zli12321/Bills huggingface dataset:
Growing Jobs Through Capital Act of 2011 - Amends the Internal Revenue Code to exclude gain from the sale or exchange of a capital asset from gross income for income tax purposes. Terminates such tax exclusion two years after the enactment of this Act.

Date: 2011-11-02
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to extend through 2012 the tax rule that excludes bonus depreciation allowed for certain depreciable business assets as a cost allocated to a contract under the percentage of completion method for long-term contracts.

Date: 2011-11-04
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Saving Over Spending Act - Allows 50% of any unobligated balance of an appropriated amount available for salaries and expenses that would otherwise expire at the end of a fiscal year to remain available for expenditure for the subsequent fiscal year and allocates the other 50% for deficit reduction.

Date: 2011-11-04
Topic: Macroeconomics (Tax Code)
Subject: Government operations and politics
Hiring Our Veterans Act of 2011 - Amends the Internal Revenue Code to: (1) increase the amount of wages eligible for the work opportunity tax credit for veterans who are hired after being unemployed for six months or more during the one-year period ending on the hiring date ($14,000 of first-year wages) or disabled veterans who are either hired within one year after discharge from active duty ($12,000 of first-year wages) or who are hired after being unemployed for six months or more during the one-year period ending on the hiring date ($24,000 of first-year wages), and (2) allow tax-exempt organizations to claim the lesser of the amount of the work opportunity tax credit for hiring veterans or the amount of the payroll taxes paid by such organizations during the calendar year.

Date: 2011-11-10
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Child Tax Credit Integrity Preservation Act of 2011 - Amends the Internal Revenue Code to expand the identification requirements for the child tax credit to require taxpayers to provide valid identification numbers on their tax returns in addition to the names and identification numbers of each qualifying child.

Date: 2011-11-16
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Returning Investment to America Act of 2011 - Amends the Internal Revenue Code to allow an extension of the election allowed to domestic corporations to deduct dividends received from controlled foreign corporations (election may be made for any taxable year beginning before December 31, 2012).  Limits the amount of such deduction in any taxable year to the amount by which the domestic corporation increases its payroll and by the amount of its investment in depreciable business assets.

Date: 2011-11-16
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Sensible Estate Tax Act of 2011 - Amends the Internal Revenue Code to: (1) establish new estate tax rates of between 37% (for estates with a value in excess of $500,000) 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 2012. Repeals the termination date applicable to the estate and gift tax provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (i.e., December 31, 2012). 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 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 Secretary of the Treasury, and to recipients of any interest in an estate or a gift, 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.

Date: 2011-11-17
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Prohibits for the two-year period beginning on the enactment of this Act: (1) any federal agency from making any rule that would affect employment levels, and (2) Congress from enacting any law that would result in a tax increase on any person or entity.

Date: 2011-11-29
Topic: Macroeconomics (Tax Code)
Subject: Government operations and politics
Social Security Preservation through Individual Choice Enhancement Act - Amends the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to allow individual taxpayers an election to claim the 2% reduction in employment taxes under such Act in any calendar year beginning in or after 2012. Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to increase the applicable social security retirement age by one month for each calendar year that a taxpayer elects a reduction in employment taxes under this Act.

Date: 2011-12-02
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Entrepreneur Startup Growth Act of 2011 - Directs the Commissioner of the Internal Revenue Service (IRS), in consultation with the Administrator of the Small Business Administration (SBA), to establish a self-employment tax initiative grant program to provide certain self-employed individuals with modified adjusted gross incomes of $50,000 or less with affordable tax preparation and business development assistance. Authorizes the Commissioner to make program grants of not more than $75,000 to community-based organizations, microlenders, nonprofit organizations, institutions of higher education, and local governments. Directs the Comptroller General to study and report on such program, including program outcomes.

Date: 2011-12-06
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to: (1) make permanent the tax deduction for charitable contributions of food inventory; (2) set forth rules for determining the basis and fair market value of contributed food; and (3) increase from 10% to 15% of taxpayer net income the amount of deductible food inventory contributions which a taxpayer, including a C corporation, may make in any taxable year.

Date: 2011-12-19
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to make permanent and increase the alternative minimum tax (AMT) exemption amount to $100,000 for married couples filing a joint tax return and surviving spouses and to $75,000 for unmarried individuals. Adjusts such increased exemption amounts for inflation in taxable years beginning after 2012.

Date: 2011-12-20
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to allow a taxpayer to elect, during the five-year period after the enactment of this Act, to treat any contribution to a qualified regional infrastructure improvement zone as a tax deductible ordinary and necessary business expense. Defines "qualified regional infrastructure improvement zone" as any zone created and designated by a multi-jurisdictional regional planning organization to undertake public infrastructure improvement projects.

Date: 2012-01-18
Topic: Macroeconomics (Tax Code)
Subject: Taxation
American Opportunity and Freedom Act of 2012 - Repeals the terminating date (i.e., December 31, 2012) of: (1) the Economic Growth and Tax Relief Reconciliation Act of 2001, thus making such Act permanent; and (2) provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 reducing tax rates on dividends and capital gains. Repeals the estate and generation-skipping transfer taxes for decedents dying and transfers made after December 31, 2010. Repeals the alternative minimum tax (AMT) for individuals for taxable years beginning after 2010. Repeals: (1) the increase in the excise tax rate on tobacco products, and (2) revenue offset provisions of the Patient Protection and Affordable Care Act (PPACA) and other tax provisions relating to the individual and employer mandate requiring the purchase of health insurance under PPACA.

Date: 2012-01-23
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Paying a Fair Share Act of 2012 - Amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax). Establishes the amount of such tax as the excess (if any) of the tentative fair share tax over the excess of: (1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (2) certain tax credits. Provides for a phase-in of such tax. Requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2013. Expresses the sense of the House of Representatives that Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the tax system, and makes sure that the wealthiest taxpayers pay a fair share of taxes.

Date: 2012-02-06
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to: (1) treat income and gains from the use, sale, or exchange of infrastructure property as qualifying income for purposes of the tax treatment of publicly-traded partnerships; (2) exempt publicly-traded partnerships from the limitation on the tax deduction for income attributable to oil-related qualified production activities; (3) allow accelerated depreciation of infrastructure property (i.e., classify such property as five-year property); and (4) treat exchanges of infrastructure property as like-kind exchanges (thus exempting gain from such exchanges from tax). Defines "infrastructure property" as property which is part of: (1) roads and related improvements; (2) train tracks and related improvements; (3) airports; (4) docks and wharves; (5) facilities for sewage, solid waste disposal, the furnishing of water, the transmission and distribution of natural gas, or the generation, transmission, and distribution of electricity; or (6) communications facilities.

Date: 2012-02-09
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Temporary Payroll Tax Cut Continuation Act of 2012 - Amends the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to extend through 2012 the 2% reduction in employment tax rates for employees and self-employed individuals.

Date: 2012-02-13
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Carried Interest Fairness Act of 2012 - Amends the Internal Revenue Code to: (1) set forth a special rule for the inclusion in gross income of partnership interests transferred in connection with the performance of services, (2) treat as ordinary income the net capital gain with respect to an investment services partnership interest except to the extent such gain is attributable to a partner's qualified capital interest, (3) exempt income from investment services partnership interests from treatment as qualifying income of a publicly traded partnership, (4) increase the penalty for underpayments of tax resulting from failure to treat income from an investment services partnership interest as ordinary income, and (5) include income and loss from an investment services partnership interest for purposes of determining net earnings from self-employment and applicable self-employment taxes. Defines "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership about investing in, purchasing, or selling specified assets; (2) managing, acquiring, or disposing of specified assets; or (3) arranging financing with respect to acquiring specified assets.

Date: 2012-02-14
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Help Entrepreneurs Create American Jobs Act of 2012 - Amends the Internal Revenue Code to make the increase (from $5,000 to $10,000) in the tax deduction for the start-up expenditures of an active trade or business permanent (currently, limited to taxable years beginning in 2010).

Date: 2012-02-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Philanthropic Enterprise Act of 2012 - 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, and independent operation (i.e., not controlled by a substantial contributor) from the excise tax on excess business holdings and unrelated business income.

Date: 2012-02-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Keeping Promises to Taxpayers Act of 2012 - Amends the Internal Revenue Code and the Patient Protection and Affordable Care Act to repeal certain health care-related taxes and other provisions, including: (1) the requirement that certain employers provide their employees with health insurance coverage and report on such coverage, (2) the excise tax on excess benefits from employer-sponsored health care coverage, (3) the requirement that distributions from a health savings account be used to pay for prescription drugs and insulin only (thus allowing for payment of over-the-counter medications), (4) the increase (from 7.5% to 10%) in the income threshold for the medical expense tax deduction, (5) the $2,500 limitation on contributions to health flexible spending arrangements, (6) the annual fees required for businesses providing health insurance and manufacturers or importers of branded prescription drugs, (7) the Patient-Centered Outcomes Research Trust Fund, (8) the fee imposed on insured and self-insured health plans, (9) the excise taxes on medical device manufacturers and importers and on indoor tanning services, (10) the increase (from 10% to 20%) in the penalty for distributions from health savings accounts and Archer medical savings accounts not used for qualified medical expenses, and (11) the increase in the tobacco production excise tax.

Date: 2012-02-16
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to: (1) extend for one year the 100% bonus depreciation allowance for business assets, and (2) increase the amount of alternative minimum tax (AMT) credits that corporate taxpayers may elect to accelerate in a taxable year in lieu of claiming bonus depreciation.

Date: 2012-03-13
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Closing Corporate Jet Tax Loopholes to Employ Veterans Act of 2012 or the Jets for Vets Act of 2012 - Amends the Internal Revenue Code to classify general aviation aircraft as seven-year property for purposes of the depreciation tax deduction (currently, expenses for aircraft can be deducted or expensed in the current taxable year). Defines "general aviation aircraft" as any airplane or helicopter not used in commercial or contract carrying of passengers or freight, but which primarily engages in the carrying of passengers. Increases the work opportunity tax credit for the hiring of veterans by increasing the dollar limitation on veteran wages eligible for such credit with revenue saved from the depreciation reclassification of general aviation aircraft by this Act.

Date: 2012-03-16
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to extend through 2014 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.

Date: 2012-03-19
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Adjusting for Income Disparity Act of 2012 - Amends the Internal Revenue Code to allow an individual taxpayer a new tax credit to compensate for income disparity. Sets the amount of such credit at the applicable credit amount ($2,500 to $5,000) reduced by a specified percentage (3 1/3% to 6 2/3%) of the excess of the taxpayer's modified adjusted gross income over a specified threshold ($15,000 to $30,000), based on the number of the taxpayer's dependents. Accelerates to December 31, 2011 (currently, December 31, 2012), the termination date for the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) and the provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) providing for a reduction in capital gain and dividend tax rates.

Date: 2012-03-26
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Homeowner Tax Fairness Act - Amends the Internal Revenue Code to: (1) extend through 2015 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence, (2) extend through 2014 the tax deduction for mortgage insurance premiums, and (3) exclude from gross income any National Mortgage Settlement amount. Defines "National Mortgage Settlement amount" as any amount received pursuant to the settlement in a legal action against Bank of America Corporation filed in U.S. District Court on March 12, 2012, which is: (1) a payment for transitional assistance; (2) a payment from the Borrower Payment Fund under the National Mortgage Settlement to a borrower whose home was finally sold or taken in foreclosure after December 31, 2007, and before January 1, 2012; or (3) a payment received as a result of a foreclosure or excess charge of interest that the Department of Justice (DOJ) has determined was not in compliance with the Servicemembers Civil Relief Act.

Date: 2012-03-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Communities Committed to College Tax Credit Act of 2012 - Amends the Internal Revenue Code to allow a tax credit for 50% of any contribution to a tax-exempt scholarship funding trust established to provide scholarships for individuals with demonstrated financial need to attend institutions of higher education.

Date: 2012-04-16
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to allow the release of a federal tax levy on any trade or business of a taxpayer who can show hardship due to such levy.

Date: 2012-04-17
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to extend through 2013 the increase in the amount of distilled spirits tax covered into the treasuries of Puerto Rico and the Virgin Islands.

Date: 2012-04-17
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Easy Earned Income Tax Credit Act of 2012 - Requires the Secretary of the Treasury to: (1) modify income tax forms to incorporate information currently required on the separate earned income tax credit form (Form EIC), and (2) provide a notice on such forms and in the instructions for such forms that the Secretary will compute the taxpayer's earned income tax credit upon request. Amends the Internal Revenue Code to allow a taxpayer to elect not to compute the amount of such taxpayer's earned income tax credit, in which case the Internal Revenue Service (IRS) shall compute such credit amount.

Date: 2012-04-19
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Middle Class Tax Fairness Act of 2012 - Amends the Internal Revenue Code to make permanent the taxpayer election to deduct state and local general sales taxes in lieu of state and local income taxes. Requires an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax). Establishes the amount of such tax as the excess (if any) of the tentative fair share tax over the excess of: (1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (2) certain tax credits. Provides for a phase-in of such tax. Requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2013. Requires any savings resulting from the enactment of this Act to be used for federal budget deficit reduction or reduction of the federal debt.

Date: 2012-05-07
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Fighting Tax Fraud Act of 2012 - Amends the Internal Revenue Code to impose an increased penalty on a tax return preparer who engages in fraudulent conduct by: (1) willfully modifying any tax return or claim for refund which creates an understatement of tax liability after such return or claim has been signed by the taxpayer, and (2) willfully attempting to intercept the proceeds of such modified refund or claim. Establishes the penalty amount at the greater of $5,000 or the amount of the understated tax liability.

Date: 2012-05-08
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Update and Streamline REIT Act of 2012 or US REIT Act of 2012 - Amends the Internal Revenue Code, with respect to the tax treatment of real estate investment trusts (REITs), to: (1) modify safe harbor rules for avoiding penalties for prohibited sales of rental and timber properties by REITs by allowing three-year averaging of sales proceeds for such properties, (2) repeal the preferential dividend rule for dividend payments to shareholders of publicly-offered REITs, (3) revise REIT income and assets tests to allow treatment of publicly-offered REIT debt instruments and personal property leased or mortgaged in connection with REIT real property as real estate assets, (4) make permanent the treatment of gain from sales of timber property and mineral royalties as qualifying REIT income, and (5) revise the calculation of REIT earnings and profits to avoid duplicate taxation of REIT shareholders.

Date: 2012-05-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Veterans Back to Work Act of 2012 - Amends the Internal Revenue Code to: (1) extend through 2013 the work opportunity tax credit for hiring qualified veterans (veterans receiving compensation for a service-connected disability and other federal assistance), and (2) allow employers who hire qualified veterans an exemption through 2013 from employment and railroad retirement taxes. Appropriates amounts to the Social Security Old-Age and Survivors Trust Fund and the Federal Disability Insurance Trust Fund to cover any revenue loss to such Funds resulting from this Act.

Date: 2012-05-18
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Charity Care Tax Deduction for Physicians Act of 2012 - Amends the Internal Revenue Code to allow a physician a tax deduction equal to the amount such physician would have otherwise charged for charity medical care provided on a volunteer or pro bono basis. Limits the allowable amount of such deduction to 10% of such physician's gross income for the taxable year.

Date: 2012-05-18
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Deductibility and Incentives to Promote Learning Opportunities and Maximize Assistance Act of 2012 or the DIPLOMA Act of 2012 - Amends the Internal Revenue Code to: (1) allow an unlimited tax deduction for qualified tuition and related expenses for taxpayers whose adjusted gross incomes do not exceed $80,000 ($160,000 for joint returns), (2) extend such deduction through 2017, (3) allow a tax deduction for principal amounts paid on education loans for the first 60 months of such loans, and (4) extend the American Opportunity tax credit through 2017.

Date: 2012-05-31
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Invest in America Now Act of 2012 - Amends the Internal Revenue Code to: (1) extend through 2012 the 100% bonus depreciation allowance for business assets; (2) increase the amount of alternative minimum tax (AMT) credits that corporate taxpayers may elect to accelerate in a taxable year in lieu of claiming bonus depreciation; and (3) deny major integrated oil companies a tax deduction for income attributable to the domestic production, transportation, or distribution of oil, natural gas, and primary products thereof.

Date: 2012-06-20
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to allow decedent estates to base the value of qualified historic property on the net earnings of such property for estate and gift tax purposes. Defines "qualified historic property" as any building designated as a national historic landmark for at least 25 years prior to the death of a decedent and originally used for residential or farming purposes.

Date: 2012-06-20
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Middle Class Tax Cut Protection Act of 2012 - Extends through 2014: (1) the general terminating date of the Economic Growth and Tax Relief Reconciliation Act of 2001, and (2) the reduction in the tax rate for dividend and capital gain income enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Amends the Internal Revenue Code to extend through 2014: (1) the increased American Opportunity tax credit, (2) the increase in the refundable portion of the child tax credit, and (3) the increased earned income tax credit percentage for three or more qualifying children. Disqualifies taxpayers whose income exceeds $250,000 for such extended tax benefits.

Date: 2012-07-11
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Working Families Tax Protection Act of 2012 - Extends through 2013 the terminating date for provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 relating to: (1) individual income tax rate reductions, (2) tax benefits related to children and adoption, (3) reduction of the marriage penalty, and (4) education assistance. Denies such extension to taxpayers whose income exceeds $500,000. Extends through 2013 the terminating date for provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 relating to reductions in the tax rate for dividend and capital gain income. Denies such extension to taxpayers whose income is taxed at the maximum income tax rate. Amends the Internal Revenue Code to extend through 2013: (1) the increased American Opportunity tax credit, (2) the increase in the refundable portion of the child tax credit, and (3) the increased earned income tax credit percentage for three or more qualifying children.

Date: 2012-07-11
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Scaling Up Manufacturing Act of 2012 - Amends the Internal Revenue Code to allow certain start-up companies that are headquartered in the United States a tax credit for up to 25% of their costs for the construction of a manufacturing facility and for the purchase of specialized equipment for use at such facility. Defines a "start-up company" as any corporation or partnership that: (1) first has both gross receipts and qualified research expenses in a taxable year beginning after December 31, 2012, or (2) has both gross receipts and qualified research expenses in fewer than three taxable years beginning after December 31, 2012, and before January 1, 2018.

Date: 2012-07-12
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Pathway to Job Creation through a Simpler, Fairer Tax Code Act of 2012 - States that the purpose of this Act is to provide for the enactment of comprehensive tax reform in 2013 that: (1) protects taxpayers by creating a fairer, simpler, flatter tax code; (2) is comprehensive; (3) results in tax revenue consistent with historical norms; (4) spurs greater investment, innovation and job creation; and (5) makes American workers and businesses more competitive. Defines a "tax reform bill" for purposes of this Act as a bill to be introduced by the chair of the House Committee on Ways and Means not later than April 30, 2013, that is certified by the chair of the Joint Committee on Taxation as containing proposals to: (1) consolidate the 6 current individual income tax brackets into a maximum of 2 brackets (of 10% and not higher than 25%), (2) reduce the corporate income tax rate to not more than 25%, (3) repeal the alternative minimum tax (AMT), (4) broaden the tax base so that tax revenues comprise between 18% and 19% of Gross Domestic Product (GDP), and (5) reform the current system of foreign taxation. Provides for the expedited consideration of such bill in the House of Representatives and the Senate.

Date: 2012-07-24
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to extend through 2013: (1) the increase in the Hope Scholarship tax credit (American Opportunity Tax Credit), and (2) the disregard of tax refunds for purposes of determining eligibility for means tested federal programs.

Date: 2012-07-24
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to eliminate tax-exempt interest earned on private activity bonds as an item of tax preference for purposes of calculating the alternative minimum tax.

Date: 2012-07-24
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Build America Bonds Act of 2012 - Amends the Internal Revenue Code to: (1) make permanent the issuance authority for Build America Bonds and the authority for payments to issuers of such bonds; (2) make phased reductions in the credit percentage to bondholders and the percentage of payments to issuers of such bonds; (3) allow refundings of currently issued bonds; (4) allow the use of Build America bonds to fund capital expenditures for levees and flood control projects; and (5) deny a tax deduction to major integrated oil companies for income attributable to the production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof.

Date: 2012-07-26
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Makes permanent: (1) the Economic Growth and Tax Relief Reconciliation Act of 2001, and (2) provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 that reduce tax rates on dividend and capital gain income. Amends the Internal Revenue Code to make permanent: (1) the tax deduction for tuition and related expenses, and (2) the increased expensing allowance for small business assets. Repeals the estate tax and the tax on generation-skipping transfers. Modifies tax gift tax rates and allows an increased lifetime gift tax exemption. Extends for one year the increased exemption from the alternative minimum tax (AMT) for individual taxpayers and the offset against the AMT for certain nonrefundable personal tax credits. Provides for an inflation adjustment to the basis of certain assets held for more than three years for purposes of determining gain or loss from the disposition of such assets.

Date: 2012-07-26
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to exclude from gross income, for income tax purposes, the value of any medal awarded in, or any prize money received from the U.S. Olympic Committee on account of, competition in the Olympic Games.

Date: 2012-08-01
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Middle Class and Small Business Tax Relief Act of 2012 - Makes provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) permanent for taxpayers whose adjusted gross incomes do not exceed a specified base amount (i.e., $200,000 for individual taxpayers and $250,000 for married couples filing jointly). Revises income tax rates to increase to 39.6% the maximum income tax rate for taxpayers whose incomes exceed the base amount. Makes provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 that reduce the tax rate on dividend and capital gains income for taxpayers whose incomes do not exceed the base amount permanent. Increases to 20% the tax rate on dividend and capital gains income for taxpayers whose incomes are  above the base amount. Amends the Internal Revenue Code to extend for an additional year: (1) the increased Hope Scholarship tax credit (designated as the American Opportunity Tax Credit), (2) the increase in the refundable portion of the child tax credit, (3) the increased percentage of the earned income tax credit for taxpayers with three or more qualifying children, (4) the disregard of tax refunds for purposes of determining eligibility for certain means tested federal programs, (5) the increased exemption from the alternative minimum tax (AMT) for individual taxpayers, and (6) the offset against the AMT for certain nonrefundable personal tax credits. Extends until December 31, 2013, the estate, gift, and generation-skipping transfer provisions of EGTRRA.

Date: 2012-08-01
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Family Farm and Small Business Tax Relief Act of 2012 - Amends the Internal Revenue Code to exclude from a decedent's gross estate, for estate tax purposes, the adjusted value of qualified farmland and qualified family-owned business interests. Imposes an additional estate tax if, within 10 years after the decedent's death and before the date of the qualified heir's death: (1) qualified farmland ceases to be used for farming purposes or is sold outside of the qualified heir's family; or (2) material participation requirements for a qualified family-owned business interest are not met, the business ceases to be located in the United States, or the business is sold outside the qualified heir's family. Makes permanent estate tax provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.

Date: 2012-08-01
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Death Tax Repeal Act - Repeals the federal estate, gift, and generation-skipping transfer taxes.

Date: 2012-08-02
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Tax Exemption for American Medalists Act - Amends the Internal Revenue Code to exclude from gross income, for income tax purposes, the value of any medal awarded in, or any prize money received from the U.S. Olympic Committee on account of, competition in the Olympic Games or Paralympic Games.

Date: 2012-08-02
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Startup Innovation Credit Act of 2012 - Amends the Internal Revenue Code to allow a qualified small business, other than a tax-exempt organization, to use a portion of its tax credit for increasing research expenditures as an offset against its payroll tax liability under the Federal Insurance Contributions Act (FICA).  Defines "qualified small business" as a corporation, partnership, or S corporation if the gross receipts of such entity for the taxable year are less than $5 million and such entity did not have gross receipts for any period preceding the 5-year period ending with such taxable year. Limits the amount of the payroll tax credit portion to $250,000 in any taxable year.

Date: 2012-08-02
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Managed Carbon Price Act of 2012 - Amends the Internal Revenue Code to require covered persons (i.e., U.S. coal producers, oil refinery operators, first sellers of natural gas, and producers of other greenhouse gas [GHG] emission substances and importers of any GHG emission substance) to purchase a federal emission permit from the Secretary of the Treasury for the sale, combustion, or other use of such a substance. Exempts from such requirement use of a GHG emission substance: (1) as material in the production of another article by such person, or (2) for noncombustion agricultural purposes. Requires the Secretary to impose a GHG emission permit equivalency fee on imports of carbon intensive goods. Requires federal emission permits to be: (1) denominated in one-quarter carbon dioxide equivalents, and (2) purchased within 14 calendar days before or after a GHG emission substance is produced or entered into the United States. Requires the Secretary to: (1) establish a price for obtaining a permit for a year based on a determination of the dollar amount necessary to meet specified emissions reductions targets, (2) publish a five-year price schedule for permits by January 1, 2014, for each of the five years from 2015 to 2019, and (3) publish a 10-year schedule of the minimum and maximum prices for permits by January 1, 2021, and every 10 years thereafter. Sets minimum prices. Authorizes the Secretary to reduce permit prices if target reductions are being exceeded and to increase such prices if target reductions are not being met. Establishes emission reduction targets for 2015 through 2059 decreasing from 100% to 20% of the carbon dioxide equivalents emitted in the United States in 2005. Requires the Secretary to report annually on: (1) the extent to which such limitations are being achieved, (2) GHG emission permits sold and their impact on GHG emissions, and (3) worldwide GHG emissions in relation to 2005 emissions. Defines a "carbon dioxide equivalent" as the quantity of a GHG emission substance that makes the same contribution to global warming as one metric ton of carbon dioxide. Requires the Administrator to publish and update a schedule listing such quantity for each GHG emission substance. Requires: (1) repayment of permit fees to specified permittees that use GHG emission substances in a manner that will make a negligible or no contribution to global warming, and (2) payment of the permit equivalency fees to exporters of carbon-intensive goods. Imposes a tax on covered persons who fail to obtain a required permit. Establishes the Energy and Economic Security Trust Fund into which revenue raised from permit sales shall be deposited. Requires the Fund to be used to pay monthly dividends to taxpayers and for deficit reduction.

Date: 2012-08-02
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to exclude from gross income, for income tax purposes, the value of any medal awarded in, or any prize money received from the U.S. Olympic Committee on account of, competition in the Olympic Games or Paralympic Games.

Date: 2012-08-07
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Manufacturing Economic Recovery Act of 2012 - Amends the Internal Revenue Code to allow: (1) a manufacturing recovery tax credit for investment in manufacturing real and tangible personal property used in the United States, including an increased credit for manufacturing property located in an economically disadvantaged area and an extremely economically disadvantaged area; (2) an additional investment tax credit for manufacturing property; and (3) a work opportunity tax credit for hiring an employee in a manufacturing facility located in the United States (manufacturing recovery employee), including an increased credit for hiring individuals receiving unemployment compensation.

Date: 2012-09-21
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Middle Class College Tuition Tax Credit Expansion Act of 2012 - 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 increased income tax credit for 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 $25,000 for all taxable years, and (4) makes 50% of the credit refundable. Allows an exclusion from gross income of any amount received as a Federal Pell Grant.

Date: 2012-09-21
Topic: Macroeconomics (Tax Code)
Subject: Taxation
ITIN Reform Act of 2012 - Amends the Internal Revenue Code to require the Secretary of the Treasury to issue an individual taxpayer identification number (ITIN) to an individual only if such individual: (1) submits an application for an ITIN in person at an Internal Revenue Service (IRS) taxpayer assistance center with required documentation, or (2) submits an application in person outside of the United States to an IRS employee or a designee of the Secretary at a U.S. diplomatic mission or consular post with required documentation. Exempts from this requirement military spouses and nonresident aliens claiming tax treaty benefits.

Date: 2012-09-21
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Computers in Our Communities Act - Amends the Internal Revenue Code to extend through 2013 the tax deduction allowed to corporate taxpayers for charitable contributions of computer inventory for educational purposes.

Date: 2012-09-21
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Personal Holding Company Tax Parity and Reinvestment Act - Amends the Internal Revenue Code to exclude dividends received by a U.S. shareholder from a controlled foreign corporation from the definition of "personal holding company income" for purposes of personal holding company taxation.

Date: 2012-12-13
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Makes permanent: (1) the Economic Growth and Tax Relief Reconciliation Act of 2001, and (2) provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 that reduce tax rates on capital gain and dividend income.

Date: 2012-12-13
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Economic Stimulus, Tax Credit Act of 2012 - Directs the Secretary of Commerce to establish a debit card stimulus program for issuing pre-loaded six-month debit cards to eligible taxpayers. Prescribes the amount on the debit card to be the sum of: (1) $5,000 for a taxpayer who filed a joint income tax return for the first taxable year beginning in 2011; (2) $3,000 for a taxpayer who filed an individual income tax return for the same taxable year; plus (3) $500, but only if the taxpayer uses the debit card to acquire a new U.S.-manufactured passenger automobile by way of an 18-month lease (renewable at the lessee's option). Limits a debit card to taxpaying U.S. citizens whose gross income does not exceed $50,000 ($75,000 for those filing joint returns), plus a phaseout amount calculated according to a specified formula. Excludes individuals claimed as dependents on another taxpayer's income tax return. Allows use of the debit card to purchase durable goods, clothes, services (other than medical and business-related legal services) performed within the United States, and the residential home mortgage payments of a debtor at least three months in arrears. Prohibits the use of a debit card for any purchase of a good or service, or the acquisition of a passenger automobile under a lease, if its cost is greater than the amount provided under the debit card stimulus program. Prescribes certain other restrictions on the use of a debit card. Allows an income tax employee retention credit to an employer of any qualified retained employee: (1) whose hiring date with the employer follows the beginning of the debit card stimulus program and who first begins work before the end of the program; and (2) who, without a break in service, performs services in the United States for the employer for the six months following the end of the debit card stimulus program (employee retention period). Sets the amount of an employee retention credit at the excess (if any) of: (1) $3,000 multiplied by the number of qualified retained employees, minus (2) $3,000 multiplied by the number of specified dismissed employees. Makes available to carry out this Act any funds made available to the Department of Defense (DOD) for Overseas Contingency Operations in excess of the amounts required by DOD for Operation Enduring Freedom because of the redeployment of members of the U.S. Armed Forces from Afghanistan.

Date: 2012-12-18
Topic: Macroeconomics (Tax Code)
Subject: Economics and public finance
Comprehensive and Fair Tax Reform Act - Expresses the sense of the Senate that Congress should: (1) simplify and shrink the tax code to reduce burdens on taxpayers and businesses, (2) eliminate wasteful tax breaks for special interests and remove corporate tax loopholes, (3) get rid of extra tax breaks for millionaires, and (4) crack down on cheaters and close the tax gap.

Date: 2011-01-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Permanent Marriage Penalty Relief Act of 2011 - Renders inapplicable the general terminating date (i.e., December 31, 2012) of the Economic Growth and Tax Relief Reconciliation Act of 2001 to provisions of that Act that eliminate the tax effect known as the marriage penalty in the standard tax deduction, the 15% income tax bracket, and the earned income tax credit.

Date: 2011-01-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Fair Tax Act of 2011 - Repeals the income tax, employment tax, and estate and gift tax. Redesignates the Internal Revenue Code of 1986 as the Internal Revenue Code of 2011. Imposes a national sales tax on the use or consumption in the United States of taxable property or services. Sets the sales tax rate at 23% in 2013, with adjustments to the rate in subsequent years. Allows exemptions from the tax for property or services purchased for business, export, or investment purposes, and for state government functions. Sets forth rules relating to: (1) the collection and remittance of the sales tax, and (2) credits and refunds. Allows a monthly sales tax rebate for families meeting certain size and income requirements. Grants states the primary authority for the collection of sales tax revenues and the remittance of such revenues to the Treasury. Sets forth administrative provisions relating to: (1) the filing of monthly reports and payments of tax, (2) accounting methods, (3) registration of sellers of goods and services responsible for reporting sales, (4) penalties for noncompliance, and (5) collections, appeals, and taxpayer rights. Directs the Secretary of the Treasury to allocate sales tax revenues among: (1) the general revenue, (2) the old-age and survivors insurance trust fund, (3) the disability insurance trust fund, (4) the hospital insurance trust fund, and (5) the federal supplementary medical insurance trust fund. Prohibits the funding of the Internal Revenue Service (IRS) after FY2015. Establishes in the Department of the Treasury: (1) an Excise Tax Bureau to administer excise taxes not administered by the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), and (2) a Sales Tax Bureau to administer the national sales tax. Terminates the sales tax imposed by this Act if the Sixteenth Amendment to the U.S. Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this Act.

Date: 2011-01-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Homeowner Tax Fairness Act of 2011- Amends the Internal Revenue Code to: (1) make permanent the standard tax deduction for real property taxes available to taxpayers who do not otherwise itemize their deductions; and (2) repeal the $500 limitation on such deduction. Makes this Act applicable to taxable years beginning after December 31, 2009.

Date: 2011-01-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Offshoring Prevention Act - Amends the Internal Revenue Code to include in foreign base company income, for purposes of determining the foreign trade income of controlled foreign corporations, imported property income. Defines "imported property income" as, with certain exceptions, income attributable to property manufactured outside of the United States and imported for sale into the United States. Provides for a separate application of limitations on the foreign tax credit for imported property income.

Date: 2011-01-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Restoring America's Competitiveness in Enterprise (RACE) Act of 2011 - Amends the Internal Revenue Code to reduce the maximum income tax rate on corporations, including personal service corporations, to 20% of taxable income over $50,000.

Date: 2011-01-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Home School Opportunities Make Education Sound Act of 2011- Amends the Internal Revenue Code to allow all taxpayers, including taxpayers who do not itemize their deductions, a tax deduction for expenses relating to the home schooling of their children at the elementary or secondary school level.

Date: 2011-01-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation