110 HR 3262 IH: To amend the Internal Revenue Code of 1986 to restore age U.S. House of Representatives 2007-07-31 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.

I 110th CONGRESS 1st Session H. R. 3262 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.

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of children whose unearned income is taxed as if parent’s income), and the amendments made by such section, is hereby repealed.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.