zli12321/Bills huggingface dataset:
Amends the Internal Revenue Code to exclude from gross income gain from the sale or exchange of a qualified mortgage or mortgage-related security held for more than one year. Defines "qualified mortgage or mortgage-related security" as any residential or commercial mortgage (or any security, obligation, or other instrument that is based on or related to such a mortgage) that was originated or issued on or before March 14, 2008, and was acquired by the taxpayer after the enactment of this Act and before January 1, 2009.

Date: 2008-10-03
Topic: Macroeconomics (Tax Code)
Amends the Internal Revenue Code to allow individual taxpayers a deduction from gross income for: (1) interest paid on indebtedness (up to $49,500) incurred after November 12, 2008, and before January 1, 2010, for the purchase of a motor vehicle (i.e., passenger automobile or light truck) with a gross vehicle weight rating of not more than 8,500 pounds; and (2) state and local sales and excise taxes imposed on the purchase of such a motor vehicle.

Date: 2008-11-19
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to: (1) increase and make permanent the expensing allowance for depreciable business assets; and (2) allow a tax deduction, up to $10,000, for the purchase of a motor vehicle manufactured in the United States. Terminates such tax deduction after 2010.

Date: 2008-11-20
Topic: Macroeconomics (Tax Code)
State and Local Sales Tax Deduction Expansion Act of 2008 - Amends the Internal Revenue Code to allow all individual taxpayers a tax deduction for state and local general sales taxes (current law allows taxpayers an election to deduct either state and local income taxes or sales taxes).

Date: 2008-12-09
Topic: Macroeconomics (Tax Code)
Amends the Internal Revenue Code to: (1) reduce to 0% the employment tax on employers, employees, and self-employed individuals during the first two months of 2009; and (2) exclude from gross income any wage and self-employment income earned during the first two months of 2009.Amends the Emergency Economic Stabilization Act of 2008 to repeal procedures for authorizing the Secretary of the Treasury to obligate additional amounts under the Troubled Asset Relief Program (TARP).Requires the Secretary to: (1) estimate the impact of this Act on the income and balances of the social security trust funds; and (2) transfer amounts from the Treasury to such trust funds if there is any reduction in the income and balances of such trust funds resulting from this Act. Terminates the authority of the Secretary under the Emergency Economic Stabilization Act of 2008 to purchase troubled assets or any preferred or other stock or equity in any financial institution.

Date: 2008-12-09
Topic: Macroeconomics (Tax Code)
Directs the Secretary of the Treasury to reduce the federal tax refund of any taxpayer who owes a past-due, legally enforceable tax obligation to a local government by the amount of such obligation. Requires notice to the taxpayer of the refund reduction. Amends the Internal Revenue Code to permit disclosure of taxpayer information to agencies of states requesting refund offsets for tax debts owed to local governments.

Date: 2008-12-10
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to eliminate tax-exempt interest earned on private activity bonds as an item of tax preference for purposes of calculating the alternative minimum tax.

Date: 2008-12-10
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Taxpayer Relief Act of 2008 - Reduces for 2008 income tax purposes: (1) the taxable income of a taxpayer by $125,000 ($250,000 in the case of a joint return); and (2) the rate of tax on taxable income in excess of $125,000 by 5%.

Date: 2008-12-10
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Taxpayer Holiday Act for 2009 - Excludes up to $125,000 ($250,000 in the case of a joint return) of wages or self-employment income earned in the first six months of the first taxable year beginning in 2009 from federal income and employment taxation. Reduces income tax rates on taxable income exceeding $125,000 ($250,000 in the case of a joint return).

Date: 2008-12-10
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Invest in America Act - Repeals the general termination date (i.e., December 31, 2010) of the Economic Growth and Tax Relief Reconciliation Act of 2001 (thus making provisions of that Act that reduce income tax rates and repeal the estate and gift tax permanent).Repeals the termination date in the Jobs Growth Tax Relief Reconciliation Act of 2003 applicable to the reduction in taxes on dividends and capital gains. Amends the Internal Revenue Code to make permanent: (1) the tax credit for increasing research activities; (2) the increased expensing allowance for small business assets; and (3) the tax deduction for certain expenses of elementary and secondary school teachers. Repeals the alternative minimum tax on individuals after 2006.Expresses the sense of the Senate that the Committee on Finance should report legislation before December 31, 2007, to simplify the federal income tax system, without raising tax rates.

Date: 2007-04-17
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Individual Alternative Minimum Tax Repeal Act of 2007 - Amends the Internal Revenue Code to repeal the alternative minimum tax on individuals.

Date: 2007-01-04
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: 2007-01-04
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Expresses the sense of Congress that it is necessary to ensure that Congress is presented with reliable information from the Congressional Budget Office (CBO) and the Joint Committee on Taxation as to the dynamic macroeconomic feedback effects to changes in federal law and the probable behavioral responses of taxpayers, businesses, and other parties to such changes. Requires the Joint Committee and CBO, using among other methods dynamic estimating techniques, to prepare fiscal estimates of each proposed change in federal revenue law on the basis of assumptions that estimate the probable behavioral responses of personal and business taxpayers and other relevant entities to such change and its dynamic macroeconomic feedback effects. Applies such requirement only to proposed changes that, pursuant to static fiscal estimates, have a fiscal impact exceeding $250 million in any fiscal year.

Date: 2007-01-04
Topic: Macroeconomics (Tax Code)
Subject: Economics and public finance
Amends the Internal Revenue Code to: (1) increase the exemption from the alternative minimum tax for individual taxpayers in 2007; and (2) extend through 2007 the allowance of certain nonrefundable tax credits against alternative minimum tax liability.Repeals provisions of the Tax Increase Prevention and Reconciliation Act of 2005 which extended reductions in capital gains and dividend tax rates through 2010.

Date: 2007-01-04
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to allow a surviving spouse to exclude from gross income up to $500,000 of the gain from the sale or exchange of a principal residence owned jointly with a deceased spouse if the sale or exchange occurs within two years of the death of the spouse and other ownership and use requirements have been met.

Date: 2007-01-04
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Permanent Internet Tax Freedom Act of 2007 - 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: 2007-01-04
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Permanent Marriage Penalty Relief Act of 2007 - Makes provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 that eliminate the marriage penalty in the standard deduction, the 15-percent tax bracket, and the earned income tax credit, permanent.

Date: 2007-01-04
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Working Family Child Assistance Act - Amends the Internal Revenue Code to repeal the annual inflation adjustment applicable to the $10,000 income threshold required to qualify for the refundable portion of the child tax credit.

Date: 2007-01-09
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: 2007-01-11
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Business Relief and Incentives for Small Entrepreneurs Act of 2007 or the Business RAISE Act - Amends the Internal Revenue Code to: (1) allow accelerated depreciation (i.e., 15-year recovery period) of qualified retail improvement property (defined as any improvement to the interior portion of any nonresidential building used in the trade or business of selling retail goods or services to the general public) placed in service before January 1, 2008; (2) allow new improvements to restaurant property to qualify for accelerated depreciation; and (3) expand the eligibility of certain disabled veterans for employment under the work opportunity tax credit.

Date: 2007-01-16
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Art and Collectibles Capital Gains Tax Treatment Parity Act - Amends the Internal Revenue Code to: (1) eliminate the 28-percent capital gains tax rate for collectibles, thus allowing gain from the sale of collectibles (including art works) to be taxed at the 15-percent tax rate applicable to other investment property; (2) allow the creator of a literary, musical, artistic, or scholarly property a fair market value tax deduction for the donation of such property to a tax-exempt organization, if properly appraised and donated no sooner than 18 months after its creation.

Date: 2007-01-24
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Timber Tax Act of 2007 - Amends the Internal Revenue Code to allow a tax deduction (available to taxpayers whether or not they itemize deductions) for up to 60% of gains from certain sales or exchanges of timber.

Date: 2007-01-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to provide that volunteers who use their automobiles for the benefit of a charitable organization may exclude from their gross income reimbursements for their automobile operating expenses at the same level as business employees (i.e., 48.5 cents per mile in 2007). Increases criminal sanctions and monetary penalties for: (1) underpayments or overpayments of tax due to fraud; (2) attempts to evade or defeat tax; (3) willful failure to file tax returns, supply information, or pay tax; and (4) fraud and false statements.

Date: 2007-01-26
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to allow tax-free exchanges of shares in certain mutual ditch, reservoir, or irrigation companies.

Date: 2007-02-06
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Repeals the termination date in the Jobs Growth Tax Relief Reconciliation Act of 2003 for provisions reducing individual tax rates on capital gains and dividend income.

Date: 2007-02-06
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Motorsports Fairness and Permanency Act of 2007 - Amends the Internal Revenue Code to make permanent the classification, for depreciation purposes, of any motorsports entertainment complex as seven year property.

Date: 2007-02-12
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: 2007-02-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Reduce Wasteful Tax Forms Act of 2007 - Amends the Internal Revenue Code to extend until February 15 the annual deadline for reporting certain investment income to the Internal Revenue Service.

Date: 2007-02-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
AMT Rate Reduction Act of 2007 - Amends the Internal Revenue Code to reduce to 24% the rate of the tentative alternative minimum tax for noncorporate taxpayers.

Date: 2007-03-01
Topic: Macroeconomics (Tax Code)
Subject: Taxation
National Priorities Act of 2007 - Rescinds after 2008 income tax reductions enacted under the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003 for taxpayers with gross incomes in 2008 of over $400,000. Reduces funding for the Department of Defense by $60 billion in FY2008. Authorizes the Secretary of Defense to make reductions by eliminating waste, fraud, and abuse, and weapon systems and other programs determined to be no longer a national security priority. Exempts from such reductions the needs of military personnel, including pay increases and health care. Dedicates increases in revenues resulting from this Act to: (1) various programs for health care, education, energy conservation, and affordable housing; (2) increasing the earned income credit; and (3) reducing the federal deficit.

Date: 2007-03-08
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Short Line Railroad Investment Act of 2007 - Amends the Internal Revenue Code to: (1) increase the allowable amount of the railroad track maintenance tax credit; (2) extend such credit through 2010; and (3) allow such credit against alternative minimum tax liabilities.

Date: 2007-03-14
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Capital Gains Inflation Relief Act of 2007 - Amends the Internal Revenue Code to allow an inflation adjustment based upon the gross domestic product deflator to the adjusted basis of certain assets (including C corporation common stock and tangible property used in a trade or business) held by a taxpayer for more than three years for purposes of determining gain or loss on the sale or other disposition of such assets.Sets forth rules for applying such inflation adjustment to short sales, regulated investment companies and real estate investment trusts, partnerships and other pass-thru entities, and dispositions of assets between related persons.

Date: 2007-03-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Catastrophe Savings Accounts Act of 2007 - Amends the Internal Revenue Code to create tax-exempt catastrophe savings accounts (CSAs). Allows tax-free distributions from CSAs to pay expenses resulting from a presidentially declared major disaster. Limits CSA balances to: (1) $2,000 (for individuals with homeowner insurance deductibles of not more than $1,000); and (2) the lesser of $15,000 or twice a homeowner's insurance deductible (for individuals with deductibles of more than $1,000).

Date: 2007-03-20
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code, with respect to taxation of U.S. shareholders of controlled foreign corporations, to permanently extend the subpart F exemption (which excludes such income from the shareholder's foreign personal holding company income) for active financing (insurance, banking, financing, or similar businesses) income earned on business operations overseas.

Date: 2007-03-20
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to to extend until December 31, 2016, the designation period for certain tax-favored empowerment zones.

Date: 2007-03-20
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Public Service Academy Act of 2007 - Establishes in the Department of Homeland Security a U.S. Public Service Academy for the instruction in and preparation for public service of selected individuals. Sets forth provisions relating to: (1) key personnel positions and faculty and departments; (2) student qualifications and requirements for admission; (3) procedures for the appointment of students to the Academy by Members of Congress and the President; (4) curriculum standards; and (5) study abroad requirements.Requires each Academy student to sign an agreement with respect to length of public service. Imposes tuition and cost repayment requirements for Academy students who fail to graduate or accept or complete assigned public service. Establishes a Board of Visitors to inquire into the efficiency and effectiveness of the operations of the Academy.Requires the tuition of each Academy student to be fully subsidized. Provides for public (80%) and private funding for the Academy.

Date: 2007-03-22
Topic: Macroeconomics (Tax Code)
Subject: Education
Amends title XVI (Supplemental Security Income) (SSI) of the Social Security Act to provide that the value of certain funeral and burial arrangements involving an irrevocable trust whose named beneficiary is the funeral provider are not to be considered, under the SSI program, as resources available to the individual.

Date: 2007-03-26
Topic: Macroeconomics (Tax Code)
Subject: Social welfare
Disabled Veterans Fairness Act - Eliminates a $3 per round trip deductible charged by the Secretary of Veterans Affairs in connection with the veterans beneficiary travel program (a program authorizing a travel allowance or reimbursement for beneficiaries providing transportation for veterans to obtain medical care). Directs the Secretary, in determining the amount of such allowance or reimbursement, to use the mileage reimbursement rates for the use of privately owned vehicles by government employees traveling on official business.

Date: 2007-03-27
Topic: Macroeconomics (Tax Code)
Subject: Armed forces and national security
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: 2007-03-27
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to deny preferential tax rates (5 to 15%) for dividends paid by a foreign corporation if: (1) such dividends are allowed as a tax deduction or credit under the tax laws of the country in which such foreign corporation is established; (2) such foreign corporation is not treated as a corporation, is exempt from taxation, or is a passive foreign investment company under the laws of its foreign country; or (3) such dividends are paid with respect to an instrument which is not treated as stock under the tax laws of the foreign country from which such dividends are paid. Revises the definition of "qualified foreign corporation" for purposes of qualifying dividends paid by such a corporation for preferential tax rates to require such corporations be created or organized in a foreign country that has a comprehensive tax system (as determined by the Secretary of the Treasury).

Date: 2007-03-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Retirement Security for Life Act of 2007 - Amends the Internal Revenue Code to allow an exclusion from gross income for 50 percent of the amount otherwise includible in gross income as guaranteed payments from certain annuity or life insurance contracts. Limits the amount of such exclusion to $20,000 in any taxable year. Provides for an inflation adjustment of the $20,000 limitation beginning in 2009.

Date: 2007-03-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Fair Tax Act of 2007 - Repeals the income tax, employment tax, and estate and gift tax. Redesignates the Internal Revenue Code of 1986 as the Internal Revenue Code of 2007. Imposes a national sales tax on the use or consumption in the United States of taxable property or services. Sets the sales tax rate at 23% in 2009, with adjustments to the rate in subsequent years. Allows exemptions from the tax for property or services purchased for business, export, or investment purposes and for state government functions. Sets forth rules relating to: (1) the collection and remittance of the sales tax; and (2) credits and refunds. Allows families a sales tax rebate.Grants states the primary authority for the collection of sales tax revenues and the remittance of such revenues to the Treasury. Sets forth administrative provisions relating to: (1) the filing of monthly reports and payments of tax; (2) accounting methods; (3) registration of sellers of goods and services responsible for reporting sales; (4) penalties for noncompliance; and (5) collections, appeals, and taxpayer rights. Directs the Secretary of the Treasury to allocate sales tax revenues among: (1) the general revenue; (2) the old-age and survivors insurance trust fund; (3) the disability insurance trust fund; (4) the hospital insurance trust fund; and (5) the federal supplementary medical insurance trust fund. Prohibits the funding of the Internal Revenue Service (IRS) after FY 2011. Establishes in the Department of the Treasury: (1) an Excise Tax Bureau to administer excise taxes not administered by the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF); and (2) a Sales Tax Bureau to administer the national sales tax.

Date: 2007-03-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Tax Simplification Act of 2007 - Amends the Internal Revenue Code to replace the marginal income tax rates with a single rate of 19 percent (17 percent after December 31, 2009) 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 19 percent (17 percent after December 31, 2009) 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 19 percent (17 percent after December 31, 2009) 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: 2007-03-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Free Internet Filing Act - Directs the Secretary of the Treasury to enable individual taxpayers to file their income tax returns directly through the Internal Revenue Service website without the use of any intermediary.

Date: 2007-03-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Flat Tax Act of 2007 - Replaces the income tax with a flat tax of 20 percent of taxable earned income of individual taxpayers. Defines "taxable earned income" as the excess of earned income (wages, salaries, professional fees) over a standard deduction, a deduction for cash charitable contributions, and a deduction for home mortgage interest. Sets forth definitions and special rules for surviving spouses, heads of household, and dependents.Imposes a flat tax of 20 percent on business taxable income. Defines "business taxable income" as gross active income (other than investment income) reduced by: (1) the cost of business inputs (cost of specified goods, services, travel, and entertainment expenditures); (2) employee compensation; and (3) the cost of personal and real property used in business activities. Disallows a deduction from gross active business income for purchases of goods and services provided to employees or owners and certain lobbying and political expenditures.Repeals: (1) estate, gift, and generation-skipping transfer taxes; (2) financing of presidential election campaigns provisions; and (3) coal industry health benefits provisions.

Date: 2007-04-10
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Fair Flat Tax Act of 2007 - Amends the Internal Revenue Code with respect to individual taxpayers to: (1) reduce to three (15, 25, and 35%) the number of income tax brackets for married and single taxpayers; (2) repeal tax rate reductions for capital gains and dividend income; (3) allow a health care standard deduction and increase the basic standard tax deduction; (4) allow a refundable tax credit for state and local income, sales, and real and personal property taxes; (5) revise the earned income and child tax credits for taxpayers with no children; (6) repeal the alternative minimum tax for individual taxpayers; and (7) repeal certain tax credits, deductions, and exclusions after 2007. Imposes a flat tax of 35 percent on corporate taxable income. Allows a limited tax deduction for use of a corporate aircraft. Terminates certain preferential tax provisions for domestic and foreign corporations and large oil companies.Increases or imposes new penalties for understatements of tax, failure to report tax information, and failure to file tax returns or pay tax. Sets forth rules for the application of the economic substance doctrine to transactions with tax significance. Imposes penalties for underpayments of tax due to transactions lacking economic substance.Denies a tax deduction for payment of punitive damages.Terminates this Act after 2012.

Date: 2007-04-16
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Tax Lien Simplification Act - Amends the Internal Revenue Code to revise procedures for the filing of federal tax liens. Direct the Secretary of the Treasury to establish and maintain a federal tax lien registry, in lieu of filing tax liens in local jurisdictions, which would be accessible to and searchable by the public through the Internet at no cost. Establishes the priority of a federal tax lien based upon the date and time of the filing of a notice of lien in the federal tax lien registry. Reduces the period for releasing satisfied or unenforceable tax liens from 30 to 10 days.

Date: 2007-04-17
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Legal Services Benefit Act of 2007 - Amends the Internal Revenue Code to restore, increase, and make permanent the exclusion from gross income for amounts received under qualified group legal services plans.

Date: 2007-04-17
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Taxpayer Abuse Prevention Act - Amends the Internal Revenue Code to provide that advance payments of the earned income tax credit are not transferable or assignable or subject to the claims of any creditors, except outstanding claims of the federal government.Prohibits: (1) the collection of a debt from a debtor's federal tax refund by means of a refund anticipation loan; and (2) mandatory arbitration as a condition of providing a refund anticipation loan.Terminates the Department of the Treasury Debt Indicator Program. Excludes tax returns that have been filed subject to a refund anticipation loan from any determination of whether goals for electronic filing of tax returns have been met.Allows earned income tax credit benefits to be paid through electronic transfer accounts. Directs the Secretary of the Treasury to: (1) develop and implement a program to encourage the greater use of the advance earned income tax credit; and (2) enter into cooperative agreements with federally insured depository institutions to provide low- and moderate-income taxpayers with the option of establishing low-cost direct deposit accounts using appropriate tax forms.

Date: 2007-04-17
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Working American Competitiveness Act - Amends the Internal Revenue Code to allow a taxpayers to elect to exclude from gross income, without limitation, earned income (i.e., income for services performed) from sources within a foreign country.

Date: 2007-04-18
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Tax Depreciation, Modernization, and Simplification Act of 2007 - Amends the Internal Revenue Code to: (1) authorize the Secretary of the Treasury to modify or create new class lives for depreciable business assets that reasonably reflect anticipated useful life and decline in value; (2) eliminate the mid-quarter accounting convention for determining depreciation; (3) allow an election to consolidate, in a mass asset account, the accounting of depreciable properties that each cost less than $10,000; and (4) extend permanently the $100,000 expensing allowance for depreciable business assets.

Date: 2007-04-24
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Taxpayer Protection and Assistance Act of 2007 - Amends the Internal Revenue Code to authorize the Secretary of the Treasury to: (1) make grants for tax return preparation clinics for low-income taxpayers; (2) allow enrolled agents licensed to practice before the Internal Revenue Service (IRS) to use designation of "EA" or "E.A."; (3) regulate and test paid income tax preparers; (4) contract for the development or administration of examinations for paid income tax preparers; (5) require the registration of refund anticipation loan facilitators; and (6) award demonstration project grants to assist low-income taxpayers without bank accounts to obtain such accounts with federally-insured depository institutions.Establishes in the IRS the Office of Professional Responsibility to administer the regulation of paid income tax preparers. Requires such Office to make public any sanctions imposed on such preparers.Requires refund anticipation loan facilitators to make specified disclosures to taxpayers about refund loan transactions.Grants the National Taxpayer Advocate authority to issue taxpayer assistance orders in cases involving closing agreements and compromises.Grants the Secretary authority to consider all facts and circumstances involving a taxpayer in evaluating an offer in compromise of tax liability.

Date: 2007-04-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Reimbursing Our American Drivers (ROAD) Act of 2007 - Increases to 60 cents per mile, for the period after December 31, 2006, and before January 1, 2008: (1) the standard mileage rate for calculating the tax deduction for business, medical, and moving use of an automobile; and (2) the standard mileage rate for reimbursement of federal employee automobile expenses. Increases from 14 to 30 cents per mile the standard mileage rate for purposes of computing the tax deduction for the use of a passenger automobile for charitable purposes.

Date: 2007-04-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
New Markets Tax Credit Extension Act of 2007 - Amends the Internal Revenue Code to: (1) extend the new markets tax credit through 2013; and (2) provide for an inflation adjustment to the limitation amount for such credit after 2008.

Date: 2007-04-26
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to include in foreign base company income, for purposes of determining the foreign trade income of controlled foreign corporations, imported property income. Defines "imported property income" as, with certain exceptions, income attributable to property manufactured outside of the United States and imported for sale into the United States. Provides for a separate application of limitations on the foreign tax credit for imported property income.

Date: 2007-05-03
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to direct the Secretary of the Treasury, upon receiving notice from a state judicial agency that a named person owes a past-due, legally enforceable state judicial debt, to pay such debt from any tax refund due to such person.

Date: 2007-05-03
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Leasehold Improvement Depreciation Act of 2007 - Amends the Internal Revenue Code to: (1) make permanent the accelerated depreciation of qualified leasehold improvement property (i.e., a 15-year recovery period); and (2) modify the rule for determining the adjustment to earnings and profits for depreciation of such property.

Date: 2007-05-10
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Smart Buildings Act - Amends the Internal Revenue Code to allow a 20-year depreciation recovery period, calculated on a straight line basis, for property that is part of a heating, ventilation, air conditioning, or refrigeration system, or which replaces one or more components of such a system, if such system or such replacement component: (1) exceeds by at least 10 percent the applicable minimum performance standard under the National Appliance Energy Conservation Act of 1987, the Energy Policy Act of 2005, or the American Society of Heating, Refrigerating and Air-Conditioning Engineers Standard 90.1; (2) is placed in service before January 1, 2012; and (3) is installed in nonresidential or residential rental buildings.

Date: 2007-05-16
Topic: Macroeconomics (Tax Code)
Subject: Taxation
ITFA Extension Act of 2007 - Amends the Internet Tax Freedom Act to extend until November 1, 2011: (1) the ban on state and local taxation of Internet access and on multiple or discriminatory taxes on electronic commerce; and (2) provisions allowing states with Internet tax laws enacted prior to the ban to continue enforcing such laws.

Date: 2007-05-23
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Personal Philanthropy Account Act of 2007 - Amends the Internal Revenue Code to allow a tax deduction (whether or not the taxpayer itemizes deductions) for cash contributions to a personal philanthropy account. Defines "personal philanthropy account" as a tax-exempt trust created to make distributions for charitable purposes. Sets forth rules providing for employer contributions to such accounts, default charitable distributions in the event of an account holder's death, and minimum annual distributions.Allows an exclusion from the gross income of an employee for contributions made by an employer to the employee's personal philanthropy account.

Date: 2007-06-07
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Recycling Investment Saves Energy or the RISE Act - Amends the Internal Revenue Code to allow: (1) a first-year tax deduction of 50% of the adjusted basis of qualified reuse and recycling property; and (2) tax-exempt bond financing for recycling facilities. Defines "qualified reuse and recycling property" as property placed in service after December 31, 2006, which has a useful life of at least five years and which is used exclusively to collect, distribute, or recycle certain scrap materials.

Date: 2007-06-11
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Refinery Investment Tax Assistance Act of 2007 - Amends the Internal Revenue Code to allow: (1) for the expensing of the entire cost of certain liquid fuels refinery property (currently, only 50% of such cost can be expensed); and (2) a five-year recovery period for the depreciation of certain petroleum refining property.

Date: 2007-06-12
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to allow a five-year depreciation recovery period for certain farming business machinery or equipment placed in service before January 1, 2010.

Date: 2007-06-14
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Business Activity Tax Simplification Act of 2007 - Expands the federal prohibition against state taxation of interstate commerce to: (1) include taxation of out-of-state transactions involving all forms of property, including intangible personal property and services (currently, only sales of tangible personal property are protected); and (2) prohibit state taxation of an out-of-state entity unless such entity has a physical presence in the taxing state. Sets forth criteria for determining that a person has a physical presence in a state.

Date: 2007-06-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Small Business Payroll Protection Act of 2007 - Amends the Internal Revenue Code to require the Secretary of the Treasury to establish a registration system for payroll tax deposit agents (defined as any person that provides payroll processing or tax filing and deposit service to one or more employers). Requires such agents to: (1) submit a bond or to submit to quarterly third-party certifications; (2) make certain disclosures to their clients concerning liability for payment of employment taxes; and (3) pay penalties for failing to collect or pay over employment taxes or for attempting to evade or defeat payment of such taxes.Requires the Secretary of the Treasury to: (1) issue a notice of confirmation of any address change for an employer making employment tax payments; and (2) send such notice to both the employer's former and new address.

Date: 2007-07-12
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to increase the excise tax rate on small cigars to $19.50 per thousand (the same rate as for small cigarettes).

Date: 2007-07-17
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Saving Families First Alternative Minimum Tax Relief Act of 2007 - Amends the Internal Revenue Code to allow: (1) the tax deduction for personal exemptions in determining the alternative minimum taxable income of individual taxpayers; and (2) an inflation adjustment for alternative minimum tax exemption and phaseout amounts for individual taxpayers beginning after 2007.

Date: 2007-07-23
Topic: Macroeconomics (Tax Code)
Subject: Taxation
AMT Penalty Protection Act of 2007 - Amends the Internal Revenue Code to exempt taxpayers who did no owe alternative minimum tax in a preceding taxable year from penalties for failure to pay estimated tax on alternative minimum tax liabilities for the current taxable year.

Date: 2007-07-23
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Patriot Employers Act - Amends the Internal Revenue Code to allow a taxpayer certified as a Patriot employer by the Secretary of the Treasury a tax credit for one percent of such employer's taxable income. Defines a "Patriot employer" as any taxpayer who: (1) maintains its headquarters in the United States; (2) pays at least 60% of the health care premiums of its employees; (3) observes a policy requiring neutrality in employee organizing drives; (4) maintains or increases the number of its full-time workers in the United States relative to its full-time workers outside of the United States; (5) provides full differential salary and insurance benefits for all National Guard and Reserve employees called to active duty; and (6) provides its employees with a certain level of compensation and retirement benefits.

Date: 2007-08-02
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to exclude from the gross estate of a decedent the value of farmland used by an heir of the decedent for farming purposes. Imposes a recapture tax on an heir who disposes of such farmland after the decedent's death or who ceases to use it for farming purposes.

Date: 2007-08-03
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to reduce from $18 to $9 (its pre-1991 level) the per-barrel tax on beer.

Date: 2007-08-03
Topic: Macroeconomics (Tax Code)
Subject: Taxation
REIT Investment Diversification and Empowerment Act of 2007 - Amends Internal Revenue Code provisions relating to real estate investment trusts (REITs) to: (1) treat passive foreign exchange gains attributable to overseas real estate investment as qualifying REIT income; (2) increase from 20 to 25% the the maximum value of a REIT's total assets thay may be represented by securities of one or more taxable REIT subsidiaries; (3) revise safe harbor rules for the excise tax penalty on certain REIT sales activities; (4) treat rental payments made by a health care facility to a REIT as qualifying REIT income; and (5) treat income from, and interests in, foreign-qualified REITs as qualifying REIT income and assets.

Date: 2007-08-03
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Homeowner Tax Fairness 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.

Date: 2007-09-19
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Farmer Tax Fairness Act of 2007 - Amends the Internal Revenue Code and title II (Old Age, Survivors and Disability Insurance) 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: 2007-09-26
Topic: Macroeconomics (Tax Code)
Subject: Social welfare
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: 2007-10-02
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Permanent Internet Tax Freedom Act of 2007 - 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: 2007-10-02
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Local Officials Tax Relief Act of 2007 - Amends the Internal Revenue Code and Title II (Old Age, Survivors, and Disability Insurance) of the Social Security Act to exempt from social security taxes remuneration paid to any elected or appointed member of any general governing board, commission, or committee of any political subdivision of a state if such remuneration is not more than $1,300 and is paid for service performed on or after January 1, 2008.

Date: 2007-10-04
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: 2007-10-16
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: 2007-10-18
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to make permanent the tax deduction for state and local general sales taxes.

Date: 2007-10-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Youth Exchange Support Act of 2007- Amends the Internal Revenue Code to: (1) increase, from $50 to $200 per month, the tax deduction for the expenses of certain students living in a taxpayer's household; and (2) provide an inflation adjustment, beginning in 2009, for such amount.

Date: 2007-10-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to extend through 2009 the exemption from tax penalties for premature distributions from retirement plans made for charitable purposes.

Date: 2007-10-30
Topic: Macroeconomics (Tax Code)
Subject: Taxation
AMT Repeal and Tax Freedom Act - Amends the Internal Revenue Code to repeal the alternative minimum tax for individual taxpayers after 2006.Exempts individual taxpayers who had no alternative minimum tax liability in the taxable year preceding 2006 from estimated income tax penalties for taxable years beginning in 2006.Makes permanent reductions in income tax rates enacted by the Economic Growth and Tax Relief and Reconciliation Act of 2001 and capital gains and dividends tax rates enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Date: 2007-11-07
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Property Tax Fairness Act of 2007 - Amends the Internal Revenue Code to: (1) allow an additional standard tax deduction in 2007 or 2008 (available to taxpayers who do not itemize) for state and local real property taxes; and (2) include within the reporting requirements of investment brokers the adjusted basis of any security owned by customers of such brokers.

Date: 2007-11-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
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: 2007-11-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends Internal Revenue Code provisions relating to taxation of U.S. shareholders of controlled foreign corporations to: (1) exclude from foreign personal holding company income rents and royalties attributable to computer software that is leased or licensed for use outside the United States and that was developed or marketed by a controlled foreign corporation or related person; (2) increase to $5 million (currently, $1 million) the de minimis dollar amount for determinations of foreign base company income; (3) permanently extend the look-thru rule for for the tax treatment of income received or accrued from a controlled foreign corporation; and (4) permanently extend the exemption from foreign personal holding company income for active financing income (income from insurance, banking, financing, or similar businesses) earned on business operations overseas.

Date: 2007-11-16
Topic: Macroeconomics (Tax Code)
Subject: Taxation