3.0.0 4351 2023-01-11T13:15:42Z 2023-01-11T13:15:42Z House H HR 2007-12-11 110 ssfi00 Finance Committee Senate Standing Referred to 2008-01-22T18:48:46Z hswm00 Ways and Means Committee House Standing Referred to 2007-12-11T15:35:20Z Providing for consideration of the bill (H.R. 4351) to amend the Internal Revenue Code to provide individuals temporary relief from the alternative minimum tax, and for other purposes. 110 861 HRES 2007-12-12 Motion to reconsider laid on the table Agreed to without objection. 13:33:27 Procedurally-related House 2008-01-22 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-12-12 Senate Received in the Senate. IntroReferral 2007-12-12 18:55:53 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2007-12-12 18:55:52 On passage Passed by the Yeas and Nays: 226 - 193 (Roll no. 1153). (text: CR H15368-15371) Floor H37100 2 House floor actions 1153 https://clerk.house.gov/evs/2007/roll1153.xml House 110 2007-12-12T23:55:52Z 1 2007-12-12 18:55:52 Passed/agreed to in House: On passage Passed by the Yeas and Nays: 226 - 193 (Roll no. 1153).(text: CR H15368-15371) Floor 8000 9 Library of Congress 1153 https://clerk.house.gov/evs/2007/roll1153.xml House 110 2007-12-12T23:55:52Z 1 2007-12-12 18:47:47 On motion to table the motion to appeal the ruling of the chair Agreed to by the Yeas and Nays: 225 - 191 (Roll no. 1152). Floor H36810 2 House floor actions 1152 https://clerk.house.gov/evs/2007/roll1152.xml House 110 2007-12-12T23:47:47Z 1 2007-12-12 18:25:37 Mr. Neal (MA) moved to table the motion to appeal the ruling of the chair (consideration: CR H15381) ResolvingDifferences H82000 2 House floor actions 2007-12-12 18:25:15 Mr. McCrery appealed the ruling of the chair. Floor H36800 2 House floor actions 2007-12-12 18:18:50 Mr. Neal (MA) raised a point of order against the motion to recommit with instructions. Mr. Neal stated that the provisions of the motion to recommit violate clause 10 of Rule XXI in that they increase the deficit over the requisite period. Sustained by the Chair. ResolvingDifferences H81000 2 House floor actions 2007-12-12 18:18:50 Point of order sustained against the motion to recommit with instructions. Floor H36110 2 House floor actions 2007-12-12 18:18:22 Mr. McCrery moved to recommit with instructions to Ways and Means. (consideration: CR H15380; text: CR H15380) Floor H36100 2 House floor actions hswm00 Ways and Means Committee 2007-12-12 18:18:11 The previous question was ordered pursuant to the rule. Floor H35000 2 House floor actions 2007-12-12 16:58:34 DEBATE - The House proceeded with one hour of debate on H.R. 4351. Floor H8D000 2 House floor actions 2007-12-12 16:58:11 Rule provides for consideration of H.R. 4351 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit. Floor H8D000 2 House floor actions 2007-12-12 16:58:06 Considered under the provisions of rule H. Res. 861. (consideration: CR H15368-15382) Floor H30000 2 House floor actions 2007-12-12 13:33:26 Rule H. Res. 861 passed House. Floor H1L220 2 House floor actions 2007-12-11 20:34:01 Rules Committee Resolution H. Res. 861 Reported to House. Rule provides for consideration of H.R. 4351 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit. Floor H1L210 2 House floor actions 2007-12-11 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2007-12-11 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-12-11 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 Administrative procedure Commerce Corporation taxes Department of the Treasury Employee stock options Families Finance and Financial Sector Foreign Trade and International Finance Foreign corporations Foreign tax credit Government Operations and Politics Income tax Interest Labor and Employment Law Minimum tax Partnerships Small business Tax administration Tax credits Tax evasion Tax exemption Tax penalties Tax refunds Tax returns Tax-deferred compensation plans Taxation of foreign income Taxation 00 2007-12-11 Introduced in House 2007-12-12T18:36:25Z AMT Relief Act of 2007 - 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.

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.

Lowers in 2008 (from $10,000 to $8,500) the earned income threshold amount for determining the refundable portion of the child tax credit.

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.

Sets forth definitions and rules for the application of the economic substance doctrine to transactions affecting tax liabilities. Provides for enhanced penalties for underpayments of tax attributable to transactions lacking in economic substance.

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.

Increases or provides additional penalties for failures to file certain individual, partnership, and S corporation tax returns.

Increases certain estimated tax payments for corporations with assets of at least $1 billion.

]]> 81 2007-12-12 Passed House without amendment 2007-12-15T14:45:47Z (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

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.

]]> AMT Relief Act of 2007 Display Title AMT Relief Act of 2007 Short Titles as Introduced AMT Relief Act of 2007 Short Titles as Passed House AMT Relief Act of 2007 H House Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide individuals temporary relief from the alternative minimum tax, and for other purposes. Referred in Senate 2008-01-22T05:00:00Z Engrossed in House 2007-12-12T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr4351eh/xml/BILLS-110hr4351eh.xml Introduced in House 2007-12-11T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr4351ih/xml/BILLS-110hr4351ih.xml 2008-01-22 Read twice and referred to the Committee on Finance. 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.