3.0.0 3970 2023-01-11T20:22:56Z 2023-01-11T20:22:56Z House H HR 2007-10-25 110 hswm00 Ways and Means Committee House Standing Referred to 2007-10-25T14:01:35Z Individual AMT Repeal Act of 2007 110 1366 HR 2007-03-07 Referred to the House Committee on Ways and Means. Related bill CRS To amend the Internal Revenue Code of 1986 to extend the deduction for qualified tuition and related expenses. 110 2782 HR 2007-06-19 Referred to the House Committee on Ways and Means. Related bill CRS Enhancing Education through Tax Relief Act of 2007 110 3630 HR 2007-09-20 Referred to the House Committee on Ways and Means. Related bill CRS Taxpayer Choice Act of 2007 110 3818 HR 2007-10-10 Referred to the House Committee on Ways and Means. Related bill CRS To amend the Internal Revenue Code of 1986 to extend the deduction for qualified tuition and related expenses. 110 3879 HR 2007-10-17 Referred to the House Committee on Ways and Means. Related bill CRS Tax Increase Prevention Act of 2007 110 3996 HR 2007-12-26 Became Public Law No: 110-166. Related bill CRS Healthy Families and Dedicated Teachers Tax Relief Act of 2007 110 4086 HR 2007-11-06 Referred to the House Committee on Ways and Means. Related bill CRS Invest in America Act 110 14 S 2007-04-17 Read twice and referred to the Committee on Finance. Related bill CRS Individual Alternative Minimum Tax Repeal Act of 2007 110 55 S 2007-01-04 Read twice and referred to the Committee on Finance. Related bill CRS A bill to amend the Internal Revenue Code of 1986 to extend the deduction for qualified tuition and related expenses. 110 2234 S 2007-11-01 Sponsor introductory remarks on measure. (CR S13652-13653) Related bill CRS Individual Alternative Minimum Tax Repeal Act of 2007 110 2293 S 2007-11-02 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 464. Related bill CRS AMT Repeal and Tax Freedom Act 110 2318 S 2007-11-08 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 476. Related bill CRS AMT Equity Act of 2007 110 2432 S 2007-12-06 Read twice and referred to the Committee on Finance. Related bill CRS 2007-10-25 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2007-10-25 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-10-25 Introduced in House IntroReferral 1000 9 Library of Congress R000053 Rep. Rangel, Charles B. [D-NY-15] CHARLES RANGEL D NY B. 15 N Taxation Accounting Agriculture and Food American Samoa Armed Forces and National Security Arts, Culture, Religion Bonds Books Charitable contributions College costs Commerce Computers Corporation taxes Crime and Law Enforcement Depreciation and amortization District of Columbia Dividends Earned income tax credit Education Educational technology Elementary and secondary education Environmental Protection Families Finance and Financial Sector Government Operations and Politics Hazardous wastes Higher education Home ownership Housing and Community Development Housing finance Income tax Indian lands Individual retirement accounts Insurance premiums Interest Investment advisers Investment tax credit Labor and Employment Leases Liability for environmental damages Local taxation Maintenance and repair Military pay Military personnel Minimum tax Minorities Minority employment Mortgage guaranty insurance Mutual funds Native Americans Nature conservation Partnerships Public Lands and Natural Resources Railroad engineering Research and development tax credit Restaurants Sales tax School buildings Science, Technology, Communications Small business Social Welfare Sports and Recreation Sports facilities State taxation Student loan funds Tax credits Tax deductions Tax evasion Tax exclusion Tax exemption Tax incentives Tax penalties Tax rates Tax-deferred compensation plans Taxation of foreign income Teachers Teaching materials Terrorism Textbooks Undercover operations Veterans' benefits Taxation 00 2007-10-25 Introduced in House 2007-11-06T21:30:12Z Tax Reduction and Reform Act of 2007 - Amends Internal Revenue Code provisions relating to individual income tax rates, the alternative minimum tax, partnerships and corporations and extends certain expiring tax credits, deductions, and other tax incentives.

Increases and modifies: (1) the standard tax deduction for individual taxpayers; and (2) the earned income and child tax credits.

Extends the increased alternative minimum tax exemptions for individual taxpayers through 2007. Repeals such tax after 2007. Imposes limitations on the itemized deductions and exemptions of taxpayers with adjusted gross incomes in excess of $250,000.

Treats partnership income earned for providing investment management services (i.e., carried interest) as ordinary income.

Extends through 2008 various expiring tax provisions primarily affecting individual taxpayers, including: (1) the tax deductions for state and local sales taxes, for qualified tuition and related expenses, for qualified conservation contributions, for certain expenses of elementary and secondary school teachers, and for mortgage insurance premiums; (2) tax-free distributions from individual retirement accounts for charitable purposes; (3) the taxpayer election to include combat pay as earned income for purposes of the earned income tax credit; (4) special rules for qualified mortgage bonds to finance home purchases by veterans; and (5) tax-free distributions from retirement plans for individuals called to active military service.

Extends through 2008 various expiring tax provisions primarily affecting businesses, including: (1) the tax credits for increasing research expenses, for hiring workers on Indian reservations, for investment in new markets, and for railroad track maintenance; (2) accelerated depreciation for qualified leasehold and restaurant improvements, for motorsports entertainment complexes, and for business property on Indian reservations; (3) expensing allowances for environmental remediation costs; (4) tax deductions for contributions of food and book inventories and for computer equipment for educational purposes; and (5) tax incentives for investment in the District of Columbia and American Samoa.

Extends through 2008 authorities for: (1) issuing qualified zone academy bonds; (2) making disclosures of tax information to facilitate student loan repayments, for combating terrorist activities, and for veterans programs purposes; and (3) Internal Revenue Service (IRS) undercover operations.

Reduces the top marginal income tax rate for corporations from 35 to 30.5% and the tax deduction for dividends received by corporations. Repeals various provisions relating to corporate taxation, including the tax deduction for income attributable to domestic production activities, the LIFO and the lower of cost or market accounting methods, interest allocation rules for U.S. corporations with foreign assets, and special rules relating to domestic international sales corporations.

Makes permanent the increased expensing allowance ($125,000) for small business assets. Increases the amortization period for goodwill and other intangibles from 15 to 20 years.

Sets forth rules for the application of the economic substance doctrine to tax transactions. Imposes enhanced penalties for underpayments of tax due to transactions lacking in economic substance.

]]> Tax Reduction and Reform Act of 2007 Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide additional tax relief to low and moderate income individuals, to repeal the individual alternative minimum tax, to reform the corporate income tax, and for other purposes. Introduced in House IH Display Title Tax Reduction and Reform Act of 2007 Short Titles as Introduced Tax Reduction and Reform Act of 2007 Introduced in House 2007-10-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr3970ih/xml/BILLS-110hr3970ih.xml 2007-10-25 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.