CARE Act of 2003

Summary

CARE Act of 2003 - Amends the Internal Revenue Code with respect to charitable giving, charitable organizations, and social services to, among other things: (1) allow a deduction for a portion of charitable contributions to individuals who do not itemize; (2) allow tax-free distributions from individual retirement accounts for charitable purposes; (3) allow for the exclusion of 25 percent of gain on sales or exchanges of land or water interests to eligible entities for conservation purposes; (4) exclude mileage reimbursements to charitable volunteers from gross income; (5) increase oversight of tax-exempt organizations; (6) suspend the tax-exempt status of terrorist organizations; (7) modify the excise tax on unrelated business taxable income of charitable remainder trusts; (8) repeal the grassroots expenditure limit for charitable organizations; (9) modify the definition of convention or association of churches to state that no such grouping shall fail to qualify merely because individuals are members or because individuals have voting rights in such organization; (10) count certain payments made by charitable organizations to victims in the war against terrorism as related to the purpose or function constituting the basis for such organizations' exemptions; (11) restore funds for the Social Services Block Grant; (12) restore authority to transfer up to ten percent of Temporary Assistance to Needy Families funds to the Social Services Block Grant; (13) extend the enhanced inventory deduction to public schools; (14) suspend the tax-exempt status of terrorist organizations; and (15) provide a charitable deduction for certain expenses related to Native Alaskan subsistence whaling. Savings for Working Families Act of 2003 - States as a purpose of this Act to provide for the establishment of individual development account programs that will provide individuals and families with limited means an opportunity to accumulate assets and to enter the financial mainstream. Provides procedures for opening and maintaining such an account and qualifying for matching funds. Authorizes appropriations for the: (1) Savings for Working Families Act of 2003; and (2) administration of exempt organizations by the Internal Revenue Service. Sets forth provisions regarding tax shelters, including: (1) defining "economic substance" for purposes of the economic substance doctrine; (2) establishing penalties for failure to disclose reportable transactions, understatements with respect to such transactions, and noneconomic substance transaction understatements; (3) modifying penalties with respect to underpayments, registering tax shelters, maintenance of investor lists, failure to report interests in foreign financial accounts, frivolous tax submissions, the promotion of abusive tax shelters, and individuals practicing before the Department of the Treasury; and (4) further regulation of tax preparers and advisers. Require a corporate tax return to be signed by its chief executive officer. Exempts a regulated investment company from such requirement.

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

Timeline

1. 5 February 2003

   Reported

   Committee on Finance ordered to be reported an original measure.

   Source: Committee

2. 27 February 2003

   Calendars

   Placed on Senate Legislative Calendar under General Orders. Calendar No. 22.

   Source: Calendars

3. 27 February 2003

   Reported

   Committee on Finance. Original measure reported to Senate by Senator Grassley. With written report No. 108-11.

   Source: Committee

4. 27 February 2003

   Reported

   Committee on Finance. Original measure reported to Senate by Senator Grassley. With written report No. 108-11.

   Source: Committee

5. 27 February 2003

   Introduced

   Introduced in Senate

   Source: IntroReferral

6. 8 April 2003

   Floor

   Measure laid before Senate by unanimous consent. (consideration: CR S4930-4949)

   Source: Floor

7. 9 April 2003

   Floor

   Considered by Senate. (consideration: CR S5007-5044)

   Source: Floor

8. 9 April 2003

   Vote

   Passed/agreed to in Senate: Passed Senate with an amendment by Yea-Nay Vote. 95 - 5. Record Vote Number: 128.(text as passed Senate: CR S5020-5043)

   Source: Floor

Votes

Versions

• Reported to Senate · 27 February 2003 · Download file

Documents

5 official files

• Passed Senate amended

  summary · EN · 9 April 2003

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Reported to Senate (text)

  Reported to Senate · EN · 27 February 2003

  ViewDownloadOpen at official source

• Reported to Senate (PDF)

  Reported to Senate · EN · 27 February 2003

  ViewDownloadOpen at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Reported to Senate without amendment

  summary · EN · 27 February 2003

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in Senate

  summary · EN · 27 February 2003

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Grassley, Chuck [R-IA] · R · Sponsor
• · ssfi00 · Standing

Related records

• amends ← To provide a manager's amendment.
• amends ← To exclude 25 percent of gain on sales or exchanges of land or water interests to any nonprofit entity for any charitable purpose.