Fiscally Responsible Family Tax Relief Act of 2004

Bill: 108-hr-4997
Sponsor: Rep. Stenholm, Charles W. [D-TX-17]
Introduced: 2004-07-22 in the House
Policy area: Taxation
Subjects: Accounting
Administrative procedure
Administrative remedies
Armed Forces and National Security
Business records
Capital gains tax
Caregivers
Civil actions and liability
Commerce
Confidential communications
Congress
Congressional reporting requirements
Corporate debt
Corporate finance
Corporate mergers
Corporation taxes
Customs administration
Department of the Treasury
Disabled
Earned income tax credit
Economics and Public Finance
Employers' liability
Families
Finance and Financial Sector
Foreign Trade and International Finance
Foreign banks and banking
Foreign corporations
Government Operations and Politics
Government paperwork
Government publicity
Heads of households
Income tax
Information disclosure (Securities law)
Injunctions
Interest
Internal Revenue Service (IRS)
Investments
Investors
Labor and Employment
Law
Lawyers
Leases
Legal ethics
Liability (Law)
Limitation of actions
Loans
Losses
Married people
Military pay
Mutual funds
Partnerships
Profit
Securities
Social Welfare
Stockholders
Stocks
Sunset legislation
Tax administration
Tax consultants
Tax credits
Tax deductions
Tax evasion
Tax exemption
Tax liens
Tax penalties
Tax preparers
Tax rates
Tax refunds
Tax returns
Tax shelters
Taxation of foreign income
Taxpayers
Trusts and trustees
User charges
Valuation

Summary:
action_date: 2004-07-22
text: 
Fiscally Responsible Family Tax Relief Act of 2004 - Amends the Internal Revenue Code to extend through 2005: (1) the $1,000 (per child) child tax credit amount; (2) the increased standard deduction for married taxpayers; and (3) the increased ceilings for the 15 and ten percent tax brackets for married taxpayers. Eliminates the reduction in the refundability (15 to ten percent) of the child tax credit. Includes combat zone compensation as earned income for purposes of calculating the refundable portion of the child tax credit. 
 
Sets forth a uniform definition of &quot;child&quot; for purposes of applying certain tax provisions, including the dependent care credit, the child tax credit, and the deduction for personal exemption for dependents.
 
Sets forth rules for the application of the economic substance doctrine. Increases penalties for promoting abusive tax shelter transactions. Proposes new restrictions on tax shelter activities, including increased disclosure requirements, denial of a tax deduction for interest on underpayments attributable to undisclosed tax shelter transactions, and denial of privilege for communications relating to certain tax shelter transactions.
 
Proposes restrictions on corporate tax shelters, including: (1) a limitation on the transfer or importation by a corporation of built-in losses; (2) the repeal of special rules for Financial Asset Securitization Investment Trusts (FASITS); and (3) expansion of the authority of the Secretary of the Treasury to deny tax benefits related to tax shelter transactions.
 
Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) to extend the authority for certain customs user fees through September 30, 2013.


Legislative actions:
action_date: 2004-07-22
text: Referred to the House Committee on Ways and Means.
action_date: 2004-07-22
text: Introduced in House
action_date: 2004-07-22
text: Introduced in House