Stealth Tax Relief Extension Act of 2008

3.0.0 6275 2022-02-03T05:20:01Z 2022-05-20T16:27:20Z House H HR 2008-06-17 110 ssfi00 Finance Committee Senate Standing Referred to 2008-06-26T17:33:18Z hswm00 Ways and Means Committee House Standing Reported by 2008-06-20T19:28:06Z Markup by 2008-06-18T13:52:15Z Referred to 2008-06-17T16:30:20Z H. Rept. 110-728 Stealth Tax Relief Extension Act of 2008 110 5031 HR 2008-01-17 Referred to the House Committee on Ways and Means. Related bill CRS Alternative Minimum Tax Relief Act of 2008 110 7005 HR 2008-12-11 Motion by Senator Reid to reconsider the vote by which cloture on the motion to proceed to the measure (Record Vote No. 215] was not invoked entered in Senate. (consideration: CR S10931) Related bill CRS A bill to amend the Internal Revenue Code of 1986 to extend and expand relief from the alternative minimum tax and to repeal the extension of the lower rates for capital gains and dividends for 2009 and 2010. 110 102 S 2007-01-04 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S110-111) Related bill CRS Providing for consideration of the bill (H.R. 6275) to amend the Internal Revenue Code of 1986 to provide individuals temporary relief from the alternative minimum tax, and for other purposes. 110 1297 HRES 2008-06-25 On agreeing to the resolution Agreed to by the Yeas and Nays: 224 - 193 (Roll no. 452). (text: CR H6022) 13:05:15 Procedurally-related House 2008-06-26 ssfi00 Finance Committee Senate Received in the Senate and Read twice and referred to the Committee on Finance. IntroReferral 2008-06-25 14:09:42 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2008-06-25 14:09:41 On passage Passed by recorded vote: 233 - 189 (Roll no. 455). (text: CR H6035-6038) Floor H37100 2 House floor actions 455 https://clerk.house.gov/evs/2008/roll455.xml House 110 2008-06-25T18:09:41Z 2 2008-06-25 14:09:41 Passed/agreed to in House: On passage Passed by recorded vote: 233 - 189 (Roll no. 455).(text: CR H6035-6038) Floor 8000 9 Library of Congress 455 https://clerk.house.gov/evs/2008/roll455.xml House 110 2008-06-25T18:09:41Z 2 2008-06-25 14:02:21 On motion to recommit with instructions Failed by the Yeas and Nays: 199 - 222 (Roll no. 454). Floor H36110 2 House floor actions hswm00 Ways and Means Committee 454 https://clerk.house.gov/evs/2008/roll454.xml House 110 2008-06-25T18:02:21Z 2 2008-06-25 13:37:12 The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H6043) Floor H8A000 2 House floor actions 2008-06-25 13:31:06 DEBATE - The House proceeded with 10 minutes of debate on the McCrery motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with amendments which add a new section providing that charitable mileage rates are treated the same as medical and moving rates. Floor H8D000 2 House floor actions 2008-06-25 13:31:02 Mr. McCrery moved to recommit with instructions to Ways and Means. (consideration: CR H6042-6043; text: CR H6042) Floor H36100 2 House floor actions hswm00 Ways and Means Committee 2008-06-25 13:30:14 The previous question was ordered pursuant to the rule. (consideration: CR H6042) Floor H35000 2 House floor actions 2008-06-25 13:15:19 DEBATE - The House proceeded with one hour of debate on H.R. 6275. Floor H8D000 2 House floor actions 2008-06-25 13:14:09 Rule provides for consideration of H.R. 6275 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. The amendment in the nature of a substitute recommended by the Committee on Ways and Means now printed in the bill shall be considered as adopted. Floor H8D000 2 House floor actions 2008-06-25 13:14:04 Considered under the provisions of rule H. Res. 1297. (consideration: CR H6031-6044; text as reported in House: CR H6031-6035) Floor H30000 2 House floor actions 2008-06-25 13:05:15 Rule H. Res. 1297 passed House. Floor H1L220 2 House floor actions 2008-06-24 17:39:41 Rules Committee Resolution H. Res. 1297 Reported to House. Rule provides for consideration of H.R. 6275 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. Floor H1L210 2 House floor actions 2008-06-20 Placed on the Union Calendar, Calendar No. 463. Calendars H12410 2 House floor actions U00463 2008-06-20 Reported (Amended) by the Committee on Ways and Means. H. Rept. 110-728. Committee H12200 2 House floor actions hswm00 Ways and Means Committee 2008-06-20 Reported (Amended) by the Committee on Ways and Means. H. Rept. 110-728. Committee 5000 9 Library of Congress hswm00 Ways and Means Committee 2008-06-18 hswm00 Ways and Means Committee 1 House committee actions Ordered to be Reported (Amended) by the Yeas and Nays: 22 - 16. Committee 2008-06-18 hswm00 Ways and Means Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2008-06-17 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2008-06-17 Introduced in House IntroReferral Intro-H 9 Library of Congress 2008-06-17 Introduced in House IntroReferral 1000 9 Library of Congress R000053 Rep. Rangel, Charles B. [D-NY-15] CHARLES RANGEL D NY B. 15 N M000404 Rep. McDermott, Jim [D-WA-7] JIM MCDERMOTT D WA 7 2008-06-17 True L000287 Rep. Lewis, John [D-GA-5] JOHN LEWIS D GA 5 2008-06-17 True N000015 Rep. Neal, Richard E. [D-MA-2] RICHARD NEAL D MA E. 2 2008-06-17 True P000422 Rep. Pomeroy, Earl [D-ND-At Large] EARL POMEROY D ND 0 2008-06-17 True J000284 Rep. Jones, Stephanie Tubbs [D-OH-11] STEPHANIE JONES D OH TUBBS 11 2008-06-17 True B000574 Rep. Blumenauer, Earl [D-OR-3] EARL BLUMENAUER D OR 3 2008-06-17 True B001231 Rep. Berkley, Shelley [D-NV-1] SHELLEY BERKLEY D NV 1 2008-06-17 True C001038 Rep. Crowley, Joseph [D-NY-7] JOSEPH CROWLEY D NY 7 2008-06-17 True V000128 Rep. Van Hollen, Chris [D-MD-8] Chris Van Hollen D MD 8 2008-06-17 True M001148 Rep. Meek, Kendrick B. [D-FL-17] Kendrick Meek D FL B. 17 2008-06-17 True L000263 Rep. Levin, Sander M. [D-MI-12] SANDER LEVIN D MI M. 12 2008-06-17 True L000557 Rep. Larson, John B. [D-CT-1] JOHN LARSON D CT B. 1 2008-06-17 True 2008-06-20T04:00:00Z H.R. 6275, Alternative Minimum Tax Relief Act of 2008 http://www.cbo.gov/publication/19980 <p>Cost estimate for the bill as ordered reported by the Committee on Ways and Means on June 18, 2008</p> 2008-06-20T04:00:00Z H.R. 6275, Alternative Minimum Tax Relief Act of 2008 https://www.cbo.gov/publication/19980 Cost estimate for the bill as ordered reported by the Committee on Ways and Means on June 18, 2008 Taxation Capital gains tax Collection of accounts Commerce Corporation taxes Energy Finance and Financial Sector Financial services Foreign corporations Government Operations and Politics Government contractors Government paperwork Government procurement Income tax International Affairs Investment advisers Leases Losses Minimum tax Natural gas Partnerships Petroleum Petroleum industry Rent Tax administration Tax credits Tax deductions Tax exemption Tax penalties Tax returns Tax treaties Taxation of foreign income Withholding tax Taxation

00 2008-06-17 Introduced in House 2008-06-20T18:21:08Z Alternative Minimum Tax Relief Act of 2008 - Amends the Internal Revenue Code to: (1) increase and extend through 2008 the alternative minimum tax (AMT) exemption amounts; (2) extend through 2008 the offset of certain nonrefundable personal tax credits against regular and AMT tax liabilities; (3) treat net income and loss from an investment services partnership interest as ordinary income and loss; (4) deny major integrated oil companies a tax deduction for income attributable to domestic production of oil, gas, or primary products thereof; (5) limit tax treaty benefits with respect to U.S. withholding of tax requirements imposed on certain tax deductible payments made directly to a foreign parent corporation; (6) require payment settlement entities to report certain identifying information to the Internal Revenue Service (IRS) relating to the settlement of payment card and third party network transactions; and (7) extend the applicability of the continuous levy for delinquent taxes on payments due to a vendor to property or services sold or leased to the federal government (currently, applicable to goods or services).

Amends the Tax Increase Prevention and Reconciliation Act of 2005 to increase estimated tax payments due in the third quarters of 2012 and 2013 for certain large corporations (corporations with assets of at least $1 billion).

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36 2008-06-25 Passed House amended 2008-08-15T21:36:21Z Alternative Minimum Tax Relief Act of 2008 - Title I: Individual Tax Relief - Amends the Internal Revenue Code to: (1) increase and extend through 2008 the alternative minimum tax (AMT) exemption amounts; and (2) extend through 2008 the offset of certain nonrefundable personal tax credits against regular and AMT tax liability.

Title II: Revenue Provisions- (Sec. 201) Defines an "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership about investing in, purchasing, or selling specified assets; (2) managing, acquiring, or disposing of specified assets; or (3) arranging financing with respect to acquiring specified assets.

Treats as ordinary income (i.e., income taxed at regular income tax rates) net income received by a partner from such an interest, except to the extent such income is attributable to the partner's invested capital. Sets forth rules for the treatment of losses with respect to such an interest.

Directs the Secretary of the Treasury to prescribe regulations for implementing tax rules relating to such interests. Exempts real estate investment trusts (REITs) and publicly traded partnerships from the application of ordinary income tax rules for such interests. Imposes tax penalties for underpayment of tax resulting from noncompliance with tax rules relating to such interests. Makes net income from such an interest subject to self-employment tax.

(Sec. 202) Denies any major integrated oil company (a company with an average daily worldwide production of crude oil of at least 500,000 barrels for the taxable year and gross receipts in excess of $1 billion for its last taxable year ending during calendar year 2005) a tax deduction for income attributable to the domestic production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof.

Reduces the tax deduction for income attributable to domestic production activities for taxpayers other than major integrated oil companies by 3% of the least of their: (1) oil related qualified production activities for the taxable year; (2) qualified production activities income for the taxable year; or (3) taxable income. Defines "oil related qualified production activities income" as income attributable to the production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof.

Makes such provisions effective for taxable years beginning in 2009.

(Sec. 203) Prohibits any reduction of tax withholding for payments made by a U.S. subsidiary of a foreign parent corporation to a related subsidiary in any country that has a tax treaty with the United States, except for payments made directly to the foreign parent corporation.

(Sec. 204) Requires payment settlement entities (e.g., banks and third party settlement organizations) to report identifying information and the gross amount of reportable payment transactions (i.e., payment card and third party network transactions) to the Internal Revenue Service (IRS).

(Sec. 205) Expands the continuous tax levy on payments to vendors for goods and services to include payments for all property and services.

(Sec. 206) Amends the Tax Increase Prevention and Reconciliation Act of 2005 to: (1) repeal the adjustment to the estimated tax liability of corporations with at least $1 billion in assets for the third quarter of 2012; and (2) increase the estimated tax payments of such corporations in the third quarter of 2013 by 59.5%.

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Alternative Minimum Tax Relief Act of 2008 Short Titles as Introduced Alternative Minimum Tax Relief Act of 2008 Short Titles as Passed House Alternative Minimum Tax Relief Act of 2008 H House Display Title Alternative Minimum Tax Relief Act of 2008 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. 1099 110 HAMDT An amendment in the nature of a substitute recommended by the Committee on Ways and Means, printed in the bill, and considered as adopted pursuant to H. Res. 1297. 2022-02-03T05:20:01Z Rules Committee 2008-06-25T04:00:00Z House of Representatives 110 HR House H 6275 Alternative Minimum Tax Relief Act of 2008 2022-05-20T16:27:20Z H. Res. 1297 https://www.congress.gov/bill/110th-congress/house-resolution/1297 2 2008-06-25 House amendment offered Floor 71000 9 Library of Congress Referred in Senate 2008-06-26T04:00:00Z Engrossed in House 2008-06-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr6275eh/xml/BILLS-110hr6275eh.xml Reported in House 2008-06-20T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr6275rh/xml/BILLS-110hr6275rh.xml Introduced in House 2008-06-17T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr6275ih/xml/BILLS-110hr6275ih.xml 2008-06-26 Received in the Senate and 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.