[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3262 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 3262

To amend the Internal Revenue Code of 1986 to restore age 14 as the age 
  at which unearned income of minor children ceases to be taxed as if 
                            parent's income.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 31, 2007

Mrs. Musgrave introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to restore age 14 as the age 
  at which unearned income of minor children ceases to be taxed as if 
                            parent's income.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. RESTORATION OF AGE 14 AS AGE AT WHICH UNEARNED INCOME OF 
              MINOR CHILDREN CEASES TO BE TAXED AS IF PARENT'S INCOME.

    (a) Repeal of Increase in Small Business and Work Opportunity Tax 
Act of 2007.--Section 8241 of the Small Business and Work Opportunity 
Tax Act of 2007 (relating to increase in age of children whose unearned 
income is taxed as if parent's income), and the amendments made by such 
section, is hereby repealed. The Internal Revenue Code of 1986 shall be 
applied as if such section, and amendments, had never been enacted.
    (b) Repeal of Increase in Tax Increase Prevention and 
Reconciliation Act of 2005.--Paragraph (2) of section 1(g) of the 
Internal Revenue Code of 1986 is amended--
            (1) in subparagraph (A)--
                    (A) by striking ``age 18'' and inserting ``age 
                14'', and
                    (B) by inserting ``and'' at the end,
            (2) by striking ``, and'' in subparagraph (B) and inserting 
        a period, and
            (3) by striking subparagraph (C).
    (c) Effective Date.--The amendments made by subsection (b) shall 
apply to taxable years beginning after December 31, 2006.
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