Taxation

LEGISLATIVE BRANCH APPROPRIATIONS FOR FISCAL YEAR 2008

United States · United States Senate · 1 January 2008

ENERGY AND WATER DEVELOPMENT APPROPRIATIONS FOR FISCAL YEAR 2008

United States · United States Senate · 31 December 2007

DEPARTMENT OF TRANSPORTATION AND HOUSING AND URBAN DEVELOPMENT, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2008

United States · United States Senate · 31 December 2007

DEPARTMENT OF THE INTERIOR, ENVIRONMENT, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2008

United States · United States Senate · 31 December 2007

COMMERCE, JUSTICE, SCIENCE, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2008

United States · United States Senate · 31 December 2007

Full Faith and Credit in Our Communities Act of 2007

United States · United States Congress · 19 December 2007

Full Faith and Credit in Our Communities Act of 2007 - Amends the Community Banking and Financial Institutions Act of 1994 to require the Secretary of the Treasury to guarantee payments on tax-exempt bonds or notes issued by any approved issuer if their proceeds are used to make loans to eligible community development financial institutions: (1) for eligible community or economic development purposes; or (2) to refinance loans or notes issued for such purposes. Lists among such community or economic development purposes, especially in low-income or underserved rural areas, developing or supporting: (1) commercial facilities that promote revitalization, community stability, or job creation or retention; (2) businesses that provide jobs for low-income people or are owned by low-income people, or enhance the availability of products and services to them; (3) community facilities; (4) the provision of basic financial services; and (5) housing that is principally affordable to low-income people. Specifies that assistance used to facilitate homeownership shall only be used for services and lending products that: (1) serve low-income people; and (2) are not provided by other lenders in the area, or complement the services and lending products provided by other lenders that serve the investment area or targeted population. Authorizes an eligible community development financial institution or an issuer to use a bond or note to reduce the interest rate on a loan made by an issuer to an eligible community development financial institution for any community or economic development purpose. Requires each issuer, during the term of a guarantee, to establish a risk-share pool meeting certain criteria. Requires any issuer receiving a guarantee on a bond or note to pay a specified fee to the Director of the Community Development Financial Institutions Fund.

National Affordable Housing Trust Fund Act of 2007

United States · United States Congress · 19 December 2007

National Affordable Housing Trust Fund Act of 2007 - Amends the Cranston-Gonzalez National Affordable Housing Act to establish in the Treasury a National Affordable Housing Trust Fund available to the Secretary of Housing and Urban Development to provide assistance to states, Indian tribes, insular areas, and participating local jurisdictions to increase the supply of decent quality affordable housing, especially for low-income, extremely low-income, and very poor families. Prohibits the use of appropriations to the Fund for a fiscal year unless the amount equal to the net increase in the negative credit subsidy for specified mortgage insurance programs is first made available for: (1) single family housing mortgage insurance; (2) housing counseling; and (3) mortgage insurance technology, procedures, processes, program performance, and salaries. Limits Federal Housing Administration (FHA) mortgage insurance premium increases. Specifies affordable housing eligibility criteria for a rental dwelling unit and one- to four-family owner-occupied housing, including a priority to families on section 8 rental assistance or public housing waiting lists. Requires the Secretary to establish a green housing clearinghouse for Fund grantees and recipients. Declares that nothing in this Act allows any payments under it for any individual or head of household that is not a legal U.S. resident.

Contracting and Tax Accountability Act of 2007

United States · United States Congress · 19 December 2007

Contracting and Tax Accountability Act of 2007 - Prohibits any person who has a seriously delinquent tax debt from obtaining a federal government contract or grant. Requires federal agency heads to require prospective contractors or grantees to: (1) certify that they do not have such a debt; and (2) authorize the Secretary of the Treasury to disclose information describing whether such contractors or grantees have such a debt. Defines "seriously delinquent tax debt" and an outstanding tax debt for which a notice of lien has been filed in public records.

A bill to prohibit the obligation or expenditure of funds for the Osprey tiltrotor aircraft.

United States · United States Congress · 19 December 2007

Prohibits, with a specified exception, the obligation or expenditure of funds for the V-22 or CV-22 Osprey tiltrotor aircraft program. Repeals a provision of the John Warner National Defense Authorization Act for Fiscal Year 2007 granting multiyear procurement authority for the V-22 tiltrotor aircraft program.

MediKids Health Insurance Act of 2007

United States · United States Congress · 19 December 2007

MediKids Health Insurance Act of 2007 - Amends the Social Security Act to add a new title XXII (Medikids Program), which creates a program to guarantee comprehensive health care coverage, including prescription drugs for all children meeting specified age requirements. Creates the MediKids Trust Fund. Expands the membership of the Medicare Payment Advisory Commission to 19. Amends the Internal Revenue Code to: (1) impose a MediKids premium for the taxable year, with an exemption for very low-income taxpayers; and (2) create a refundable tax credit providing a catastrophic limit on MediKids cost-sharing expenses. Directs the Secretary of the Treasury to propose a gradual schedule of progressive tax changes to fund the Medikids program, as the number of enrollees grows in the out-years.

A bill to amend the Internal Revenue Code of 1986 to allow Indian tribal governments to transfer the credit for electricity produced from renewable resources.

United States · United States Congress · 19 December 2007

Amends the Internal Revenue Code to allow an Indian tribal government, in the case of a facility that uses a renewable energy resource to produce electricity in which such government has an ownership interest in the gross sales from such facility, to assign to any other person who has such an ownership interest in such facility any portion of the production from the facility that would, but for this Act, be allocated to such government for purposes of the renewable electricity production credit. Makes such amendment applicable to electricity produced and sold after December 31, 2006.

Contracting and Tax Accountability Act of 2008

United States · United States Congress · 19 December 2007

Contracting and Tax Accountability Act of 2007 - Prohibits any person who has a seriously delinquent tax debt from obtaining a federal government contract or grant. Requires federal agency heads to require prospective contractors or grantees to: (1) certify that they do not have such a debt; and (2) authorize the Secretary of the Treasury to disclose information describing whether such contractors or grantees have such a debt. Defines "seriously delinquent tax debt" and an outstanding tax debt for which a notice of lien has been filed in public records.

National Guardsmen and Reservists Parity for Patriots Act

United States · United States Congress · 19 December 2007

National Guardsmen and Reservists Parity for Patriots Act - Amends the National Defense Authorization Act for Fiscal Year 2008 to back-date to September 11, 2001, the period of active duty or performed active service, in support of a contingency operation or in other emergency situations, for which members of Ready Reserve components of the armed forces shall receive credit in determining eligibility for early receipt of non-regular service retired pay.

Bureau of Alcohol, Tobacco, Firearms, and Explosives Reform and Firearms Modernization Act of 2007

United States · United States Congress · 19 December 2007

Bureau of Alcohol, Tobacco, Firearms, and Explosives Reform and Firearms Modernization Act of 2007 - Amends the federal criminal code to revise the civil penalties for violations of firearms law and the procedures for assessing such penalties. Revises the definition of "willfully" for purposes of firearms violations and standards for criminal violations of firearms recordkeeping requirements. Requires the Attorney General to: (1) make preliminary determinations on firearms license applications and notify applicants in writing of a proposed denial; and (2) establish guidelines for Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) inspections, examinations, or investigations of possible firearms violations. Prohibits ATF from disclosing information on firearms purchasers other than to a court, law enforcement agency, or prosecutor. Permits an owner of a firearms business whose license is expired, surrendered, or revoked 60 days to liquidate inventory. Requires any state agency that stores or keeps explosive materials to report to the Attorney General on the location and amount of such materials. Allows the transfer and possession of machineguns for use by federal security contractors. Prohibits taxes or user fees for background checks under the Brady Handgun Violence Prevention Act. Eliminates the requirement of written permission for the use of a handgun for lawful purposes by a minor (under age 18) where a parent or legal guardian is present at all times during such use. Restricts the disclosure of information in the ATF firearms trace system database. Increases penalties for possession of firearms by felons with prior convictions of a crime of violence or a serious drug offense.

Tax Technical Corrections Act of 2007

United States · United States Congress · 19 December 2007

Tax Technical Corrections Act of 2007 - Makes technical and clerical corrections to the Internal Revenue Code, including corrections to provisions enacted by: (1) the Tax Relief and Health Care Act of 2006; (2) the Pension Protection Act of 2006; (3) the Tax Increase Prevention and Reconciliation Act of 2005; (4) the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users; (5) the Energy Policy Act of 2005; (6) the American Jobs Creation Act of 2004; (7) the Economic Growth and Tax Relief Reconciliation Act of 2001; (8) the Tax Relief Extension Act of 1999; and (9) the Internal Revenue Service Restructuring and Reform Act of 1998.

To amend the Internal Revenue Code of 1986 to exclude overtime pay from gross income.

United States · United States Congress · 19 December 2007

Amends the Internal Revenue Code to allow individual taxpayers an exclusion from gross income for overtime pay.

Savings Account for Every American Act of 2007

United States · United States Congress · 19 December 2007

Savings Account for Every American Act of 2007 - Allows employees and self-employed individuals with a social security number to elect to participate in a S.A.F.E. account. Defines such an account as a trust created exclusively for the benefit of an individual or his or her beneficiaries. Requires: (1) employers of electing employees to establish a payroll deduction program to make employee contributions (6.2% of wages) to such accounts; and (2) employer matching contributions after a participating employee has maintained an account for 15 years. Imposes penalties on employers who fail to make required payroll deductions or pay deducted wages to S.A.F.E. accounts. Directs the Office of Personnel Management (OPM) to study and report to the President and Congress on extending S.A.F.E. accounts to federal civilian and military employees. Amends the Internal Revenue Code to exempt S.A.F.E. accounts from income taxation. Allows a tax deduction from gross income for cash contributions to such an account. Includes distributions from such an account in employee gross income, with specified exceptions for distributions after age 59 1/2 or death, purchase of certain insurance contracts, and rollovers. Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act and the Internal Revenue Code to exempt S.A.F.E. account participants from social security taxes and exclude such participants from old age, survivors and disability insurance coverage.

To amend the Internal Revenue Code of 1986 with respect to the treatment of prepaid derivative contracts.

United States · United States Congress · 19 December 2007

Amends the Internal Revenue Code to set forth rules for the treatment of income, loss, and distributions relating to a prepaid derivative contract. Defines "prepaid derivative contract" as any prepaid contract with a term longer than one year from the date of issue which is a derivative financial instrument with respect to any security, commodity, or financial index.

S Corporation Modernization Act of 2007

United States · United States Congress · 19 December 2007

S Corporation Modernization Act of 2007 - Amends the Internal Revenue Code to revise the tax treatment of S corporations, including by: (1) reducing from 10 to 7 years the period during which S corporation built-in gains are subject to tax; (2) allowing nonresident aliens to qualify as beneficiaries of an electing small business trust (ESBT); (3) repealing mandatory termination of S corporation elections for excessive passive investment income; (4) allowing S corporations to increase passive investment income from 25 to 60% without incurring additional tax; (5) allowing individual retirement accounts to be S corporation shareholders; and (6) allowing ESBTs to claim expanded charitable tax deductions. Directs the Comptroller General to study and report to Congress on entity neutrality under the Internal Revenue Code with respect to S corporations, limited liability companies, and other pass-through entities.

Providing for the consideration of the Senate amendment to the House amendment to the Senate amendment to the bill (H.R. 2764) making appropriations for the Department of State, foreign operations, and related programs for the fiscal year ending September 30, 2008, and for consideration of the joint resolution (H.J. Res. 72) making further continuing appropriations for the fiscal year 2008, and for other purposes.

United States · United States Congress · 19 December 2007

Sets forth the rule for the consideration of the Senate amendment to the House amendment to the Senate amendment to H.R. 2764 (making appropriations for the Department of State, foreign operations, and related programs for FY2008) and for consideration of H.J. Res. 72 (making further continuing appropriations for FY2008).

Freedom to Choose Tax Reform Act of 2007

United States · United States Congress · 18 December 2007

Freedom to Choose Tax Reform Act of 2007 - Amends the Internal Revenue Code to allow individual taxpayers an election to choose an alternative income tax system, in lieu of the current tax system. Provides for two tax brackets of 10 and 23%. Eliminates all existing tax credits, but allows a $1,000 freedom to choose tax reform individual tax credit and a credit for overpayment of tax. Establishes the Commission on Congressional Budgetary Accountability and Review of Federal Agencies. Directs the President to: (1) designate two Commission co-chairpersons; (2) establish a systematic method for assessing the effectiveness and accountability of federal agency programs; (3) divide such programs into four equal budgetary parts; (4) submit to the Commission annual assessments of the programs within each part (one each year) that use such method; and (5) identify common performance measures for programs having similar functions and provide the Commission with data on such measures. Requires the Commission to: (1) evaluate executive agencies and their programs identified in each assessment; (2) consider submitted assessments in evaluating programs; and (3) submit to Congress each of the next four years a plan recommending agencies and programs that should be realigned or eliminated and proposing implementing legislation. Provides for expedited consideration of such legislation.

Medicare, Medicaid, and SCHIP Extension Act of 2007

United States · United States Congress · 18 December 2007

Medicare, Medicaid, and SCHIP Extension Act of 2007 - Amends title XVIII (Medicare) of the Social Security Act (SSA) and certain related Acts to: (1) increase the physician payment update; and (2) extend through June 30, 2008, specified components of the Medicare program. Amends SSA title XXI (State Children's Health Insurance) (SCHIP) to extend SCHIP funding through March 31, 2009. Amends the Tax Relief and Health Care Act of 2006, as amended by Public Law 110-48 and the TMA, Abstinence, Education, and QI Programs Extension Act of 2007 to extend through June 30, 2008, the transitional medical assistance, abstinence education, and qualifying individual programs. Amends SSA title XIX (Medicaid) to extend through June 30, 2008, the Medicaid disproportionate hospital share (DSH) allotments for the states of Tennessee and Hawaii, with specified adjustments . Amends SSA title XXI to make appropriations to the Secretary of Commerce for adjustments to the annual Bureau of the Census Current Population Survey in order to produce statistically reliable annual state data on the number of low-income children who do not have health insurance coverage. Prohibits the Secretary of Health and Human Services from taking any action before June 30, 2008, to impose any restrictions relating to Medicaid coverage or payment for rehabilitation services or school-based administration and school-based transportation, if such restrictions are more restrictive in any aspect than those applied to such areas as of July 1, 2007. Makes the Medicare Payment Advisory Commission (MEDPAC) a congressional agency. Amends the Public Health Service Act to to make appropriations for special diabetes programs for Type I diabetes and for Indians for FY2009.

A bill to amend the Internal Revenue Code of 1986 to provide that the proceeds of qualified mortgage bonds may be used to provide refinancing for subprime loans, to provide a temporary increase in the volume cap for qualified mortgage bonds, and for other purposes.

United States · United States Congress · 18 December 2007

Amends the Internal Revenue Code to: (1) allow proceeds of qualified mortgage bonds to be used to refinance certain residential subprime loans issued between 2002 and 2008; (2) increase in 2008 limitations on issuance amounts for qualified mortgage bonds; and (3) exempt tax-exempt interest on qualified mortgage or veterans' mortgage bonds issued before 2011 from the alternative minimum tax.

A bill to allow employees of a commercial passenger airline carrier who receive payments in a bankruptcy proceeding to roll over such payments into an individual retirement plan, and for other purposes.

United States · United States Congress · 18 December 2007

Allows employees of commercial passenger airlines who receive payments from a bankruptcy case filed between September 11, 2001, and January 1, 2007, as compensation for lost pension plan benefits to rollover such payments into an individual retirement account (IRA), except for a Roth IRA, without tax or tax penalty.

A bill to amend the grant program for law enforcement armor vests to provide for a waiver of or reduction in the matching funds requirement in the case of fiscal hardship.

United States · United States Congress · 18 December 2007

Amends the Omnibus Crime Control and Safe Streets Act of 1968 to authorize the Director of the Bureau of Justice Assistance to waive, in whole or in part, matching fund requirements applicable to the grant program for the purchase of armor vests for law enforcement officers.

Making further continuing appropriations for the fiscal year 2008, and for other purposes.

United States · United States Congress · 18 December 2007

Amends Public Law 110-92 to extend through December 31, 2007, specified continuing appropriations for FY2008. Makes specified appropriations for payment to the heirs at law of Julia Carson, late a Representative from the state of Indiana. Continues in effect throughout FY2008 the authority of the Secretary of Veterans Affairs to provide hospital care, medical services, and nursing home care to any veteran who participated in a test conducted by the Department of Defense Deseret Test Center as part of a program for chemical and biological warfare testing from 1962 through 1973 (including the program designated as “Project Shipboard Hazard and Defense (SHAD)” and related land-based tests). Continues in effect throughout FY2008 the Secretary's authority to furnish, when requested, an appropriate government headstone or marker at U.S. expense for the grave of an individual eligible for burial in a national cemetery, or an individual who at the time of death was entitled to military retired pay, who is buried in a private cemetery.

Providing for the concurrence by the House in the Senate amendments to H.R. 3997, with an amendment.

United States · United States Congress · 18 December 2007

Provides for the concurrence by the House of Representatives in the Senate amendments to H.R. 3997 (Heroes Earnings Assistance and Relief Tax Act of 2007) with an amendment in the form of substitute text.

Tax Relief and Fulfilling Our Obligation to Patriotic Soldiers Act of 2007

United States · United States Congress · 17 December 2007

Tax Relief and Fulfilling Our Obligation to Patriotic Soldiers Act of 2007 - Amends the Internal Revenue Code to exclude from gross income payments made to members of the Armed Forces as enlistment and reenlistment bonuses. Requires the Secretary of Defense to continue the payment to members of the Armed Forces who are retired or separated for disability due to a combat-related injury of certain bonuses to which such members were entitled immediately before retirement or separation and to which such members would continue to be entitled if they were not retired or separated.

Working American Competitiveness Act

United States · United States Congress · 17 December 2007

Working American Competitiveness Act - Amends the Internal Revenue Code to allow a taxpayers to elect to exclude from gross income, without limitation, earned income (i.e., income for services performed) from sources within a foreign country.

Waiving a requirement of clause 6(a) of rule XIII with respect to consideration of certain resolutions reported from the Committee on Rules.

United States · United States Congress · 17 December 2007

Waives a specified requirement of Rule XIII (Calendar and Committee Reports) to allow consideration of the following measures or an amendment to them on the same day they are presented to the House: (1) a bill relating to the Children's Health Insurance Program; (2) a bill relating to Medicare; (3) a bill relating to the alternative minimum tax; (4) a joint resolution making further continuing appropriations for FY2008; and (5) H.R. 2764 (Department of State, Foreign Operations, and Related Programs Appropriations Act, 2008).

Providing for the consideration of the Senate amendment to the bill (H.R. 2764) making appropriations for the Department of State, foreign operations, and related programs for the fiscal year ending September 30, 2008, and for other purposes.

United States · United States Congress · 17 December 2007

Sets forth the rule for the consideration of the Senate amendment to H.R. 2764 (making appropriations for the Department of State, foreign operations, and related programs for FY2008).

A bill to amend the Surface Mining Control and Reclamation Act of 1977 to provide an exception for certain States with respect to the distribution of amounts by the Secretary of the Interior from the Abandoned Mine Reclamation Fund.

United States · United States Congress · 13 December 2007

Amends the Surface Mining Control and Reclamation Act of 1977 with respect to fiscal year distributions by the Secretary of the Interior from the Abandoned Mine Reclamation Fund for states having an approved abandoned mine reclamation program (in particular, the active mining threshold required of states to meet the minimum funding threshold). Exempts minimum program states from specified mandatory reductions in such distributions (because they fail to meet the active mining threshold requirement).

Cancer and Terminal Illness Patient Health Care Act of 2007

United States · United States Congress · 13 December 2007

Cancer and Terminal Illness Patient Health Care Act of 2007- Amends the Internal Revenue Code to waive the employee portion of the Social Security tax for any period in which a taxpayer has been certified by a physician as having cancer or a terminal illness or is the primary caregiver for a spouse, parent, or child with cancer or a terminal disease. Reduces by 50 percent the rates of tax levied on a self-employed individual for old age, survivors and disability insurance and hospital insurance if a physician has certified that such individual has a terminal disease or cancer throughout the taxable year or is the primary caregiver for a spouse, parent, or child with a terminal disease or cancer.

Social Security Surplus Protection Act of 2007

United States · United States Congress · 13 December 2007

Social Security Surplus Protection Act of 2007 - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to direct the Managing Trustee to ensure that amounts in either the Federal Old-Age and Survivors Insurance Trust Fund or the Federal Disability Insurance Trust Fund (Social Security Trust Funds) equivalent to the annual surplus for such Fund for any calendar year are made available to the Social Security Surplus Investment Board (SSSIB) on a timely basis for purposes of investment. Requires the Managing Trustee also to ensure that Trust Fund assets are available for payment of benefits. Establishes the SSSIB in the executive branch to provide for the investment of such amounts. Amends the Congressional Budget Act of 1974 to make it out of order in the House of Representatives or the Senate to consider any concurrent resolution on the budget (or any amendment to it or conference report on it) that would set forth a deficit for any fiscal year for which there is a projected net surplus in the Social Security Trust Funds. Makes it out of order in the House of Representatives or the Senate to consider any bill, joint resolution, amendment, motion, or conference report if its enactment would cause a deficit for any fiscal year for which there is a projected net surplus in the Trust Funds.

Homeowners' Assistance Act of 2007

United States · United States Congress · 13 December 2007

Homeowners' Assistance Act of 2007 - Exempts any qualified mortgage relief distribution from the 10% additional tax imposed by the Internal Revenue Code on early distributions from qualified retirement plans. Provides that the aggregate amount of distributions received by an individual which may be treated as qualified mortgage relief distributions for any taxable year shall not exceed the excess (if any) of $25,000, over the aggregate amounts treated as qualified mortgage delinquency relief distributions received by such individual for all prior taxable years. Defines such distributions as those made from an eligible retirement plan between the enactment of this Act and January 1, 2010, if: (1) the distribution is made during any 90-day period beginning on the date of any increase in the interest rate applicable to the acquisition indebtedness of the taxpayer's principal residence; and (2) taxpayer's adjusted gross income for the taxable year of such distribution does not exceed $114,000 ($166,000 in the case of a joint return).

To amend the Internal Revenue Code of 1986 to provide a shorter recovery period for the depreciation of certain systems installed in nonresidential real property or residential rental property.

United States · United States Congress · 13 December 2007

Amends the Internal Revenue Code to provide for accelerated depreciation of certain energy-efficient heating, ventilation, air conditioning, or commercial refrigeration property installed in nonresidential real property or residential rental property and placed in service before January 1, 2012.

To amend the Internal Revenue Code of 1986 to increase the limitation on capital loss applicable to individuals.

United States · United States Congress · 13 December 2007

Amends the Internal Revenue Code to increase the limit on the deductibility of losses from the sale or exchange of capital assets for individual taxpayers to $10,000. Provides for an inflation adjustment to such increased amount after 2008.

To amend the Internal Revenue Code of 1986 to provide that the exclusion for qualified scholarships shall apply to allowances for room, board, and special needs services.

United States · United States Congress · 13 December 2007

Amends the Internal Revenue Code to include within the exclusion from gross income for qualified scholarship amounts allowances for room, board, and special needs services at institutions of higher education.

Climate Neutral Electricity Generation Act of 2007

United States · United States Congress · 13 December 2007

Climate Neutral Electricity Generation Act of 2007 - Amends the Internal Revenue Code to allow a tax credit for investment in a climate neutral combustion facility. Defines "climate neutral combustion facility" as any facility which: (1) burns matter to produce electricity; (2) captures and uses carbon dioxide released during combustion to recover hydrocarbon fuel; and (3) produces no emissions of mercury or greenhouse gasses and no emissions that form fine particulate, smog, or acid rain

Household Water Conservation Challenge Act of 2007

United States · United States Congress · 13 December 2007

Household Water Conservation Challenge Act of 2007 - Amends the Internal Revenue Code to allow individual taxpayers a tax credit for reducing water usage in their residences.

Fair Funding for Schools Act

United States · United States Congress · 13 December 2007

Fair Funding for Schools Act - Amends the Impact Aid program (which compensates local educational agencies (LEAs) for the financial burden of federal activities affecting their areas) of the Elementary and Secondary Education Act of 1965 to alter the formula for determining the payments due LEAs for federal ownership of property when appropriations for a fiscal year are insufficient to provide them with full compensation. Alters the formula for determining the payments due LEAs for eligible federally-connected children. Includes not only children in average daily attendance, but also those enrolled pursuant to a state open enrollment policy. Continues an LEA's eligibility for such payments while activities associated with military base closures and realignments or force structure changes or relocations are ongoing. Allows the calculation of such payments using current student counts instead of prior fiscal year data when LEAs experience a specified influx of new students due to federal activities. Alters the formula for determining the construction payments due LEAs that are eligible for other Impact Aid payments. Divides 80% of the construction funds evenly between LEAs impacted by military dependent children and LEAs impacted by children residing on Indian lands, with the remainder reserved for emergency repair and modernization grants to LEAs serving Indian lands or experiencing a specified influx of new students due to federal activities. Alters the formula for determining whether a state's plan for equalizing assistance to its LEAs will except it from the prohibition on state aid to LEAs being affected by Impact Aid payments. Requires new LEAs applying for Impact Aid to have boundaries established by state law and the authority to tax or receive an imputed local tax. Reauthorizes appropriations for the Impact Aid program.

A bill to authorize appropriations for research and enforcement activities of the Federal Trade Commission related to misleading mortgage advertisements.

United States · United States Congress · 12 December 2007

Authorizes appropriations to carry out research and enforcement regarding misleading mortgage advertisements, in an amount double the amount spent for such purposes in the previous fiscal year, for the Division of Financial Practices of the Bureau of Consumer Protection of the Federal Trade Commission (FTC).

Home Ownership Preservation and Protection Act of 2007

United States · United States Congress · 12 December 2007

Home Ownership Preservation and Protection Act of 2007 - Amends the Truth in Lending Act to redefine high-cost mortgages and attendant lending practices. Sets forth a new formula for points and fees for open-end loans, and provides for bona fide discount points. Prohibits: (1) prepayment penalties; (2) balloon payments; (3) yield spread premiums; (4) acceleration or debt; (5) evasions, structuring of transactions, and reciprocal arrangements; and (6) modification and deferral fees. Prohibits creditors from financing, in connection with a high-cost mortgage, any prepayment fee or penalty, or any points or fees. Prohibits an originator from making or arranging a high-cost mortgage loan that involves a refinancing of a prior existing home mortgage loan unless the new loan will provide a net tangible benefit to the consumer. Sets forth prerequisites for subprime and nontraditional home loans, including: (1) an assessment of ability to pay; (2) a requirement of tax and insurance escrows; (3) prohibition of prepayment penalties and yield-spread premiums; and (4) a requirement of net tangible benefit to the consumer in the case of a subprime or nontraditional mortgage loan transaction that involves refinancing of an existing home mortgage. Imposes a duty of care and a duty of good faith and fair dealing upon mortgage brokers and lenders, appraisers, and lenders and loan servicers. Empowers state Attorneys General to enforce this Act. Subjects lenders, loan servicers, creditors and mortgage brokers to civil liability for violations of this Act. Increases the amount of the penalty that may be awarded. Amends the Real Estate Settlement Procedures Act of 1974 to require a transferor of loan servicing before the transfer tonotify the borrower of the status of the account and its full payment history. Amends the Housing and Urban Development Act of 1968 to revise requirements for foreclosure prevention counseling. Amends the Truth in Lending Act to expand from three to six years an obligor's right of rescission. Imposes liability for monetary damages upon assignees of subprime or nontraditional loans for violations of this Act. Sets forth a remedy in lieu of rescission for certain violations. Prohibits mandatory arbitration. Subjects a lender to liability for certain actions, omissions, and representations made by a mortgage broker in connection with a high-cost mortgage, a subprime mortgage, or a nontraditional mortgage. Amends the Federal Trade Commission Act to require the federal banking agencies and the National Credit Union Administration Board each to establish a separate division of consumer affairs protection and regulations with respect to depository institutions and federal credit unions. Authorizes appropriations to employ additional agents of the Federal Bureau of Investigation and additional dedicated prosecutors at the Department of Justice to coordinate prosecution of mortgage fraud efforts with the offices of the U.S. Attorneys.

Making further continuing appropriations for the fiscal year 2008, and for other purposes.

United States · United States Congress · 12 December 2007

Amends Public Law 110-92 to extend through December 21, 2007, specified continuing appropriations for FY2008.

Providing for consideration of the joint resolution (H.J. Res. 69) making further continuing appropriations for the fiscal year 2008, and for other purposes.

United States · United States Congress · 12 December 2007

Sets forth the rule for consideration of the joint resolution (H.J. Res. 69) making further continuing appropriations for the fiscal year 2008.

Directing the Clerk of the House of Representatives to correct the enrollment of the bill H.R. 1585.

United States · United States Congress · 12 December 2007

Makes corrections in the enrollment of H.R. 1585 (National Defense Authorization Act for Fiscal Year 2008) concerning: (1) Navy construction and land acquisition projects, including costs of construction at Naval Station Bremerton, Washington; and (2) the general reduction of the amount authorized for base closure and realignment activities.

Surface Mining Control and Reclamation Act of 1977 Technical Corrections Act

United States · United States Congress · 11 December 2007

Surface Mining Control and Reclamation Act of 1977 Technical Corrections Act - Amends the Surface Mining Control and Reclamation Act of 1977 to modify procedures governing payments of moneys derived from reclamation fees to certified states and Indian tribes. Requires that such payments: (1) be distributed as direct transfers of funds rather than in the form of grants; and (2) be made at the same time as specified payments from the Abandoned Mine Reclamation Fund are made available, including without fiscal year limitation.

To amend the Internal Revenue Code of 1986 to provide special disposition rules for unused benefits in flexible spending arrangements of individuals called to active duty.

United States · United States Congress · 11 December 2007

Amends the Internal Revenue Code to allow penalty-free distributions of amounts from a flexible spending arrangement to members of a military reserve component ordered or called to active duty for at least 180 days or for an indefinite period.

AMT Relief Act of 2007

United States · United States Congress · 11 December 2007

AMT Relief Act of 2007 - Amends the Internal Revenue Code to extend through 2007 for individual taxpayers: (1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liability; and (2) the increased AMT exemption amounts. Increases the AMT refundable credit amount for individual taxpayers with long-term unused tax credits in prior taxable years. Abates any underpayment of tax and related interest and penalties attributable to the application of special AMT rules for the treatment of incentive stock options. Lowers in 2008 (from $10,000 to $8,500) the earned income threshold amount for determining the refundable portion of the child tax credit. Requires the inclusion in gross income for income tax purposes of employee compensation deferred under a nonqualified deferred compensation plan of a nonqualified entity when there is no substantial risk of forfeiture of the rights to such compensation. Defines "nonqualified entity" as any foreign corporation unless substantially all of its income is: (1) effectively connected with a trade or business in the United States; or (2) subject to a comprehensive foreign income tax. Includes certain partnerships within such definition. Sets forth definitions and rules for the application of the economic substance doctrine to transactions affecting tax liabilities. Provides for enhanced penalties for underpayments of tax attributable to transactions lacking in economic substance. Delays until 2018 the application of special rules for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit. Increases or provides additional penalties for failures to file certain individual, partnership, and S corporation tax returns. Increases certain estimated tax payments for corporations with assets of at least $1 billion.

Surface Mining Control and Reclamation Act of 1977 Technical Corrections Act

United States · United States Congress · 11 December 2007

Surface Mining Control and Reclamation Act of 1977 Technical Corrections Act - Amends the Surface Mining Control and Reclamation Act of 1977 to modify procedures governing payments of moneys derived from reclamation fees to certified states and Indian tribes. Requires that such payments: (1) be distributed as direct transfers of funds rather than in the form of grants; and (2) be made at the same time as specified payments from the Abandoned Mine Reclamation Fund are made available, including without fiscal year limitation.