zli12321/Bills huggingface dataset:
AMT Relief Act of 2007 - Title I: Individual Tax Relief - (Sec. 101) Amends the Internal Revenue Code to extend through 2007 for individual taxpayers: (1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liability; and (2) the increased AMT exemption amounts.(Sec. 103) Increases the AMT refundable credit amount for individual taxpayers with long-term unused tax credits in prior taxable years. Abates any underpayment of tax and related interest and penalties attributable to the application of special AMT rules for the treatment of incentive stock options.(Sec. 104) Lowers in 2008 (from $10,000 to $8,500) the earned income threshold amount for determining the refundable portion of the child tax credit.Title II: Revenue Provisions - Subtitle A: Nonqualified Deferred Compensation From Certain Tax Indifferent Parties - (Sec. 201) Requires the inclusion in gross income for income tax purposes of employee compensation deferred under a nonqualified deferred compensation plan of a nonqualified entity when there is no substantial risk of forfeiture of the rights to such compensation. Defines "nonqualified entity" 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 a comprehensive foreign income tax. Includes certain partnerships within such definition.Subtitle B: Codification of Economic Substance Doctrine - (Sec. 211) Sets forth rules and definitions for the application of the economic substance doctrine to transactions affecting tax liability. Deems a transaction as having economic substance only if: (1) the transaction changes in a meaningful way (apart from federal income tax effects) the taxpayer's economic position; and (2) the taxpayer has a substantial purpose for entering into such transaction. Requires the Secretary of the Treasury to prescribe regulations on economic substance.(Sec. 212) Imposes a penalty of 40% of any underpayment of tax attributable to nondisclosed noneconomic substance transactions. Sets forth a special rule for reductions of underpayment amounts subject to a tax penalty for corporations with gross receipts of more than $100 million.Subtitle C: Other Provisions - (Sec. 221) Delays until 2018 the application of special rules for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit. (Sec. 222) Increases the penalty for failure to file a partnership tax return and extends from five to 12 the number of months in which such penalty may be imposed.(Sec. 223) Imposes an additional penalty on S corporations for failure to file required tax returns.(Sec. 224) Increases the minimum penalty for failure to file an individual income tax return.(Sec. 225) Amends the Tax Increase Prevention and Reconciliation Act of 2005 to increase the estimated tax payment due in the third quarter of 2012 for corporations with assets of at least $1 billion.

Date: 2007-12-11
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to provide for accelerated depreciation of certain energy-efficient heating, ventilation, air conditioning, or commercial refrigeration property installed in nonresidential real property or residential rental property and placed in service before January 1, 2012.

Date: 2007-12-13
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to increase the limit on the deductibility of losses from the sale or exchange of capital assets for individual taxpayers to $10,000. Provides for an inflation adjustment to such increased amount after 2008.

Date: 2007-12-13
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: 2007-12-17
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to allow individual taxpayers an exclusion from gross income for overtime pay.

Date: 2007-12-19
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to set forth rules for the treatment of income, loss, and distributions relating to a prepaid derivative contract. Defines "prepaid derivative contract" as any prepaid contract with a term longer than one year from the date of issue which is a derivative financial instrument with respect to any security, commodity, or financial index.

Date: 2007-12-19
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Middle Class Jobs Protection Act of 2008 - Amends the Internal Revenue Code to: (1) reduce the maximum corporate income tax rate to 25%; (2) increase the expensing allowance for depreciable business assets to $250,000 in 2008 and 2009; (3) increase to 50% the current year bonus depreciation allowance for certain property placed in service in 2008 and 2009; and (4) allow additional carrybacks for certain net operating losses and for excess business and foreign tax credit amounts arising in 2008 and 2009.

Date: 2008-01-16
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Stealth Tax Relief Extension Act of 2008 - Amends the Internal Revenue Code to: (1) increase the exemption from the alternative minimum tax for individual taxpayers in 2008; and (2) extend through 2008 the allowance of certain nonrefundable tax credits against alternative minimum tax liability.

Date: 2008-01-17
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to to eliminate the phasein of the tax deduction for income attributable to domestic production activities and permit the full 9% deduction amount for taxable years beginning after 2007.

Date: 2008-01-23
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Tire Investment, Recovery and Extension Act of 2007 [sic]or the TIRE Act of 2007 [sic] - Amends the Internal Revenue Code to allow taxpayers who regularly use more than 100 vehicles a year in a trade or business (vehicle fleet operators) a tax credit for the purchase of new or retread tires made from recycled rubber.

Date: 2008-01-23
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Fair and Simple Tax Act of 2008 - Amends the Internal Revenue Code to: (1) establish an alternative income tax rate system with three tax brackets (10, 15, and 30%); (2) repeal the estate and gift tax; (3) adjust the increased alternative minimum tax (AMT) exemption amounts for inflation after 2007 and make such exemptions permanent; (4) reduce the maximum corporate income tax rate to 25%; (5) reduce the maximum tax rate on capital gains to 10%; (6) allow an inflation adjustment to the basis of capital assets for purposes of determining gain or loss; (7) establish new tax-exempt accounts for retirement savings, lifetime savings, and lifetime skills accounts; (8) exempt individuals under age 65 who do not have employer health care coverage from the adjusted gross income threshold for the medical care tax deduction; and (9) make permanent the tax credit for increasing research activities.Repeals the terminating dates applicable to provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Date: 2008-01-23
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Giving Resources and Opportunities to the Workforce Act of 2008 - Amends the Internal Revenue Code to: (1) allow a five-year carryback for net operating losses incurred in 2007, 2008, or 2009; and (2) increase to $250,000 in 2008 the expensing allowance for certain depreciable business assets.

Date: 2008-01-23
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Economic Growth Act of 2008 - Amends the Internal Revenue Code to: (1) repeal the dollar and other limitations on the expensing allowance of depreciable business assets; (2) reduce to 25% the maximum corporate income tax rate; (3) provide for an inflation adjustment to the basis of certain capital assets for purposes of determining gain or loss; and (4) reduce from 35 to 15% the alternative capital gains tax rate for corporations.

Date: 2008-01-23
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Family Security and Small Business Stimulus Act of 2008 - Amends the Internal Revenue Code to: (1) allow a reduced 5% income tax rate on taxable income for low-income taxpayers; (2) allow an advance refund in 2008 for the reduction in the tax rate; and (3) increase to $375,000 between 2008 and 2010 the expensing allowance for small business depreciable assets.

Date: 2008-01-23
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Beginning Farmers and Ranchers Act of 2007 [sic] - Amends the Internal Revenue Code to exclude from gross income 100% of the gain, up to $500,000, from the sale of qualified farm property to a first-time farmer who certifies that such property will be used for farming purposes for 10 years. Allows: (1) a 50% exclusion for the sale of qualified farm property to any other person who certifies that such property will be used for farming purposes for 10 years; and (2) a 25% exclusion for the sale of qualified farm property to any other person for any other use. Defines "qualified farm property" as real property located in the United States which is used for farming purposes for a specified three-year period and in which there was material participation by the taxpayer or the taxpayer's spouse or family member. Requires the recapture of tax benefits if qualified farm property is sold or ceases operation as a farm before the required 10-year period.

Date: 2008-01-23
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Job Creation Economic Stimulus Act of 2008 - Amends the Internal Revenue Code to allow the expensing of the cost of certain high productivity property placed in service in 2008, including computer and computer-related peripheral equipment, electronic equipment, software, high technology medical equipment, and advanced environmental and life science products.Allow a 50% depreciation allowance for certain business equipment acquired in 2008. Exempts acclerated depreciation amounts related to properties placed in service in 2008 or 2009 from adjustments in computing alternative minimum taxable income. Allows an offset in 2008 against the alternative minimum tax liability of corporations for their long-term unused tax credits.

Date: 2008-01-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Family Economic Stimulus Act of 2008 - Amends the Internal Revenue Code to: (1) exclude unemployment compensation from gross income in 2007 and 2008; (2) increase the child tax credit to $1,200 in 2008; (3) allow individual taxpayers a $400 tax rebate ($800 in the case of a joint return) in 2008; (4) extend unemployment insurance benefits; and (5) require states to distribute to unemployed individuals information about unemployment insurance eligibility conditions.

Date: 2008-01-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to increase the amount of the child tax credit to $1,300 in 2008 and provide for the advance payment of such credit to eligible taxpayers prior to October 1, 2008.

Date: 2008-01-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Grow American Investment Now Jobs Act of 2008 - Amends the Internal Revenue Code to reduce the maximum income tax rate on corporations, including personal service corporations, from 35 to 25%.

Date: 2008-01-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Federal Tax Withholding Act of 2008 - Amend the Internal Revenue Code to repeal withholding of tax requirements for income, railroad retirement, and social security taxes. Requires estimated tax payments for social security and railroad retirement taxes.

Date: 2008-01-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to make permanent the deduction of state and local general sales taxes.

Date: 2008-02-06
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Universal Economic Stimulus Act of 2008 - Amends the Internal Revenue Code to allow social security or veterans benefits recipients with earned income less than $3,000 a $300 refundable tax credit ($600 for married couples filing a joint tax return) in 2008. Reduces the amount of such credit by 5% of the amount by which the taxpayer's adjusted gross income exceeds $75,000.

Date: 2008-02-07
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Recycling Investment Saves Energy or the RISE Act - Amends the Internal Revenue Code to allow a first-year tax deduction of 50% of the adjusted basis of qualified reuse and recycling property. 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: 2008-02-12
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Tax-Free Gold Act of 2008 - Prohibits the imposition of tax on any coin, medal, token, or gold, silver, platinum, palladium, or rhodium bullion issued by any person or jurisdiction.Prohibits states from assessing any tax or fee on any currency or other monetary instrument that is used in interstate or foreign commerce and that is subject to the enjoyment of legal tender status under the U.S. Constitution.

Date: 2008-02-13
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Modernize Our Bookkeeping In the Law for Employee's Cell Phone Act of 2008 - Amends the Internal Revenue Code to remove certain limitations on the tax deduction for employee use of cellular telephones.

Date: 2008-02-14
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to allow individuals who have attained age 60 or are disabled an exemption from income and employment taxes for real property tax abatements received under a state or local program in which such individuals have provided services in exchange for such abatements.

Date: 2008-02-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to allow purchasers of a single-family principal residence a one-time tax credit for up to $15,000 of the purchase price. Requires such a residence to be purchased after February 29, 2008, and before March 1, 2009, and that it be: (1) a new previously unoccupied residence for which a building permit has been issued and construction began on or before September 1, 2007; (2) an owner-occupied residence with a mortgage indebtedness in default on or before March 1, 2008; or (3) in foreclosure and owned by the mortgagor or the mortgagor's agent.

Date: 2008-03-10
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Expanding Tax Assistance Act of 2008 - Amends the Internal Revenue Code to direct the Secretary of the Treasury, subject to available funding, to expand Taxpayer Assistance Centers with the goal of providing at least one Center in each congressional district. Authorizes the use of volunteers and private contractors and grants to accomplish the expansion of such Centers.

Date: 2008-03-11
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to eliminate the deadline for beginning construction projects in the Gulf Opportunity (GO) Zone for purposes of bonus depreciation eligibility.

Date: 2008-03-13
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to allow a tax credit for investment in qualified reclamation property. Defines "qualified reclamation property" as tangible depreciable recycling or remanufacturing property with a useful life of at least five years. Limits the amount of such credit to 20% of the basis (not exceeding $10 million) of qualified reclamation property placed in service during a taxable year.

Date: 2008-03-31
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to allow individual taxpayers a one-time tax credit for up to $10,000 of the cost of a principal residence purchased in the United States within the 12-month period following enactment of this Act. Terminates such credit after 2009.

Date: 2008-04-01
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Middle Class Assistance Act of 2008 - Amends the Internal Revenue Code to: (1) allow a deduction from gross income for state and local real property taxes on the principal residences of taxpayers who elect not to deduct state and local income and general sales taxes (making such deduction available to taxpayers who do not itemize); (2) allow a refundable tax credit, up to $500, for increased home heating oil costs in 2008; and (3) increase and make permanent the tax deduction for qualified tuition and related expenses.

Date: 2008-04-03
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Volunteer Firefighter/Emergency Medical Service Gas Price Relief Act of 2008 - Amends the Internal Revenue Code to allow volunteers who provide firefighting or emergency medical services a tax deduction for up to $250 of their travel expenses, whether or not such taxpayer itemizes.

Date: 2008-04-03
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Splash and Dash Correction Act of 2008 - Amends the Internal Revenue Code to disallow income and excise tax credits for alcohol and biodiesel used as fuel and other alternative fuels or mixtures unless such fuels are produced in or imported into the United States for consumption.

Date: 2008-04-04
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Taxpayer Bill of Rights Act of 2008 - Amends the Internal Revenue Code to require the Secretary of the Treasury to publish a summary statement of specified taxpayer rights and obligations.Authorizes the Secretary to: (1) make grants to provide matching funds for qualified return preparation programs that provide volunteer income tax preparation assistance to low-income taxpayers; and (2) refer such taxpayers to taxpayer clinics funded by the federal government. Requires the Secretary to establish a system for regulating and testing federal income tax return preparers.Requires refund loan facilitators to file annual registrations with the Secretary and to make certain disclosures to borrowers about refund anticipation loans.Expands and increases penalties on tax return preparers for understating taxpayer liabilities.Requires the Secretary to furnish to the public the identity of enrolled agents and registered refund loan facilitators.Permits enrolled agents licensed to practice before the Department of the Treasury to use the designation "enrolled agent," "EA," or "E.A."Expresses the sense of Congress that the IRS should provide certain expanded services to taxpayers.Authorizes the Secretary to award demonstration project grants to eligible entitites to provide bank accounts to taxpayers who currently do not have an account with a financial institution.

Date: 2008-04-08
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Border Fence Trust Fund Act of 2008 - Amends the Internal Revenue Code to establish in the Treasury the Border Improvement Trust Fund and allow individual taxpayers (other than nonresident aliens) to designate that $5.00 ($10.00 in the case of joint returns) of their income taxes be paid over to such Fund to install additional barriers and roads at the U.S. border.

Date: 2008-04-08
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to make permanent provisions allowing a taxpayer to elect to deduct state and local general sales taxes in lieu of state and local income taxes.

Date: 2008-04-09
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Put Your Money Where Your Mouth Is Act of 2008 - Amends the Internal Revenue Code to allow taxpayers to designate on their tax returns a payment of $1 or more to the general fund of the Treasury.

Date: 2008-04-14
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Universal Homeowner Tax Cut Act of 2008 - Amends the Internal Revenue Code to: (1) allow individual taxpayers who do not otherwise itemize a deduction from gross income for up to $1,000 of their state and local real property taxes; (2) require the inclusion in gross income of deferred compensation paid by certain foreign corporations; (3) set forth rules for the application of the economic substance doctrine for evaluating transactions affecting federal income tax liability; and (4) assess new penalties for underpayments of tax attributable to transactions lacking economic substance.

Date: 2008-04-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Taxpayer Responsibility, Accountability and Consistency Act of 2008 - Amends the Internal Revenue Code to: (1) require reporting to the Internal Revenue Service (IRS) of payments of $600 or more made to corporations; (2) set forth criteria and rules relating to the treatment of workers as employees or independent contractors; and (3) increase penalties for failure to file correct tax return information or comply with other information reporting requirements.Requires the Secretary of the Treasury to issue an annual report on worker misclassification.

Date: 2008-04-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Small Business Capitol [sic] Expansion and Improvement Act of 2008 - Amends the Internal Revenue Code to allow employers whose average annual gross receipts over a three-year period do not exceed $5 million an election to expense up to $125,000 of the cost of depreciable real property.

Date: 2008-04-24
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Eagle Employers Act - Amends the Internal Revenue Code to allow a taxpayer certified as an Eagle employer by the Secretary of the Treasury a tax credit for one percent of such employer's taxable income. Defines an " Eagle 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) 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; (4) provides full differential salary and insurance benefits for all National Guard and Reserve employees called to active duty; and (5) provides its employees with a certain level of compensation and retirement benefits.

Date: 2008-04-24
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: 2008-04-24
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Charitable Aid to Community Heroes Act of 2008 - Amends the Internal Revenue Code to permit charitable organizations to receive contributions on behalf of federal, state, or local government employees or members of a volunteer emergency response organization who are injured or killed while protecting life or property and to distribute such contributions to such employees or members and their family members within a specified time period.

Date: 2008-04-30
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Title I: Former Vice President Protection Act - Former Vice President Protection Act of 2008 - Amends the federal criminal code to provide secret service protection to former Vice Presidents, their spouses, and their children under 16 years of age for up to six months after a former Vice President leaves office. Authorizes the Secretary of Homeland Security to direct the Secret Service to provide temporary protection to former Vice Presidents and their family members at any time thereafter if warranted. Extends such protection to any Vice President holding office on or after the enactment of this Act. Title II: Identity Theft Enforcement and Restitution Act - Identity Theft Enforcement and Restitution Act of 2008 - Amends the federal criminal code to: (1) authorize criminal restitution orders in identity theft cases to compensate victims for the time spent to remediate the intended or actual harm incurred; (2) allow prosecution of computer fraud offenses for conduct not involving an interstate or foreign communication; (3) eliminate the requirement that damage to a victim's computer aggregate at least $5,000 before a prosecution can be brought for unauthorized access to a computer; (4) make it a felony, during any one-year period, to damage 10 or more protected computers used by or for the federal government or a financial institution; (5) expand the definition of "cyber-extortion" to include a demand for money in relation to damage to a protected computer, where such damage was caused to facilitate the extortion; (6) prohibit conspiracies to commit computer fraud; (7) expand interstate and foreign jurisdiction for prosecution of computer fraud offenses; and (8) impose criminal and civil forfeitures of property used to commit computer fraud offenses. Directs the U.S. Sentencing Commission to review its guidelines and policy statements for the sentencing of persons convicted of identity theft, computer fraud, illegal wiretapping, and unlawful access to stored information to reflect the intent of Congress that penalties for such offenses be increased. Sets forth criteria for updating such guidelines and policy statements.

Date: 2008-05-01
Topic: Macroeconomics (Tax Code)
Subject: Crime and law enforcement
Declares that funds appropriated in 2008 for housing counseling related to loss mitigation should be targeted to states and communities based on their levels of foreclosures and delinquencies in 2007 and in 2008.

Date: 2008-05-05
Topic: Macroeconomics (Tax Code)
Subject: Housing and community development
Amends the Internal Revenue Code to allow individual taxpayers a one-time refundable tax credit for up to 10% of the purchase price of a principal residence purchased in the United States within the 12-month period beginning on the date of enactment of this Act. Limits the dollar amount of such credit to $10,000. Terminates such credit after 2009.

Date: 2008-05-06
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Tax Relief for Transportation Workers Act of 2008 - Amends the Internal Revenue Code to allow: (1) individuals a refundable tax credit for the qualified expenses incurred in obtaining a transportation worker identification credential; and (2) employers a deduction equal to 40% of the aggregate qualified expenses paid or incurred in obtaining such credentials on behalf of their employees.

Date: 2008-05-07
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Gas Tax Relief and Earmark Moratorium Act of 2008 - Amends the Internal Revenue Code to suspend excise taxes on gasoline, diesel fuel, and kerosene between May 26, 2008, and September 1, 2008. Reimburses the Highway Trust Fund for any reduction in revenues resulting from such suspension.Requires the Secretary of the Treasury to transfer amounts from the general fund of the Treasury to the Highway Trust Fund if the Secretary determines that the amount in such Fund is insufficient to meet anticipated payments for FY2009. Establishes a Joint Select Committee on Earmark Reform to study and report on the practices of Congress and the executive branch regarding earmarks in appropriations, tax, and tariff measures.Declares it not in order in the 110th Congress to consider legislation containing a congressional earmark, limited tax benefit, or limited tariff benefit.Requires a reduction in the allocation of new budget authority and outlays for FY2009.

Date: 2008-05-08
Topic: Macroeconomics (Tax Code)
Subject: Energy
Crime Victim Restitution and Court Fee Intercept Act - 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: 2008-06-03
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Home Office Deduction Simplification Act of 2008 - Amends the Internal Revenue Code to allow a taxpayer who uses a residence to conduct a trade or business a standard tax deduction equal to the lesser of $1,500 or the taxpayer's gross trade or business income derived from the business use of such residence.

Date: 2008-06-09
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to modify provisions relating to the waiver of penalties for failure to disclose reportable transactions (i.e., transactions which have a potential for tax avoidance or evasion) to grant authority to the Secretary of the Treasury (instead of the Commissioner of Internal Revenue) to rescind or waive all or a portion of such penalties and to allow a waiver if there was reasonable cause for the failure to disclose such transactions and the taxpayer acted in good faith.

Date: 2008-06-12
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Reimbursing Our American Drivers (ROAD) Act of 2008 - Increases to 70 cents per mile, for the period after December 31, 2007, and before January 1, 2009: (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 40 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: 2008-06-17
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Save Family-Owned Farms and Small Businesses Act of 2008 - Amends the Internal Revenue Code to: (1) increase to $1.85 million the maximum reduction amount for alternative valuations of farmland and other business property for estate tax purposes; and (2) restore after 2008 the estate tax deduction for family-owned business interests and increase such deduction to $2 million. Allows annual inflation adjustments to such increased amounts after 2009.

Date: 2008-06-18
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to require excise taxes on recreational equipment to be due and payable on the date for filing the return for such taxes.

Date: 2008-06-19
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Eminent Domain Tax Relief Act of 2008 - Amends the Internal Revenue Code to exclude from gross income gain from the conversion of property by reason of eminent domain.

Date: 2008-06-23
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to make the standard mileage rate used to determine the tax deduction for the use of a passenger automobile for charitable purposes equal to the standard mileage rate used for the tax deduction for business and moving expenses. Increases such rate until December 31, 2008.

Date: 2008-06-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Sensible Estate Tax Act of 2008 - Repeals provisions of the Economic Growth and Tax Reconciliation Act of 2001 relating to the estate and gift tax.Amends the Internal Revenue Code to: (1) allow an estate tax exclusion of $2 million adjusted for inflation in calendar years after 2008; (2) revise the estate tax rates for larger estates; (3) restore the estate tax credit for state estate, inheritance, legacy, or succession taxes; (4) restore the unified credit against the gift tax; and (5) allow a surviving spouse an increase in the unified estate tax credit by the amount of any unused credit of a deceased spouse.

Date: 2008-07-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to exempt fixed-wing aircraft used to provide acute care emergency medical services from certain restrictions on tax-exempt bond financing.

Date: 2008-07-17
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to exempt from the excise tax on bows and arrows certain shafts measuring 5/16 of an inch or less in diameter that are all fiberglass and hollow, or all natural wood, with no laminations or artificial means of enhancing the spine of such shaft, and of a type used in the manufacture of any arrow which after its assembly is not suitable for use with a bow that would otherwise be subject to such tax (e.g., having a peak draw weight of 30 pounds or more).

Date: 2008-07-22
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Middle Class Tax Fairness Act of 2008 - Amends the Internal Revenue Code to allow in 2008 and 2009: (1) an increase in the basic standard tax deduction; (2) a tax deduction for real property taxes for taxpayers who do not itemize their deductions; and (3) a reduction in the earned income threshold amount for determining the refundable portion of the child tax credit.Provides for certain revenue-raising provisions, including: (1) treatment of net income and loss from an investment services partnership as ordinary income and loss; (2) denial of tax benefits for major integrated oil companies; (3) imposing a limit on tax deductions and exemptions for individuals with adjusted gross incomes in excess of $250,000 ($500,000 in the case of a joint tax return); (4) the inclusion in gross income of certain deferred compensation from foreign entities; (5) new reporting requirements for payment settlement entities and securities brokers; (6) repeal of tax rules for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit; (7) new rules for the application of the economic substance doctrine to transactions affecting tax liability; and (8) penalties for underpayment of tax due to transactions lacking economic substance.Requires any increase in tax receipts resulting from this Act to be used for deficit reduction purposes.

Date: 2008-07-24
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Local Officials Tax Relief Act of 2008 - 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: 2008-07-24
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to allow a 2008 recovery rebate for certain pension recipients not covered under social security.

Date: 2008-07-24
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Strengthen American Manufacturers Act of 2008 - Amends the Internal Revenue Code to: (1) make permanent the tax credit for increasing research activities; (2) increase to 20% the rate of the alternative simplified tax credit for research expenses; (3) make permanent the increased expensing allowance for depreciable business property; and (4) reduce to 30% the maximum income tax rate for corporations.Directs the Comptroller General to conduct studies of: (1) the impact of workplace employee health care facilities on employee health and and productivity; and (2) the best practices for encouraging college graduates from rural areas to return to those areas after graduation.

Date: 2008-07-24
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to increase the expensing allowance for qualified refinery property from 50 to 100% of its cost for property placed in service after July 15, 2008, and before January 1, 2012. Makes permanent the 50% expensing allowance for such property.

Date: 2008-07-24
Topic: Macroeconomics (Tax Code)
Subject: Taxation
American Tax Fairness Act of 2008 - Amends the Internal Revenue Code to repeal limitations on the exclusion from gross income of income earned by citizens or residents of the United States living abroad. Directs the Secretary of the Treasury to report to Congress on U.S. taxation of foreign income.

Date: 2008-07-24
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Parimutuel Conformity and Equality Act of 2008 - Amends the Internal Revenue Code to eliminate withholding of tax requirements on certain proceeds in a parimutuel pool.

Date: 2008-07-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to allow individual taxpayers, including those who do not itemize their tax deductions, a deduction from gross income for the cost of fuel used to commute to and from work in a highway motor vehicle.

Date: 2008-07-30
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to increase to 58.5 cents per mile the standard mileage rate for the tax deduction for the charitable use of a passenger automobile to deliver meals to homebound individuals who are elderly, disabled, frail, or at risk.

Date: 2008-07-30
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Farmland Preservation and Land Conservation Act of 2008 - Amends the Internal Revenue Code to allow an estate and gift tax exclusion for real property located in the United States which at the time of a decedent's death was being used as a farm for farming purposes or exclusively for conservation purposes. Imposes: (1) an additional estate or gift tax with respect to such property if an heir or donee disposes of or uses such property for other than farming or conservation purposes; and (2) a federal tax lien on such property until liability for estate or gift tax with respect to such property has been satisfied or has become unenforceable.

Date: 2008-07-31
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code with respect to the charitable tax deduction for contributions of qualified vehicles (i.e., highway motor vehicles, boats, or airplanes) to: (1) set forth revised acknowledgment requirements for vehicles valued at $2,500 or less and vehicles valued at more than $2,500; and (2) revise the penalty for submitting a fraudulent acknowledgment.

Date: 2008-07-31
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Home Heating Oil Assistance Act of 2008 - Amends the Internal Revenue Code to allow an individual taxpayer an income-based refundable tax credit for the lesser of 33% of such taxpayer's residential energy costs for a taxable year, or $500. Defines "residential energy costs" as amounts paid: (1) to any utility for electricity or natural gas used in the taxpayer's principal residence during the heating season (October through March); and (2) for any qualified fuel (e.g., propane, heating oil, kerosene, wood, and wood pellets) used as the primary fuel for heating the taxpayer's principal residence.

Date: 2008-08-01
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Giving Incentives to Volunteers Everywhere Act of 2008 or the GIVE Act of 2008 - Amends the Internal Revenue Code to: (1) increase the standard mileage rate for use of a passenger automobile for charitable purposes to 70% of the current rate for business usage; and (2) exclude from the gross income of charitable volunteers reimbursements paid to them for the use of a passenger automobile for the benefit of a charitable organization.

Date: 2008-09-08
Topic: Macroeconomics (Tax Code)
Fair Deal for Volunteers Act of 2008 - Amends the Internal Revenue Code to: (1) increase the standard mileage rate for use of a passenger automobile for charitable purposes to a rate not less than the rate used for the tax deduction for medical expenses; and (2) exclude from the gross income of charitable volunteers reimbursements paid to them for the use of a passenger automobile for the benefit of a charitable organization.

Date: 2008-09-10
Topic: Macroeconomics (Tax Code)
Amends the Internal Revenue Code to allow individual taxpayers a tax credit for uncompensated personal casualty losses to their principal residences (or to contents in such residences) as a result of Hurricane Gustav in 2008.

Date: 2008-09-11
Topic: Macroeconomics (Tax Code)
Timber Revitalization and Economic Enhancement Act II of 2008 - Amends the Internal Revenue Code to make permanent: (1) the reduction in the rate of tax on the net timber gain of corporations; and (2) rules for the treatment of timber real estate investment trust (REIT) gains, mineral royalty income, and prohibited transactions.

Date: 2008-09-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Evacuees Assistance Act of 2008 - Amends the Internal Revenue Code to allow individual taxpayers a tax credit, up to $2,000, for uncompensated travel expenses (including meals and lodging) incurred due to a mandatory evacuation of a disaster area.

Date: 2008-09-17
Topic: Macroeconomics (Tax Code)
Amends the Internal Revenue Code to allow a taxpayer who uses a residence to conduct a trade or business a standard tax deduction equal to the lesser of $2,000 or the taxpayer's gross trade or business income derived from the business use of such residence. Provides for an inflation adjustment to such deduction amount beginning after 2008.

Date: 2008-09-18
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Alternative Minimum Tax Relief Act of 2008 - Amends the Internal Revenue Code to extend through 2008 for individual taxpayers: (1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liability; and (2) the increased alternative minimum tax (AMT) exemption amounts.Increases the alternative minimum tax (AMT) refundable credit amount for individuals who have long-term unused minimum tax credits from prior taxable years. Abates any underpayment of tax attributable to the application of special AMT rules for the treatment of incentive stock options.

Date: 2008-09-23
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends Internal Revenue Code provisions relating to the tax deduction for dividends received by a U.S. corporation from a controlled foreign corporation to: (1) extend the applicability of such provisions to taxable years beginning after FY2007; and (2) reduce such deduction for corporations that do not maintain certain employment levels.

Date: 2008-09-24
Topic: Macroeconomics (Tax Code)
Evacuees Tax Relief Act of 2008 - Amends the Internal Revenue Code to allow individual taxpayers to elect either a tax credit or tax deduction for up to $5,000 of their voluntary or mandatory evacuation expenses due to a disaster.

Date: 2008-09-24
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Home Office Tax Deduction Simplification and Improvement Act of 2008 - Amends the Internal Revenue Code to allow a taxpayer who uses a residence to conduct a trade or business to elect a standard tax deduction equal to the product of a standard rate determined by the Secretary of the Treasury and the square footage of the portion of a residence used to conduct a trade or business (home office tax deduction). Modifies the rules for the home office tax deduction to: (1) allow a deduction for the cost of dealing with patients, clients, or customers even if they are not physically present in the home office; and (2) establish a de minimis exemption for personal use of a home office.Requires the Secretary to ensure that all self-employment tax forms and schedules separately state amounts attributable to real estate taxes, mortgage interest, and depreciation for purposes of the home office tax deduction.

Date: 2008-09-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Charity Enhancement Act of 2008 - Amends the Internal Revenue Code to modify rules and definitions relating to the excise tax on distributions from donor advised funds (charitable funds in which a donor has, or reasonably expects to have, advisory privileges with respect to the distribution or investment of amounts held in such funds by reason of his or her status as a donor). Excludes from the definition of "donor advised fund" charitable funds that receive contributions or are advised solely by one or more public charities or governmental entities. Exempts certain scholarship distributions from the tax on distributions from donor advised funds.Repeals the requirement of a written acknowledgment by a supporting organization (a charitable organization that maintains one or more donor advised funds) that it has exclusive legal control over assets contributed to it. Exempts certain compensation and benefits paid to substantial contributors by supporting organizations from treatment as excess benefits.Exempts certain supporting organizations established before January 1, 1970, from applicable holdings and payout requirements.Treats contributions to tax-exempt organizations by Indian tribal governments in the same manner as contributions by states for purposes of determining the classification of an organization as a public charity or private foundation. Requires certain tax-exempt organizations that file at least five tax returns annually with the Internal Revenue Service (IRS) to use electronic filing.Extends the bad check penalty to payments of tax by commercially acceptable means (e.g., electronic payments).

Date: 2008-09-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Middle Class Investor Relief Act - Amends the Internal Revenue Code to increase to $20,000 the limitation on the amount of losses from the sale or exchange of capital assets that an individual taxpayer may deduct in a taxable year.

Date: 2008-09-26
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to allow an individual taxpayer an exclusion from gross income of the gain from the sale or exchange of up to two residences (other than a principal residence) acquired after December 31, 2007, and before January 1, 2013. Limits the amount of such exclusion to $250,000 ($500,000 for married taxpayers filing a joint return). Allows a $500,000 exclusion amount for a surviving spouse who sells a residence within two years of the death of a spouse.

Date: 2008-09-26
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Middle Class Dependent Care Fairness Act of 2008 - Amends the Internal Revenue Code to eliminate the mandatory reduction in the rate of the tax credit for household and dependent care services for taxpayers whose adjusted gross incomes exceed $15,000.

Date: 2008-09-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Reliable Economic Stabilization, Capital Utilization, and Enterprise Reform Act of 2008 - Amends the Internal Revenue Code to: (1) exclude from gross income gain from the sale of certain residential or commercial mortgages and related securities issued on or before March 14, 2008, and acquired before January 1, 2010; (2) extend the carryback period for net operating losses to five years; (3) provide an increased dividends received tax deduction for corporations with overseas operations that make investments in the United States; and (4) treat gain or loss from the sale of certain preferred stock in the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) as ordinary income or loss.Repeals the Community Reinvestment Act.Requires the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) to establish a net worth certificate program to provide capital to assist insured banks in resolving solvency problems. Government-Sponsored Enterprises Free Market Reform Act of 2008- Requires the Director of the Federal Housing Finance Agency (FHFA) to: (1) terminate the conservatorship of Fannie Mae and the Freddie Mac, jointly defined as the enterprise, if the Director determines that the enterprise is financially viable; or (2) immediately appoint FHFA as receiver of the enterprise if it is found not financially viable. Limits the amount of mortgage assets the enterprise may own after the termination of its conservatorship. Requires the Director to establish mandatory minimum capital levels for the enterprise.Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to repeal provisions governing enterprise authority to purchase and sell certain insured and conventional mortgages and to engage in certain lending activities.Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to repeal the new housing price index.Amends the Housing and Economic Recovery Act of 2008 to repeal certain conforming loan limits.Imposes requirements for the renewal of the enterprise's charter if it becomes financially sound and for winding down its operations and dissolving the enterprise otherwise.

Date: 2008-10-03
Topic: Macroeconomics (Tax Code)