zli12321/Bills huggingface dataset:
Abusive Tax Shelter Shutdown and Taxpayer Accountability Act of 2007 - Amends the Internal Revenue Code to revise or add provisions relating to tax shelter activity, including provisions to: (1) define "economic substance" for purposes of evaluating tax shelter transactions; (2) increase penalties for large entities and high net-worth individuals for failure to disclose certain tax shelter transactions; (3) impose penalties for understatements of tax due to transactions lacking economic substance; (4) deny material tax advisors a claim of privilege as to the identity of a client; (5) revise standards for the penalty for understatement of tax liability by income tax return preparers and increase the penalties for such understatements; (6) revise and increase the penalties for frivolous tax submissions; (7) deny a tax deduction for interest on underpayments of tax due to nondisclosed reportable transactions and transactions lacking economic substance; (8) expand the authority of the Secretary of the Treasury to disallow certain tax benefits arising from the acquisition of corporate stock; (9) modify certain passive loss rules for controlled foreign corporations; and (10) provide a rule for the reduction in basis of corporate stock for which certain extraordinary dividends are received.

Date: 2007-05-16
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Death Tax Repeal Permanency Act of 2007 - Makes the repeal of the estate and generation-skipping transfer taxes under the Economic Growth and Tax Reconciliation Act of 2001 permanent (under the Act, those taxes would be reinstated after December 31, 2010).

Date: 2007-05-17
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to provide for the tax treatment of a charitable remainder pet trust as a charitable remainder annuity trust. Defines "charitable remainder pet trust" as a trust which pays a specified annual amount (for a maximum term of 20 years) for the care of domesticated companion animals living at the time of creation of the trust.

Date: 2007-05-24
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to increase the income tax deduction for business meals and entertainment expenses from 50 to 75% of such expenses in calendar year 2007 and 80% in 2008 and thereafter.

Date: 2007-06-11
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Children's Hope Act of 2007 - Amends the Internal Revenue Code to allow a tax credit of up to $100 ($200 for joint returns) for charitable contributions to an education investment organization that disburses 90% of its contributions to provide grants to students for elementary and secondary education expenses, if at least 50% of such disbursements go to students who qualify for free or reduced-cost school lunches. Requires a taxpayer claiming such credit, as a condition of eligibility to receive it, to first claim a state qualified scholarship tax credit.

Date: 2007-06-13
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to revise the definition of "passenger automobile" for purposes of the limitation on depreciation for luxury automobiles to mean any four-wheeled vehicle which is: (1) primarily designed or used to carry passengers over public streets, roads, or highways; and (2) rated at 14,000 pounds unloaded gross vehicle weight or less. Adds an exemption from such definition for certain vehicles with open cargo areas which are designed for more than nine individuals in seating rearward of the driver's seat.

Date: 2007-06-14
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Retirement Savings for Working Americans Act - Amends Internal Revenue Code provisions relating to the tax credit for retirement savings contributions (saver's credit) to: (1) require the Secretary of the Treasury to deposit saver's credit amounts directly into the designated retirement account of the taxpayer; (2) expand income eligibility levels for the saver's credit; (3) allow taxpayers that contribute to a qualified tuition program or a Coverdell education savings account to claim such contributions as retirement savings contributions; and (4) adjust the saver's credit maximum contribution amount for inflation beginning after 2007.

Date: 2007-06-14
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Tax Increase Prevention Act of 2007 - Repeals the general termination date of the Economic Growth and Tax Relief Reconciliation Act of 2001 (i.e., December 31, 2010), thus making the tax reductions enacted by that Act permanent. Repeals the termination date for provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 reducing income tax rates on dividends and capital gains.Amends the Internal Revenue Code to make permanent: (1) the tax deduction for state and local sales taxes; (2) the tax deduction for tuition and related expenses; (3) the increased expensing allowance for small business assets and related provisions; and (4) the tax credit for increasing research activities. Expresses the sense of the House of Representatives that the Committee on Ways and Means should report legislation on or before December 31, 2008, to simplify the federal income tax system.

Date: 2007-06-14
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to allow an offset against the alternative minimum tax of alternative motor vehicle tax credit amounts.

Date: 2007-06-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Generate Retirement Ownership Through Long-Term Holding Act of 2007 - Amends the Internal Revenue Code to provide that no gain shall be recognized on the receipt of a capital gain dividend distributed by a regulated investment company if such dividend is automatically reinvested in additional shares of the company pursuant to a dividend reinvestment plan.

Date: 2007-06-20
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to treat as ordinary income (i.e., income taxed at regular income tax rates) income received by a partner from an investment services partnership interest. 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 as to the value of specified assets (e.g., real estate, commodities, or options or derivative contracts); (2) advising the partnership about investing in, purchasing, or selling specified assets; (3) managing, acquiring, or disposing of specified assets; or (4) arranging financing with respect to acquiring specified assets.

Date: 2007-06-22
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Homeownership Affordability Act of 2007 - Amends the Internal Revenue Code to deem qualified homeowner downpayment assistance as a charitable purpose for income, estate, and gift tax purposes. Defines "qualified homeowner downpayment assistance" as a gift of cash for the purpose of providing any downpayment for the purchase of a principal residence for a taxpayer whose modified adjusted gross income does not exceed $110,000 ($220,000 for joint returns), if: (1) such gift does not exceed 20% of 110 percent of the maximum principal obligation allowable; and (2) the purchase price of such property does not exceed 110 percent of such amount.Denies an income tax deduction to a donor of homeowner downpayment assistance who receives a direct financial benefit in connection with the purchase of a principal residence for which downpayment assistance was provided.Allows a gift tax exclusion for a homeowner downpayment gift.

Date: 2007-06-27
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Middle Class Opportunity Act of 2007 - Amends the Internal Revenue Code to: (1) increase the child tax credit for the first year in which a child is claimed as a qualifying child; (2) expand eligibility for the dependent care tax credit and allow such credit for expenses to care for parents (and ancestors of such parents) not residing with the taxpayer; and (3) provide for an increased alternative minimum tax exemption amount through 2008Replaces the Hope and Lifetime Learning tax credits with an expanded education tax credit which provides for a 100% education tax credit for qualified tuition and related expenses (including a certain allowance for books) up to $1,000, 50% for such expenses between $1,000 and $3,000, and 20% of such expense between 3,000 and $5,500. Reduces credit amounts for taxpayers with modified adjusted gross incomes over $70,000 ($140,000 in the case of a joint tax return). Allows an inflation adjustment to credit amounts beginning after 2008.Limits such credit to three eligible students per taxpayer in any taxable year and for four taxable years. Denies such credit for certain part-time students and for students convicted of a felony drug offense. Repeals the tax deduction for qualified tuition and related expenses.

Date: 2007-06-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to repeal the restrictions on the tax deduction for the travel expenses of a taxpayer's spouse, dependent, or other individual accompanying the taxpayer on business travel.

Date: 2007-06-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to allow qualified retail improvement property a 15-year recovery period for purposes of the tax deduction for depreciation. Defines such property as any improvement to an interior portion of a building which is nonresidential real property, if: (1) such portion is open to the general public and is used in the trade or business of selling tangible personal property or services to the general public; and (2) such improvement is placed in service more than three years after the date the building was first placed in service. Excludes specified improvements, including the enlargement of a building, any elevator or escalator, or the internal structural framework of a building.

Date: 2007-06-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends Internal Revenue Code provisions defining expatriated business entities to exclude any management or administrative activities conducted by such entities in a foreign country in determining expatriate status for income tax purposes.

Date: 2007-06-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Tax Relief for All Workers Act of 2007 - Amends the Internal Revenue Code to increase the rate and phaseout amounts of the earned income tax credit for taxpayers with no qualifying children.

Date: 2007-06-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Middle Class Tax Relief Act of 2007- Amends the Internal Revenue Code to: (1) allow individual taxpayers with adjusted gross incomes of less than $75,000 ($150,000 for joint returns) a tax credit for 10% of their income tax; (2) eliminate income taxes for individual taxpayers with adjusted gross incomes of less than $12,500 ($25,000 for joint returns); (3) double the child tax credit for individual taxpayers with adjusted gross incomes of less than $75,000 ($150,000 for joint returns); (4) eliminate the alternative minimum tax in 2008 for certain individual taxpayers; and (5) impose an income tax surtax on individual taxpayers with adjusted gross incomes of over $500,000 ($1 million for joint returns).

Date: 2007-07-10
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Small Business Tax Equalization and Compliance Act of 2007 - Amends the Internal Revenue Code to extend the tax credit for social security taxes paid for employee cash tips to employers of cosmetologists. Requires employers of cosmetologists to report income and tips of their cosmetologist employees and to provide income and tip information to self-employed cosmetologists to whom they pay more than $600 in the taxable year. Imposes similar reporting requirements upon individuals who rent chairs to cosmetologists. Requires such employers to provide their cosmetologist employees and self-employed cosmetologists with information on the tax and tip reporting obligations of employees and self-employed individuals.

Date: 2007-07-12
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Farmland Relief Act of 2007 - Amends the Internal Revenue Code to double the period allowed to taxpayers for identifying and completing exchanges of like kind property for purposes of the nonrecognition of gain from such exchanges.

Date: 2007-07-12
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to allow certain support organizations for tax-exempt teaching hospitals to acquire debt secured by income-producing real property used to provide financial support for such hospitals.

Date: 2007-07-23
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to allow taxpayers to designate on their income tax returns a specified portion (not less than $1) of any income tax overpayment as a contribution to the general fund of the Treasury.

Date: 2007-07-23
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Child Tax Credit Preservation Act of 2007 - Makes permanent the increases in the child tax credit enacted by the Economic Growth and Tax Relief Reconciliation Act of 2001, the Jobs and Growth Tax Relief Reconciliation Act of 2003, and the Working Families Tax Relief Act of 2004. Provides for an annual inflation adjustment to child tax credit amounts, beginning in 2007.

Date: 2007-07-23
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to require the same level of tax withholding for tax deductible payments made between persons who are members of the same foreign controlled group of entities as would be required if such payments were made directly to the foreign parent corporation of such entities.

Date: 2007-07-24
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Capital Gains and Estate Tax Relief Act of 2007 - Makes permanent the reduction in capital gains tax rates (from 20 to 15%) enacted by the Jobs and Growth Tax Relief and Reconciliation Act of 2003.Amends the Internal Revenue Code to: (1) restore the unified credit against gift tax liability; (2) provide for annual increases in the estate tax exclusion amount between 2010 and 2015 and establish a permanent exclusion amount of $5 million for 2015 and thereafter; (3) provide for an inflation adjustment to the estate tax exclusion amount after 2015; (4) reduce estate tax rate brackets; and (5) allow a surviving spouse to use the unused unified estate tax credit of a deceased spouse.

Date: 2007-07-24
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends title II (Old Age, Survivors, and Disability Insurance) of the Social Security Act to eliminate the time limitation for corrections to wage and self-employment income records.

Date: 2007-07-31
Topic: Macroeconomics (Tax Code)
Subject: Social welfare
Repeals the provision in the Tax Increase Prevention and Reconciliation Act of 2005 which increased from 14 to 18 the age until which the unearned income of children is taxed at their parents' marginal income tax rates (thus restoring the age limit to 14).

Date: 2007-07-31
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to allow attorneys a tax deduction for expenses and court costs which they pay or incur in contingent fee cases.

Date: 2007-08-02
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Patriot Corporations of America Act of 2007 - Grants after 2007 a preference to Patriot corporations in the evaluation of bids or proposals for federal contracts. Defines " Patriot corporation" as a corporation which: (1) produces at least 90% of its goods and services in the United States; (2) does not pay its its management-level employees at a rate more than 10,000% of the compensation of its lowest paid employee; (3) conducts at least 50% of its research and development in the United States; (4) contributes at least 5% of its payroll to a portable pension fund for its employees; (5) pays at least 70% of its employees' health insurance costs; (6) maintains a policy of neutrality in employee organizing drives; (7) provides full differential salary and insurance benefits for all National Guard and Reserve employees who are called to active duty; and (8) has not violated federal regulations, including regulations relating to the environment, workplace safety, labor relations, and consumer protections.Amends the Internal Revenue Code to: (1) reduce the income tax rate for Patriot corporations; (2) reclassify foreign corporations created or organized to avoid federal taxation as domestic corporations for income tax purposes; and (3) increase, for the period between January 1, 2007, and December 31, 2010, the income tax rate for individual taxpayers with adjusted gross incomes of $500,000 or more ($1 million or more for joint returns).

Date: 2007-08-02
Topic: Macroeconomics (Tax Code)
Subject: Foreign trade and international finance
Virgin Islands Improvement Act of 2007 - Amends the Internal Revenue Code to provide for a reduction of taxes on distributions from certain retirement savings plans designated as being under investment by the Virgin Islands Investment Program for at least 30 years. Defines "Virgin Islands Investment Program" for purposes of this Act as a fund with managed amounts of less than $50 billion. Imposes a 1% annual tax on managed funds to benefit Virgin Island infrastructure development.

Date: 2007-08-03
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Sales Tax Fairness and Simplification Act - Grants the consent of Congress to the Streamlined Sales and Use Tax Agreement (Agreement), the multistate agreement for the administration and collection of sales and use taxes adopted on November 12, 2002. Expresses the sense of Congress that the Agreement provides sufficient simplification and uniformity to warrant federal authorizations to states that are parties to it (member states) to require remote sellers (sellers without a physical presence in the taxing state) to collect and remit the sales and use taxes of such states and their local taxing jurisdictions.Authorizes each member state, after 10 states (comprising at least 20% of all states imposing a sales tax) have petitioned for and become member states, to require all sellers, except those sellers with gross remote taxable sales nationwide of less than $5 million, to collect and remit sales and use taxes on remote sales owed to such member state under the terms of the Agreement.Allows any person affected by the Agreement to petition the Governing Board established by the Agreement for a determination of any issue arising under the Agreement. Provides for judicial review of Governing Board determinations by the U.S. Court of Federal Claims. Sets forth minimum simplification requirements for the Agreement.Expresses the sense of Congress that member states should work with each other to prevent double taxation where a foreign country has imposed a transaction tax on a digital good or service

Date: 2007-08-03
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Hardest Working Americans Tax Relief Act of 2007 - Amends the Internal Revenue Code to allow individual taxpayers an exclusion from gross income for overtime pay.

Date: 2007-08-03
Topic: Macroeconomics (Tax Code)
Subject: Taxation
1031 Regulation Act of 2007 - Amends the Internal Revenue Code to require the use of a federally insured depository institution or credit union to hold cash to be used in a tax-free exchange of properties to acquire like-kind property.

Date: 2007-08-03
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Requires the Secretary of the Treasury to enter into an agreement with the Free File Alliance to provide a forms-based software service for all individual taxpayers to electronically prepare and file their federal income tax returns through the Internal Revenue Service (IRS) website, free of charge, for taxable years beginning after 2007.Requires the Free File Alliance to meet certain standards promulgated by the federal government for business responsibility and commerciality of products or services.Prohibits the Secretary from implementing a return-free tax system for taxable years beginning after 2007, unless authorized to do so by an Act of Congress.

Date: 2007-08-04
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to increase the unified credit against the estate and gift tax to $5 million after 2009 and to adjust such amount for inflation for estates opened after 2010.Restores previous estate tax and carryover basis provisions temporarily repealed by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Modifies the general termination date of such Act (i.e., December 31, 2010) as it applies to certain EGTRRA estate and gift tax provisions.

Date: 2007-09-05
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Surface Transportation and Taxation Equity Act or STATE Act - Amends the Internal Revenue Code to reduce the federal excise tax on gasoline and special fuels (but not below two cents per gallon) by corresponding increases in fuel taxes imposed by States after March 5, 2007.

Date: 2007-09-07
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Restore American Dream Act of 2007 - Amends the Internal Revenue Code to establish tax-exempt homeownership plans. Allows a tax deduction from gross income for cash contributions to such plans. Defines "homeownership plan" as a trust established for the exclusive purpose of paying the costs (e.g., downpayment, interest, mortgage insurance, closing costs, etc.) of acquiring a principal residence by an individual who has never owned a principal residence. Excludes from gross income distributions from a homeownership plan used to pay the costs of acquiring a principal residence. Sets forth rules governing: (1) transfers of an interest in a plan due to death or divorce; (2) penalties for making distributions from a plan for purposes other than to acquire a principal residence; and (3) employer homeownership plans established for the benefit of their employees.

Date: 2007-09-17
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Property Tax Relief Act of 2007 - Amends the Internal Revenue Code to allow state and local real property taxes paid on a principal residence as a deduction from gross income (thus allowing taxpayers who do not itemize their tax deductions to claim such deduction).

Date: 2007-09-18
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to allow a tax credit for qualifying biomaterial produced by a taxpayer for business use. Limits the annual amount of such credit to $125 million. Defines "qualifying biomaterial" as a commercial or industrial product produced by chemically or biologically transforming feedstocks at least 75% of which are used to produce organic matter available on a renewable or recurring basis.

Date: 2007-09-19
Topic: Macroeconomics (Tax Code)
Subject: Taxation
American Middle Class Tax (AMT) Relief Act of 2007 - Amends the Internal Revenue Code to extend through 2007: (1) the increased alternative minimum tax exemption amounts for individual taxpayers; and (2) the increased amount allowed for certain nonrefundable income tax credits.

Date: 2007-09-19
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Middle Class Investor Tax Relief Act of 2007 - Amends the Internal Revenue Code to allow individual taxpayers a deduction from gross income for their net capital gains. Limits the amount of the deduction based upon taxpayer adjusted gross income.

Date: 2007-09-19
Topic: Macroeconomics (Tax Code)
Subject: Taxation
State Sales Tax Equity Relief Act of 2007 - Amends the Internal Revenue Code to make permanent the taxpayer election to deduct state and local sales taxes in lieu of state and local income taxes.

Date: 2007-09-19
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Charitable Tax Relief Act of 2007 - Amends the Internal Revenue Code to make permanent the exclusion from gross income of distributions from individual retirement accounts made for charitable purposes.

Date: 2007-09-19
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Cost of Government Awareness Act of 2007 - Amends the Internal Revenue Code to: (1) repeal withholding of income tax from wages after December 31, 2007; and (2) require individual taxpayers to make monthly installment payments of income tax.

Date: 2007-09-19
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to make permanent the 15-year recovery period for purposes of the tax deduction for depreciation of qualified restaurant property. Revises the term "qualified restaurant property" to include existing buildings as well as improvements to buildings.

Date: 2007-09-20
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Promoting Charitable Actions Act of 2007 - Amends the Internal Revenue Code to extend through 2011 the expansion of the tax deduction for charitable contributions of food inventory to taxpayers other than C corporations.

Date: 2007-09-20
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Securing America's Future Economy Commission Act, or SAFE Commission Act - Establishes the Securing America's Future Economy (SAFE) Commission to develop legislation designed to address: (1) the unsustainable imbalance between long-term federal spending commitments and projected revenues; (2) increases in net national savings to provide for domestic investment and economic growth; (3) the implications of foreign ownership of federally issued debt instruments; and (4) revision of the budget process to place greater emphasis on long-term fiscal issues. Requires the Commission to: (1) develop one or two methods for estimating the cost of legislation as an alternative to the current Congressional Budget Office (CBO) method; and (2) hold at least one town-hall style public hearing within each federal reserve district. Requires the Commission to submit a legislative proposal to Congress and the President. Authorizes the President to submit to Congress an alternative proposal. Authorizes the Committee on the Budget of either chamber to publish its own alternative proposal in the Congressional Record. Sets forth procedures for consideration of such legislation. Requires CBO to prepare a long-term cost estimate and have it published in the Congressional Record as expeditiously as possible whenever requested to do so by the Commission, the President, or the chairman or ranking minority member of the Committee on the Budget of either chamber.

Date: 2007-09-25
Topic: Macroeconomics (Tax Code)
Subject: Economics and public finance
Internet Tax Freedom Act Amendments Act of 2007 - Amends the Internet Tax Freedom Act to extend until November 1, 2014, the moratorium on state and local taxation of Internet access and electronic commerce (moratorium) and the exemption from such moratorium for states with previously enacted Internet tax laws (grandfathering provisions). Redefines, effective November 1, 2003, "Internet access" to prevent certain states from claiming an expanded exemption under the Internet Tax Nondiscrimination Act from the moratorium. Delays the application of such redefinition until June 30, 2008, for a state or local tax on Internet access that is: (1) generally imposed and actually enforced on telecommunication services; or (2) the subject of litigation instituted in a state court prior to July 1, 2007. Expands the term "Internet access" to include related communication services (e.g., emails and instant messaging). Redefines "telecommunications" to include unregulated non-utility telecommunications (e.g., cable services). Provides for a specific exception to the moratorium for certain state business taxes enacted between June 20, 2005, and before November 1, 2007, that do not discriminate against providers of communication services, Internet access, or telecommunications.Repeals the exception from the moratorium for taxing Voice over Internet Protocol (VoIP).Renders inapplicable the grandfather provisions of the Internet Tax Freedom Act for states that repealed or nullified their tax laws on Internet access more than 24 months prior to the enactment of this Act. Makes the amendments made by this Act effective November 1, 2007.

Date: 2007-09-27
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Extension of Vital Tax Policy Act of 2007 - Amends the Internal Revenue Code to extend through 2008 the taxpayer election to deduct state and local sales taxes in lieu of state and local income taxes.

Date: 2007-09-27
Topic: Macroeconomics (Tax Code)
Subject: Taxation
American Competitiveness Tax Act of 2007 - Amends the Internal Revenue Code to allow business taxpayers with net operating losses in prior taxable years to claim a full tax deduction for income attributable to domestic production activities.

Date: 2007-09-27
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Alternative Minimum Tax Reform Act of 2007 - Amends the Internal Revenue Code to allow corporate taxpayers to offset alternative minimum tax liabilities with long-term unused minimum tax credits and increased net operating loss allowances.

Date: 2007-09-27
Topic: Macroeconomics (Tax Code)
Subject: Taxation
American Family Farm and Ranchland Protection Act - Amends the Internal Revenue Code to increase to $5 million the limitation on the estate tax exclusion for land subject to a qualified conservation easement and to increase the percentage of the value of such land that is excludable.

Date: 2007-10-01
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Healthy Workforce Act of 2007 - Amends the Internal Revenue Code to allow employers a 50% tax credit for the costs of providing employees with a qualified wellness program. Defines "qualified wellness program" as a program that is certified by the Secretary of Health and Human Services and that consists of a health awareness and education component, a behavioral change component, and a supportive environment component. Terminates such credit after 2017. Requires the Secretary of the Treasury to institute an outreach program to inform businesses about the availability of such wellness program tax credit.

Date: 2007-10-02
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Property Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) allow state and local real property taxes paid on a principal residence as a deduction from gross income (thus allowing taxpayers who do not itemize their tax deductions to claim such deduction); and (2) exclude such deduction from the calculation of alternative minimum taxable income for purposes of the alternative minimum tax on individuals.

Date: 2007-10-02
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to extend through 2013 the tax rule exempting dividends, interest, rents, and royalties received or accrued from certain controlled foreign corporations by a related entity from treatment as foreign holding company income (thus permitting tax deferral of such income).

Date: 2007-10-02
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Combat Pay Tax Flexibility Act of 2007 - Amends the Internal Revenue Code to make permanent the taxpayer election to include combat zone compensation as earned income for purposes of calculating the earned income tax credit.

Date: 2007-10-03
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Qualified Personal Service Corporations Clarification Act of 2007 - Amends the Internal Revenue Code to modify the criteria for determining whether a corporation is a qualified personal service corporation. Includes within the definition of qualified personal service corporation a qualifying corporation substantially all of whose stock is held by certain former employees (thus permitting such corporation to use the cash method of accounting).

Date: 2007-10-04
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Taxpayer Choice Act of 2007 - Amends the Internal Revenue Code to: (1) repeal the alternative minimum tax on individual taxpayers after 2006; and (2) allow taxpayers to elect an alternative income tax system.Makes permanent the capital gains and dividends rate reductions enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2001.

Date: 2007-10-10
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Family Tax Relief Act of 2007 - Amends the Internal Revenue Code to increase the maximum amount of the child tax credit from $1,000 to $1,200. Makes permanent amendments to such credit made by the Economic Growth and Tax Relief Reconciliation Act of 2001 relating to offset against the alternative minimum tax, refundability, and inflation adjustment.

Date: 2007-10-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
New Employment for Workers & Job Opportunities for Business Strength Act of 2007 or the NEW JOBS Act of 2007 - Amends the Internal Revenue Code to increase by $500 million in 2008 the new markets tax credit limitation amount that is allocable among qualified community development entities for investments in or loans to businesses that hire trade adjustment assistance (TAA) recipients or that meet other TAA requirements.

Date: 2007-10-16
Topic: Macroeconomics (Tax Code)
Subject: Taxation
AMT Credit Fairness and Relief Act of 2007 - Amends the Internal Revenue Code to: (1) increase the alternative minimum tax (AMT) refundable credit amount for individuals who have long-term unused minimum tax credits from prior taxable years; and (2) abate any underpayment of tax attributable to the application of special AMT rules for the treatment of incentive stock options.

Date: 2007-10-16
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Promotion of Artistic Giving Act of 2007 - Amends the Internal Revenue Code to: (1) extend the deadline for completing the charitable contribution of a gift; (2) provide for a valuation standard for gifts in excess of $1 million; and (3) repeal certain valuation rules for subsequent and fractional gifts.

Date: 2007-10-17
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Restore U.S. Manufacturing Act of 2007 - Amends the Internal Revenue Code to allow a 100% tax deduction for qualified manufacturing activities income. Defines "qualified manufacturing activities income" as the excess of domestic manufacturing gross receipts over the cost of goods sold, and other expenses, losses, or deductions, properly allocable to such receipts.

Date: 2007-10-18
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Middle Class Tax Relief Act of 2007 - Amends the Internal Revenue Code to make permanent the tax deductions for: (1) state and local general sales taxes; (2) mortgage insurance premiums; and (3) qualified tuition and related expenses. Makes permanent provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 that increased dollar limitations on the tax credit for household and dependent care expenses.

Date: 2007-10-18
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Offshore Deferred Compensation Reform Act of 2007 - Amends the Internal Revenue Code to require the inclusion in gross income for income tax purposes of employee compensation deferred under a nonqualified deferred compensation plan of a nonqualified foreign corporation when there is no substantial risk of forfeiture of the rights to such compensation. Defines "nonqualified foreign corporation" as any foreign corporation unless substantially all of its income is: (1) effectively connected with a trade or business in the United States; or (2) subject to an income tax imposed by a foreign country that has a comprehensive tax treaty with the United States.

Date: 2007-10-22
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to repeal the prohibition on producing distilled spirits in specified locations, including dwelling houses, sheds, yards, and enclosed areas connected with any dwelling house.

Date: 2007-10-23
Topic: Macroeconomics (Tax Code)
Subject: Agriculture and food
Amends the Internal Revenue Code to: (1) exclude participations and residuals from the dollar limitation on the taxpayer election to expense qualified film and television production costs; (2) allow amortization of costs ineligible for expensing; and (3) make such expensing election permanent.

Date: 2007-10-24
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Homeowners Property Tax Relief Act of 2007 - Amends the Internal Revenue Code to allow the deduction of state and local real and personal property taxes in calculating the alternative minimum taxable income of individual taxpayers.

Date: 2007-10-24
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to make permanent the special rule allowing a tax deduction for charitable contributions of food inventories by business taxpayers (other than C corporations).

Date: 2007-10-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Tax Increase Prevention Act of 2007 - Amends the Internal Revenue Code to extend through 2007 for individual taxpayers: (1) the increased alternative minimum tax (AMT) exemption amounts; and (2) the offset of nonrefundable personal tax credits against regular and AMT liability.

Date: 2007-10-30
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Universal Homeowners' Tax Relief Act of 2007 - Amends the Internal Revenue Code to allow an additional standard tax deduction (available to taxpayers who do not itemize) for state and local real property taxes paid before January 1, 2011.

Date: 2007-10-31
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Family Farm, Small Business, and Home Tax Relief Act - Amends the Internal Revenue Code to: (1) accelerate from 2009 to 2008 the $3.5 million unified estate tax credit and adjust such credit amount for inflation in calendar years after 2008; (2) reduce the maximum estate tax rate from 49 to 43% in 2008; (3) restore and increase to $8 million the estate tax deduction for family-owned business interests and adjust such deduction amount for inflation after 2008; (4) accelerate from 2010 to 2008 the repeal of the tax on generation-skipping transfers; and (5) allow an exclusion, in calculating the gross estate for estate tax purposes, of the adjusted value of a decedent's principal residence, up to $2 million.

Date: 2007-11-01
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to extend through 2009: (1) the taxpayer election to expense certain environmental remediation costs; (2) the energy efficient appliance tax credit; and (3) the tax deduction for certain expenses of elementary and secondary school teachers. Increases the maximum allowable amount of such deduction to $500.

Date: 2007-11-05
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Healthy Families and Dedicated Teachers Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) extend through 2013 the tax credit for residential energy efficient property expenditures; (2) extend through 2012 the tax deductions for expenses of elementary and secondary school educators and qualified tuition and related expenses; (3) make permanent the tax deduction for state and local general sales taxes; and (4) make permanent the exemption from tax penalties for premature retirement plan distributions for charitable purposes.

Date: 2007-11-06
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to exempt donations of motor vehicles to charities from the limitations and substantiation requirements applicable to such donations if: (1) the employees of the charity are solely responsible for, and perform substantially all of the services for, the daily operations of the charity's vehicle donation program; (2) the charity does not regularly use the property or services of a third party in carrying out its vehicle donation program; and (3) not more than 20% of the annual net proceeds from the sale of donated motor vehicles is paid to third parties for services used by the charity's vehicle donation program.

Date: 2007-11-06
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to: (1) allow a 15-year recovery period for depreciation of designated low-income buildings eligible for the low-income housing tax credit; and (2) waive limitations on passive activity losses and credits for such buildings.

Date: 2007-11-07
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Homeowners Exemption Update Act of 2007 - Amends the Internal Revenue Code to increase to $500,000 the amount of gain from the sale or exchange of a principal residence that may be excluded from gross income for income tax purposes. Allows a $1 million exclusion for married taxpayers filing a joint tax return who meet certain residential use and ownership requirements.

Date: 2007-11-09
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Lifetime Pension Annuity for You Act of 2007 - Amends the Internal Revenue Code to: (1) allow an exclusion from gross income for up to 50% of lifetime income payments from certain annuity contracts; (2) exclude longevity insurance benefits from employee benefit plan minimum distribution requirements; and (3) allow a tax exclusion for amounts received as an annuity under any portion of an annuity, endowment, or life insurance contract.

Date: 2007-11-09
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Simplified USA Tax Act of 2007 - Repeals, after 2006, income tax and estate and gift tax provisions of the Internal Revenue Code of 1986. Replaces such Code with a new tax system, to be known as the Simplified USA Tax. Establishes three income tax brackets at 15, 25, and 30% for individual taxpayers. Redefines "gross income" and allows certain exclusions from gross income, including previously-taxed benefits, tax-exempt bond interest, compensation for injuries and sickness, and gain from the sale of a principal residence. Allows tax deductions for alimony and child support, home mortgage interest, certain higher education expenses, and charitable contributions. Allows a tax credit for employee social security payroll taxes.Revises rules for Roth individual retirement accounts (Roth IRAs) to allow taxpayers to make contributions up to the amount of their adjusted gross income. Allows tax-free withdrawals from Roth IRA for any purpose after five years. Establishes new rules for deductible IRAs, annuities, and endowment and life insurance contracts. Revises tax rules for business entities to: (1) establish an 8% tax rate for the first $150,000 of gross profit (12% for profit in excess of $150,000); (2) allow a tax credit for social security payroll taxes; (3) exempt from taxation all export sales income and other foreign-source income; and (4) establish new tax rules for tax-exempt organizations and certain financial institutions.

Date: 2007-11-13
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Child Care Affordability Act of 2007 - Amends the Internal Revenue Code to: (1) allow a tax deduction for expenses paid for household and dependent care services necessary for gainful employment; (2) increase the dollar limitation on the tax credit for such expenses; (3) provide for an inflation adjustment after 2008 to the dollar amounts for such tax deduction and tax credit; and (4) make such tax credit refundable.

Date: 2007-11-13
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to: (1) restore the tax on estates and generation-skipping transfers; (2) repeal the termination of provisions allowing a step-up in basis for property transferred by a decedent; and (3) increase the estate tax exclusion amount to $3.5 million, with an annual inflation adjustment to such amount beginning in 2008.

Date: 2007-11-14
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Tax Technical Corrections Act of 2007 - Makes technical and clerical corrections to the Internal Revenue Code, including corrections to provisions enacted by: (1) the Tax Relief and Health Care Act of 2006; (2) the Pension Protection Act of 2006; (3) the Tax Increase Prevention and Reconciliation Act of 2005; (4) the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users; (5) the Energy Policy Act of 2005; (6) the American Jobs Creation Act of 2004; (7) the Jobs and Growth Tax Relief Reconciliation Act of 2003; (8) the Economic Growth and Tax Relief Reconciliation Act of 2001; (9) the Tax Relief Extension Act of 1999; and (10) the Internal Revenue Service Restructuring and Reform Act of 1998.

Date: 2007-11-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code and title II (Old Age, Survivors, and Disability Insurance Benefits) of the Social Security Act to revise the optional method of computing the net earnings of self-employed individuals for purposes of determining social security benefit eligibility. Replaces the numerical formula for determining benefit eligibility with an indexed calculation based on a lower limit (the amount required under the Social Security Act for a quarter of coverage) and an upper limit (150 percent of the lower limit).

Date: 2007-11-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Estate Tax Reduction Act of 2007 - Repeals provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 that eliminate the estate and generation-skipping transfer taxes and the basis rules for property acquired from a decedent after December 31, 2009 (thus restoring such taxes and rules). Amends the Internal Revenue Code to: (1) reduce to 39.2% the maximum estate tax rate; (2) increase to $3 million the unified credit against the estate tax; and (3) provide for an inflation adjustment to the increased credit amount after 2007.

Date: 2007-11-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Certain and Immediate Estate Tax Relief Act of 2007 - Restores the tax on estates and generation-skipping transfers and the step-up in basis provisions for property acquired from a decedent, previously repealed by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Declares that the sunset provision (general terminating date of December 10, 2010) of EGTRRA shall not apply to title V of such Act ( Estate, Gift, and Generation-Skipping Transfer Tax Provisions). Amends the Internal Revenue Code to: (1) provide for an immediate increase to $3 million of the estate tax exclusion (eliminating the phase-in period) with a permanent exclusion of $3.5 million amount after 2009; (2) impose a maximum estate tax rate of 47 percent; (3) restore the phaseout of graduated estate tax rates and the unified credit against the estate tax; (4) set forth estate valuation rules for certain transfers of nonbusiness assets; and (5) limit estate tax discounts for certain individuals with minority interests in a business acquired from a decedent.

Date: 2007-11-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Clean Stove Act of 2007 - Amends the Internal Revenue Code to allow individual taxpayers a tax credit, up to $500, for the cost of replacing a residential wood stove with: (1) a wood-burning stove that complies with current Environmental Protection Agency (EPA) standards; and (2) a pellet or corn burning stove. Terminates such credit after 2010.

Date: 2007-11-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Fair Taxes for Seniors Act of 2007 - Amends the Internal Revenue Code to provide a one-time increase (from $250,000 to $500,000, or from $500,000 to $1 million for married taxpayers filing joint returns) in the exclusion of gain from the sale of a principal residence by a taxpayer who has attained the age of 50 before such sale. Provides that in the case of a joint return, only one spouse need satisfy the age requirement.

Date: 2007-12-04
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to allow all individual taxpayers to deduct from gross income state, local, and foreign real property taxes whether or not such taxpayers itemize their tax deductions.

Date: 2007-12-05
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to modify the standards for imposing penalties on tax return preparers for understatements of tax to require: (1) substantial authority for a position with respect to an item on a tax return if such position was not disclosed with the return; and (2) a reasonable basis for a position which was disclosed with the return. Requires tax return preparers to have a reasonable belief that a position with respect to a tax shelter or a reportable transaction (a transaction having a potential for tax avoidance or evasion) will more likely than not be sustained on its merits.

Date: 2007-12-06
Topic: Macroeconomics (Tax Code)
Subject: Taxation