jiayi-li23/proxann_data huggingface dataset:
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-02-26 00:00:00

Death Tax Repeal Act of 2015 

(Sec. 2) This bill amends the Internal Revenue Code to repeal the estate and generation-skipping transfer taxes for estates of decedents dying or for transfers made on or after the enactment date of this Act. In the case of assets placed in a qualified domestic trust by a decedent who dies prior to the enactment of this Act, the current estate tax will not apply to: (1) distributions from such trust before the death of a surviving spouse made more than 10 years after the enactment date of this Act, and (2) assets remaining in such trust upon the death of the surviving spouse.

(Sec. 3) This section revises gift tax rates to lower the top rate to 35% and deems a transfer in trust to be a taxable gift unless the trust is treated as wholly-owned by the donor or the donor's spouse.

 The lifetime exemption for gifts is set at $5 million with a cost-of-living adjustment for calendar years beginning after 2011. The adjusted exemption amount in 2015 is $5.43 million.

(Sec. 4) The budgetary effects of this Act are exempted from entry on either PAYGO scorecard maintained under the Statutory Pay-As-You-Go Act of 2010.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-02-27 00:00:00

Distillery Excise Tax Reform Act of 2015

Amends the Internal Revenue Code to allow a reduction (from $13.50 to $2.70 on each proof gallon produced in the United States) in the excise tax on distilled spirits for domestic distillers who produce not more than 100,000 proof gallons of distilled spirits during the calendar year.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-03-04 00:00:00

Concrete Pump Tax Fairness Act of 2015

Amends the Internal Revenue Code to impose a vehicle mileage tax on owners of mobile mounted concrete boom pump vehicles. Defines "mobile mounted concrete boom pump vehicle" as a vehicle which is mobile machinery and on which the mounted machinery consists of a concrete boom pump and related subordinate parts. Directs that revenues from such tax be deposited into the Highway Trust Fund.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-03-04 00:00:00

American Opportunity Tax Credit Act of 2015

 Amends the Internal Revenue Code to replace the Hope Scholarship and Lifetime Learning tax credits with a new American Opportunity Tax Credit that: (1) allows an income tax credit of up to $2,500 of the qualified tuition and related expenses of a student who is carrying at least one half of a normal course load, (2) increases the income threshold for reductions in the credit amount based upon modified adjusted gross income, (3) allows a lifetime dollar limitation on such credit of $15,000 for all taxable years, and (4) makes a portion of such credit refundable. Allows an exclusion from gross income of any amount received as a Federal Pell Grant.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-03-17 00:00:00

Seniors' Tax Simplification Act of 2015 

This bill directs the Internal Revenue Service to make available to taxpayers who have turned age 65 at the close of the taxable year a new federal income tax Form 1040SR (similar to the existing Form 1040EZ). Such taxpayers can use this new form even if their income includes: (1) social security benefits; (2) distributions from qualified retirement plans, annuities, or other such deferred payment arrangements; (3) interest and dividends; or (4) capital gains and losses.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-03-23 00:00:00

Sensible Estate Tax Act of 2015 

Amends the Internal Revenue Code to: (1) establish new estate tax rates of between 41% (for estates with a value in excess of $1 million) and 55% (for estates with a value in excess of $10 million), (2) allow a $1 million estate tax exclusion, and (3) provide for an inflation adjustment to such amounts for decedents dying after 2016.

Restores the estate tax credit for any estate, inheritance, legacy, or succession taxes paid to a state (expired after 2004). Repeals the deduction currently allowed for such taxes.

Sets forth estate valuation rules for certain transfers of nonbusiness assets and limits estate tax discounts for certain individuals with minority interests in a business acquired from a decedent.

Requires that the value of the basis in any property acquired from a decedent be consistent with the basis as determined for estate tax purposes. Requires executors of estates to disclose to the Internal Revenue Service, and to recipients of any interest in an estate, information identifying the value of each interest received.

Expands rules for valuing assets in grantor retained annuity trusts to require that: (1) the right to receive fixed amounts from an annuity last for a term of not less than 10 years and that such fixed amounts not decrease during the first 10 years of the annuity term, and (2) the remainder interest have a value greater than zero when transferred.

Terminates the generation-skipping transfer exemption for certain long-term trusts (perpetual dynasty trusts) 90 years after the establishment of such trusts.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-04-13 00:00:00

Tax Equity Act of 2015

Amends the Internal Revenue Code to provide for regional cost-of-living adjustments in individual income tax rates. Directs the Department of Labor to determine and publish a regional cost-of-living index for each metropolitan statistical area for 2014 and each calendar year thereafter.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-04-15 00:00:00

Tax Cuts for America Act of 2015

This bill extends through 2015 the following expiring tax provisions:

 the new markets tax credit, the work opportunity tax credit, the research tax credit, the tax deduction for certain expenses of elementary and secondary school teachers, the tax credit for differential wage payments to employees who are active duty members of the Uniformed Services, the tax credit for new energy efficient homes, and the tax deduction for state and local sales taxes in lieu of state and local income taxes.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-04-15 00:00:00

Simplified, Manageable, And Responsible Tax Act or the SMART Act

 Amends the Internal Revenue Code to replace the marginal income tax rates with a single rate of 17% on individual taxable income.

Redefines "taxable income" to mean the amount by which wages, retirement distributions, and unemployment compensation exceed the standard deduction. Increases the basic standard deduction and includes an additional standard deduction for dependents. Includes in taxable income the taxable income of each dependent child under the age of 14. Replaces the current tax on corporations with a tax on every person engaged in a business activity equal to 17% of the business taxable income of such person. Makes the person engaged in the business activity liable for the tax, whether or not such person is an individual, a partnership, or a corporation. Imposes a tax of 17% on the value of excludable compensation provided during the year by an employer for the benefit of employees. Makes the employer liable for the tax. Repeals pension plan rules relating to : (1) non-discrimination, (2) contribution limits, and (3) restrictions on distributions. Revises rules relating to transfers of excess pension assets. Repeals: (1) the alternative minimum tax; (2) all income tax credits; (3) estate, gift, and generation-skipping transfer taxes; and (4) income tax provisions, except certain provisions relating to retirement distributions and tax-exempt organizations. Declares it not in order in the House of Representatives or the Senate, unless waived or suspended by a three-fifths vote, to consider any legislation that increases or adds an income tax rate, reduces the standard deduction, or provides any exclusion, deduction, credit, or other benefit that reduces federal revenues.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-04-21 00:00:00

PTC Elimination Act 

This bill amends the Internal Revenue Code to phase out and eventually eliminate the tax credit for production of electricity from renewable resources. The bill repeals the inflation adjustment for current recipients of the tax credit and modifies the "beginning of construction" requirement to require that construction of an eligible project is continuous and makes significant progress. The credit is repealed in its entirety after December 31, 2025.

The bill expresses the sense of Congress that the credit should be allowed to expire and should not be extended beyond its expiration date.

The bill also reduces the corporate income tax by an applicable percentage based on increases in revenues resulting from this bill.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-04-28 00:00:00

Keeping Social Security Solvent Act of 2015

 Amends the Internal Revenue Code, with respect to the taxes on employment and self-employment compensation, to repeal the limit on the amount of compensation subject to such taxes (i.e., the contribution and benefit base, currently $118,500 in 2015).
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-04-30 00:00:00

Amends the Internal Revenue Code to extend through 2015 the exclusion from gross income, for income tax purposes, of distributions from individual retirement accounts (IRAs) for charitable purposes.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-04-30 00:00:00

Amends the Internal Revenue Code to extend through 2015 the special rule allowing taxpayers other than C corporations a tax deduction for charitable contributions of food inventory.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-04-30 00:00:00

Amends the Internal Revenue Code to extend through 2015 the classification, for depreciation purposes, of leasehold, restaurant buildings, and retail improvements as 15-year property.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-04-30 00:00:00

Support Working Parents Act of 2015

 Amends the Internal Revenue Code to repeal the phaseout of the tax credit for dependent care services for taxpayers whose adjusted gross incomes exceed $15,000.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-05-01 00:00:00

Prioritizing Reinvestment in Infrastructure and Military while Eliminating Debt Act of 2015 or the PRIMED Act

This bill amends the Internal Revenue Code to allow corporate taxpayers to elect a tax deduction for cash dividends received from a controlled foreign corporation during the period beginning after the bill's enactment date and ending on December 31, 2016. The dividends received are subject to an effective tax rate of 5.25% when repatriated in the United States.

The bill divides tax revenues attributable to such repatriated earnings equally for: (1) federal debt reduction, (2) transfers to the Highway Trust Fund, and (3) adjustments to limitations on defense discretionary spending.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-05-05 00:00:00

Craft Beverage Bond Simplification Act of 2015 

This bill allows taxpayers who are liable for not more than $50,000 per year in excise taxes on distilled spirits, wine, or beer to file and pay such taxes quarterly without the requirement to post a bond covering the operations and withdrawals of such distilled spirits, wines, or beer. The bill also allows such a taxpayer who reasonably expects to have a tax liability of not more than $1,000 per year and who was liable for not more than $1,000 in taxes in the preceding calendar year to file and pay such taxes annually rather than quarterly.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-05-13 00:00:00

Obamacare Marriage Penalty Elimination Act

This bill amends the Internal Revenue Code, with respect to the tax credit for health care insurance premium assistance, to: (1) calculate the amount of such credit in the case of a joint tax return as the sum of each credit amount allowed to each spouse, thus preventing the tax effect known as the marriage penalty; and (2) replace the 400% poverty line eligibility limit for such credit with an applicable percentage based on a calculation of the combination of increased tax revenues and decreased outlays resulting from this Act.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-05-20 00:00:00

Domestic Research Enhancement Act of 2015

Amends the Internal Revenue Code to allow a research tax credit for 35% of in-house research expenses (contracted research expenses), including any research funded by any grant or contract or by another person or governmental entity.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-05-21 00:00:00

Distillery Innovation and Excise Tax Reform Act of 2015 

Amends the Internal Revenue Code to reduce the excise tax rate on distilled spirits produced in or imported into the United States from $13.50 to $9.00 per proof gallon and to $2.70 on the first 100,000 proof gallons. Makes the $2.70 per proof gallon rate applicable to a specified controlled group of corporations that is a distilled spirits operation.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-06-09 00:00:00

Tanning Tax Repeal Act of 2015

 Amends the Internal Revenue Code to repeal the 10% excise tax on indoor tanning services.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-06-16 00:00:00

S Corporation Modernization Act of 2015 

Amends the Internal Revenue Code to revise the tax treatment of S corporations by: (1) permanently reducing from 10 to 5 years the period during which S corporation built-in gains are subject to tax, (2) repealing mandatory termination of S corporation elections for excessive passive investment income, (3) allowing S corporations to increase passive investment income from 25 to 60% without incurring additional tax, (4) allowing nonresident aliens to be potential current beneficiaries of an electing small business trust (ESBT), (5) allowing individual retirement accounts to be S corporation shareholders, (6) allowing ESBTs to claim expanded charitable tax deductions, and (7) making permanent the rule requiring a basis adjustment to stock of an S corporation making charitable contributions of property.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-06-18 00:00:00

Individual Rate Simplification Act of 2015

This bill amends the Internal Revenue Code to revise individual income tax rates to establish a 20% rate on taxable income of $1 million or less and a 30% rate on taxable income over $1 million for taxable years beginning after December 31, 2015. The bill requires an annual inflation adjustment to the $1 million threshold amount in taxable years beginning after 2016.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-06-25 00:00:00

Craft Beverage Modernization and Tax Reform Act of 2015

Amends the Internal Revenue Code to:

 allow taxpayers who are liable for not more than $50,000 per year in excise taxes on distilled spirits, wine, or beer to file and pay such taxes quarterly without the requirement of posting a bond covering the operations and withdrawals of such distilled spirits, wines, or beer; allow such taxpayers who reasonably expect to have a tax liability of not more than $1,000 per year and who were liable for not more than $1,000 in taxes in the preceding calendar year to file and pay such taxes annually rather than quarterly; exclude the aging period from the production period for beer, wine, or distilled spirits for purposes of determining whether a taxpayer can expense, rather than capitalize, interest costs paid or incurred during the production period; reduce excise tax rates on beer, wine, and distilled spirits produced in the United States; permit the transfer of beer between bonded facilities without payment of tax; modify the definition of "hard cider" for excise tax purposes; and exempt home distillery establishments that produce distilled spirits solely for personal or family use from excise tax and bonding requirements. Directs the Department of the Treasury to amend applicable Treasury regulations with respect to the use of wholesome products suitable for human consumption in the production of fermented beverages.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to establish funding levels in FY2016-FY2021 for the enforcement and compliance activities of the Alcohol and Tobacco Tax and Trade Bureau.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-06-25 00:00:00

Responsible Estate Tax Act 

Amends the Internal Revenue Code, with respect to estate, gift, and generation-skipping transfer taxes, to: (1) revise estate tax rates to impose an increased tax for estates over $3.5 million and a maximum tax rate of 55% for estates over $50 million, (2) impose a 10% surtax on estates over $500 million, (3) reduce the basic estate tax exclusion amount to $3.5 million, (4) increase to $3 million the reduction in valuations of farmland for estate tax purposes and adjust such increased amount for inflation after 2014, and (5) increase to $2 million the maximum estate tax exclusion for contributions of conservation easements.

Requires that the value of the basis in any property acquired from a decedent or by gift be consistent with the basis as determined for estate and gift tax purposes. Requires executors of estates and donors of gifts required to file a gift tax return to disclose to the Department of the Treasury, and to recipients of any interest in an estate or a gift, information identifying the value of each interest received.

Sets forth estate valuation rules for certain transfers of nonbusiness assets and limits estate tax discounts for certain individuals with minority interests in a business acquired from a decedent.

Expands rules for valuing assets in grantor retained annuity trusts to require that: (1) the right to receive fixed amounts from an annuity last for a term of not less than 10 years and that such fixed amounts not decrease during the first 10 years of the annuity term, and (2) the remainder interest have a value greater than 10% when transferred.

Sets forth rules for the application of transfer taxes to a grantor trust (a trust in which the grantor retains control over the trust assets and has the right to receive income from the trust). Eliminates the generation-skipping transfer tax exemption for any trust whose termination date is not greater than 50 years after its creation.

Modifies the annual gift tax exclusion (currently, $14,000 per donee) to limit the aggregate annual amount of such exclusion to twice the current exclusion amount for certain types of transfers, specifically a transfer in trust, a transfer of an interest in a pass through entity, a transfer of an interest subject to a prohibition on sale, and any other transfer of property that cannot be immediately liquidated by the donee.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-06-25 00:00:00

Incentivize Corporate America Act of 2015 

Amends the Internal Revenue Code to revise the income tax rates on corporations to impose a single 20% rate on corporate taxable income.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-07-09 00:00:00

Invest in America Act of 2015 

This bill amends the Internal Revenue Code to modify the formula for calculating the tax on the net capital gains of individual taxpayers to provide for a maximum 15% rate on the adjusted net capital gain of such taxpayers.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-07-15 00:00:00

Bring Jobs Back to America Act of 2015

Amends the Internal Revenue Code to reduce the tax rate on current and accumulated foreign earnings of U.S. corporations reinvested in the United States from 35% to 5% and make such lower rate permanent.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-07-29 00:00:00

Amends the Internal Revenue Code to exempt the tax deduction for charitable contributions from the limitation on itemized deductions based on taxpayer adjusted gross income.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-09-15 00:00:00

American Solution for Simplifying the Estate Tax Act of 2015

This bill amends the Internal Revenue Code to: (1) allow taxpayers an election to make annual payments of 1% of their modified adjusted gross income for a minimum seven-year period in lieu of existing estate and generation-skipping transfer taxes, (2) allow a step-up in basis for estate property of a taxpayer making an election under this Act, and (3) set forth requirements for the filing of an estate tax return by taxpayers who have made an election under this Act.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-10-09 00:00:00

Philanthropic Enterprise Act of 2015

This bill amends the Internal Revenue Code to exempt the holdings of a private foundation in any business enterprise that meet specified requirements relating to exclusive ownership, minimum distribution of net operating income for the charitable purpose (all profits to charity distribution requirement), and independent operation (not controlled by a substantial contributor or family members) from the excise taxes on excess business holdings and unrelated business income.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-11-03 00:00:00

Charitable Automobile Red-Tape Simplification Act of 2015 or the CARS Act of 2015 

This bill amends the Internal Revenue Code, with respect to the tax deduction for charitable contributions, to modify the substantiation rules for donations of qualified vehicles (i.e., motor vehicles manufactured primarily for use on public streets, roads, and highways and boats or airplanes) with a claimed value exceeding $500 but not $2,500, to require: (1) a statement with respect to such qualified vehicles and a good faith estimate of their value at the time of donation; and (2) a contemporaneous written acknowledgement of the contribution by the donee organization, with information about the donor and the qualified vehicle.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-12-08 00:00:00

This bill amends the Internal Revenue Code to set forth a special valuation rule for charitable remainder unitrusts that terminate early for purposes of the tax deduction for charitable contributions.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2015-12-18 00:00:00

Protecting Charitable Contributions Act of 2015

This bill provides that the definitions and regulations in effect on January 1, 2015, relating to the substantiation of deductible charitable contributions in excess of $250, shall apply on and after the enactment date of the bill. The Internal Revenue Service shall not issue, revise, or finalize any regulation, revenue ruling, or other guidance relating to such definitions and regulations.
Topic: Macroeconomics — Tax Code
Subject: Taxation
Date: 2016-01-13 00:00:00

American Business Competitiveness Act of 2015

This bill amends the Internal Revenue Code to:

 reduce the tax rate on the net business income of individual and corporate taxpayers to a maximum 25%; allow full expensing of deductible investment expenses in the current taxable year; redefine "net business income" to allow the deduction of the cost of business purchases; convert to a territorial system for taxing overseas income; apply the same tax rate to interest income of individuals that is applicable to dividends and capital gains income; and allow a five-year carryback of net operating losses and an indefinite carryforward of such losses.