Tax Revision Act of 2005

Bill: 109-hr-4388
Sponsor: Rep. Thomas, William M. [R-CA-22]
Introduced: 2005-11-18 in the House
Policy area: Taxation
Subjects: Agriculture and Food
Alcohol tax
Armed Forces and National Security
Caribbean area
Collection of accounts
Commerce
Crime and Law Enforcement
Earned income tax credit
Economics and Public Finance
Education
Exports
Federal-territorial relations
Finance and Financial Sector
Foreign Trade and International Finance
Free trade
Government Operations and Politics
Higher education
Imports
Income tax
Intergovernmental tax relations
International Affairs
Latin America
Military pay
Puerto Rico
Revenue sharing
Social Welfare
Student loan funds
Tariff preferences
Tax administration
Tax deductions
Tax returns
Terrorism
Trade agreements
Undercover operations
Valuation
Virgin Islands

Summary:
action_date: 2005-11-18
text: 
Tax Revision Act of 2005 - Amends the Internal Revenue Code to extend through 2006: (1) the taxpayer election to include combat zone compensation as earned income for purposes of computing the earned income tax credit; (2) the increased cover over (payment) to the Treasuries of Puerto Rico and the Virgin Islands of distilled spirit excise tax revenues; (3) the authority for certain Internal Revenue Service (IRS) undercover investigative operations; and (4) the authority for disclosure of tax return information for combined employment tax reporting, for combating terrorist activities, and for student loan repayment. 
 
Allows, through 2006, the tax deduction for income attributable to domestic production activities for taxpayers with income from sources in Puerto Rico. 

action_date: 2005-12-07
text: 
Tax Revision Act of 2005 - Amends the Internal Revenue Code to extend through 2006: (1) the taxpayer election to include combat zone compensation as earned income for purposes of computing the earned income tax credit; (2) the increased cover over (payment) to the Treasuries of Puerto Rico and the Virgin Islands of distilled spirit excise tax revenues; (3) the authority for certain Internal Revenue Service (IRS) undercover investigative operations; and (4) the authority for disclosure of tax return information for combined employment tax reporting, for combating terrorist activities, and for student loan repayment. 
 
Allows, through 2006, the tax deduction for income attributable to domestic production activities for taxpayers with income from sources in Puerto Rico. 
 
Amends the Dominican Republic-Central America-United States Free Trade Agreement Implementation Act (CAFTA-DR) to revise formulae for determining the regional value-content of certain import/export goods. 


Legislative actions:
action_date: 2005-12-13
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 327.
action_date: 2005-12-12
text: Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
action_date: 2005-12-07
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2005-12-07
text: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 423 - 0 (Roll no. 617). (text: CR H11150)
action_date: 2005-12-07
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 423 - 0 (Roll no. 617).(text: CR H11150)
action_date: 2005-12-07
text: Considered as unfinished business. (consideration: CR H11181-11182)
action_date: 2005-12-07
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2005-12-07
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 4388.
action_date: 2005-12-07
text: Considered under suspension of the rules. (consideration: CR H11150-11152)
action_date: 2005-12-07
text: Mr. McCrery moved to suspend the rules and pass the bill, as amended.
action_date: 2005-11-18
text: Referred to the House Committee on Ways and Means.
action_date: 2005-11-18
text: Introduced in House
action_date: 2005-11-18
text: Introduced in House