To simplify certain provisions of the Internal Revenue Code of 1986 and to establish a uniform pass-thru regime.

Bill: 108-hr-22
Sponsor: Rep. Houghton, Amo [R-NY-29]
Introduced: 2003-01-07 in the House
Policy area: Taxation
Subjects: Accounting
Adoption
Adult day care
Agriculture and Food
Bankruptcy
Capital
Capital gains tax
Child support
Close corporations
College costs
Commerce
Computer industry
Computer software
Corporate reorganizations
Corporation taxes
Cost of living adjustments
Day care
Depreciation and amortization
Disabled
Dividends
Earned income tax credit
Earnings
Economics and Public Finance
Education
Employee stock options
Entrepreneurs
Families
Farms
Finance and Financial Sector
Foreign Trade and International Finance
Foreign exchange
Foster home care
Futures trading
Gift tax
Government Operations and Politics
Government trust funds
Heads of households
Health
Higher education
Holding companies
Housing and Community Development
Income tax
Indexing (Economic policy)
Inheritance tax
Interest
Labor and Employment
Licenses
Local taxation
Losses
Marriage
Married people
Medicare
Minimum tax
Mortgages
Old age, survivors and disability insurance
Parents
Partnerships
Profit
Retirement
Science, Technology, Communications
Self-employed
Settlement costs
Siblings
Single-parent families
Small business
Social Welfare
State taxation
Stepfamilies
Stockholders
Stocks
Student housing
Students
Tax administration
Tax credits
Tax deductions
Tax exclusion
Tax exemption
Tax rates
Tax returns
Tax simplification
Valuation
Vocational and technical education

Summary:
action_date: 2003-01-07
text: Individual and Small Business Tax Simplification Act of 2003 - Amends the Internal Revenue Code, with respect to individuals, to: (1) increase the alternative minimum tax exemption amount and adjust it for inflation; (2) replace the head of household filing status with a new exemption for single parents; (3) allow itemizers and nonitemizers a 50 percent deduction for capital gains; (4) repeal the two percent floor on miscellaneous itemized deductions; (5) accelerate the repeal of the phaseout of the overall limitation on itemized deductions and the phaseout of the personal exemption; (6) exclude means-tested government benefits from determining support for purposes of the dependency exemption; (7) combine the Hope and Lifetime Learning credits into an education credit; (8) revise the taxation of social security benefits, the deduction for points on a home mortgage, the taxation of minors, the dependent care credit, the additional exemption for qualifying children, and the definition of qualified higher education expenses; and (9) repeal personal holding company tax provisions.
Revises provisions concerning small business taxation to: (1) eliminate the S corporation filing category and permit eligible corporations that are not publicly traded to be treated as a partnership; (2) increase expensing under section 179; (3) repeal provisions concerning collapsible corporations; (4) exclude from net earnings from self-employment partnership income attributable to capital; (5) repeal the ability to elect large partnership reporting rules; and (6) revise provisions concerning the exchange of property held for productive use, the definition of qualified corporate partners for purposes of the at risk rules, payments to retiring partners, foreign currency transactions, and a limited entrepreneur with respect to farming.

Legislative actions:
action_date: 2003-01-07
text: Referred to the House Committee on Ways and Means.
action_date: 2003-01-07
text: Sponsor introductory remarks on measure. (CR E29-31)
action_date: 2003-01-07
text: Introduced in House
action_date: 2003-01-07
text: Introduced in House