Common Sense Family Tax Relief Act of 1999

Summary

Common Sense Family Tax Relief Act of 1999 - Title I: Tax Relief for Families - Amends the Internal Revenue Code to make the basic standard deduction on a joint return twice that of the deduction on a single return. (Sec. 102) Revises the dependent care tax credit to: (1) amend applicable credit percentages; (2) provide an inflation adjustment; (3) allow a minimum credit for stay at-home parents with a dependent under one year old; and (4) permit a residency-based test rather than a household maintenance-based test under certain circumstances. (Sec. 103) Allows a tax credit for employers who provide qualified day care centers for their employees. (Sec. 104) Reduces individual capital gain tax rates. (Sec. 105) Applies capital gain tax rates to capital gains of designated settlement funds. Title II: Tax Relief for Businesses - Amends the Code to make the research credit permanent. (Sec. 202 ) Eliminates the limitation on the estate tax deduction for family-owned business interests. Title III: Educational Opportunities - Amends the Code to eliminate the 60-month limit on student loan interest deductibility. (Sec. 302) Establishes an employer tax credit for information technology training program expenses. (Sec. 303) States that aggregate tax credits shall not exceed the sum of regular tax liability and minimum tax liability. Eliminates the reduction of the child tax credit for taxpayers subject to the alternative minimum tax. Title IV: Tax Relief for Retirement Savings - Amends the Code to increase annual individual retirement account (IRA) deductible contributions. (Sec. 402) Amends the Social Security Act to revise the monthly exempt amount for purposes of the social security earnings test. Title V: Incentive for Affordable Housing - Amends the Code to increase the State low-income housing credit ceiling. Title VI: Incentives for Health Care and Long-Term Care - Amends the Code to allow the deduction of 100 percent of health insurance costs for self-employed individuals. (Sec. 602) Provides a credit for taxpayers with long-term care needs.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 29 July 1999

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• Introduced in House (PDF)

  Introduced in House · EN · 29 July 1999

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• Introduced in House

  summary · EN · 29 July 1999

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