zli12321/Bills huggingface dataset:
Cider Industry Deserves Equal Regulation Act or the CIDER Act 

Amends the Internal Revenue to revise the definition of "hard cider," for purposes of the excise tax on distilled spirits, wines, and beer, to mean any wine: (1) the carbonation level of which does not exceed 6.4 grams per liter; (2) which is derived primarily from apples, apple juice concentrate and water, pears, or pear juice concentrate and water; (3) which contains no fruit product or fruit flavoring other than apple or pear; and (4) which contains at least one-half of 1% and less than 8.5% alcohol by volume.

Date: 2015-01-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Private Foundation Excise Tax Simplification Act of 2015

(Sec. 2) Amends the Internal Revenue Code to: (1) reduce from 2% to 1% the excise tax rate on the net investment income of tax-exempt private foundations, and (2) repeal the 1% reduction in such tax rate for private foundations that meet certain distribution requirements.

(Sec. 3) Excludes the budgetary effects of this Act from PAYGO scorecards.

Date: 2015-02-02
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Permanently Repeal the Estate Tax Act of 2015

Repeals the federal estate tax, effective for estates of decedents dying after December 31, 2014.

Date: 2015-02-04
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Restaurant and Retail Jobs and Growth Act of 2015

(Sec. 2) This bill amends the Internal Revenue Code to make permanent the 15-year recovery period for qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property for purposes of the tax deduction for depreciation.

Date: 2015-02-05
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Fair Brewers Excise and Economic Relief Act or the Fair BEER Act 

This bill amends the Internal Revenue Code to revise the excise tax on beer brewed or produced, and removed for consumption or sale, within the United States or imported into the United States. The revised tax ranges from $0 for an amount not exceeding 7,143 barrels to $18 per barrel on an amount exceeding 2 million barrels.

Date: 2015-02-05
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Foreign Earnings Reinvestment Act 

 Amends the Internal Revenue Code to: (1) extend the election allowed to a domestic corporation to deduct current and accumulated dividends received from a controlled foreign corporation to the corporation's last taxable year beginning before the enactment of this Act or the first taxable year which begins during the one-year period beginning on such enactment date, (2) reduce tax rates on foreign earnings of domestic corporations that reinvest such earnings in the United States and that expand their payrolls over 2014 levels, and (3) increase the taxable income of domestic corporations that fail to maintain employment levels in the 23-month period after receiving a reduction in tax rates under this Act.

Date: 2015-02-05
Topic: Macroeconomics (Tax Code)
Subject: Taxation
New Markets Tax Credit Extension Act of 2015

Amends the Internal Revenue Code to: (1) make permanent the new markets tax credit, (2) provide for an inflation adjustment to the limitation amount for such credit after 2014, and (3) allow an offset against the alternative minimum tax for such credit (determined with respect to qualified equity investments initially made after the enactment of this Act).

Date: 2015-02-10
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Aged Distilled Spirits Competitiveness Act

Amends the Internal Revenue Code to exclude from determination of the production period for distilled spirits any period allocated to the natural aging process for purposes of determining whether a taxpayer can expense, rather than capitalize, interest costs paid or incurred during the production period.

Date: 2015-02-11
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Flat Tax Act 

Amends the Internal Revenue Code to authorize an individual or a person engaged in business activity to make an irrevocable election to be subject to a flat tax (in lieu of the existing income tax provisions) of 19% for the first two years after an election is made, and 17% thereafter.

Calculates taxable income for individual taxpayers by subtracting a basic standard deduction and an additional standard deduction for each dependent from the total of wages, retirement distributions, and unemployment compensation. Defines "business taxable income" to mean gross active income reduced by the cost of certain business inputs.

Imposes an employer tax on the value of excludable compensation provided to employees not engaged in business activity of 19% for the first two years after an election is made under this Act and 17% thereafter.

Repeals the estate, gift, and generation-skipping transfer taxes.

Requires a two-thirds vote of the House of Representatives or the Senate to increase the flat tax rate proposed by this Act or to reduce the amount of the standard deduction or business-related deductions allowed by this Act.

Date: 2015-02-24
Topic: Macroeconomics (Tax Code)
Subject: Taxation
(This measure has not been amended since it was reported to the House on April 13, 2015. The summary of that version is repeated here.)

Fair Treatment for All Gifts Act

(Sec. 2) This bill amends the Internal Revenue Code to allow a deduction from the taxable amount of gifts for gifts made to specified tax-exempt organizations, including: (1) social welfare organizations; (2) labor, agricultural, and horticultural organizations; and (3) business leagues, chambers of commerce, real-estate boards, boards of trade, and professional football leagues. Declares that for purposes of the gift tax, a transfer of property to such organizations shall not be deemed to be a transfer by gift.

Date: 2015-02-26
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Death Tax Repeal Act of 2015 

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

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

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

(Sec. 4) The budgetary effects of this Act are exempted from entry on either PAYGO scorecard maintained under the Statutory Pay-As-You-Go Act of 2010.

Date: 2015-02-26
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Distillery Excise Tax Reform Act of 2015

Amends the Internal Revenue Code to allow a reduction (from $13.50 to $2.70 on each proof gallon produced in the United States) in the excise tax on distilled spirits for domestic distillers who produce not more than 100,000 proof gallons of distilled spirits during the calendar year.

Date: 2015-02-27
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Concrete Pump Tax Fairness Act of 2015

Amends the Internal Revenue Code to impose a vehicle mileage tax on owners of mobile mounted concrete boom pump vehicles. Defines "mobile mounted concrete boom pump vehicle" as a vehicle which is mobile machinery and on which the mounted machinery consists of a concrete boom pump and related subordinate parts. Directs that revenues from such tax be deposited into the Highway Trust Fund.

Date: 2015-03-04
Topic: Macroeconomics (Tax Code)
Subject: Taxation
American Opportunity Tax Credit Act of 2015

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

Date: 2015-03-04
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Seniors' Tax Simplification Act of 2015 

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

Date: 2015-03-17
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Sensible Estate Tax Act of 2015 

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

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

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

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

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

Terminates the generation-skipping transfer exemption for certain long-term trusts (perpetual dynasty trusts) 90 years after the establishment of such trusts.

Date: 2015-03-23
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Tax Equity Act of 2015

Amends the Internal Revenue Code to provide for regional cost-of-living adjustments in individual income tax rates. Directs the Department of Labor to determine and publish a regional cost-of-living index for each metropolitan statistical area for 2014 and each calendar year thereafter.

Date: 2015-04-13
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Tax Cuts for America Act of 2015

This bill extends through 2015 the following expiring tax provisions:

 the new markets tax credit, the work opportunity tax credit, the research tax credit, the tax deduction for certain expenses of elementary and secondary school teachers, the tax credit for differential wage payments to employees who are active duty members of the Uniformed Services, the tax credit for new energy efficient homes, and the tax deduction for state and local sales taxes in lieu of state and local income taxes.

Date: 2015-04-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Simplified, Manageable, And Responsible Tax Act or the SMART Act

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

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

Date: 2015-04-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
PTC Elimination Act 

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

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

The bill also reduces the corporate income tax by an applicable percentage based on increases in revenues resulting from this bill.

Date: 2015-04-21
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Keeping Social Security Solvent Act of 2015

 Amends the Internal Revenue Code, with respect to the taxes on employment and self-employment compensation, to repeal the limit on the amount of compensation subject to such taxes (i.e., the contribution and benefit base, currently $118,500 in 2015).

Date: 2015-04-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to extend through 2015 the exclusion from gross income, for income tax purposes, of distributions from individual retirement accounts (IRAs) for charitable purposes.

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

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

Date: 2015-04-30
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Support Working Parents Act of 2015

 Amends the Internal Revenue Code to repeal the phaseout of the tax credit for dependent care services for taxpayers whose adjusted gross incomes exceed $15,000.

Date: 2015-04-30
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Prioritizing Reinvestment in Infrastructure and Military while Eliminating Debt Act of 2015 or the PRIMED Act

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

The bill divides tax revenues attributable to such repatriated earnings equally for: (1) federal debt reduction, (2) transfers to the Highway Trust Fund, and (3) adjustments to limitations on defense discretionary spending.

Date: 2015-05-01
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Craft Beverage Bond Simplification Act of 2015 

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

Date: 2015-05-05
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Obamacare Marriage Penalty Elimination Act

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

Date: 2015-05-13
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Domestic Research Enhancement Act of 2015

Amends the Internal Revenue Code to allow a research tax credit for 35% of in-house research expenses (contracted research expenses), including any research funded by any grant or contract or by another person or governmental entity.

Date: 2015-05-20
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Distillery Innovation and Excise Tax Reform Act of 2015 

Amends the Internal Revenue Code to reduce the excise tax rate on distilled spirits produced in or imported into the United States from $13.50 to $9.00 per proof gallon and to $2.70 on the first 100,000 proof gallons. Makes the $2.70 per proof gallon rate applicable to a specified controlled group of corporations that is a distilled spirits operation.

Date: 2015-05-21
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Tanning Tax Repeal Act of 2015

 Amends the Internal Revenue Code to repeal the 10% excise tax on indoor tanning services.

Date: 2015-06-09
Topic: Macroeconomics (Tax Code)
Subject: Taxation
S Corporation Modernization Act of 2015 

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

Date: 2015-06-16
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Individual Rate Simplification Act of 2015

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

Date: 2015-06-18
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Craft Beverage Modernization and Tax Reform Act of 2015

Amends the Internal Revenue Code to:

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

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to establish funding levels in FY2016-FY2021 for the enforcement and compliance activities of the Alcohol and Tobacco Tax and Trade Bureau.

Date: 2015-06-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Responsible Estate Tax Act 

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

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

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

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

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

Modifies the annual gift tax exclusion (currently, $14,000 per donee) to limit the aggregate annual amount of such exclusion to twice the current exclusion amount for certain types of transfers, specifically a transfer in trust, a transfer of an interest in a pass through entity, a transfer of an interest subject to a prohibition on sale, and any other transfer of property that cannot be immediately liquidated by the donee.

Date: 2015-06-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Incentivize Corporate America Act of 2015 

Amends the Internal Revenue Code to revise the income tax rates on corporations to impose a single 20% rate on corporate taxable income.

Date: 2015-06-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Invest in America Act of 2015 

This bill amends the Internal Revenue Code to modify the formula for calculating the tax on the net capital gains of individual taxpayers to provide for a maximum 15% rate on the adjusted net capital gain of such taxpayers.

Date: 2015-07-09
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Bring Jobs Back to America Act of 2015

Amends the Internal Revenue Code to reduce the tax rate on current and accumulated foreign earnings of U.S. corporations reinvested in the United States from 35% to 5% and make such lower rate permanent.

Date: 2015-07-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to exempt the tax deduction for charitable contributions from the limitation on itemized deductions based on taxpayer adjusted gross income.

Date: 2015-07-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
American Solution for Simplifying the Estate Tax Act of 2015

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

Date: 2015-09-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Philanthropic Enterprise Act of 2015

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

Date: 2015-10-09
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Charitable Automobile Red-Tape Simplification Act of 2015 or the CARS Act of 2015 

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

Date: 2015-11-03
Topic: Macroeconomics (Tax Code)
Subject: Taxation
This bill amends the Internal Revenue Code to set forth a special valuation rule for charitable remainder unitrusts that terminate early for purposes of the tax deduction for charitable contributions.

Date: 2015-12-08
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Protecting Charitable Contributions Act of 2015

This bill provides that the definitions and regulations in effect on January 1, 2015, relating to the substantiation of deductible charitable contributions in excess of $250, shall apply on and after the enactment date of the bill. The Internal Revenue Service shall not issue, revise, or finalize any regulation, revenue ruling, or other guidance relating to such definitions and regulations.

Date: 2015-12-18
Topic: Macroeconomics (Tax Code)
Subject: Taxation
American Business Competitiveness Act of 2015

This bill amends the Internal Revenue Code to:

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

Date: 2016-01-13
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Interest for Others Act of 2016 

This bill amends the Internal Revenue Code to allow individuals, trusts, or estates to exclude from gross income up to $50 of interest and money market fund dividend income that is contributed to charity using a program adopted by a financial institution or a money market fund.

Details regarding the payments to charities must be reported to the Internal Revenue Service by any person that: (1) pays certain interest or dividends and has a charitable contribution program, or (2) is an aggregator that receives contributions and makes payments to charities under a program.

Date: 2016-03-03
Topic: Macroeconomics (Tax Code)
Subject: Taxation
No Tax Subsidies for Stadiums Act 

This bill amends the Internal Revenue Code to prohibit the use of tax-exempt state and local financing bonds for a professional entertainment facility. A professional entertainment facility is a facility that is used during any five days in a calendar year as: (1) a stadium or arena for professional sports exhibitions, games, or training; or (2) a venue for any entertainment event which has a live audience exceeding 100 individuals and the net earnings from which benefit an individual or entity other than a governmental entity or a tax-exempt organization.  

Date: 2016-03-22
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Technical Corrections Act of 2016 

This bill makes technical and clerical amendments to:

 the Protecting Americans From Tax Hikes Act of 2015; the Consolidated Appropriations Act, 2016; the Fixing America's Surface Transportation Act; the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015; the Stephen Beck, Jr., ABLE Act of 2014; the American Taxpayer Relief Act of 2012; the United States-Korea Free Trade Agreement Implementation Act; and other specified provisions of the Internal Revenue Code. The bill also amends various provisions in the Internal Revenue Code that are not used in computing current tax liabilities (referred to as deadwood provisions).

Date: 2016-04-11
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Sensible Estate Tax Act of 2016 

This bill amends the Internal Revenue Code to modify the estate and gift taxes. For the estate tax, the bill increases the rates and decreases the amount that is excluded from the tax. For the gift tax, the bill establishes a separate lifetime exclusion amount. (Under current law, the estate and gift taxes share a unified exclusion amount.)

Date: 2016-04-20
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Research and Experimentation Advances Competitiveness at Home Act of 2016 or the REACH Act of 2016 

This bill amends the Internal Revenue Code to increase the alternative simplified tax credit for research expenses to 20% from the existing rate of 14% (12% for years ending before January 1, 2009).

Date: 2016-05-10
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Middle Class College Tuition Tax Credit Expansion Act of 2016

This bill amends the Internal Revenue Code to replace the Hope Scholarship and Lifetime Learning tax credits with a new American Opportunity Tax Credit that:

 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, increases the income threshold for reductions in the credit amount based upon modified adjusted gross income, allows a lifetime dollar limitation on such credit of $25,000 for all taxable years, prohibits taxpayers who have fraudulently or recklessly claimed the credit from receiving the credit during a specified disallowance period, and makes 50% of the credit refundable. The bill also allows an exclusion from gross income of any amount received as a Federal Pell Grant.

Date: 2016-06-03
Topic: Macroeconomics (Tax Code)
Subject: Taxation
This bill amends the Internal Revenue Code to treat any qualified ride-sharing service provided after the date of the enactment of this bill and before June 1, 2017, as a qualified transportation fringe benefit that is excluded from an employee's gross income.

A qualified ride-sharing service is transportation provided through a transportation network company if:

 the transportation is in connection with travel between the employee's residence and place of employment, both of which are located within the Washington Metropolitan Area; the employee is an employee of a government agency and receives transit benefits from the agency; and the transportation is through the use of services that utilize innovative mobility technologies to provide alternatives to driving alone. The benefit is subject to a limit on the aggregate amount of certain transportation fringe benefits that may be excluded from gross income.

During the period beginning with the enactment of this bill and ending on the earlier of June 1, 2017, or the completion of the Washington Metropolitan Area Transit Authority's maintenance program (commonly referred to as "SafeTrack"), agencies that provide transit benefits to employees must provide benefits for using transportation network companies within the Washington Metropolitan Area in the same manner as benefits are provided for using public transportation services in the area.

Date: 2016-07-06
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Extra Credit for Working Students Act of 2016 

This bill amends the Internal Revenue Code to allow a taxpayer to accelerate the American Opportunity Tax Credit for qualified tuition and related expenses. A taxpayer may elect to receive the full amount of the credit over the first two years of postsecondary education rather than the four-year period required under current law. Such an election is irrevocable, applies for all subsequent tax years, and may not be made for any taxable year beginning after December 31, 2022.

The Department of the Treasury must submit to Congress reports that include: the election rate, the demographics of the students making the elections, and an assessment of the effectiveness of the elections and the tax credit in improving college completion times.

Date: 2016-07-14
Topic: Macroeconomics (Tax Code)
Subject: Taxation
No Loopholes in Social Security Taxes Act

This bill amends the Internal Revenue Code to apply payroll and self-employment taxes to remuneration up to the Social Security contribution and benefit base and to remuneration in excess of $250,000.

Date: 2016-07-14
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Retirement Inflation Protection Act of 2016 

This bill amends the Internal Revenue Code to allow the adjusted basis of certain assets (including common stock in a C corporation and tangible property used in a trade or business) to be indexed for inflation for the purpose of determining the gain or loss of individuals who: (1) have held the asset for more than 3 years, and (2) have attained the age of 59-1/2 as of the date of the sale or other disposition of the asset.

The bill sets forth rules for applying the inflation adjustment to short sales, dispositions between related persons, and improvements to property or contributions of capital.

The Internal Revenue Service may disallow an adjustment if any person transfers cash, debt, or any other property to another person for the principal purpose of securing or increasing the adjustment allowed by this bill.

Date: 2016-09-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Preserving America's Downtowns and Heritage Act of 2016

This bill amends the Internal Revenue Code to: (1) increase the rate of the rehabilitation tax credit for commercial buildings and for certified historic structures, and (2) allow a new 20% rehabilitation tax credit for certified historic buildings used by a taxpayer as a principal residence.

Date: 2016-09-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Tax Technical Corrections Act of 2016 

This bill makes technical and clerical amendments to:

 the Protecting Americans From Tax Hikes Act of 2015; the Consolidated Appropriations Act, 2016; the Fixing America's Surface Transportation Act; the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015; the Stephen Beck, Jr., ABLE Act of 2014; the American Taxpayer Relief Act of 2012; the United States-Korea Free Trade Agreement Implementation Act; the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU); the American Jobs Creation Act of 2004; provisions of the Internal Revenue Code related to partnership audit rules; the Bipartisan Budget Act of 2015; the Energy Policy Act of 2005; and other specified provisions of the Internal Revenue Code. The bill also amends various provisions in the Internal Revenue Code that are not used in computing current tax liabilities (referred to as deadwood provisions).

Date: 2016-12-06
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Retirement Security Preservation Act of 2016 

This bill amends the Internal Revenue Code to modify the nondiscrimination requirements for certain defined benefit retirement plans that limit participation or certain features to a closed class, such as individuals who were hired before a certain date.

(Under current law, the plans may not discriminate in favor of highly compensated employees and must meet minimum participation requirements.)

The bill applies only to a defined benefit plan that: (1) closed before September 21, 2016; or (2) was in effect for at least five years when it closed and did not substantially increase the coverage or value of the benefits, rights, or features for the closed class during the five-year period before it closed, except as the result of certain business acquisitions or mergers.

Such a plan meets the nondiscrimination requirements if it: (1) satisfies certain testing rules for the year that the class closes and the two succeeding plan years, and (2) is not amended in a discriminatory manner after the class is closed.

A defined contribution plan that offers additional contributions or benefits to a closed class whose benefits under a defined benefit plan have been reduced or eliminated meets the nondiscrimination requirements if: (1) the group receiving the contributions or benefits satisfies certain testing rules for the year in which the group is closed and for two subsequent plan years, and (2) the plan is not amended in a discriminatory manner.

A defined benefit plan that is either closed or has ceased benefit accruals for all participants (frozen plan) satisfies the minimum participation requirements if the plan met the requirements when it was closed or frozen.

Date: 2016-11-16
Topic: Macroeconomics (Tax Code)
Subject: Taxation
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.

Date: 2015-01-08
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Fair Tax Act of 2015

This bill is a tax reform proposal that imposes a national sales tax on the use or consumption in the United States of taxable property or services in lieu of the current income and corporate income tax, employment and self-employment taxes, and estate and gift taxes. The rate of the sales tax will be 23% in 2017, with adjustments to the rate in subsequent years. There are exemptions from the tax for used and intangible property, for property or services purchased for business, export, or investment purposes, and for state government functions.

Under the bill, family members who are lawful U.S. residents receive a monthly sales tax rebate (Family Consumption Allowance) based upon criteria related to family size and poverty guidelines.

The states have the responsibility for administering, collecting, and remitting the sales tax to the Treasury.

Tax revenues are to be allocated 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.

No funding is allowed for the operations of the Internal Revenue Service after FY2019.

Finally, the bill terminates the national sales tax if the Sixteenth Amendment to the Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this Act.

Date: 2015-01-13
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Paying a Fair Share Act of 2015

 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 2016.

Expresses the sense of the Senate 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: 2015-01-13
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Small Brewer Reinvestment and Expanding Workforce Act or the Small BREW Act

Amends the Internal Revenue Code to reduce the rate of the excise tax on beer produced within or imported into the United States for brewers who produce not more than 6 million barrels of beer a year.

Date: 2015-02-04
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Depreciation Fairness Act of 2015 

This bill amends the Internal Revenue Code to make permanent the 15-year recovery period for qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property for purposes of the tax deduction for depreciation.

Date: 2015-02-05
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Internet Tax Freedom Forever Act

 Amends the Internet Tax Freedom Act to make permanent the ban on state and local taxation of Internet access and on multiple or discriminatory taxes on electronic commerce.

Date: 2015-02-10
Topic: Macroeconomics (Tax Code)
Subject: Taxation
New Markets Tax Credit Extension Act of 2015

Amends the Internal Revenue Code to: (1) make permanent the new markets tax credit, (2) provide for an inflation adjustment to the limitation amount for such credit after 2014, and (3) allow an offset against the alternative minimum tax for such credit (determined with respect to qualified equity investments initially made after the enactment of this Act).

Date: 2015-02-26
Topic: Macroeconomics (Tax Code)
Subject: Taxation
American Opportunity Tax Credit Permanence and Consolidation Act of 2015

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

Date: 2015-03-10
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Fair Brewers Excise and Economic Relief Act or the Fair BEER Act 

This bill amends the Internal Revenue Code to revise the excise tax on beer brewed or produced, and removed for consumption or sale, within the United States or imported into the United States. The revised tax ranges from $0 for an amount not exceeding 7,143 barrels to $18 per barrel on an amount exceeding 2 million barrels.

Date: 2015-03-19
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Digital Goods and Services Tax Fairness Act of 2015

Prohibits a state or local jurisdiction from imposing multiple or discriminatory taxes on the sale or use of a digital good or service delivered or transferred electronically to a customer. Excludes from the definition of "digital service" a service that is predominantly attributable to the direct, contemporaneous expenditure of live human effort, skill, or expertise, a telecommunications service, an ancillary service, an Internet access service, an audio or video programming service, or a hotel intermediary service.

Restricts taxation of a digital good or service to taxation by a state or local jurisdiction whose territorial limits encompass a customer tax address, as defined by this Act. Makes the seller of digital goods or services responsible for obtaining and maintaining such address. Provides for the taxation of digital goods and services transactions that are aggregated and not separately stated.

Date: 2015-03-24
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Death Tax Repeal Act of 2015

Amends the Internal Revenue Code to: (1) repeal the estate and generation-skipping transfer taxes, and (2) make permanent the maximum 35% gift tax rate and the lifetime gift tax exemption. Provides for an inflation adjustment to such exemption amount.

Date: 2015-03-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Craft Beverage Bond Simplification Act of 2015 

(Sec. 2) This bill allows taxpayers who are liable for not more than $50,000 per year in excise taxes on distilled spirits, wine, or beer to file and pay such taxes quarterly without the requirement to post a bond covering the operations and withdrawals of such distilled spirits, wines, or beer. The bill also allows such a taxpayer who reasonably expects to have a tax liability of not more than $1,000 per year and who was liable for not more than $1,000 in taxes in the preceding calendar year to file and pay such taxes annually rather than quarterly. Makes this Act effective 90 days after its enactment.

Date: 2015-04-14
Topic: Macroeconomics (Tax Code)
Subject: Taxation
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Cider Investment and Development through Excise Tax Reduction (CIDER) Act 

(Sec. 2) Amends the Internal Revenue to revise the definition of "hard cider," for purposes of the excise tax on distilled spirits, wines, and beer, to mean a wine: (1) containing not more than .64 gram of carbon dioxide per hundred milliliters of wine (subject to necessary tolerances); (2) which is derived primarily from apples, apple juice concentrate, pears, or pear juice concentrate, and water; (3) which contains no fruit product or fruit flavoring other than apple or pear; and (4) which contains at least one-half of 1% and less than 8.5% alcohol by volume.

(Sec. 3) Increases from 30% to 35% the rate of the continuous levy on payments to Medicare providers or suppliers for unpaid taxes.

Date: 2015-04-14
Topic: Macroeconomics (Tax Code)
Subject: Taxation