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United States · Law · HR

H.R. 3996 (110th)

Tax Increase Prevention Act of 2007

enactedUnited States· United States Congress· EN

Introduced

30 October 2007

Last action

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Status

Became Public Law No: 110-166.

Sponsors

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Subjects

Discovery layer

Source updated

7 April 2025

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Summary

Temporary Tax Relief Act of 2007 - Amends Internal Revenue Code provisions relating to the alternative minimum tax, the discharge of mortgage indebtedness, and tax administration and extends certain expiring tax credits, deductions, and other tax incentives. Extends through 2007: (1) offsets against the alternative minimum tax for certain nonrefundable income tax credits; and (2) increased alternative minimum tax exemptions for individual taxpayers. Extends through 2008 various expiring tax provisions primarily affecting individual taxpayers, including: (1) the tax deductions for state and local sales taxes, for qualified tuition and related expenses, for qualified conservation contributions, for certain expenses of elementary and secondary school teachers, and for the travel expenses of state legislators while away from home; (2) tax-free distributions from individual retirement accounts for charitable purposes; (3) the taxpayer election to include combat pay as earned income for purposes of the earned income tax credit; (4) special rules for qualified mortgage bonds to finance home purchases by veterans; and (5) tax-free distributions from retirement plans for individuals called to active military service. Extends through 2008 various expiring tax provisions primarily affecting businesses, including: (1) the tax credits for increasing research expenses, for hiring workers on Indian reservations, for investment in new markets, for railroad track maintenance, and for hiring workers in areas affected by Hurricane Katrina; (2) accelerated depreciation for qualified leasehold and restaurant improvements, for motorsports entertainment complexes, and for business property on Indian reservations; (3) expensing allowances for environmental remediation costs; (4) tax deductions for contributions of food and book inventories and for computer equipment for educational purposes; and (5) tax incentives for investment in the District of Columbia and American Samoa. Extends through 2008 authorities for: (1) issuing qualified zone academy bonds; (2) making disclosures of tax information to facilitate student loan repayments and for combating terrorist activities; and (3) Internal Revenue Service (IRS) undercover operations. Allows an exclusion from gross income for up to $2 million of the income attributable to discharges of home mortgage indebtedness incurred after January 1, 2007. Extends through 2014 the tax deduction for mortgage insurance premiums. Sets forth alternative criteria for qualifying a corporation as a cooperative housing corporation for purposes of the tax deduction for payments to such corporations. Limits the exclusion from gross income of gain from the sale of a principal residence by denying an exclusion of the gain that is allocable to a nonqualified use of such residence (i.e., use other than as a principal residence). Repeals the authority of the IRS to enter into private debt collection contracts. Delays until 2012 the requirement for federal, state, and local agencies to withhold 3% of payments for goods and services provided to such agencies. Revises tax administration provisions and rules relating to: (1) tax returns of certain U.S. Virgin Island residents; and (2) the tax treatment of high-income individuals who relinquish U.S. citizenship or residency to avoid U.S. taxation (expatriates). Repeals the 36-month suspension of interest and penalties on tax underpayments for taxpayers not notified of a tax deficiency by the IRS. Increases tax penalties for failure to file accurate tax information returns. Amends the Tariff Act of 1930 to provide that wine of the same color shall be deemed to be commercially interchangeable for purposes of the duty drawback for unused merchandise.

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Documents

18 official files

Enrolled Bill (text)

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