Tax Simplification and Burden Reduction Act

Summary

Tax Simplification and Burden Reduction Act - Title I: Alternative Minimum Tax - Amends the Internal Revenue Code with respect to the alternative minimum tax to: (1) provide a nonrefundable personal credit; (2) provide an income-based personal exemption; and (3) increase the gross receipts exemption for small corporations. Title II: Provisions Relating to Individuals - Amends the Code to provide itemizing and nonitemizing individuals with a 50 percent capital gains deduction. Sets forth: (1) a capital gains tax rate; and (2) an estate deduction computation. Repeals the tax preference on small business stock exclusions. Treats the gain or loss from all sales of collectibles, including certain partnership-related items, as a short-term capital gain or loss if used in computing taxable income. (Sec. 202) Permits a deduction in the year paid for residential refinancing points (to the extent such refinancing does not exceed the amount of refinanced indebtedness). (Sec. 203) Increases the exclusion for employee group term life insurance. (Sec. 204) Repeals: (1) the percentage limitation on contributions to defined contribution plans; and (2) the use of graduated percentage of preceding year's tax in determining certain taxpayer's estimated tax installments. (Sec. 206) Directs the Secretary of the Treasury to study the rationale for and simplification of head of household and surviving spouse filing statuses. Title III: Provisions Relating to Businesses - Subtitle A: General Provisions - Amends the Code to permit expensing (rather than depreciating) of: (1) certain computer software; and (2) personal property used in rental property. (Sec. 302) Prohibits qualified personal service corporations in C corporation or in partnership with a C corporation formats from using the cash method of accounting. Increases the gross receipts cap permitting a corporation or partnership to use the cash method of accounting. (Sec. 303) Extends the gross receipts exception to inventory cost capitalization rules to real or tangible ( including books, films, sound recordings, or video tapes) property produced by a taxpayer, with a gross receipts-based exception for certain taxpayers. Subtitle B: S Corporations - Repeals the limitation on the number of S corporation shareholders. Makes a publicly traded corporation ineligible for S corporation status. (Sec. 312) Permits S corporations to issue qualified preferred stock. (Sec. 313) Extends the S corporation election date to the tax return filing date. Title IV: Provisions Relating to Information Reporting and Filing - Amends the Code to increase the reporting threshold for dividend and interest payments. (Sec. 402) Treats the postmark date as the filing date for all filings. (Sec. 403) Revises specified record keeping provisions.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 25 May 1999

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• Introduced in House (PDF)

  Introduced in House · EN · 25 May 1999

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• Introduced in House

  summary · EN · 25 May 1999

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