Taxpayer Relief and Protection Act of 1997

Summary: Taxpayer Relief and Protection Act of 1997 - Amends the Internal Revenue Code to:  (1) reduce the individual income tax rates; (2) make the standard deduction on a joint return equal to twice the deduction of a single return; and (3) change the filing date for individual returns from April 15 to November 1.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Taxpayer Relief and Protection Act 
of 1997''.

SEC. 2. REDUCTION IN RATES OF INCOME TAX FOR NONCORPORATE TAXPAYERS.

    (a) In General.--Each of the tables contained in section 1 of the 
Internal Revenue Code of 1986 (relating to tax imposed) is amended--
            (1) by striking ``15%'' and inserting ``14.25%'',
            (2) by striking ``28%'' and inserting ``26.6%'',
            (3) by striking ``31%'' and inserting ``29.45%'',
            (4) by striking ``36%'' and inserting ``34.2%'', and
            (5) by striking ``39.6%'' and inserting ``37.62%''.
    (b) Maximum Capital Gains Rates.--Subsection (h) of such Code 
(relating to maximum capital gains rate) is amended--
            (1) in paragraph (1)--
                    (A) by striking ``28 percent'' in subclause (I) of 
                subparagraph (A)(ii) and inserting ``26.6 percent'',
                    (B) by striking ``25 percent'' in subparagraph (B) 
                and inserting ``23.75 percent'',
                    (C) by striking ``28 percent'' in subparagraph (C) 
                and inserting ``26.6 percent'',
                    (D) in subparagraph (D)--
                            (i) by striking ``10 percent'' in the 
                        matter preceding clause (i) and inserting ``9.5 
                        percent'', and
                            (ii) by striking ``28 percent'' and 
                        inserting ``26.6'', and
                    (E) by striking ``20 percent'' in subparagraph (E) 
                and inserting ``19 percent'', and
            (2) in paragraph (2)--
                    (A) in subparagraph (A)--
                            (i) by striking ``8 percent'' and inserting 
                        ``7.6 percent'',
                            (ii) by striking ``10-percent'' and 
                        inserting ``9.5-percent'', and
                            (iii) by striking ``10 percent'' and 
                        inserting ``9.5 percent'',
                    (B) in subparagraph (B)--
                            (i) in the matter preceding clause (i)--
                                    (I) by striking ``18 percent'' and 
                                inserting ``17.1 percent'', and
                                    (II) by striking ``20-percent'' and 
                                inserting ``19-percent'', and
                            (ii) by striking ``20 percent'' in clause 
                        (ii) and inserting ``19 percent''.
    (c) Alternative Minimum Tax.--Clause (i) of section 55(b)(1)(A) of 
such Code (relating to amount of tentative minimum tax for noncorporate 
taxpayers) is amended--
            (1) in subclause (I), by striking ``26 percent'' and 
        inserting ``24.7 percent'', and
            (2) in subclause (II), by striking ``28 percent'' and 
        inserting ``26.6 percent''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1997.

SEC. 3. JOINT RETURN STANDARD DEDUCTION TWICE THAT OF SINGLE RETURN.

    (a) In General.--Paragraph (2) of section 63(c) of the Internal 
Revenue Code of 1986 (relating to the standard deduction) is amended--
            (1) in subparagraph (A), by striking ``$5,000'' and 
        inserting ``twice the amount in effect under subparagraph 
        (C)'', and
            (2) in subparagraph (D), by striking ``$2,500'' and 
        inserting ``the amount in effect under subparagraph (C)''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
apply to taxable years beginning after December 31, 1997.

SEC. 4. CHANGE IN FILING DATE FOR INDIVIDUAL INCOME TAX RETURNS TO 
              NOVEMBER 1.

    (a) In General.--Section 6072(a) of the Internal Revenue Code of 
1986 (relating to time for filing income tax returns) is amended--
            (1) by striking ``15th day of April'' and inserting ``1st 
        day of November'', and
            (2) by striking ``15th day of the fourth month'' and 
        inserting ``1st day of the 11th month''.
    (b) Conforming Amendments.--
            (1) Section 3510(a)(2) of such Code (relating to 
        coordination of collection of domestic service employment taxes 
        with collection of income taxes) is amended by striking ``15th 
        day of the fourth month'' and inserting ``1st day of the 11th 
        month''.
            (2) Section 6075(b) of such Revenue Code (relating to gift 
        tax returns) is amended--
                    (A) in paragraph (3), by striking ``paragraphs (1) 
                and (2)'' and inserting ``paragraph (1)'',
                    (B) by striking paragraph (2), and
                    (C) by redesignating paragraph (3) as paragraph 
                (2).
            (3) Section 6501(b)(2) of such Code (relating to return of 
        certain employment taxes and tax imposed by chapter 3) is 
        amended by striking ``April 15'' both places it appears and 
        inserting ``November 1''.
            (4) Section 6513 of such Code (relating to time return 
        deemed filed and tax considered paid) is amended--
                    (A) in subsection (b)(1), by striking ``15th day of 
                the fourth month'' and inserting ``1st day of the 11th 
                month'', and
                    (B) in subsection (c), by striking ``April 15'' 
                each place it appears and inserting ``November 1''.
            (5) Section 6621(b)(2) of such Code (relating to special 
        rule for individual estimated tax) is amended to read as 
        follows:
            ``(2) Period during which rate applies.--The Federal short-
        term rate determined under paragraph (1) for any month shall 
        apply during the first calendar quarter beginning after such 
        month.''
            (6) Section 6654(b)(2)(A) of such Code (relating to period 
        of underpayment) is amended by striking ``15th day of the 4th 
        month'' and inserting ``1st day of the 11th month''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1997.