Parents' Tax Relief Act of 2007

Summary

Parents' Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) provide for a minimum tax credit for household and dependent care services for dependents under the age of seven and to phase out such credit based on the amount by which the taxpayer's adjusted gross income exceeds a threshold amount; (2) increase to $5,000 the amount of the personal tax exemption; (3) eliminate the marriage penalty in all income tax brackets and in the tax deduction for student loan interest; (4) establish a standard tax deduction for expenses related to business usage of a home; (5) make permanent increases in the child tax credit and adjust the amount of such credit for inflation on an annual basis after 2007; (6) allow employers a tax credit for employees who telecommute; and (7) allow an exclusion from employee gross income for employer-provided computer equipment used to work at home. Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to award social security credits to parents who stay at home, instead of working outside the home, to care for children who are either under age seven. Authorizes transfers from the general fund to specified Social Security trust funds to cover the cost of such credits.

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Timeline

1. 8 March 2007

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 8 March 2007

   Introduced

   Sponsor introductory remarks on measure. (CR E499-500)

   Source: IntroReferral

3. 8 March 2007

   Introduced

   Introduced in House

   Source: IntroReferral

4. 8 March 2007

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 8 March 2007 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 8 March 2007

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 8 March 2007

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 8 March 2007

  Open at official source

Sponsors

• Rep. Terry, Lee [R-NE-2] · R · Sponsor
• Rep. Paul, Ron [R-TX-22] · R · Sponsor
• Rep. Bartlett, Roscoe G. [R-MD-6] · R · Sponsor
• Trent Franks · R · Sponsor
• Rep. Wamp, Zach [R-TN-3] · R · Sponsor
• Rep. Bono Mack, Mary [R-CA-45] · R · Sponsor
• Rep. Radanovich, George [R-CA-19] · R · Sponsor
• Marsha Blackburn · R · Sponsor
• Rep. Miller, Jeff [R-FL-1] · R · Sponsor
• Rep. Garrett, Scott [R-NJ-5] · R · Sponsor
• Rep. Bilirakis, Gus M. [R-FL-12] · R · Sponsor
• F. SENSENBRENNER · R · Sponsor
• Jeff Fortenberry · R · Sponsor
• Rep. Musgrave, Marilyn N. [R-CO-4] · R · Sponsor
• Rep. McCaul, Michael T. [R-TX-10] · R · Sponsor
• Rep. Souder, Mark E. [R-IN-3] · R · Sponsor
• Rep. McCotter, Thaddeus G. [R-MI-11] · R · Sponsor
• Harold Rogers · R · Cosponsor
• Rep. Manzullo, Donald A. [R-IL-16] · R · Cosponsor
• Rep. Cubin, Barbara [R-WY-At Large] · R · Cosponsor
• Rep. Pence, Mike [R-IN-6] · R · Cosponsor
• Rep. Tiahrt, Todd [R-KS-4] · R · Cosponsor
• David Reichert · R · Cosponsor
• Rep. Putnam, Adam H. [R-FL-12] · R · Cosponsor
• Rep. Pickering, Charles W. "Chip" [R-MS-3] · R · Cosponsor
• Michael Simpson · R · Cosponsor
• Rep. Forbes, J. Randy [R-VA-4] · R · Cosponsor
• Rep. Jindal, Bobby [R-LA-1] · R · Cosponsor
• Rep. Neugebauer, Randy [R-TX-19] · R · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Parents' Tax Relief Act of 2007