3.0.0 816 2023-01-11T19:46:25Z 2023-01-11T19:46:25Z Senate S S 2007-03-08 110 ssfi00 Finance Committee Senate Standing Referred to 2007-03-08T20:46:33Z Parents' Tax Relief Act of 2007 110 1421 HR 2007-03-08 Referred to the House Committee on Ways and Means. Identical bill CRS 2007-03-08 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-03-08 Introduced in Senate IntroReferral 10000 9 Library of Congress B000953 Sen. Brownback, Sam [R-KS] SAM BROWNBACK R KS N Taxation Commerce Computers Cost of living adjustments Day care Economics and Public Finance Education Families Finance and Financial Sector Fringe benefits Government trust funds Higher education Home offices Income tax Indexing (Economic policy) Interest Labor and Employment Married people Old age, survivors and disability insurance Parents Science, Technology, Communications Social Welfare Student loan funds Survivors' benefits Tax credits Tax deductions Tax exclusion Tax exemption Tax rates Telecommuting Wages Taxation 00 2007-03-08 Introduced in Senate 2007-04-02T13:44:08Z Parents' Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) provide for a minimum tax credit for household and dependent care services for dependents under the age of seven and to phase out such credit based on the amount by which the taxpayer's adjusted gross income exceeds a threshold amount; (2) increase to $5,000 the amount of the personal tax exemption; (3) eliminate the marriage penalty in all income tax brackets and in the tax deduction for student loan interest; (4) establish a standard tax deduction for expenses related to business usage of a home; (5) make permanent increases in the child tax credit and adjust the amount of such credit for inflation on an annual basis after 2007; (6) allow employers a tax credit for employees who telecommute; and (7) allow an exclusion from employee gross income for employer-provided computer equipment used to work at home.

Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to award social security credits to parents who stay at home, instead of working outside the home, to care for children who are either under age seven. Authorizes transfers from the general fund to specified Social Security trust funds to cover the cost of such credits.

]]> Parents' Tax Relief Act of 2007 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to increase tax benefits for parents with children, and for other purposes. Introduced in Senate IS Display Title Parents' Tax Relief Act of 2007 Short Titles as Introduced Parents' Tax Relief Act of 2007 Introduced in Senate 2007-03-08T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s816is/xml/BILLS-110s816is.xml 2007-03-08 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.