Taxpayer Relief Act of 1998

Summary

TABLE OF CONTENTS: Title I: Provisions Primarily Affecting Individuals and Families Subtitle A: General Provisions Subtitle B: Provisions Relating to Education Subtitle C: Provisions Relating to Social Security Title II: Provisions Primarily Affecting Farming and Other Businesses Subtitle A: Increase in Expense Treatment for Small Businesses Subtitle B: Provisions Relating to Farmers Subtitle C: Increase in Volume Cap on Private Activity Bonds Title III: Extension and Modification of Certain Expiring Provisions Subtitle A: Tax Provisions Subtitle B: Generalized System of Preference Title IV: Revenue Offset Title V: Technical Corrections Title VI: American Community Renewal Act of 1998 Subtitle A: Designation and Evaluation of Renewal Communities Subtitle B: Tax Incentives for Renewal Communities Taxpayer Relief Act of 1998 - Title I: Provisions Affecting Individuals and Families - Subtitle A: General Provisions - Amends the Internal Revenue Code (IRC) to: (1) make the basic standard deduction on a joint return equal to twice the deduction of a single return; (2) make the aged or blind additional deduction amounts the same for married and unmarried individuals; (3) as a general rule, exclude from gross income up to $200 ($400 in the case of a joint return) of dividends and interest received by an individual; (4) revise provisions concerning the aggregate amount of nonrefundable personal credits allowed to provide that the aggregate amount of such credits shall not exceed the sum of the taxpayer's regular tax liability and the alternative minimum tax; (5) allow for the deduction of 100 percent of the health insurance costs of self-employed individuals; (6) set forth a special rule for members of the uniformed services and foreign service in determining the exclusion of gain from the sale of a principal residence; and (7) accelerate the $1 million exemption from the estate and gift taxes. Subtitle B: Provisions Relating to Education - Permits private educational institutions to maintain qualified tuition programs which are comparable to qualified State tuition programs. Modifies arbitrage rebate rules applicable to public school construction bonds. Subtitle C: Provisions Relating to Social Security - Amends title II (Old Age, Survivors, and Disability Insurance) of the Social Security Act to: (1) increase the limit on earnings before there is a reduction in benefits for individuals who have attained retirement age but who are under age 70; and (2) provide for the recomputation of benefits resulting from earnings after reaching retirement age. Title II: Provisions Primarily Affecting Farming and Other Businesses - Subtitle A: Increase in Expense Treatment for Small Businesses - Amends the IRC to accelerate the increase in the dollar limitation on the cost of property which may be expensed by businesses as depreciable assets. Subtitle B: Provisions Relating to Farmers - Amends the Taxpayer Relief Act of 1997 to permanently extend income averaging for farmers. Amends the IRC to provide a five-year carryback period for farming losses. Amends the Agricultural Market Transition Act to disregard the payment option provided by the Emergency Farm Financial Relief Act. Subtitle C: Increase in Volume Cap on Private Activity Bonds - Amends IRC provisions concerning State private activity bond volume limits to repeal the adjustment for years after 1987. Title III: Extension and Modification of Certain Expiring Provisions - Subtitle A: Tax Provisions - Extends, for a limited period, the: (1) credit for increasing research activities; (2) work opportunity credit; and (3) welfare-to-work credit. Extends permanently the special rule for contributions of stock for which market quotations are readily available. Establishes rules for the public inspection of the returns of private foundations. Revises provisions concerning the special rule for income derived in the active conduct of banking, financing, or similar businesses to provide, as general rule, that foreign personal holding company income shall not include qualified banking or financing income of an eligible controlled foreign corporation. Revises the definition of insurance income and provides that, as a general rule, foreign personal holding company income shall not include qualified insurance income of a qualifying insurance company. Subtitle B: Generalized System of Preferences - Amends the Trade Act of 1974 to extend the Generalized System of Preferences through February 29, 2000. Provides for the retroactive application of certain liquidations and reliquidations. Title IV: Revenue Offset - Amends IRC provisions concerning the complete liquidations of subsidiaries to provide that if a corporation receives a distribution form a regulated investment company or a real estate investment trust which is considered as being in complete liquidation of such company or trust, then such corporation shall treat as a dividend from such trust or company an amount equal to the deduction for dividends paid allowable to such company or trust by reason of such distribution. Title V: Technical Corrections - Revises provisions of the IRC, the Internal Revenue Service Restructuring and Reform Act of 1998, the Taxpayer Relief Act of 1997, the Tax Reform Act of 1984, and the Transportation Equity Act for the 21st Century. Title VI: American Community Renewal Act of 1998 - American Community Renewal Act of 1998 - Subtitle A: Designation and Evaluation of Renewal Communities - Renewing American Communities Act of 1998 - Amends the IRC to authorize the Secretary of Housing and Urban Development to designate (upon local or State nomination) up to 20 renewal communities, of which at least 20 percent shall be in rural areas. Requires for nomination purposes that: (1) the area be experiencing high rates of poverty and unemployment and general distress; and (2) State and local governments enter into written contracts with community organizations to promote specified economic growth and employment activities. Treats renewal communities as labor surplus areas for all Federal law purposes. Subtitle B: Tax Incentives for Renewal Communities - Excludes from gross income capital gains on the sale or exchange of a qualified community asset (stock, business property, or partnership interest) held for more than five years. Allows a specified deduction for amounts paid into a family development account on behalf of an individual or another qualified individual who is a renewal community resident. Excludes from gross income account distributions used for qualified family development expenses (postsecondary education, first-home purchase, business capitalization, medical, and rollovers). Provides a penalty (with exceptions) in addition to inclusion as gross income for nonqualifying distributions. Provides for designation of up to 25 percent of qualifying renewal communities as matching demonstration areas eligible to receive family development account matching contributions. Authorizes: (1) designation of earned income tax credit payments for family development account deposit; (2) a commercial building revitalization tax credit; (3) increased first year expensing for renewal community businesses; (4) extension of environmental remediation cost expensing and the work opportunity credit for renewal communities; and (5) similar tax treatment of renewal communities and enterprise zones for specified youth residence requirements. Permits a deduction for contributions to a family development account whether or not a taxpayer itemizes. Makes conforming amendments to provisions respecting: (1) tax on excess contributions and prohibited transactions; (2) trust and annuity information; (3) tax exemption applications; and (4) the commercial revitalization credit.

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

Timeline

1. 16 September 1998

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 16 September 1998

   Introduced

   Introduced in House

   Source: IntroReferral

3. 16 September 1998

   Introduced

   Introduced in House

   Source: IntroReferral

4. 17 September 1998

   Vote

   Ordered to be Reported (Amended) by the Yeas and Nays: 23 - 15.

   Source: Committee

5. 17 September 1998

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

6. 23 September 1998

   Calendars

   Placed on the Union Calendar, Calendar No. 426.

   Source: Calendars

7. 23 September 1998

   Reported

   Reported (Amended) by the Committee on Ways and Means. H. Rept. 105-739.

   Source: Committee

8. 23 September 1998

   Reported

   Reported (Amended) by the Committee on Ways and Means. H. Rept. 105-739.

   Source: Committee

9. 24 September 1998

   Reported

   Rules Committee Resolution H. Res. 552 Reported to House. Rule provides for consideration of H.R. 4578 and H.R. 4579 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. H.R. 4578 shall be considered in the House and considered as read for amendment. The amendment recommended by the Committee on Ways and Means now printed in the bill shall be considered as adopted. A further amendment printed in the Congressional Record numbered 1, if offered by Mr. Rangel, shall be in order and debatable for 1 hour. Measure will be considered read. A specified amendment is in order. In the engrossment of H.R. 4579, the Clerk shall add the text of H.R. 4578, as passed the House, as new matter at the end of H.R. 4579; conform the title of H.R. 4579 to reflect the addition of the text of H.R. 4578 to the engrossment; asign appropriate designations to provisions, and conform cross referen...

   Source: Floor

10. 25 September 1998

    Passed

    Rule H. Res. 552 passed House.

    Source: Floor

11. 25 September 1998

    Passed

    Rule provides for consideration of H.R. 4578 and H.R. 4579 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. H.R. 4578 shall be considered in the House and considered as read for amendment. The amendment recommended by the Committee on Ways and Means now printed in the bill shall be considered as adopted. A further amendment printed in the Congressional Record numbered 1, if offered by Mr. Rangel, shall be in order and debatable for 1 hour. Measure will be considered read. A specified amendment is in order. In the engrossment of H.R. 4579, the Clerk shall add the text of H.R. 4578, as passed the House, as new matter at the end of H.R. 4579; conform the title of H.R. 4579 to reflect the addition of the text of H.R. 4578 to the engrossment; asign appropriate designations to provisions, and conform cross referen...

    Source: Floor

12. 25 September 1998

    Floor

    Considered under the provisions of rule H. Res. 552. (consideration: CR H8806-8839)

    Source: Floor

13. 26 September 1998

    Vote

    Passed/agreed to in House: On passage Passed by recorded vote: 229 - 195 (Roll No. 469).

    Source: Floor

14. 26 September 1998

    Floor

    The previous question was ordered pursuant to the rule.

    Source: Floor

15. 26 September 1998

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

16. 26 September 1998

    Vote

    On passage Passed by recorded vote: 229 - 195 (Roll No. 469).

    Source: Floor

17. 26 September 1998

    Floor

    DEBATE - Pursuant to the order of the House of Friday, September 25, the House proceeded with 30 minutes of debate.

    Source: Floor

18. 26 September 1998

    Floor

    Considered as unfinished business. (consideration: CR H8934-8973)

    Source: Floor

19. 28 September 1998

    Calendars

    Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

    Source: Calendars

20. 29 September 1998

    Calendars

    Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 665.

    Source: Calendars

Votes

No vote records are attached yet.

Versions

• Placed on Calendar Senate · 29 September 1998 · Download file
• Engrossed in House · 26 September 1998 · Download file
• Reported in House · 23 September 1998 · Download file
• Introduced in House · 16 September 1998 · Download file

Documents

10 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 29 September 1998

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• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 29 September 1998

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• Engrossed in House (text)

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• Engrossed in House (PDF)

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• Passed House amended

  summary · EN · 26 September 1998

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• Reported in House (text)

  Reported in House · EN · 23 September 1998

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• Reported in House (PDF)

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• Introduced in House (text)

  Introduced in House · EN · 16 September 1998

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• Introduced in House (PDF)

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• Introduced in House

  summary · EN · 16 September 1998

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Sponsors

• Rep. Archer, Bill [R-TX-7] · R · Sponsor
• Rep. Crane, Philip M. [R-IL-8] · R · Cosponsor
• Rep. Thomas, William M. [R-CA-21] · R · Cosponsor
• Rep. Shaw, E. Clay, Jr. [R-FL-22] · R · Cosponsor
• Sen. Bunning, Jim [R-KY] · R · Cosponsor
• Rep. Houghton, Amo [R-NY-31] · R · Cosponsor
• Rep. Herger, Wally [R-CA-2] · R · Cosponsor
• Rep. McCrery, Jim [R-LA-4] · R · Cosponsor
• Rep. Camp, Dave [R-MI-4] · R · Cosponsor
• Rep. Ramstad, Jim [R-MN-3] · R · Cosponsor
• Rep. Johnson, Sam [R-TX-3] · R · Cosponsor
• Rep. Dunn, Jennifer [R-WA-8] · R · Cosponsor
• Rep. Collins, Mac [R-GA-3] · R · Cosponsor
• Sen. Portman, Rob [R-OH] · R · Cosponsor
• Rep. English, Phil [R-PA-3] · R · Cosponsor
• Sen. Ensign, John [R-NV] · R · Cosponsor
• Rep. Christensen, Jon [R-NE-2] · R · Cosponsor
• Rep. Watkins, Wes [R-OK-3] · R · Cosponsor
• Rep. Hayworth, J. D. [R-AZ-5] · R · Cosponsor
• Rep. Weller, Jerry [R-IL-11] · R · Cosponsor
• Rep. Hulshof, Kenny C. [R-MO-9] · R · Cosponsor
• Rep. Gallegly, Elton [R-CA-24] · R · Cosponsor
• Rep. Greenwood, James C. [R-PA-8] · R · Cosponsor
• Rep. Bliley, Tom [R-VA-7] · R · Cosponsor
• · hswm00 · Standing

Related records

• related to → Providing for consideration of the bill (H.R. 4578) to amend the Social Security Act to establish the Protect Social Security Account into which the Secretary of the Treasury shall deposit budget surpluses until a reform measure is enacted to ensure the long-term solvency of the OASDI trust funds, and for consideration of the bill (H.R. 4579) to provide tax relief for individuals, families, and farming and other small businesses, to provide tax incentives for education, to extend certain expiring provisions, and for other purposes.
• amends ← SAMDT 3747
• amends ← Amendment in the nature of a substitute.
• amends ← An amendment numbered 1 printed in the Congressional Record to contain the tax cuts, as in the committee reported bill, and establish a trigger mechanism under which most of the tax cuts would not take effect until Congress enacts legislation to ensure the long-term solvency of Social Security. The trigger mechanism would not apply to the extension of expiring provisions and the increase in the earnings limitation on Social Security Benefits.