zli12321/Bills huggingface dataset:
Amends the Internal Revenue Code to treat income earned by mutual funds from interests holding certain gold, silver, platinum, or palladium bullion that are regularly traded on an established U.S. securities market as qualifying income (i.e., passed through and taxed at individual income tax rates).

Date: 2011-01-25
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: 2011-01-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Good Samaritan Hunger Relief Tax Incentive Extension Act of 2011- Amends the Internal Revenue Code to: (1) modify the tax deduction for charitable contributions of food inventory by limiting the reduction in such deduction to the amount by which the fair market valuation of the contributed food exceeds twice the basis of such food; and (2) make such deduction permanent.

Date: 2011-01-25
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to extend through 2012 the 100% exclusion from gross income of gain from the sale of certain small business stock.

Date: 2011-01-26
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 - Amends the Internal Revenue Code to: (1) repeal requirements for the reporting to the Internal Revenue Service (IRS) of payments of $600 or more to corporations that are not tax-exempt and of gross proceeds paid in consideration for any type of property, (2) repeal requirements for reporting payments made with respect to rental property which is not part of a trade or business, and (3) increase the limitation on recapture of excess advance payments of the tax credit for health insurance premiums.

Date: 2011-02-16
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Taxpayer Receipt Act - Amends the Internal Revenue Code to require the Secretary of the Treasury to provide every taxpayer who files an individual income tax return for any taxable year an itemized tax receipt showing: (1) the proportionate allocation of the taxpayer's payment in such year among major expenditure categories of the federal budget (e.g., social security, national defense, Medicare and other federal health programs, low-income assistance programs, unemployment benefits, net interest on the federal debt, and other federal programs); and (2) the amount of the federal debt at the end of the fiscal year and the amount of additional borrowing by the federal government in such fiscal year per each legal U.S. resident.

Date: 2011-03-02
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Strengthen the Earned Income Tax Credit Act of 2011 - Amends the Internal Revenue Code to: (1) make permanent the reduction in the marriage penalty applicable to the earned income tax credit, (2) increase such tax credit for families with three or more qualifying children and for individuals with no qualifying children, (3) extend such credit to individuals at age 21 (currently age 25) who do not have a qualifying child, (4) allow such credit for certain married individuals who live apart from their spouses and file separate tax returns (abandoned spouse rule), (5) repeal provisions denying such credit for individuals with excessive investment income, and (6) increase to $500 the penalty on tax return preparers for failure to be diligent in determining eligibility for the earned income tax credit. Makes permanent provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 relating to the earned income tax credit.

Date: 2011-03-03
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Federal Contractors Accountability Act - Amends the Internal Revenue Code to expand the 100% continuous tax levy for delinquent taxes to include payments to Medicare providers and suppliers and payments due to vendors of real property sold or leased to the federal government.

Date: 2011-03-03
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Brewer's Employment and Excise Relief Act of 2011 - Amends the Internal Revenue Code to reduce the rate of the excise tax on beer produced within or imported into the United States for brewers who produce not more than 6 million barrels of beer a year.

Date: 2011-03-09
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Emergency Deficit Reduction Act - Amends the Internal Revenue Code to: (1) impose an additional 5.4% tax on individual taxpayers whose modified adjusted gross income exceeds $1 million ($2 million in the case of a joint return); (2) repeal the amortization of intangible and drilling and development costs for oil, gas, and geothermal wells; (3) repeal the percentage depletion allowance for oil and gas wells; and (4) deny a tax deduction for income attributable to the domestic production of oil, natural gas, or primary products thereof.

Date: 2011-03-10
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Public Good IRA Rollover Act of 2011- Amends the Internal Revenue Code to exclude from gross income distributions from individual retirement accounts for certain charitable purposes.

Date: 2011-03-10
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to: (1) reduce from 2% to 1.39% the excise tax rate on the net investment income of tax-exempt private foundations, and (2) repeal the 1% reduction in such tax rate for private foundations that meet certain distribution requirements.

Date: 2011-03-16
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Wetlands Conservation Investment Act of 2011 - Amends the Internal Revenue Code to treat gain or loss from the sale or exchange of a mitigation bank credit by the sponsor of the mitigation bank (i.e., the wetland, stream, or other aquatic resource area that has been restored, established, enhanced, or preserved for the purpose of providing compensation for unavoidable impacts to aquatic resources) who earned such credit as the sale or exchange of a capital asset held for more than one year (thus allowing preferential tax treatment of such gain or loss). Exempts from tax withholding requirements any gain from sales of mitigation bank credits.

Date: 2011-03-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to make permanent the classification of certain farming business machinery and equipment as five-year property for purposes of the tax deduction for depreciation.

Date: 2011-03-31
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Bipartisan Tax Fairness and Simplification Act of 2011 - Declares as the purposes of this Act to: (1) make the federal individual income tax system simpler, fairer, and more transparent; (2) reduce the income tax rate on corporations, repeal the individual and corporate alternative minimum tax (AMT), and eliminate special tax preferences; and (3) reduce the federal budget deficit. Amends the Internal Revenue Code to: (1) reduce the number of tax brackets for individual taxpayers from six to three (i.e., 15, 25, and 35%); (2) increase the standard tax deduction; (3) eliminate miscellaneous itemized tax deductions for individuals after 2011; (4) exclude from gross income 35% of certain dividend income and gain on capital assets; (5) repeal the AMT for individuals; (6) allow a new tax credit for interest on state and local bonds; (7) consolidate and revise rules for tax-exempt retirement plans and education tax credits and deductions and create tax-exempt American Dream Accounts; and (8) repeal certain income tax credits, deductions, and exclusions, including the tax deduction for punitive damages. Makes permanent specified provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 that: (1) increased the earned income, dependent care, and child tax credits; and (2) repealed limits on personal exemptions and itemized tax deductions. Requires the Internal Revenue Service (IRS), beginning on January 1, 2012, to provide taxpayers a simplified Easyfile pre-prepared income tax return and a one-page summary of federal spending on Social Security, Medicare, Medicaid, defense, and interest on the federal debt. Revises corporate and business-related taxation by: (1) imposing a flat 24% rate on the taxable income of corporations; (2) increasing the expensing allowance for depreciable assets; (3) eliminating certain corporate tax preferences, including the percentage depletion allowance; (4) modifying foreign tax credit rules applicable to certain large integrated oil companies; (5) prohibiting advance refunding of tax-exempt bonds; (6) requiring 30% withholding of certain beneficiaries of foreign accounts; and (7) allowing overseas corporations a tax deduction for dividends received in 2011 from controlled foreign corporations if such dividends are reinvested in the United States. Directs the Congressional Budget Office (CBO) to identify and report to Congress on federal direct and indirect spending on businesses. Increases civil and criminal penalties for noncompliance with information reporting and tax payment requirements. Imposes certain e-filing requirements for large organizations and certain individuals.

Date: 2011-04-05
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Extends the deadline for the filing of tax returns for calendar year 2010 if there is a federal government shutdown beginning after April 8, 2011, and before April 19, 2011, until no earlier than the date that is 10 calendar days after the end of such shutdown.

Date: 2011-04-08
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Simplified, Manageable, And Responsible Tax Act or the SMART Act - Amends the Internal Revenue Code to replace the marginal income tax rates with a single rate of 17% on individual taxable income. Redefines "taxable income" to mean the amount by which wages, retirement distributions, and unemployment compensation exceed the standard deduction. Increases the basic standard deduction and includes an additional standard deduction for dependents. Includes in taxable income the taxable income of each dependent child under the age of 14. Replaces the current tax on corporations with a tax on every person engaged in a business activity equal to 17% of the business taxable income of such person. Makes the person engaged in the business activity liable for the tax, whether or not such person is an individual, a partnership, or a corporation. Imposes a tax of 17% on the value of excludable compensation provided during the year by an employer for the benefit of employees. Makes the employer liable for the tax. Repeals pension plan rules relating to : (1) non-discrimination, (2) contribution limits, and (3) restrictions on distributions. Revises rules relating to transfers of excess pension assets. Repeals: (1) the alternative minimum tax; (2) all income tax credits; (3) estate, gift, and generation-skipping transfer taxes; and (4) income tax provisions, except certain provisions relating to retirement distributions and tax-exempt organizations. Declares it not in order in the House of Representatives or the Senate, unless waived or suspended by a three-fifths vote, to consider any legislation that increases or adds an income tax rate, reduces the standard deduction, or provides any exclusion, deduction, credit, or other benefit that reduces federal revenues.

Date: 2011-04-14
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to require all employers to file wage withholding return information on magnetic media. Allows a waiver of such requirement for employers demonstrating hardship or having five or fewer employees.

Date: 2011-04-14
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Job Creation Through Innovation Act - Amends the Internal Revenue Code to: (1) increase and make permanent the tax credit for increasing research activities, (2) allow an increased research tax credit for manufacturers whose domestic production gross receipts are more than 50% of their total receipts, (3) make the research tax credit refundable for businesses with an average number of employees of 500 or fewer, and (4) expand the qualifying advanced energy project credit by allocating in 2011 $5 billion of grants or tax credit amounts to manufacturers of goods and components (other than for assembly of components) in the United States that are used in alternative energy projects. Amends the American Recovery and Reinvestment Tax Act of 2009 to extend the grant program for investment in renewable energy property, including renewable resources used to produce electricity and fuel cell, solar, wind, geothermal, and microturbine property, in lieu of tax credits, by extending the placed-in-service deadline for such property through 2012. Extends through September 30, 2013, the deadline for submitting grant applications for such program.

Date: 2011-04-14
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Transportation Access for All Americans Act - Amends the Internal Revenue Code to: (1) allow accelerated depreciation of applicable leased highway property, and (2) provide for amortization of intangibles relating to such property. Defines "applicable leased highway property" as property subject to a lease between a taxpayer and a governmental entity under which the taxpayer leases a highway and associated improvements, receives a right-of-way on public lands underlying such highway and improvements, and receives a grant of a franchise or other intangible right to receive payments relating to the operation of such highway. Prohibits private activity bond financing of applicable leased highway property.

Date: 2011-04-14
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Tax Return Due Date Simplification and Modernization Act of 2011 - Amends the Internal Revenue Code to change tax return due dates for partnerships (from April 15 to March 15, with extensions until September 15), S corporations (from March 15 to March 31, with extensions until September 30), and C corporations (from March 15 to April 15, with extensions until October 15). Requires the Secretary of the Treasury, for taxable years beginning after December 31, 2011, to modify by regulation the due dates for extensions of tax returns for partnerships, estates, employee benefit plans, and tax-exempt organizations. Sets a due date of April 15 for the annual information return of a foreign trust with a U.S. owner and for the report of foreign bank and financial accounts (with extensions until October 15). Extends the automatic extension for corporation income tax returns from three to six months.

Date: 2011-04-14
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to increase the income tax deduction for business meals and entertainment expenses from 50% to 80% of such expenses after 2011.

Date: 2011-05-05
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Art and Collectibles Capital Gains Tax Treatment Parity Act - Amends the Internal Revenue Code to: (1) eliminate the 28% capital gains tax rate for collectibles, thus allowing gain from the sale of collectibles (including art works) to be taxed at the 15% tax rate applicable to other investment property; and (2) allow the creator of a literary, musical, artistic, or scholarly property a fair market value tax deduction for the donation of such property to a tax-exempt organization, if properly appraised and donated no sooner than 18 months after its creation.

Date: 2011-05-10
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends Internal Revenue Code provisions relating to the tax deduction for donations of fractional interests in tangible personal property to: (1) permit donors to claim an increased deduction based upon the market value of subsequent gifts of fractional interests, (2) extend to 20 years the period in which donors of fractional interests must contribute their entire interest in donated property, and (3) require donors of fractional interests greater than $1 million to attach a statement of value obtained from the Internal Revenue Service (IRS) to their tax returns.

Date: 2011-05-10
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Small Business Tax Equalization and Compliance Act of 2011 - Amends the Internal Revenue Code to extend the tax credit for social security taxes paid for employee cash tips to employers of cosmetologists. Requires employers of cosmetologists to report income and tips of their cosmetologist employees and to provide income and tip information to self-employed cosmetologists to whom they pay more than $600 in the taxable year. Imposes similar reporting requirements upon individuals who rent chairs to cosmetologists. Requires such employers to provide their cosmetologist employees and self-employed cosmetologists with information on the tax and tip reporting obligations of employees and self-employed individuals.

Date: 2011-05-12
Topic: Macroeconomics (Tax Code)
Subject: Taxation
New Markets Tax Credit Extension Act of 2011 - Amends the Internal Revenue Code to: (1) extend the new markets tax credit through 2016; (2) provide for an inflation adjustment to the limitation amount for such credit after 2012; and (3) allow an offset against the alternative minimum tax (AMT) for such credit.

Date: 2011-05-12
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Seniors' Tax Simplification Act of 2011 - Directs the Secretary of the Treasury to make available a new federal income tax Form 1040SR (similar to Form 1040EZ) to individuals who have turned 65 as of the close of the taxable year. Allows the form to be used even if income includes: (1) social security benefits; (2) distributions from qualified retirement plans, annuities, or other such deferred payment arrangements; (3) interest and dividends; or (4) capital gains and losses.

Date: 2011-05-17
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Fire Sprinkler Incentive Act of 2011 - Amends the Internal Revenue Code to allow: (1) 100% expensing in a current taxable year of the cost of an automated fire sprinkler system, as defined by this Act; and (2) accelerated depreciation (i.e., a 15-year recovery period) of such an automated fire sprinkler systems that is installed in a building where the floor of any occupiable story is greater than 75 feet above the lowest level of fire department vehicle access.

Date: 2011-05-19
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Brewers Excise and Economic Relief Act of 2011 or BEER Act - Amends the Internal Revenue Code to: (1) reduce from $18 to $9 ( the pre-1991 level) the per-barrel tax on beer; and (2) allow a further reduction in such tax for brewers who produce not more than 2 million barrels annually.

Date: 2011-05-26
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Permits any person who entered into a capital construction fund agreement (an agreement to provide replacement vessels, additional vessels, or reconstructed vessels) with respect to certain vessels operated in the fisheries of the United States to make an election to terminate the capital construction fund established under such agreement. Sets forth provisions concerning the effect of such election, including the distribution and taxation of such funds, on individuals and entities.

Date: 2011-06-15
Topic: Macroeconomics (Tax Code)
Subject: Transportation and public works
Taxpayer Advocacy and Government Accountability Promotion Act of 2011 or the TAX GAP Act of 2011 - Amends the Internal Revenue Code to: (1) eliminate certain payment requirements for submitting offers-in-compromise of tax liability; (2) expand requirements for electronic filing of tax returns to certain large corporations and partnerships; (3) require additional information on tax returns relating to mortgage interest; (4) expand information reporting requirements for bank accounts, non-interest bearing deposits, and electronic filings by paid tax preparers; (5) expand withholding requirements with respect to payments to contractors and extend the continuous levy to cover payments to Medicaid and Medicare providers; (6) require the heads of the Federal Bureau of Prisons and state prisons to provide detailed information to the Internal Revenue Service (IRS) on certain inmates; (7) grant the IRS access to information in the National Directory of New Hires for tax administration purposes; and (8) increase and expand criminal and civil penalties for failure to comply with tax reporting and filing requirements, including requirements for electronic filing. Authorizes the Secretary of the Treasury to make an apology payment to a taxpayer for any action or inaction by the IRS that has caused the taxpayer excess expense or undue burden. Excludes the amount of any such apology payment from taxpayer gross income. Directs the Secretary to: (1) revise Schedule C of tax form 1040 (self-employment income) to require reporting of additional gross receipts and expense information by sole proprietors, and (2) report to Congress on efforts to improve voluntary compliance by sole proprietors. Requires the Secretary to submit to Congress: (1) a report on taxpayer assistance and tax simplification, (2) comprehensive and detailed reports on a strategy for reducing the tax gap, (3) a study on revenue increases and costs with respect to tax gap legislation, and (4) reports on worker misclassification (e.g., employees classified as independent contractors).

Date: 2011-06-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Stop Tax Haven Abuse Act - Authorizes the Secretary of the Treasury to impose restrictions on foreign jurisdictions or financial institutions operating in the United States that are of prime money laundering concern or that impede U.S. tax enforcement. Amends the Internal Revenue Code to: (1) establish a rebuttable presumption against the validity of transactions by institutions that do not comply with reporting requirements under the Foreign Account Tax Compliance Act (FATCA), (2) treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes, (3) require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts, (4) treat credit default swap payments sent offshore as taxable U.S. source income, (5) allow the use of tax return information to evaluate foreign financial account reports, (6) increase penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability, (7) prohibit tax advisor contingent fee agreements for obtaining a tax savings or benefit, and (8) impose additional requirements for third party summonses used to obtain information in tax investigations that do not identify the person with respect to whose liability the summons is issued (i.e., John Doe summons). Amends the Securities Exchange Act of 1934 to: (1) require corporations registered with the Securities and Exchange Commission (SEC) to report annually, on a country-by country basis, on employees, sales, financing, tax obligations, and tax payments; and (2) authorize a fine of up to $1 million for failure to disclose any holding or transaction involving equity or debt instruments known to involve a foreign entity that would otherwise be subject to disclosure requirements. Requires the Secretary to publish a proposed rule in the Federal Register requiring unregistered investment companies, including hedge funds or private equity funds, to establish anti-money laundering programs and submit suspicious activity reports. Extends anti-money laundering requirements to persons engaged in the business of forming new businesses or other legal entities. Requires federal banking agencies and the SEC to develop examination techniques to detect and prevent abusive tax shelter activities or the aiding or abetting of tax evasion by financial institutions. Requires the Secretary to: (1) disclose tax return information to federal financial regulators for purposes of tax shelter investigations; (2) disclose to Congress documents relating to a determination to grant, deny, revoke, or restore the tax-exempt status of an organization; and (3) expand the standards applicable to tax practitioners for issuing written advice on transactions which have a potential for tax avoidance or evasion.

Date: 2011-07-12
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Tax Lien Simplification Act - Amends the Internal Revenue Code to revise procedures for the filing of federal tax liens. Direct the Secretary of the Treasury to: (1) establish and maintain a federal tax lien registry, in lieu of filing tax liens in local jurisdictions, which would be accessible to and searchable by the public through the Internet at no cost; (2) take appropriate steps to secure and prevent tampering with the data recorded in the registry; and (3) review the information in the registry to determine whether information in the registry should be excluded or protected from public viewing. Establishes the priority of a federal tax lien based upon the date and time of the filing of a notice of lien in the federal tax lien registry. Reduces the period for releasing satisfied or unenforceable tax liens from 30 to 20 days.

Date: 2011-07-20
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Energy-Efficient Cool Roof Jobs Act - Amends the Internal Revenue Code to classify any qualified energy-efficient cool roof replacement property as 20-year property for depreciation purposes.  Defines "qualified energy-efficient cool roof replacement property" as any roof system that: (1) is placed in service above conditioned or semi-heated space on an eligible commercial building during the period between the enactment of this Act and December 31, 2013, (2) has a slope equal to or less than 2:12, (3) replaces an existing roof system, and (4) includes insulation meeting specified standards and a primary roof covering that has a cool roof surface.

Date: 2011-09-19
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Greater Research Opportunities with Tax Help Act or GROWTH Act - Amends the Internal Revenue Code to: (1) increase from 14% to 20% the rate of the tax credit for increasing research activities, (2) modify rules for calculating such credit, and (3) make such credit permanent.

Date: 2011-09-19
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Real Estate Investment and Jobs Act of 2011 - Amends the Internal Revenue Code to increase from 5% to 10% the allowable ownership interest in real estate investment trust (REIT) stock for purposes of tax exemptions allowed by the Foreign Investment in Real Property Tax Act relating to foreign investment in United States real property interests.

Date: 2011-09-22
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Foreign Earnings Reinvestment Act - Amends the Internal Revenue Code to: (1) extend the election allowed to a domestic corporation to deduct current and accumulated dividends received from a controlled foreign corporation to the corporation's last taxable year beginning before the enactment of this Act or the first taxable year which begins during the one-year period beginning on such enactment date, (2) reduce tax rates on foreign earnings of domestic corporations that reinvest such earnings in the United States and that expand their payrolls over 2010 levels, and (3) increase the taxable income of domestic corporations that fail to maintain employment levels in the 23-month period after receiving a reduction in tax rates under this Act.

Date: 2011-10-06
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Economic Growth and Jobs Protection Act of 2011 - Repeals the provision of the Health Care and Education Reconciliation Act of 2010 that imposes a 3.8% tax on unearned income (e.g., investment income, rents, royalties, etc.).

Date: 2011-10-19
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Withholding Tax Relief Act of 2011 - Repeals the provision of the Tax Increase Prevention and Reconciliation Act of 2005 requiring federal, state, and local governmental entities to withhold 3% of payments due to vendors providing goods and services to such entities. Amends the Internal Revenue Code to include social security benefits that are excluded from gross income in the calculation of modified adjusted gross income for purposes of determining eligibility for the tax credit for coverage under a qualified health plan.

Date: 2011-10-31
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Civil Rights Tax Relief Act of 2011 - Amends the Internal Revenue Code to allow: (1) an exclusion from gross income for amounts received on account of an unlawful discrimination claim, (2) income averaging for backpay and frontpay amounts received from such claims, and (3) an exemption from the alternative minimum tax (AMT) for any tax benefit resulting from the income averaging of amounts received from an unlawful discrimination claim.

Date: 2011-11-02
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Telecommuter Tax Fairness Act of 2011 - Prohibits a state from imposing an income tax on the compensation of a nonresident individual for any period in which such individual is not physically present in or working in such state or from deeming such nonresident individual to be present in or working in such state on the grounds that: (1) such individual is present at or working at home for convenience, or (2) such individual's work at home fails any convenience of the employer test or any similar test.

Date: 2011-11-07
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Bonus Depreciation and Small Business Expense Extension Act - Amends the Internal Revenue Code to extend for one year: (1) bonus depreciation; (2) the 100% expensing allowance for depreciable business assets; (3) the election to accelerate the alternative minimum tax (AMT) credit in lieu of bonus depreciation; and (4) the increased expensing allowance for tangible real and personal property, including computer software and leasehold, restaurant, and retail improvement property.

Date: 2011-11-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
American Family Farm and Ranchland Protection Act of 2011 - Amends the Internal Revenue Code to increase to $5 million the limitation on the estate tax exclusion for land subject to a qualified conservation easement and to increase the percentage of the value of such land that is excludable.

Date: 2011-11-17
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Middle Class Tax Cut Act of 2011 - Reduces employment tax rates in calendar year 2012 (payroll tax holiday period) for both employers and employees to 3.1%.  Limits the reduction for employers to the first $5 million of wages paid by the employer in 2012. Reduces the tax rate on the first $5 million of net earning of a self-employed taxpayer. Allows nongovernmental employers a tax credit for payroll increases in the last quarter of 2011 and in 2012. Appropriates funds to the social security trust funds to compensate for any revenue loss to such funds from the reduction in rates and the tax credit allowed by this Act. Amends the Internal Revenue Code to impose on individual taxpayers in taxable years beginning after 2012 an additional tax equal to 3.25% of so much of their modified adjusted gross income as exceeds $1 million.  Defines "modified adjusted gross income" as adjusted gross income reduced by any deduction allowed for investment interest.  Provides for an inflation adjustment to the $1 million threshold amount for taxable years beginning after 2013.

Date: 2011-11-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to repeal the excise tax on communication services (i.e., local telephone service, toll telephone service, and teletypewriter exchange service). Amends the Internet Tax Freedom Act to make permanent the moratorium on state and local taxation of Internet access and on multiple or discriminatory taxes on electronic commerce. Prohibits states, local governments, and private owners of airports from imposing any tax, fee, or other charge on amounts charged or retained for facilitating the booking of air transportation, hotel accommodations, car rental or other travel-related services.

Date: 2011-12-01
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Middle Class Tax Cut Act of 2011 - Amends the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to extend through 2012 the reduction in employment taxes for employees and the self-employed. Increases such reduction from 2% to 3.1% Amends the Internal Revenue Code to impose on individual taxpayers between 2012 and 2022 an additional tax equal to 1.9% of so much of their modified adjusted gross income in excess of $1 million. Provides for an inflation adjustment to the $1 million threshold amount for taxable years beginning after 2013. Defines "modified adjusted gross income" as adjusted gross income reduced by any deduction allowed for investment interest. Imposes a 50% tax (55% for a taxable year beginning in 2011 or 2012) on any unemployment compensation received by a taxpayer with an adjusted gross income of at least $1 million. Denies a tax deduction for the payment of such tax. Amends the Food and Nutrition Act of 2008 to render ineligible for the supplemental nutrition assistance program (SNAP), formerly food stamps, any household in which a member receives income or assets with a fair market value of at least $1 million. Amends the Housing and Community Development Act of 1992 to require until October 1, 2021, a phased increase in the fees charged to mortgage lenders by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to guarantee payment of new mortgage loans.

Date: 2011-12-05
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Paying a Fair Share Act of 2012 - Amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax). Establishes the amount of such tax as the excess (if any) of the tentative fair share tax over the excess of: (1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (2) certain tax credits. Provides for a phase-in of such tax. Requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2013. Expresses the sense of the Senate that Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the tax system, and makes sure that the wealthiest taxpayers pay a fair share of taxes.

Date: 2012-02-01
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Energy Freedom and Economic Prosperity Act - Amends the Internal Revenue Code to repeal: (1) the excise tax credits for alcohol fuel, biodiesel, and alternative fuel mixtures; (2) the tax credits for the purchase of certain plug-in electric vehicles and alternative motor vehicles; (3) the alternative fuel vehicle refueling property tax credit; (4) the tax credits for alcohol used as fuel and for biodiesel and renewable diesel used as fuel; (5) the enhanced oil recovery tax credit and the tax credit for producing oil and gas from marginal wells; (6) the tax credit for carbon dioxide sequestration; (7) the energy tax credit; and (8) the tax credits for investment in qualifying advanced coal projects and qualifying gasification projects. Terminates after 2012 the tax credits for the production of electricity from certain renewable resources and from advanced nuclear power facilities. Repeals the grant program under the American Recovery and Reinvestment Act of 2009 for payments to invest in alternative and renewable energy property in lieu of tax credits. Directs the Secretary of the Treasury to reduce the corporate income tax rates by prescribing proportionate modifications to such rates based upon revenue savings resulting from the repeal of energy tax expenditures by this Act.

Date: 2012-02-02
Topic: Macroeconomics (Tax Code)
Subject: Taxation
1099K Overreach Prevention Act - Amends the Internal Revenue Code to exempt taxpayers who are required to report payments made in settlement of payment card and third party network transactions from any requirement to reconcile such payments to amounts related to gross receipts or sales.

Date: 2012-02-09
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Social Security Preservation through Individual Choice Enhancement Act - Amends the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to allow individual taxpayers an election to claim the 2% reduction in employment taxes under such Act in any calendar year beginning in or after 2012. Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to increase the applicable social security retirement age by one month for each calendar year that a taxpayer elects a reduction in employment taxes under this Act.

Date: 2012-02-14
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Mortgage Cancellation Relief Act of 2012 - Amends the Internal Revenue Code to allow a permanent exclusion from gross income of amounts attributable to the discharge of qualified residential indebtedness, in the case of an individual (currently, limited to principal residence indebtedness discharged before January 1, 2013). Defines "qualified residential indebtedness" to mean indebtedness, including indebtedness from refinancing, that was incurred or assumed: (1) in connection with real property used as a residence and that is secured by such real property; and (2) to acquire, construct, reconstruct, or substantially improve such property. Limits the amount of such exclusion to the excess (if any) of the outstanding principal amount of such indebtedness (immediately before the discharge) over the sum of: (1) the amount realized from the sale of such real property reduced by the cost of the sale, and (2) the outstanding principal amount of any other indebtedness secured by such property.

Date: 2012-02-29
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Saving the Family Farm Act of 2012 - Amends the Internal Revenue Code to exclude from the gross estate of a decedent the adjusted value of any qualified family-owned farm or business (i.e., a qualified farmland or a qualified trade or business) included in the estate. Requires: (1) the decedent to have been a citizen or resident of the United States at the time of death, (2) the decedent and members of the decedent's family to have owned not less than 60% of such farm or business in any 5-year period during the 8-year period prior to the decedent's death, and (3) material participation in the operation of the farm or business by the decedent and members of the decedent's family. Defines "qualified farmland" as any real property located in the United States that is used as a farm for farming purposes. Defines "qualified trade or business" as any interest in a trade or business that is not an interest in a C corporation and that was acquired from or passed from the decedent to an heir. Imposes a recapture tax on an heir who disposes of any interest in a qualified family-owned farm or business or who ceases to use qualified farmland for farming purposes after inheriting such property.

Date: 2012-03-15
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to allow decedent estates to base the value of qualified historic property on the net earnings of such property for estate and gift tax purposes. Defines "qualified historic property" as any building designated as a national historic landmark for at least 25 years prior to the death of a decedent and originally used for residential or farming purposes.

Date: 2012-03-20
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Paying a Fair Share Act of 2012 - Amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax). Establishes the amount of such tax as the excess (if any) of the tentative fair share tax over the excess of: (1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (2) certain tax credits. Provides for a phase-in of such tax. Requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2013. Expresses the sense of the Senate that Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the tax system, and makes sure that the wealthiest taxpayers pay a fair share of taxes.

Date: 2012-03-22
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Small Business Jobs and Tax Relief Act - Amends the Internal Revenue Code to allow certain employers a tax credit for 10% of the excess (if any) of: (1) the wages and compensation paid to their employees in 2012; over (2) the amount of such wages paid in 2011, up to a maximum amount of $5 million. Extends for one year the 100% bonus depreciation allowance for business assets. Increases the amount of alternative minimum tax (AMT) credits that corporate taxpayers may elect to accelerate in a taxable year in lieu of claiming bonus depreciation.

Date: 2012-03-26
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to: (1) extend for one year the 100% bonus depreciation allowance for business assets, and (2) increase the amount of alternative minimum tax (AMT) credits that corporate taxpayers may elect to accelerate in a taxable year in lieu of claiming bonus depreciation.

Date: 2012-03-27
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Death Tax Repeal Permanency Act of 2012 - Amends the Internal Revenue Code to: (1) repeal the estate and generation-skipping transfer taxes, and (2) make permanent the maximum 35% gift tax rate and a $5 million lifetime gift tax exemption.

Date: 2012-03-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Communities Committed to College Tax Credit Act of 2012 - Amends the Internal Revenue Code to allow a tax credit for 50% of any contribution to a tax-exempt scholarship funding trust established to provide scholarships for individuals with demonstrated financial need to attend institutions of higher education.

Date: 2012-04-17
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy or the Ex-PATRIOT Act - Amends the Internal Revenue Code to impose a 30% tax and withholding on capital gains income realized by a nonresident alien individual present in the United States for periods aggregating 183 days or more or an expatriate who has renounced his or her U.S. citizenship for tax avoidance purposes (specified expatriate). Amends the Immigration and Nationality Act to: (1) render a specified expatriate inadmissible to the United States, and (2) prohibit any waiver of such inadmissibility. Directs the Secretary of the Treasury, in consultation with the Secretaries of State and Homeland Security (DHS), to develop a policy for granting a waiver of inadmissibility to a specified expatriate who satisfies a tax liability related to such expatriate's renunciation of of U.S. citizenship.

Date: 2012-05-17
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to provide for a permanent reduction from 10 to 5 years in the recognition period for built-in gains of S corporations.

Date: 2012-05-23
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Americans Giving care to Elders (AGE) Act of 2012 - Amends the Internal Revenue Code to allow caregivers a tax credit for up to $6,000 of the eldercare expenses incurred for their parents (or ancestors of such parents). Amends the Older Americans Act of 1965 to: (1) increase and extend funding for the National Family Caregiver Support Program through FY2015, and (2) establish a National Resource Center on Family Caregiving to provide information on and support for family caregiver support programs.

Date: 2012-05-23
Topic: Macroeconomics (Tax Code)
Subject: Taxation
American Opportunity Tax Credit Permanence and Consolidation Act of 2012 - Amends the Internal Revenue Code to replace the Hope Scholarship and Lifetime Learning tax credits with a new American Opportunity Tax Credit that: (1) allows an income tax credit of up to $3,000 of the qualified tuition and related expenses of a student who is carrying at least one half of a normal course load, (2) increases the income threshold for reductions in the credit amount based upon modified adjusted gross income, (3) allows a lifetime dollar limitation on such credit of $15,000 for all taxable years, and (4) makes 40% of the credit refundable. Allows an exclusion from gross income of any amount received as a Federal Pell Grant.

Date: 2012-06-06
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Amends the Internal Revenue Code to: (1) qualify Indian tribes as eligible recipients of tax deductible contributions of "apparently wholesome food," as defined by the Bill Emerson Good Samaritan Food Donation Act; and (2) extend through 2013 the special rule allowing a tax deduction for contributions of apparently wholesome food by taxpayers other than C corporations.

Date: 2012-06-14
Topic: Macroeconomics (Tax Code)
Subject: Taxation
21st Century Investment Act of 2012 - Amends the Internal Revenue Code to: (1) make permanent the tax credit for increasing research activities, (2) increase such credit for amounts paid or incurred for research substantially all of which occurs in the United States, (3) increase the rate of the simplified research tax credit, and (4) increase through December 31, 2020, the domestic production activities tax deduction for income attributable to the manufacture or production of property with respect to which substantially all of the research and development occurred in the United States.

Date: 2012-06-18
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Expanding Industrial Energy and Water Efficiency Incentives Act of 2012 - Amends the Internal Revenue Code to: (1) increase megawatt and horsepower capacity limitations for the combined heat and power system property energy tax credit; (2) allow new tax credits to improve advanced motor system energy efficiency, to replace chlorofluorocarbon (CFC) refrigerant chillers, and for investment in any qualifying efficient industrial process water use project; and (3) allow an energy tax credit for investment in biomass heating property.

Date: 2012-06-28
Topic: Macroeconomics (Tax Code)
Subject: Taxation
Philanthropic Enterprise Act of 2012 - Amends the Internal Revenue Code to exempt the holdings of a private foundation in any business enterprise that meet specified requirements relating to exclusive ownership, minimum distribution of net operating income, and independent operation (i.e., not controlled by a substantial contributor) from the excise tax on excess business holdings and unrelated business income.

Date: 2012-07-12
Topic: Macroeconomics (Tax Code)
Subject: Taxation