To amend the Internal Revenue Code of 1986 to extend expiring provisions, to fully allow the nonrefundable personal credits against regular tax liability, and for other purposes.

Summary

Amends the Internal Revenue Code to allow an individual to offset the individual's entire regular tax liability, without regard to the minimum tax, by the personal nonrefundable credits (including the dependent care credit, the credit for the elderly and disabled, the adoption credit, the child tax credit, the credit for interest on certain home mortgages, the HOPE Scholarship and Lifetime Learning credits, and the District of Columbia homebuyer's credit ). (Sec. 1) Repeals the requirement that reduces the refundable child credit by the amount of an individual's minimum tax. (Sec. 2) Extends from June 30, 1999, through June 30, 2004, the tax credit for increasing scientific research activities. Revises the alternative incremental research credit rate by specified percentage increases in components of the rate formula. Declares that the research tax credit attributable to the period from June 30, 1999, through September 30, 2000, (suspension period): (1) shall not be taken into account with respect to any failure to pay estimated income tax for any taxable year in determining the amount of any installment due before October 1, 2000; and (2) shall not be allowed for any taxable year ending before October 1, 2000. States that any such credit disallowed for any taxable year ending before October 1, 2000, shall be treated as a payment of the income tax due for such year. Provides for an accelerated refund of any tax overpayment resulting from such treatment of the research tax credit, if the refund application is filed before October 1, 2001. Waives estimated tax penalties for any period before June 30, 1999, for any underpayment of tax created or increased by reason of the treatment of the research tax credit by this Act. (Sec. 3) Extends from January 1, 2000, until January 1, 2005, the subpart F exclusion of active banking, financing, or similar income from taxable foreign personal holding company income, insurance income, and foreign base company services income to which ten- percent U.S. shareholders of a controlled foreign corporation are subject regardless of whether such income is distributed to them. (Sec. 4) Extends from January 1, 2000, until January 1, 2005, suspension of the 100-percent-of-net-income limitation on the deduction for percentage depletion from marginal oil and natural gas wells. (Sec. 5) Extends from June 30, 1999, through December 31, 2001, the work opportunity tax credit (WOTC) (equal to a specified percentage of qualified first-year wages paid to individuals hired from one or more specified target groups) and the welfare-to-work tax credit (equal to a specified percentage of the first $20,000 of eligible wages paid to qualified long-term recipients of family assistance under part A (Temporary Assistance for Needy Families) (TANF) of title IV of the Social Security Act). Revises the exclusion from qualified first-year wages for WOTC purposes of any wages paid to an individual if, before the hiring date, such individual had been employed by the employer at any time during which he or she was not a member of a targeted group. Repeals the limitation of the exclusion to individuals previously employed while not a member of a targeted group thus excluding the wages of previously employed individuals even if they were members of a targeted group during the previous employment).

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

6 official files

• Reported in House (text)

  Reported in House · EN · 28 September 1999

  ViewDownloadOpen at official source

• Reported in House (PDF)

  Reported in House · EN · 28 September 1999

  ViewDownloadOpen at official source

• Reported to House with amendment(s)

  summary · EN · 28 September 1999

  Open at official source

• Introduced in House (text)

  Introduced in House · EN · 23 September 1999

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 23 September 1999

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 23 September 1999

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.