zli12321/Bills huggingface dataset:
Small Businesses Add Value for Employees Act of 2009 [sic] or the SAVE Act of 2009 [sic] - Amends Internal Revenue Code provisions relating to employer-established simple individual retirement accounts (IRAs) to: (1) repeal certain restrictions on rollovers from simple IRAs: (2) allow employers to elect to terminate qualified salary reduction arrangements at any time during the year; (3) repeal the enhanced 25% penalty on premature withdrawals made from simple IRAs within the first two plan years; (4) allow additional nonelective employer contributions to simple IRAs; (5) establish automatic deferral IRAs; (6) allow a transfer of unused balances in flexible spending arrangements to a qualified retirement or eligible deferred compensation plan; (7) increase the tax credit for small employer pension plan startup costs; and (8) allow multiple small employer retirement plans that provide for automatic employee contributions. Requires the Office of Financial Education of the Department of the Treasury to develop and implement an outreach plan to educate small businesses on the types and benefits of available retirement plans. Requires the Secretaries of the Treasury and Labor to develop recommendations for small businesses to improve retirement outcomes. Requires the Secretary of the Treasury, in consultation with the Secretary of Education, to develop age-appropriate financial literacy curricula for elementary and secondary schools. Amends the Employee Retirement Income Security Act of 1974 (ERISA) to: (1) permit payroll deduction plans for individual retirement accounts or annuities; and (2) require disclosures relating to lifetime income from pension plans and annuities.

Date: 2010-03-03
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Wrongful Convictions Tax Relief Act of 2010 - Amends the Internal Revenue Code to allow wrongfully incarcerated individuals: (1) an exclusion from gross income for compensation received relating to their incarceration and for the first $50,000 of annual income received by such an individual after December 31, 2009; and (2) a refundable tax credit for 50% of payroll taxes on employment and self-employment income, up to $50,000 of such income. Limits the duration of such tax benefits to the lesser of 15 years or the number of years such an individual was incarcerated. Defines "wrongfully incarcerated individual" as an individual who was convicted of a criminal offense and was then pardoned or found not guilty of such offense because of innocence after serving all or a portion of a prison term. Disqualifies individuals with prior convictions punishable by more than one year of imprisonment.

Date: 2010-03-03
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Repeals: (1) provisions in the Economic Growth and Tax Relief Reconciliation Act of 2001 terminating tax reductions made by such Act after December 31, 2010; and (2) the provision in the Jobs and Growth Tax Relief Reconciliation Act of 2003 terminating after 2008 reductions in tax rates on dividends and net capital gain. Amends the Internal Revenue Code to make permanent: (1) the tax deductions for state and local sales taxes and for tuition and related expenses; and (2) the increased expensing allowance (i.e., $125,000) for depreciable business assets.

Date: 2010-03-03
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Responsible Homeowner Relief Act of 2010 - Amends the Internal Revenue Code to allow an individual taxpayer a deduction from gross income for loss from the sale or exchange of a principal residence in which such taxpayer resided for at least two years during the five-year period prior to the sale. Limits the aggregate amount of such deduction to $9,000, allowable in three annual installments of $3,000. Terminates such deduction after 2012. Requires the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to waive any short sale waiting period requirement for certain mortgagors who refinance their mortgage in a short sale. Terminates such waiver authority on January 1, 2013.

Date: 2010-03-11
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to: (1) exclude from gross income contributions to the capital of a partnership; and (2) set forth rules for determining the basis of property and money contributed to the capital of a partnership.

Date: 2010-03-12
Topic: Macroeconomics (Tax Code)
Subject: Taxation
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: 2010-03-17
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Community Bank and Automotive Industry Recapitalization Act of 2010 - Amends the Internal Revenue Code to exclude from gross income gain from the sale of qualified investment property acquired within 18 months after the enactment of this Act and held for more than five years. Defines "qualified investment property" as original issue stock in a community bank with less than $10 billion in assets or an automotive company.

Date: 2010-03-18
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Congressional Budget Act of 1974 to require the concurrent resolution on the budget for: (1) FY2012 to include a detailed benchmark plan to reduce discretionary spending to eliminate the budget deficit by FY2020; and (2) FY2013-FY2020 to be compliant with such plan, but include any necessary adjustments to meet its goal. Requires the congressional budget committees, if they determine that an economic emergency exists, to include such a statement in the applicable budget resolution. Provides that if such statement is included in the budget resolution, then the detailed benchmark plan to eliminate the budget deficit by FY2020: (1) is not required to be included in such budget resolution; and (2) shall be postponed by one fiscal year. Makes it out of order in both chambers to consider any budget resolution for any fiscal year through 2020 if it is in violation of this Act. Permits waiver or suspension of such requirement, or successful appeals from rulings of the Chair, only by an affirmative vote of three-fifths (60) of the Senate.

Date: 2010-03-24
Topic: Macroeconomics (Tax Code)
Subject: Congress
Informed Taxpayers' Federal Government Annual Reporting Act of 2010 - Directs the Secretary of the Treasury to prepare for each fiscal year and include in any published instructions for filling out a federal income tax return and on the homepage of the Internal Revenue Service (IRS) website a three-part report containing: (1) federal revenues, outlays, the budget deficit or surplus, and total gross federal debt for the fiscal year and the preceding fiscal year; (2) the number of income tax filers and nonfilers among U.S. households, the number of filers who have an income tax liability greater than zero for the current taxable year, the amount of the total gross federal debt for the fiscal year per such filer, and the difference between the debt per filer for the fiscal year and the preceding fiscal year; and (3) estimates, for the succeeding fiscal year and each of the next 10 fiscal years, of the federal revenues, outlays, and budget deficits or surpluses, the aggregate of such revenues and outlays and the net of such deficits and surpluses, and the average total amount of the total gross federal debt.

Date: 2010-03-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Economic Freedom Act of 2010 - Amends the Internal Revenue Code to: (1) eliminate the tax on the capital gains of individuals and corporations; (2) reduce the maximum corporate income tax rate to 12.5%; (3) allow a permanent and unlimited expensing allowance for depreciable business assets; and (4) reduce payroll tax rates for employers, employees, and self-employed individuals in 2010. Makes permanent the repeal of the estate and generation-skipping transfer taxes. Rescinds unobligated balances available in the American Recovery and Reinvestment Act of 2009. Repeals provisions of such Act relating to the Temporary Assistance to Needy Families program, economic recovery payments, premium assistance for COBRA (health insurance continuation benefits) payments, Medicare and Medicaid health information technology, state fiscal relief, broadband technology, and limits on executive compensation. Amends the Emergency Economic Stabilization Act to repeal the authority for the Troubled Asset Relief Program (TARP). Requires the Secretary of the Treasury to sell all stock and warrants acquired by the Secretary under TARP.

Date: 2010-04-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Autofill Act of 2010 - Amends the Internal Revenue Code to require the Secretary of the Treasury to: (1) establish a program to allow taxpayers to download income tax forms that are populated with tax return information (e.g., wages, withholding, and self-employment income) previously reported to the Secretary for the taxable year; (2) establish standards for data download to tax preparation software; and (3) provide on the website of the Department of the Treasury a secure function that allows a taxpayer to download, as both a printable document file and in a form suitable for input to automatic tax preparation software, the 1040, 1040A, and 1040EZ forms that are populated with tax return information previously reported to the Secretary. Establishes deadlines for reporting tax return information to the Secretary and for making such information available for populating tax returns.

Date: 2010-04-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to make permanent and increase the alternative minimum tax (AMT) exemption amount to $100,000 for married couples filing a joint tax return and surviving spouses and to $75,000 for unmarried individuals. Adjusts such increased exemption amounts for inflation in taxable years beginning after 2010.

Date: 2010-04-20
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to suspend until 2015 the dollar limitation, and the reduction in such limitation, on certain depreciable business and investment asssets.

Date: 2010-04-20
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Restitution for Local Government Act of 2010 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to require any profit made by the Secretary of the Treasury under the Troubled Asset Relief Program (TARP) to be used to purchase from local governments any securities, bonds, and other financial instruments issued by Lehman Brothers Holding, Inc. that were held by such governments on September 12, 2008. Limits the aggregate amount of all such purchases to $1.7 billion. Prohibits the purchase of financial instruments held by a pension fund.

Date: 2010-04-22
Topic: Macroeconomics (Tax Code)
Subject: Finance and financial sector
Smuggled Tobacco Prevention Act of 2010 or the STOP Act - Amends the Internal Revenue Code to restrict the sale, lease, importation, or delivery of tobacco production machines to persons lawfully engaged in: (1) the sale, lease, or delivery of such machines; (2) the manufacture or processing of tobacco products, including for personal use; or (3) the application of unique identification markings onto tobacco product packages. Defines "tobacco production machine" as a machine used to manufacture, process, or package tobacco products or to apply unique identification markings to packages of tobacco products. Requires any person leasing, importing, exporting, or delivering a tobacco production machine to keep records relating to any transfers or deliveries of such machines. Requires manufacturers and importers of tobacco products to affix a unique identification marking to each package of tobacco products prior to sale or distribution of such products. Directs the Secretary of the Treasury to design a system of unique identification markings that does not interfere with state and local tax stamps and markings. Requires wholesalers of tobacco products to obtain permits for selling or exporting tobacco products. Establishes new criminal offenses relating to the distribution of tobacco products. Increases the civil penalty for tobacco-related infractions from $1,000 to $10,000. Establishes in the Treasury the Anti-Contraband Tobacco Trafficking Fund to finance the enforcement provisions of this Act and other laws relating to contraband or illegal tobacco products using the increased civil and criminal fines provided by this Act. Amends the Tariff Act of 1930 to impose a civil penalty for the importation of tobacco products and cigarette papers and tubes by fraudulent means.

Date: 2010-04-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Municipal Finance Improvements Act of 2010 - Amends the Internal Revenue Code to require the issuer of a tax-exempt state or local bond to obtain an optimal bond financing certification. Defines "optimal bond financing certification" as a written statement by an independent qualified financial advisor that the issuance fees and aggregate interest cost to the bond issuer are reasonable without materially increasing the risks to the issuer or bond obligors. Allows a tax credit for small issuers of tax-exempt bonds. Defines a "small issuer" as any issuer of tax-exempt bonds with an aggregate face value not exceeding $50 million in a calendar year.

Date: 2010-04-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Motherhood Fairness Act of 2010 - Amends the Internal Revenue Code to allow a child tax credit to the birth mother of a child who is formally placed for adoption and to the taxpayer who adopts such child.

Date: 2010-05-06
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Real Estate Investment Incentive Act of 2010 - Amends the Internal Revenue Code to reduce to 5% the rate of tax on net capital gains from the sale or exchange of depreciable real property placed in service before January 1, 2011. Defines "depreciable real property" as investment property which is part of a building with fewer than two residential rental units.

Date: 2010-05-11
Topic: Macroeconomics (Tax Code)
Subject: Taxation
National Disaster Tax Extenders Act - Amends the Internal Revenue Code to exclude a casualty loss tax deduction for disaster losses sustained after December 31, 2009, and before January 1, 2011, from an individual's gross income in determining adjusted gross income. Extends through 2010: (1) such casualty loss deduction; (2) expensing of disaster abatement and cleanup expenses; (3) the five-year carryback period of net operating losses attributable to federally declared disasters; and (4) the special depreciation allowance for qualified disaster assistance property.

Date: 2010-05-11
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Tax Information for New Fiscal Oversight Act of 2010 - Directs the Joint Committee on Taxation, beginning with its 2011 annual tax expenditure report, to: (1) analyze each tax expenditure identified in such report for its equity, efficiency, and ease of administration; and (2) reflect in such report the aggregate annual revenue lost due to such tax expenditures.

Date: 2010-05-12
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Foreign-Held Debt Transparency and Threat Assessment Act - Expresses the sense of Congress about the growing federal debt of the United States, the increasing U.S. dependence on foreign creditors like its largest foreign creditor, the People's Republic of China, whose holdings could give China a tool with which to manipulate U.S. policymaking (including with respect to Taiwan) and pose a direct threat to the national economy and national security. Directs the President to report quarterly to certain congressional committees on the risks posed by foreign holdings of U.S. debt instruments, and make such report public on the Internet. Directs the Comptroller General to report annually to certain congressional committees on such risks. Directs the President to formulate, report to the appropriate congressional committees, and implement a plan of action to reduce an unsustainable level of risk to an acceptable and sustainable level, in a manner that results in a reduction in federal spending, in any case in which the President or the Comptroller General makes specified determinations that a foreign country's holdings of U.S. debt instruments pose an unacceptable risk to long-term national security or economic stability, or that the levels of risk posed by the federal debt are unsustainable.

Date: 2010-05-18
Topic: Macroeconomics (Tax Code)
Subject: Foreign trade and international finance
War is Making You Poor Act - Limits amounts made available to the Department of Defense (DOD) in any appropriations Act for fiscal year 2011 that may be available for the base budget or for overseas contingency operations in Iraq, Afghanistan, or Pakistan. Amends the Internal Revenue Code to allow individual taxpayers whose modified adjusted gross income is $35,000 or less ($70,000 for married couples) a tax credit (designated as the War is Making You Poor Tax Credit) equal to their net income tax liability for the first taxable year beginning in 2011.

Date: 2010-05-20
Topic: Macroeconomics (Tax Code)
Subject: Armed forces and national security
Green Energy Efficient Roofs and Job Creation Act of 2010 - Amends the Internal Revenue Code to classify as 20-year property for depreciation purposes a roof replacement on a commercial building during 2010 or 2011 with a roof assembly which has the new insulation installed entirely above the roof deck and which meets or exceeds the minimum R-value for the appropriate climate zone as specified in the International Energy Conservation Code.

Date: 2010-05-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to classify any computer-based gambling machine, including slot machines and video lottery terminals, as five-year property for depreciation purposes.

Date: 2010-05-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Investing Income at Home Act of 2010 - Amends the Internal Revenue Code to exclude from the definition of "personal holding company income" foreign affiliate dividends designated for reinvestment in the United States. Imposes an additional tax on such dividends if they are not reinvested in the United States within five years.

Date: 2010-05-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Family Farm Estate Tax Relief Act of 2010 - Amends the Internal Revenue Code to: (1) exclude from the value of a decedent's gross estate farmland used by an heir for farming purposes; (2) impose a recapture tax on an heir who disposes of such farmland after the decedent's death or who ceases to use such farmland for farming purposes; and (3) increase the limitation on the estate tax exclusion for land subject to a qualified conservation easement to $5 million and the percentage of the value of such land that is excludable.

Date: 2010-05-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Check the Debt Act of 2010 - Amends the Internal Revenue Code to allow individual taxpayers (other than nonresident aliens) to designate $3 or more of their tax liability ($6 for married couples filing a joint tax return) to reduce the public debt.

Date: 2010-06-09
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Stop Outsourcing and Create American Jobs Act of 2010 - Directs the Secretary of the Treasury to develop and publish a list of countries that are tax havens for corporations. Amends the Internal Revenue Code to increase the penalties on corporations for: (1) underpayment of tax involving an undisclosed foreign financial asset located in a tax haven country; (2) reportable transaction understatements involving transactions in a tax haven country; and (3) fraud, tax evasion, or false statements involving transactions in a tax haven country. Grants a preference in the award of federal contracts to contractors who have not engaged in outsourcing. Defines "outsourcing" as the laying off of a U.S. worker from a job and the hiring or contracting for the same job to be performed in a foreign country. Requires revenues generated by this Act to be set aside for the reduction of the public debt.

Date: 2010-06-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Securing Knowledge, Innovation, and Leadership Act of 2010 or the SKIL Act of 2010 - Amends the Immigration and Nationality Act to exempt from the annual H-1B (specialty occupation) visa cap an alien who has: (1) earned a master's or higher degree from an accredited U.S. university; or (2) been awarded a medical specialty certification based on post-doctoral training and experience in the United States. Increases the annual H-1B cap, with a 20% increase for the following year if the previous year's quota is reached. Exempts from worldwide immigration caps an alien who: (1) has earned a master's or higher degree from an accredited U.S. university; (2) has been awarded medical specialty certification based on postdoctoral training and experience in the United States; (3) will work in shortage occupations; (4) has earned a master's degree or higher in science, technology, engineering, or math and has been working in a related field in the United States during the three-year period preceding his or her immigrant visa application; (5) has extraordinary ability or received a national interest waiver; or (6) is the spouse or minor child of an employment-based immigrant. Increases the annual immigrant visa cap. Revises student visa provisions. Authorizes an L-1 (intracompany transfer) visa extension beyond the fifth or seventh year if the individual has a immigrant application pending. Permits an alien with an approved labor certification to apply for permanent resident status adjustment if there is no visa immediately available by paying a $500 supplemental fee. Directs the Secretary of Homeland Security (DHS) to establish a pre-certification procedure for employers who file multiple employment petitions. Revises certain labor certification provisions. Prohibits immigration application approval until background and security checks have been completed and any fraud allegations have been resolved. Authorizes temporary workers (E, H, I, L O, or P visas) who have not violated their status to renew their same category visa from within the United States.

Date: 2010-07-01
Topic: Macroeconomics (Tax Code)
Subject: Immigration
Amends the Internal Revenue Code to allow the Secretary of the Treasury to pay advance refunds or credits of 2008 recovery rebates after December 31, 2008, if necessary to correct a manifest injustice.

Date: 2010-07-01
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Main Street Fairness Act - Grants the consent of Congress to the Streamlined Sales and Use Tax Agreement (Agreement), the multistate agreement on sales and use tax collection and administration adopted on November 12, 2002. Authorizes each state that is a party to the Agreement (member state), after 10 states (comprising at least 20% of the total population of all states imposing a sales tax) have petitioned for and have become member states, to require all remote sellers not qualifying for the small seller exception to collect and remit sales and use taxes on remote sales owed to each such member state under the terms of the Agreement. Terminates such authority if the requirements of this Act cease to be satisfied or an amendment adopted to the Agreement is outside the scope of administration of sales and use taxes by the member states or is inconsistent with the provisions of this Act. Permits a federally recognized Indian tribe that imposes a generally applicable sales tax to petition to become a member state. Allows any person affected by the Agreement to petition the Governing Board established by the Agreement for a determination of any issue arising under the Agreement. Provides for judicial review of Governing Board determinations by the United States Court of Federal Claims and grants such Court exclusive jurisdiction over actions for judicial review. Sets forth minimum requirements for simplifying the administration of multistate sales and use taxation under the Agreement. Provides for judicial review of any civil action challenging the constitutionality of this Act by a panel of three judges of a U.S. District Court. Expresses the sense of Congress that each member state under the Agreement should work with other member states to prevent double taxation where a foreign country has imposed a transaction tax on a digital good or service.

Date: 2010-07-01
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Responsible Estate Tax Act - Repeals provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) eliminating the tax on estates and generation-skipping transfers and the step-up in basis provisions for property acquired from a decedent for estates of decedents dying after 2009 (thus restoring prior law). Declares that the sunset provision (general terminating date of December 10, 2010) of EGTRRA shall not apply to title V of such Act ( Estate, Gift, and Generation-Skipping Transfer Tax Provisions). Amends the Internal Revenue Code to: (1) revise estate tax brackets for estates over $750,000 and impose a maximum tax rate of 55% on estates over $50 million; (2) impose a 10% surtax on estates over $500 million; (3) increase to $3 million the reduction in valuations of farmland for estate tax puposes; (4) increase to $2 million the maximum estate tax exclusion for contributions of conservation easements; (5) require executors of estates to file information returns and provide valuations and consistent basis information to persons acquiring property from decedents or by gift; (6) set forth estate valuation rules for certain transfers of nonbusiness assets and limit estate tax discounts for certain individuals with minority interests in a business acquired from a decedent; and (7) revise rules for valuing assets in grantor retained annuity trusts to require that the right to receive fixed amounts from an annuity last for a term of not less than 10 years, that such fixed amounts not decrease during the first 10 years of the annuity term, and that the remainder interest have a value greater than zero when transferred.

Date: 2010-07-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Investing in Our Future Act of 2010 - Amends the Internal Revenue Code to impose an excise tax on currency transactions exceeding $10,000 equal to 0.005% of the value of the currency acquired in the transaction (currency transaction tax). Establishes in the Treasury: (1) the Child Care Assistance Trust Fund, which shall be funded with 20% of the revenues from the currency transactions tax and which shall be used to provide increased allocations to states for child care assistance; (2) the Multilateral Global Health Trust Fund, which shall be funded with 40% of the revenues from such tax and from which the Secretary of State shall make grants to assist developing countries in addressing HIV/AIDS, tuberculosis, malaria, maternal mortality, family planning, neglected diseases, and other health issues; and (3) the Global Climate Change Adaptation and Mitigation Trust Fund, which shall be funded with 40% of the revenues from such tax and which shall be used for contributions to a United Nations Framework Convention on Climate Change global climate fund for climate change adaptation and mitigation.

Date: 2010-07-20
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Close Foreign Tax Loopholes: Make it in America Act of 2010 - Amends the Internal Revenue Code, with respect to the taxation of foreign income and the foreign tax credit, to: (1) suspend the recognition of foreign tax credits until the related foreign income is taken into account for U.S. tax purposes; (2) deny a foreign tax credit for foreign income not subject to U.S. taxation due to a covered asset acquisition (defined as an acquisition that results in an increase in tax basis for U.S. tax purposes but not for foreign tax purposes); (3) apply a separate foreign tax credit limitation for each item of income that would be treated as derived from sources within the United States and that would be treated as arising from sources outside the United States under a treaty obligation (if the taxpayer chooses the benefits of such treaty); (4) limit the amount of foreign tax credits that may be claimed by a U.S. domestic corporation with respect to a deemed dividend paid by a foreign subsidiary; (5) prevent a reduction in earnings in profits of a foreign corporation in an acquisition if more than 50% of the dividends arising from such acquisition would not be subject to U.S. taxation or would be includible in the earnings and profits of a controlled foreign corporation; (6) treat a foreign corporation as a member of an affiliated group for interest allocation and apportionment purposes if more than 50% of its gross income is effectively connected with a U.S. trade or business and at least 80% of either the vote or value of its outstanding stock is owned directly or indirectly by members of the affiliated group; (7) repeal tax rules exempting foreign source income attributable to the active conduct of a foreign trade or business from withholding of tax requirements; (8) treat as income received in the United States amounts received from noncorporate residents or domestic corporations with respect to guarantees and amounts paid by any foreign person if such amounts are connected with income that is effectively connected with the conduct of a trade or business in the United States; and (9) provide that the statute of limitations for assessing any tax on certain foreign transactions shall apply only to items related to a failure to provide information to the Internal Revenue Service (IRS) due to reasonable cause and not willful neglect.

Date: 2010-07-20
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Fair American Corporate Tax Act or FACT Act - Amends the Internal Revenue Code to: (1) decrease from 35% to 28% the top marginal income tax rate for corporations (including personal service corporations); and (2) provide that the amount of any tax withholding for deductible payments made by a U.S. subsidiary of a foreign parent corporation to a related subsidiary in any country that has a tax treaty with the United States shall not be less than the amount which would be imposed if the payment were made directly to the foreign parent corporation.

Date: 2010-07-26
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to repeal provisions that provide for the advance payment of the earned income tax credit.

Date: 2010-07-27
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Poverty Measurement Improvement Act - Amends the Social Security Act to require the Bureau of the Census, annually, to publish statistics on levels of family income in the United States that take into account the full benefits poverty income measure and the partial benefits poverty income measure. Defines: (1) "partial benefits poverty income measure" to mean money income as defined by the Bureau for purposes of any survey relating to income or poverty in the United States; and (2) "full benefits poverty income measure" to mean the sum of the partial benefits poverty income measure and other non-cash benefits (including supplemental nutrition assistance benefits, housing subsidies, the actuarial value of health insurance coverage, and any other state or federal means-tested benefits) attributable to the members of the household involved, including non-related members, as calculated by the Bureau by applying its current disposable income methodology. Requires the Bureau to produce corresponding tables and graphs showing for each year the poverty rates (and related data) determined by using each such measure.

Date: 2010-07-28
Topic: Macroeconomics (Tax Code)
Subject: Government operations and politics
Amends the Internal Revenue Code to authorize the U.S. Tax Court to: (1) appoint a clerk of court and other necessary employees without regard to civil service provisions governing appointments in the competitive service and to fix and adjust the compensation for such employees; (2) establish programs for employee evaluations, incentive awards, flexible work schedules, premium pay, and resolution of employee grievances; and (3) hire experts and consultants. Requires the Court's personnel management system to incorporate existing merit system principles and employee appeal rights, prohibit employment discrimination and prohibited personnel practices, and provide appropriate preference in hiring. Authorizes the judges and special trial judges of such Court to appoint their own employees, including law clerks, without regard to civil service provisions governing appointments in the competitive service.

Date: 2010-07-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Community Recovery and Enhancement Act of 2010 or the CRE Act of 2010 - Amends the Internal Revenue Code to allow a new tax deduction for 50% of equity investment in a partnership (qualified debt reduction equity investment) and 50% of any payment on commercial real property (qualified debt reduction payment) made to reduce the principal amount of the qualified indebtedness of such partnership or commercial property. Defines "qualified indebtedness" to mean any indebtedness incurred or assumed by a partnership or other taxpayer before January 1, 2009, which is secured by commercial real property. Requires a recapture in income of any deduction taken by a partnership if such partnership incurs additional indebtedness within three years after receiving a qualified debt reduction equity investment under this Act.

Date: 2010-07-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Truth in Spending Act of 2010 - Requires the President's annual budget request to Congress to include the most recent reports of the Director of the Office of Management and Budget (OMB) regarding the difference between the actual costs and the estimated costs of direct spending legislation, including proposed legislative language, if any, in such reports. Requires OMB to submit annually for inclusion in the President's budget request reports (with follow-up reports every five fiscal years) on the total estimated cost and total actual cost of direct spending legislation for the then budget year and four outyears. Requires the President, within seven days after receiving an OMB report, to submit proposed legislative language, if any, set forth in the report to both chambers. Prescribes the procedure for fast track consideration of the legislation in both chambers.

Date: 2010-07-29
Topic: Macroeconomics (Tax Code)
Subject: Economics and public finance
Amends the Internal Revenue Code to increase from $600 to $2,200 the additional standard tax deduction for individuals age 65 and older and allow an annual inflation adjustment for such increased amount.

Date: 2010-07-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Tax Education & Accountability Act or the TEA Act - Amends the Internal Revenue Code to repeal the withholding of income tax. Makes such repeal effective on or after the first January 1 occurring 1 year after the enactment of this Act.

Date: 2010-07-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
American Business Competitiveness Act of 2010 - Amends the Internal Revenue Code to: (1) reduce to 23% the maximum income tax rate for corporations; (2) set forth rules for the allocation of foreign-related tax credits and deductions; (3) repeal rules for the application of the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit; (4) repeal the last-in, first-out (LIFO) and the lower of cost or market methods of inventory; (5) make permanent the increased ($250,000) expensing allowance for depreciable business assets; (6) increase from 15 to 20 years the amortization period for goodwill and other intangibles; (7) set forth rules for the application of the economic substance doctrine to tax transactions; (8) reduce the percentage of the deduction for dividends received; (9) require the recognition of ordinary income on the sale or exercise of a stock option in an S corporation with an employee stock ownership plan (ESOP); and (10) allow nonrecognition of gain in a corporate reorganization for corporations that exchange property solely for stock other than nonqualified preferred stock.

Date: 2010-07-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
COBRA Affordability Act of 2010 - Amends the Internal Revenue Code to allow: (1) the establishment of tax-exempt accounts for the payment of COBRA (health insurance continuation benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985) premiums; (2) an income-based tax deduction, up to $2,500, for cash contributions to such a COBRA premium payment account; (3) tax-free distributions from such an account for payment of COBRA premiums; (4) the rollover of unused amounts in such an account into a tax-exempt retirement account; and (5) employees to elect to enroll in an alternative health plan offered by their employers, in lieu of COBRA coverage.

Date: 2010-07-30
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Bringing Business Back Act of 2010 - Amends the Internal Revenue Code to exclude from gross income for a specified 10-year period, for income tax purposes, income or gain from real property that is certified as zoned for commercial use, that has been undeveloped and vacant for a 2-year period, and that is located in a qualified census tract. Defines "qualified census tract" as any census tract that has an average poverty and unemployment rate exceeding the national rate and that exhibits another condition of distress, such as high crime, deteriorating infrastructure, or population decline.

Date: 2010-07-30
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to: (1) exempt certain tax-exempt employee-funded pension plans created before June 25, 1959, from rules imposing a tax on unrelated debt-financed income derived from real property; and (2) make the limits on contributions to such employee-funded pension plans equal to the limits allowed for other tax-exempt retirement accounts.

Date: 2010-07-30
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to exempt from income tax individuals who have attained the age of 65 and whose gross income is not more than $50,000.

Date: 2010-08-10
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Fair Playing Field Act of 2010 - Amends the Internal Revenue Code, with respect to the classification of workers for employment tax purposes, to: (1) repeal the prohibition against issuance of regulations and guidance by the Secretary of the Treasury on workers' employment tax status (i.e., as an employee or as an independent contractor) enacted by the Revenue Act of 1978; (2) direct the Secretary to issue regulations and other guidance to clarify the proper employment status of workers for employment tax purposes; (3) prohibit a retroactive assessment of employment tax, except with respect to certain skilled workers, for tax periods after December 31, 1978, and before a specified reclassification date for worker misclassifications, unless the taxpayer had no reasonable basis for not treating a worker as an employee; (4) require taxpayers who hire independent contractors on a regular and ongoing basis to provide such contractors with notice of their federal tax obligations, the labor and employment law protections that do not apply to them, and their right to seek a status determination from the Internal Revenue Service (IRS); and (5) eliminate reduced penalty provisions for failure to withhold income taxes for taxpayers who lack a reasonable basis for treating a worker as other than an employee (i.e., as an independent contractor).

Date: 2010-09-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Fresh Fruit and Vegetable Grower Tax Incentive Act of 2010 - Amends the Internal Revenue Code to allow farmers whose gross receipts attributable to fruit and vegetable farming were not more than $500,000 for the previous taxable year a business-related tax credit equal to the lesser of $10,000 or the taxable income attributable to fruit and vegetable farming. Defines "fruit and vegetable farming" as the farming and sale of fruits, vegetables, or both in fresh form generally considered as perishable, but not including any grains or any perishable fruits and vegetables which have been manufactured into articles of food of a different kind or character.

Date: 2010-09-22
Topic: Macroeconomics (Tax Code)
Subject: Taxation
State and Local Spending Will Help Save America Act of 2010 - Appropriates $200 billion for quarterly payments to the states in FY2011 and 2012 by the Secretary of the Treasury on the basis of population to supplement state operating budgets. Prohibits the use of such funds to supplement state capital budgets .

Date: 2010-09-29
Topic: Macroeconomics (Tax Code)
Subject: Economics and public finance
Heavy Truck Tax Fairness Act of 2010 - Amends the Internal Revenue Code to: (1) repeal the excise tax on heavy trucks and trailers sold at retail; (2) increase the rate of tax on diesel fuel or kerosene to 31.6 cents per gallon; and (3) impose a floor stocks tax with respect to certain taxable fuels..

Date: 2010-09-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Transportation Finance Innovation Demonstration Act of 2010 - Amends the Internal Revenue Code to impose a vehicle mileage tax on 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.

Date: 2010-09-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Preserving American Income on Dividends Act of 2010 - 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: 2010-09-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Personal Exemption Fairness Act of 2010 - Amends the Internal Revenue Code to require annual metropolitan statistical area cost-of-living adjustments, beginning after 2010, to the personal tax exemption amount. Directs the Secretary of Labor to determine and publish a cost-of-living index for each metropolitan statistical area.

Date: 2010-09-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to exclude from gross income a discharge of indebtedness incurred to pay for certain long-term care expenses.

Date: 2010-09-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to establish, on a permanent basis, a zero percent tax rate for the net capital gains of individuals and corporations for purposes of the regular and alternative minimum tax. Eliminates the terminating date in the Jobs and Growth Tax Relief Reconciliation Act of 2003 (i.e., December 31, 2008) for provisions that reduce the capital gains tax rate for individuals.

Date: 2010-09-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Noise Reduction Act of 2010 - Amends the Internal Revenue Code to allow a 30% nonbusiness energy tax credit for the cost of installing noise abatement property in a taxpayer's principal residence that is located in an area of the United States which is determined by the Secretary of Transportation to be impacted by noise from trains or airplanes.

Date: 2010-09-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Authorizes states to return to the Secretary of Transportation certain unobligated stimulus funds made available for high speed rail and intercity rail projects under title XII of Division A of the American Recovery and Reinvestment Act of 2009. Requires the Secretary to deposit such funds into the general fund of the Treasury for federal budget deficit reduction.

Date: 2010-11-16
Topic: Macroeconomics (Tax Code)
Subject: Transportation and public works
Targeted Tax Lien Act of 2010 - Amends the Internal Revenue Code to require the Secretary of the Treasury to determine, prior to filing a notice of tax lien for unpaid taxes, that: (1) the lien attaches to distrainable property; (2) the benefit to the government of filing such lien outweighs the harm to the taxpayer; and (3) the filing of such lien will not jeopardize the taxpayer's prospective ability to comply with tax laws or an otherwise viable business taxpayer's prospective ability to secure funding to maintain business operations. Amends the Fair Credit Reporting Act to limit the period in which certain released or erroneously filed federal tax liens may be reported on a consumer 's credit report.

Date: 2010-11-18
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Taxpayer Receipt Act of 2010 - Amends the Internal Revenue Code to require the Secretary of the Treasury to provide individual taxpayers via U.S. mail by October 15 of each year a tax receipt for income taxes reported for the preceding taxable year. Requires such tax receipt to: (1) state the amount of taxes paid by, and any refund made to, the taxpayer; (2) contain tables listing expenditures in categories of the federal budget and the 10 most costly tax expenditures; (3) contain an annual budget review prepared by the Secretary in consultation with the Congressional Budget Office (CBO); and (4) contain the Internet address of the website of the Department of Treasury providing more detailed tax and spending information.

Date: 2010-11-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Homebuyer Tax Credit Renewal Act of 2010 - Amends the Internal Revenue Code to reinstate the first-time homebuyer tax credit for one year beginning on the enactment date of this Act.

Date: 2010-12-08
Topic: Macroeconomics (Tax Code)
Subject: Taxation
End Tax Uncertainty Act of 2010 - Makes permanent: (1) the Economic Growth and Tax Relief Reconciliation Act of 2001; (2) provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 that reduce income tax rates on dividend and capital gains income; and (3) the repeal, after December 31, 2010, of the estate, gift, and generation-skipping transfer tax. Amends the Internal Revenue Code to: (1) provide for annual increases, between 2010 and 2020, in the amount of the alternative minimum tax (AMT) exemption amount for single and married taxpayers; (2) allow a permanent offset against the AMT for certain nonrefundable tax credits; and (3) reduce to 25% the maximum income tax rate for corporations, including personal service corporations.

Date: 2010-12-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Permanent Tax Relief Act of 2010 - Makes permanent: (1) the Economic Growth and Tax Relief Reconciliation Act of 2001; and (2) provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 that reduce income tax rates on dividend and capital gains income. Amends the Internal Revenue Code to: (1) provide for annual increases, between 2010 and 2020, in the amount of the alternative minimum tax (AMT) exemption amount for single and married taxpayers; and (2) allow a permanent offset against the AMT for certain nonrefundable tax credits.

Date: 2010-12-16
Topic: Macroeconomics (Tax Code)
Subject: Taxation