taxable fuel. Prohibits administrative review of any penalty imposed for taxable use of dyed diesel fuel used on the highway, absent proof of fraud or mistake in chemical analysis or mathematical calculation.
United States · United States Congress · 13 November 2002
Amends Federal highway provisions to include within the definition of "safety improvement project" a project that installs or maintains fluorescent, yellow-green signs at pedestrian or bicycle crossings or school zones. Authorizes the payment from apportioned funds for the entire cost of construction projects involving the maintenance of protective devices at railway-highway crossings. Makes specified sums available for each fiscal year for that purpose. Provides for biennial (currently, annual) reports by each State to the Secretary of Transportation on progress being made to implement the railway-highway crossings program. Requires each State to identify roadway safety improvement needs for hazardous locations, sections, and elements which may constitute a danger to motorists, bicyclists, and pedestrians. Authorizes the Secretary to approve as a project under the hazard elimination program any safety improvement project that reduces the likelihood of crashes involving road departures, intersections, pedestrians, bicycles, older drivers, or construction work zones. Makes funds available for: (1) police assistance for traffic and speed management in construction work zones; or (2) compilation and analysis of data. Directs the Secretary to: (1) transmit to specified congressional committees biennial reports on the results of the hazard elimination program; and (2) issue regulations to decrease the likelihood of worker injury and maintain the free flow of vehicular traffic by requiring workers whose duties place them on or in close proximity to a Federal-aid highway to wear high visibility garments. Authorizes such regulations to require other worker-safety measures.
United States · United States Congress · 13 November 2002
Amends the Internal Revenue Code to exempt certain student loan financing businesses from treatment as personal holding companies.
United States · United States Congress · 13 November 2002
Tax Technical Corrections Act of 2002 - Amends the Internal Revenue Code to make technical corrections to the Job Creation and Worker Assistance Act of 2002 concerning: (1) the special depreciation allowance for certain property acquired after September 10, 2001 and before September 11, 2004; (2) the application of the temporary suspension of the 90 percent alternative minimum taxable income limit on certain carrybacks of net operating losses; (3) certain tax benefits for areas of New York City which sustained damage from the terrorist acts of September 11, 2001; (4) the interest rate range for certain additional funding requirements under the Employee Retirement Income Security Act of 1974 (ERISA); and (5) a technical correction to the Economic Growth and Tax Relief Reconciliation Act of 2001. Makes technical corrections to the Economic Growth and Tax Relief Reconciliation Act of 2001 concerning: (1) modifications to educational individual retirement accounts (IRAs); (2) an increase in benefit and contribution limits for defined benefit plans; and (3) a waiver of tax for nondeductible contributions to domestic and similar workers. Makes technical corrections to the Victims of Terrorism Tax Relief Act of 2001 concerning the disclosure of tax information in terrorism and national security investigations. Makes technical corrections to the Community Renewal Tax Relief Act of 2000 concerning the tax treatment of securities futures contracts. Makes technical corrects to the Taxpayer Relief Act of 1997 concerning constructive sales treatment for appreciated financial positions and the extension and modification of taxes funding the Airport and Airway Trust Fund. Redefines valid taxpayer identification number for the earned income credit.
United States · United States Congress · 13 November 2002
Sets forth the rule for the consideration of the Senate amendment to H.R. 5063 (special rule for uniformed servicepersons regarding tax exclusion of gain from sale of principal residence, tax exempt status of death gratuity payments to uniformed servicepersons for deaths after September 10, 2001, and the repatriation tax).
United States · United States Congress · 12 November 2002
Requires the Director of the Office of Management and Budget to reduce to zero any PAYGO balances of direct spending and receipts legislation for all fiscal years under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).
United States · United States Congress · 12 November 2002
Amends Public Law 107-229 to extend until January 11, 2003, specified continuing appropriations for FY 2003.
United States · United States Congress · 12 November 2002
Provides for consideration of H.J. 124 (making continuing appropriations for FY 2003) and H.R. 5078 (reducing any existing PAYGO balances of direct spending and receipts legislation for all fiscal years under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act)).
United States · United States Congress · 8 November 2002
Health Care Freedom of Choice Act - Amends the Internal Revenue Code to allow as a deduction any medical expenses not compensated by insurance.
United States · United States Congress · 8 November 2002
Family Heritage Preservation Act - Amends the Internal Revenue Code to repeal the estate tax, gift tax, and tax on generation-skipping transfers.
United States · United States Congress · 4 November 2002
September 11th Aid Preservation Act of 2002 - Creates an exclusion from gross income under the Internal Revenue Code for certain community development grant funds received as part of the recovery effort from the September 11, 2001, terrorist attacks in New York City.
United States · United States Congress · 17 October 2002
Consumer and Shareholder Protection Association Act of 2002 - Authorizes the establishment of the Consumer and Shareholder Protection Association as a private, nonprofit corporation to: (1) educate and advise consumers and shareholders about the actions of certain entities, and how corporate initiatives will affect them; (2) represent and promote the interests of consumers, and negotiate on behalf of consumers and shareholders with such entities; (3) monitor the availability and quality of financial or shareholder services to low- and moderate-income constituencies and the elderly; and (4) develop data to assist shareholders and consumers in making informed decisions in the marketplace. Defines entities subject to this Act as: (1) any company with revenues during its last fiscal year of over $1.2 billion which is required to file periodic reports under the Securities Exchange Act of 1934; and (2) any insured depository institution. Establishes an interim board of directors representing: (1) consumer groups; (2) institutional shareholder groups; (3) labor unions; (4) civil rights groups; (5) neighborhood groups; (6) elderly groups; and (7) organizations representing low-income persons. Empowers the Association to: (1) represent the interests of consumers before Federal regulatory agencies, legislative bodies, the courts, and other public forums; (2) sue on behalf of Association members for judicial relief, including damages; and (3) participate in research, surveys, and investigations in consumer matters. Requires entities subject to this Act to include inserts periodically in mailings and proxy statements sent to shareholders and customers, advising them that the Association is established under Federal law to: (1) inform and represent consumers; (2) work on their behalf to prevent corporate fraud and deceptive business practices; and (3) ensure the protection of retirement funds and investments.
United States · United States Congress · 17 October 2002
Maximum Economic Growth for America Through Highway Funding Part II Act or the MEGA Fund Part II Act - Amends the Internal Revenue Code to extend for six years the availability of funds in the Highway Trust Fund authorized under specified provisions of the Highway Revenue Act of 1956, the Surface Transportation Assistance Act of 1982, the Surface Transportation and Uniform Relocation Assistance Act of 1987, the Intermodal Surface Transportation Efficiency Act of 1991, and the Transportation Equity Act for the 21st Century. Makes such funding available to the Maximum Economic Growth for America Through Highway Funding Act.
United States · United States Congress · 17 October 2002
Maximum Economic Growth for America Through Highway Funding Act (MEGA Fund Act) - Authorizes appropriations out of the Highway Trust Fund (HTF) (other than the Mass Transit Account) for various programs, including the Interstate Maintenance Program, the National Highway System, the Bridge Program, the Surface Transportation Program, the Congestion Mitigation and Air Quality Improvement Program, the Appalachian Development Highway System Program, the Recreational Trails Program, and the High Priority Projects Program. Requires deductions from program apportionments for a future strategic highway research program. Expresses the sense of the Senate that the provisions of budget legislation pertaining to the highway program should be amended to: (1) improve predictability and stability in the levels of highway program obligation authority; (2) facilitate the expenditure of funds in the HTF (other than the Mass Transit Account); and (3) eliminate the possibility of reductions in the levels of highway program obligation authority being imposed automatically so that any reductions are solely the prerogative of Congress. Expresses the sense of the Senate that the Act reauthorizing highway, highway safety, and transit programs for fiscal years beginning with FY 2004 should include appropriate budgetary protections for highway safety and transit programs. Establishes a program to assist States that face certain economic and demographic barriers in meeting transportation needs. Amends the Transportation Equity Act for the 21st Century (TEA Act) to provide certain minimum allocations to border States. Establishes the cooperative Federal lands transportation program for projects on highways that: (1) are State owned or maintained; and (2) cross, are adjacent to, or lead to federally owned land or Indian reservations.
United States · United States Congress · 17 October 2002
Truth in Budgeting and Social Security Protection Act of 2002 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to extend discretionary spending caps and pay-as-you-go requirements. Amends the Congressional Budget Act of 1974 (CBA) to require: (1) proposed legislation to contain a projection by the Congressional Budget Office (CBO) of the cost of debt servicing for measures; (2) conference reports to contain amounts allocated to the Committee on Appropriations subcommittees; and (3) the CBO to report on proposed legislation or conference reports by any committee that contain cost riders that are likely to increase the cost path of a measure. Requires the President to report to specified congressional committees in January of each year on the fiscal exposures of the Federal Government and their implications for long-term financial health. Amends the Gramm-Rudman-Hollings Act to exempt Medicare from sequestration. Amends CBA to make it out of order to consider any legislation that would violate or amend the requirements of the Budget Enforcement Act of 1990 regarding Social Security. Federal Insurance Budgeting Act of 2002 - Requires that, starting FY 2008, the President's budget submitted to Congress be based upon the risk-assumed cost of Federal insurance programs for accrual budgeting purposes. Amends cost requirements of Federal insurance programs. Requires agencies that are responsible for Federal insurance programs to develop models to estimate their risk-assumed cost by year. Requires the Secretary of the Treasury to manage insurance financing accounts as may be appropriate. Amends CBA to revise the Federal and congressional budget processes by establishing a two-year budgeting and appropriations cycle and timetable. Defines the budget biennium as the two consecutive fiscal years beginning on October 1 of any odd-numbered year. Establishes and defines the duties of the Commission on Federal Budget Concepts.
United States · United States Congress · 17 October 2002
Biological, Chemical, and Radiological Weapons Countermeasures Research Act of 2002 - Directs the Secretary of Homeland Security to make available to manufacturers of terror weapons countermeasures, and to publish, a list of materials that may be used as weapons of mass destruction (WMD). Requires the Secretary to determine countermeasures that diagnose, treat, or prevent infection from biological agents or toxins ("countermeasures") for each item on the list. Requires private sector entities that are engaged in certain research to register with the Department of Homeland Security if they wish to benefit from various tax, patent, procurement, liability limitations, and other incentives established under this Act. Classifies such research as: (1) countermeasures; (2) diagnostics to detect, identify, or analyze biological agents or toxins ("diagnostics"); and (3) research tools used in the laboratory ("research tools") that enable the rapid and effective development of countermeasures. Establishes in the Treasury of the United States a "Terror Weapon Countermeasure Purchase Fund (TWCPF)" to purchase, and provide adequate payment for, countermeasures, diagnostics, and research tools. Extends market exclusivity for new drugs that are countermeasures. Directs the Secretary to enter into agreements to indemnify and defend persons or entities: (1) involved in the research, development, and production of countermeasures, diagnostics, or research tools purchased under the TWCPF; or (2) who face civil actions arising from human trials and research, development, and production of countermeasures certified under this Act.
United States · United States Congress · 16 October 2002
Reclaiming Expatriated Contracts and Profits Act - Prohibits awarding Federal contracts or subcontracts to foreign incorporated entities treated as inverted domestic corporations (a domestic corporation 80 percent of the stock of which is controlled by the former domestic stockholders or partners after the corporation is acquired by a foreign entity) and requires adjustments to Federal contract bids from certain previously acquired entities (a price increase for bids evaluated solely on price; a quantitative evaluation reduction for bids evaluated on two or more factors) for a specified period following such acquisition. Authorizes: (1) a presidential waiver in the interest of national security; and (2) an exception to the application of this Act for entities that were not acquired to avoid Federal income taxation.
United States · United States Congress · 16 October 2002
Community Development Homeownership Tax Credit Act - Amends the Internal Revenue Code to permit a community homeownership tax credit based upon an applicable percentage of each qualified residence's eligible basis. Makes such credit available to residences located: (1) in a census tract with a median gross income not exceeding 80 percent of the greater area or statewide median gross income; (2) in a rural area; (3) on an Indian reservation; or (4) in an area of chronic economic distress. Prohibits a buyer's income from exceeding 80 percent (70 percent for families of less than three) of the area gross median income and requires owner occupancy. Specifies that the aggregate homeownership credit dollar amount which a homeownership credit agency (an "agency") may disburse is the portion of the "State homeownership credit ceiling" (the "ceiling") allocated to such agency. Allows "unused homeownership credit carryovers" to be allocated among qualified States. Sets aside up to 90 percent of a State's ceiling for certain housing projects in which a qualified nonprofit organization owns an interest and materially participates in the given project's development and operation throughout the credit period. Requires allocation of credit to residences to be in accordance with a "qualified allocation plan" of the agency issuing credit. Lists certain specified criteria such a plan must include and specifies that the plan must be approved by the governmental unit of which such agency is a part.
United States · United States Congress · 16 October 2002
Amends the Floyd D. Spence National Defense Authorization Act for Fiscal Year 2001 to authorize the base contract of the Navy-Marine Corps Intranet contract to have a term in excess of five years, but not more than seven years.
United States · United States Congress · 16 October 2002
Aviation Fuel Tax Relief Act of 2002 - Amends the Internal Revenue Code to reduce the tax on aviation fuel by 4.3 cents.
United States · United States Congress · 16 October 2002
Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to include within the definition of a "private nonprofit facility" that is eligible for hazard mitigation and disaster assistance a facility that provides medical services to specific occupational or industry segments of the general public and that is operated by a tax-exempt organization.
United States · United States Congress · 16 October 2002
Amends the Internal Revenue Code to permit bonds guaranteed by the Federal home loan banks to be treated as tax exempt bonds.
United States · United States Congress · 16 October 2002
College Tuition Assistance Act of 2002 - Amends the Internal Revenue Code to increase the applicable dollar amount for the qualified tuition and related expenses deduction from $3,000 (for 2002 and 2003) and $4,000 (for 2004 and 2005) to $10,000. Increases the Lifetime Learning Credit percentage from 20 to 28 percent. Permits the student loan interest deduction on a per student basis. Amends the Higher Education Act of 1965 to extend and increase Pell grant maximum amounts ($6,500 for academic year 2003-2004 and $7,000 for academic year 2004-2005).
United States · United States Congress · 16 October 2002
Amends the Internal Revenue Code to permit a taxpayer to substitute, for the first part of the formula for determining the credit for increasing research activities, the following, a credit equal to 12 percent of so much of the qualified research expenses for the taxable year as exceeds 50 percent of the average qualified research expenses for the three taxable years preceding the taxable year for which the credit is being determined. Provides a special rule where there are no qualified research expenses in any of the three preceding taxable years.
United States · United States Congress · 15 October 2002
Amends the Internal Revenue Code to set forth that a plan or other arrangement shall not cease to count as a cafeteria plan solely because qualified benefits under such plan include a health flexible spending arrangement under which not more than $500 of unused health benefits may be carried forward to the next year or paid as compensation. Sets forth rules for determining whether or not such benefits shall be included or excluded from income.
United States · United States Congress · 15 October 2002
Telecommunications Ownership Diversification Act of 2002 - Amends the Internal Revenue Code to provide for the nonrecognition of certain gain on the sale of a telecommunications business to an eligible purchaser meeting certain requirements, including requiring that such purchaser be an economically and socially disadvantaged business. Allows a limited credit for a taxpayer that at all times during that taxable year: (1) is a local exchange carrier; (2) is not a Bell operating company; and (3) is headquartered in an area designated as an empowerment zone. Excludes from gross income 50 percent of any gain from the sale or exchange of stock in an eligible purchaser that is an economically and socially disadvantaged business. Directs the Comptroller General to audit and report on the effect of the amendments of this Act.
United States · United States Congress · 15 October 2002
Amends Public Law 107-229 to extend until November 22, 2002, specified continuing appropriations for FY 2003.
United States · United States Congress · 15 October 2002
Waives the requirement under rule XIII of the House of Representatives of a two-thirds vote to consider a Committee on Rules report on the same day it is presented to the House, with respect to any resolution reported by such Committee on the legislative day of October 16, 2002, providing for consideration or disposition of a joint resolution making further continuing appropriations for FY 2003 or Senate amendments to H.R. 5063 to amend the Internal Revenue Code of 1986 to provide a special rule for members of the uniformed services in determining the exclusion of gain from the sale of principal residence and to restore the tax exempt status of death gratuity payments to members of the uniformed services.
United States · United States Congress · 15 October 2002
Provides for consideration of H.J. Res. 123 (further continuing appropriations for FY 2003).