Summary: Philanthropic Enterprise Act of 2012 - Amends the Internal Revenue Code to exempt the holdings of a private foundation in any business enterprise that meet specified requirements relating to exclusive ownership, minimum distribution of net operating income, and independent operation (i.e., not controlled by a substantial contributor) from the excise tax on excess business holdings and unrelated business income.

philanthropic enterprise act amends internal revenue code exempt holdings private foundation business enterprise meet specified requirements relating exclusive ownership minimum distribution net operating income independent operation controlled substantial contributor excise tax excess business holdings unrelated business income


Summary: Middle Class Tax Cut Act - Extends through 2013 for a taxpayer whose income is $200,000 or less ($250,000 for married couples filing jointly): (1) the tax rate reductions and other tax benefits of the Economic Growth and Tax Relief Reconciliation Act of 2001, and (2) the reduction in the tax rate for dividend and capital gain income enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Increases income tax rates and phases-out personal exemptions and itemized deductions for certain high-income taxpayers. Amends the Internal Revenue Code to extend through 2013: (1) the increased American Opportunity tax credit, (2) the increase in the refundable portion of the child tax credit, (3) the increased earned income tax credit percentage for three or more qualifying children, (4) the disregard of tax refunds in determining eligibility for federal and federally-assisted programs, and (5) the election to expense depreciable business assets. Modifies estate tax provisions to establish: (1) an estate tax exclusion of $3.5 million, and (2) a maximum 45% estate tax rate. Extends for one year: (1) the increased exemption amount for the alternative minimum tax (AMT), and (2) the offset against the AMT of certain nonrefundable personal tax credits. Provides that the budgetary effects of this Act shall not be taken into account under the Statutory Pay-As-You-Go Act of 2010.

middle class tax cut act extends taxpayer income married couples filing jointly tax rate reductions tax benefits economic_growth_and_tax_relief_reconciliation_act reduction tax rate dividend capital gain income enacted jobs_and_growth_tax_relief_reconciliation_act increases income tax rates phases personal exemptions itemized deductions certain high income taxpayers amends internal revenue code extend increased american_opportunity tax credit increase refundable portion child tax credit increased earned income tax credit percentage qualifying children disregard tax refunds determining eligibility federal federally assisted programs election expense depreciable business assets modifies estate tax provisions establish estate tax exclusion million maximum estate tax rate extends year increased exemption alternative minimum tax amt offset amt certain nonrefundable personal tax credits provides budgetary effects act shall taken account statutory pay act


Summary: Tax Relief Act of 2012 - Extends through 2013: (1) the Economic Growth and Tax Relief Reconciliation Act of 2001, and (2) the reduction in the tax rates for dividend and capital gain income enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Amends the Internal Revenue Code to extend for an additional two years: (1) the increased exemption amount for the alternative minimum tax (AMT); (2) the offset against the AMT for certain nonrefundable personal tax credits; and (3) the increased expensing allowance for depreciable business assets, including computer software. Directs the Senate Committee on Finance to report tax reform legislation not later than 12 months after the enactment of this Act.

tax relief act extends economic growth tax relief reconciliation act reduction tax rates dividend capital gain income enacted jobs_and_growth_tax_relief_reconciliation_act amends internal revenue code extend additional years increased exemption alternative minimum tax amt offset amt certain nonrefundable personal tax credits increased expensing allowance depreciable business assets including computer software directs senate_committee_on_finance report tax reform legislation later months enactment act


Summary: Death Tax Repeal Act - Repeals the federal estate, gift, and generation-skipping transfer taxes.

death tax repeal act repeals federal estate gift generation skipping transfer taxes


Summary: Middle Class Tax Cut Act - Title I: Temporary Extension of Tax Relief - (Sec. 101) Extends through 2013 for an individual taxpayer whose adjusted gross income is less than the applicable threshold amount (i.e., $200,000 for individual taxpayers, $225,000 for heads of household, and $250,000 for married couples filing a joint tax return) the tax rate reductions and other tax benefits of the Economic Growth and Tax Relief Reconciliation Act of 2001. Modifies individual income tax brackets for 2013 to reduce income tax for taxpayers whose adjusted gross income is less than the applicable threshold amount and to increase the income tax rate for taxpayers above such threshold amount. Provides for an inflation adjustment to the applicable threshold amounts for calendar years beginning after 2012. Exempts taxpayers whose adjusted gross income is less than the applicable threshold amount from the phase-out of personal exemptions and itemized deductions. (Sec. 102) Extends through 2013 for an individual taxpayer whose adjusted gross income is less than the applicable threshold amount the reduction in the tax rate for dividend and capital gain income enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Increases to 20% the tax rate for capital gains income for taxpayers whose adjusted gross income exceeds the applicable threshold amount. (Sec. 103) Extends through 2013: (1) the increased American Opportunity tax credit, (2) the increase in the refundable portion of the child tax credit, (3) the increased earned income tax credit percentage for three or more qualifying children, and (4) the disregard of tax credits and refunds in determining eligibility for federal and federally-assisted programs (i.e., means tested programs). (Sec. 104) Extends to taxable years beginning in 2013 a $250,000 expensing allowance for depreciable business assets, including computer software. Increases to $800,000 the threshold for a phase-out of the amount of such expensing allowance. Title II: Alternative Minimum Tax Relief - (Sec. 201) Extends to taxable years beginning in 2012 the increased exemption from the alternative minimum tax (AMT) for individual taxpayers. (Sec. 202) Extends to taxable years beginning in 2012 the offset against the AMT for certain nonrefundable personal tax credits. Title III: Budgetary Effects - Provides that the budgetary effects of this Act shall not be entered on either PAYGO scorecard maintained pursuant to the Statutory Pay-As-You-Go Act of 2010 or any Senate PAYGO scorecard.

middle class tax cut act title temporary extension tax relief sec extends individual taxpayer adjusted gross income applicable threshold individual taxpayers heads household married couples filing joint tax return tax rate reductions tax benefits economic_growth_and_tax_relief_reconciliation_act modifies individual income tax brackets reduce income tax taxpayers adjusted gross income applicable threshold increase income tax rate taxpayers threshold provides inflation adjustment applicable threshold amounts calendar years beginning exempts taxpayers adjusted gross income applicable threshold phase personal exemptions itemized deductions sec extends individual taxpayer adjusted gross income applicable threshold reduction tax rate dividend capital gain income enacted jobs_and_growth_tax_relief_reconciliation_act increases tax rate capital gains income taxpayers adjusted gross income exceeds applicable threshold sec extends increased american_opportunity tax credit increase refundable portion child tax credit increased earned income tax credit percentage qualifying children disregard tax credits refunds determining eligibility federal federally assisted programs means tested programs sec extends taxable years beginning expensing allowance depreciable business assets including computer software increases threshold phase expensing allowance title alternative minimum tax relief sec extends taxable years beginning increased exemption alternative minimum tax amt individual taxpayers sec extends taxable years beginning offset amt certain nonrefundable personal tax credits title iii budgetary effects provides budgetary effects act shall entered paygo scorecard maintained pursuant statutory pay act senate paygo scorecard


Summary: Tax Hike Prevention Act of 2012 - Extends through 2013: (1) the Economic Growth and Tax Relief Reconciliation Act of 2001, and (2) the reduction in the tax rates for dividend and capital gain income enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Amends the Internal Revenue Code to extend for an additional two years: (1) the increased exemption amount for the alternative minimum tax (AMT); (2) the offset against the AMT for certain nonrefundable personal tax credits; and (3) the increased expensing allowance for depreciable business assets, including computer software. Directs the Senate Committee on Finance to report tax reform legislation not later than 12 months after the enactment of this Act.

tax prevention act extends economic growth tax relief reconciliation act reduction tax rates dividend capital gain income enacted jobs_and_growth_tax_relief_reconciliation_act amends internal revenue code extend additional years increased exemption alternative minimum tax amt offset amt certain nonrefundable personal tax credits increased expensing allowance depreciable business assets including computer software directs senate_committee_on_finance report tax reform legislation later months enactment act


Summary: Tax Hike Prevention Act of 2012 - Extends through 2013: (1) the Economic Growth and Tax Relief Reconciliation Act of 2001, and (2) the reduction in the tax rates for dividend and capital gain income enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Amends the Internal Revenue Code to extend for an additional year: (1) the increased exemption amount for the alternative minimum tax (AMT); (2) the offset against the AMT for certain nonrefundable personal tax credits; and (3) the increased expensing allowance for depreciable business assets, including computer software. Directs the Senate Committee on Finance to report tax reform legislation not later than 12 months after the enactment of this Act.

tax prevention act extends economic growth tax relief reconciliation act reduction tax rates dividend capital gain income enacted jobs_and_growth_tax_relief_reconciliation_act amends internal revenue code extend additional year increased exemption alternative minimum tax amt offset amt certain nonrefundable personal tax credits increased expensing allowance depreciable business assets including computer software directs senate_committee_on_finance report tax reform legislation later months enactment act


Summary: Permanent Tax Relief Act - Makes permanent: (1) the Economic Growth and Tax Relief Reconciliation Act of 2001, and (2) provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 that reduce tax rates on dividend and capital gain income. Amends the Internal Revenue Code to make permanent: (1) the increased alternative minimum tax (AMT) exemption amount for individual taxpayers, and (2) the offset against the AMT for certain nonrefundable personal tax credits. Repeals the estate tax and the tax on generation-skipping transfers.  Reduces the maximum gift tax rate to 35%. Allows a lifetime gift tax exemption of $5 million.

permanent tax relief act makes permanent economic growth tax relief reconciliation act provisions jobs_and_growth_tax_relief_reconciliation_act reduce tax rates dividend capital gain income amends internal revenue code permanent increased alternative minimum tax amt exemption individual taxpayers offset amt certain nonrefundable personal tax credits repeals estate tax tax generation skipping transfers reduces maximum gift tax rate allows lifetime gift tax exemption million


Summary: Extends for an additional year the estate, gift, and generation-skipping transfer provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001.

extends additional year estate gift generation skipping transfer provisions economic_growth_and_tax_relief_reconciliation_act


Summary: Startup Innovation Credit Act of 2012 - Amends the Internal Revenue Code to allow a qualified small business, other than a tax-exempt organization, to use a portion of its tax credit for increasing research expenditures as an offset against its payroll tax liability under the Federal Insurance Contributions Act (FICA).  Defines "qualified small business" as a corporation, partnership, or S corporation if the gross receipts of such entity for the taxable year are less than $5 million and such entity did not have gross receipts for any period preceding the 5-year period ending with such taxable year. Limits the amount of the payroll tax credit portion to $250,000 in any taxable year.

startup innovation credit act amends internal revenue code allow qualified small business tax exempt organization use portion tax credit increasing research expenditures offset payroll tax liability federal_insurance_contributions_act fica defines qualified small business corporation partnership corporation gross receipts entity taxable year million entity gross receipts period preceding year period ending taxable year limits payroll tax credit portion taxable year


Summary: Family and Business Tax Cut Certainty Act of 2012 - Amends the Internal Revenue Code to extend through 2013 expiring tax expenditures for individuals, businesses, and the energy sector. Title I: Individual Tax Provisions - Subtitle A: Alternative Minimum Tax Relief - (Sec. 101) Extends through 2013 the increased alternative minimum tax (AMT) exemption amount for individual taxpayers and the offset against the AMT for certain nonrefundable personal tax credits. Subtitle B: Other Individual Tax Provisions - (Sec. 111) Extends through 2013: (1) the tax deduction for certain expenses of elementary and secondary school teachers, (2) the exclusion from gross income of income attributable to the discharge of indebtedness incurred with respect to a principal residence, (3) the equalization of the exclusion from gross income for employer-provided commuter transit and parking benefits, (4) the tax deduction for mortgage insurance premiums, (5) the tax deduction for state and local general sales taxes in lieu of state and local income taxes, (6) the tax deduction for contributions of capital gain real property made for conservation purposes, (7) the deduction from gross income for qualified tuition and related expenses, and (8) tax-free distributions from individual retirement accounts for charitable purposes. Subtitle C: Tax Administration - (Sec. 121) Make permanent the authority of the Secretary of the Treasury to disclose tax returns and other information to federal and state prison officials concerning inmates who may have filed or facilitated the filing of false or fraudulent tax returns. Allows disclosures of such information to contractors responsible for the operation of a federal or state prison and to the legal representatives of the Federal Bureau of Prisons, of a state agency or contractor charged with the responsibility for administration of prisons, or of the incarcerated individual accused of filing the false or fraudulent return. Extends through 2013 the disregard of tax refunds in determining eligibility for means-tested federal assistance programs. Title II: Business Tax Extenders - (Sec. 201) Extends through 2013: (1) the tax credit for research expenditures; (2) the 9% low-income housing tax credit rate for newly constructed non-federally subsidized buildings; (3) the Indian employment tax credit; (4) the new markets tax credit; (5) the tax credit for qualified railroad track maintenance expenditures; (6) the tax credit for mine rescue team training expenses; (7) the tax credit for differential wage payments to employees who are active duty members of the Uniformed Services; (8) the work opportunity tax credit; (9) the authority for issuing qualified zone academy bonds; (10) accelerated depreciation of qualified leasehold, restaurant, and retail property, for motorsports entertainment complexes, and for business property on Indian reservations; (11) the tax deduction for contributions of food inventory by taxpayers other than C corporations; (12) increased expensing of depreciable business assets; (13) the election to expense advanced mine safety equipment expenditures; (14) the enhanced expensing allowance for certain film and television production costs; (15) the tax deduction for income attributable to domestic production activities in Puerto Rico; (16) the tax rule for payments between related foreign corporations; (17) rules relating to regulated investment company (RIC) dividends; (18) the subpart F income exemption for income derived in the active conduct of a banking, financing, or insurance business; (19) the 100% exclusion from gross income of gain from the sale or exchange of small business stock; (20) the basis adjustment rule for stock of an S corporation making charitable contributions of property; (21) the reduction of the recognition period for the built-in gains of S corporations; (22) tax incentives for investment in empowerment zones; (23) the authority for issuing New York Liberty Zone bonds; (24) the increased limitation for payments of excise taxes on distilled spirits into the treasuries of Puerto Rico and the Virgin Islands; and (25) the tax credit for American Samoan economic development expenditures. Amends the Housing Assistance Tax Act of 2008 to extend through 2013 the exemption of the basic military housing allowance from the income test for programs financed by tax-exempt housing bonds. Title III: Energy Tax Extenders - (Sec. 301) Extends through 2013: (1) the tax credit for residential energy efficiency improvements; (2) the tax credit for alternative fuel vehicle refueling property expenditures; (3) the tax credit for two- or three-wheeled plug-in electric vehicles; (4) the cellulosic biofuel producer tax credit; (5) the income tax credit for biodiesel and renewable diesel used as fuel; (6) the placed-in-service dates for facilities producing electricity from renewable resources, including wind, biomass, landfill gas, trash, hydropower, and marine and hydrokinetic renewable energy facilities; (7) the tax credit for energy efficient new homes; (8) the tax credit for energy efficient appliances; (9) accelerated depreciation of cellulosic biofuel plant property; and (10) the excise tax credit for alternative fuels. Title IV: Other Provisions - (Sec. 401) Expresses the sense of the Senate that: (1) comprehensive tax reform is vital to U.S. economic growth and competitiveness and should begin in 2013; (2) a major focus of comprehensive tax reform should be broadening the tax base so as to lower tax rates, including by reforming, eliminating, or significantly reducing tax expenditures; and (3) whenever possible, federal energy tax expenditures should be responsibly phased-out so that energy technologies can function without reliance on federal subsidies Title V: Budget Provisions - (Sec. 501) Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.

amends internal revenue code extend expiring tax expenditures individuals businesses energy sector title alternative minimum tax relief sec extends increased alternative minimum tax amt exemption individual taxpayers offset amt certain nonrefundable personal tax credits subtitle individual tax provisions sec extends tax deduction certain expenses elementary secondary school teachers exclusion gross income income attributable discharge indebtedness incurred respect principal residence equalization exclusion gross income employer provided commuter transit parking benefits tax deduction mortgage insurance premiums tax deduction state local general sales taxes lieu state local income taxes tax deduction contributions capital gain real property conservation purposes deduction gross income qualified tuition related expenses tax free distributions individual retirement accounts charitable purposes subtitle tax administration sec permanent authority secretary treasury disclose tax returns information federal state prison officials concerning inmates filed facilitated filing false fraudulent tax returns allows disclosures information contractors responsible operation federal state prison legal representatives federal_bureau_of_prisons state agency contractor charged responsibility administration prisons incarcerated individual accused filing false fraudulent return extends disregard tax refunds determining eligibility means tested federal assistance programs title business tax extenders sec extends tax credit research expenditures low income housing tax credit rate newly constructed non federally subsidized buildings indian employment tax credit new markets tax credit tax credit qualified railroad track maintenance expenditures tax credit rescue team training expenses tax credit differential wage payments employees active duty members uniformed_services work opportunity tax credit authority issuing qualified zone academy bonds accelerated depreciation qualified leasehold restaurant retail property motorsports entertainment complexes business property indian reservations tax deduction contributions food inventory taxpayers corporations increased expensing depreciable business assets election expense advanced safety equipment expenditures enhanced expensing allowance certain film television production costs tax deduction income attributable domestic production activities puerto_rico tax rule payments related foreign corporations rules relating regulated investment company ric dividends subpart income exemption income derived active conduct banking financing insurance business exclusion gross income gain sale exchange small business stock basis adjustment rule stock corporation making charitable contributions property reduction recognition period built gains corporations tax incentives investment empowerment zones authority issuing new_york_liberty_zone bonds increased limitation payments excise taxes distilled spirits treasuries puerto_rico virgin_islands tax credit economic development expenditures amends extend exemption basic military housing allowance income test programs financed tax exempt housing bonds title iii energy tax extenders sec extends tax credit residential energy efficiency improvements tax credit alternative fuel vehicle refueling property expenditures tax credit two- wheeled plug electric vehicles cellulosic biofuel producer tax credit income tax credit biodiesel renewable diesel fuel placed service dates facilities producing electricity renewable resources including wind biomass landfill gas trash hydropower marine hydrokinetic renewable energy facilities tax credit energy efficient new homes tax credit energy efficient appliances accelerated depreciation cellulosic biofuel plant property excise tax credit alternative fuels title provisions sec expresses sense senate comprehensive tax reform vital economic growth competitiveness begin major focus comprehensive tax reform broadening tax base lower tax rates including reforming eliminating significantly reducing tax expenditures possible federal energy tax expenditures responsibly phased energy technologies function reliance federal subsidies title budget provisions sec provides compliance budgetary effects act statutory pay act


Summary: Making Adoption Affordable Act of 2012 - Makes permanent provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 allowing an increased tax credit for adoption expenses and an increased exclusion from an employee's gross income for amounts paid by an employer for adoption expenses. Amends the Internal Revenue Code to reinstate and make permanent: (1) the increase in the tax credit for adoption expenses and the increased exclusion from an employee's gross income for amounts paid by an employer for adoption expenses that were enacted by the Patient Protection and Affordable Care Act, (2) the annual inflation adjustments for such increased amounts, and (3) the refundability of the tax credit for adoption expenses. Directs the Secretary of the Treasury to take certain actions concerning: (1) Internal Revenue Service (IRS) communications efforts about the adoption tax credit, and (2) documentation of adoption expenses required before initiation of a tax audit.

making adoption affordable act makes permanent provisions economic_growth_and_tax_relief_reconciliation_act allowing increased tax credit adoption expenses increased exclusion employee gross income amounts paid employer adoption expenses amends internal revenue code reinstate permanent increase tax credit adoption expenses increased exclusion employee gross income amounts paid employer adoption expenses enacted patient_protection affordable care act annual inflation adjustments increased amounts refundability tax credit adoption expenses directs secretary treasury certain actions concerning internal_revenue_service irs communications efforts adoption tax credit documentation adoption expenses required initiation tax audit


Summary: Middle Class & Small Business Tax Cut Act of 2012 - Amends the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to extend through 2013 the reductions in employment and self-employment tax rates. Amends the Internal Revenue Code to allow nongovernmental employers a credit against employment tax liability equal to 10% of the increase in any quarterly payroll over a payroll in a corresponding quarter in the previous calendar year. Limits the allowable amount of such credit to $500,000 for all quarters. Directs the Commissioner of Internal Revenue to: (1) notify all employers required to withhold employment taxes of the enactment and applicability of the payroll increase tax credit, and (2) report to Congress on enforcement measures taken to prevent and penalize fraud related to such tax credit.

middle class small business tax cut act amends tax relief unemployment insurance reauthorization job creation act extend reductions employment self employment tax rates amends internal revenue code allow nongovernmental employers credit employment tax liability equal increase quarterly payroll payroll corresponding quarter previous calendar year limits allowable credit quarters directs commissioner internal_revenue notify employers required withhold employment taxes enactment applicability payroll increase tax credit report congress enforcement measures taken prevent penalize fraud related tax credit


Summary: 2013 Making Working Pay Credit Act - Amends the Internal Revenue Code to: (1) revive in calendar year 2013 the making work pay tax credit, (2) establish the amount of such credit as the lesser of 6.0% of earned income or $800 in a taxable year ($1,600 for married couples filing jointly), and (3) require a reduction of such credit for taxpayers whose modified adjusted gross income exceeds $60,000 ($90,000 for married couples filing jointly).

making working pay credit act amends internal revenue code revive calendar year making work pay tax credit establish credit lesser earned income taxable year married couples filing jointly require reduction credit taxpayers modified adjusted gross income exceeds married couples filing jointly


Summary:
Tax Reform Act of 2014 - Title I: Tax Reform for Individuals - Subtitle A: Individual Income Tax Rate Reform - Revises individual income tax rates to establish three tax brackets (10%, 25%, and 35%). Allows individual taxpayers a deduction from gross income for 40% of adjusted net capital gain.

Subtitle B: Simplification of Tax Benefits for Families - Establishes a single standard deduction of $22,000 for married couples filing jointly and $11,000 for single filers. Allows single filers with at least one qualifying child an additional deduction of $5,500, whether or not they itemize deductions. Requires a phaseout of the standard deduction amounts based on adjusted gross income.

Increases the amount of the child tax credit. Requires taxpayers who claim the refundable portion of the child tax credit to provide their social security numbers on their tax returns.

Modifies the earned income tax credit to provide for a refund of employment and self-employment taxes.

Repeals the deduction for personal exemptions after 2014.

Subtitle C: Simplification of Education Incentives - Replaces the Hope Scholarship and Lifetime Learning tax credits and the tax deduction for tuition and qualified expenses with a new American Opportunity Tax Credit that allows a 100% tax credit for the first $2,000 of certain higher education expenses and a 25% tax credit for the next $2,000 of such expenses.

Expands the tax exclusion for Pell Grants to allow the use of excludible grant funds for any purpose. Repeals specified deductions and exclusions of expenses for educational purposes.

Subtitle D: Repeal of Certain Credits for Individuals - Repeals specified tax credits for individuals, including the tax credits for employment-related dependent care expenses, adoption expenses, nonbusiness and residential energy efficiency improvements, investment in qualified electric vehicles and alternative vehicles and refueling property, plug-in electric drive vehicles, health insurance costs, and the tax credit for first-time homebuyers.

Subtitle E: Deductions, Exclusions, and Certain Other Provisions - Revises the tax exclusion of gain from the sale of a principal residence to require a taxpayer to have used the residence as a principal residence for five of the previous eight years. Limits the use of such exclusion to once every five years.

Modifies the tax deduction for mortgage interest to allow such deduction for acquisition indebtedness up to $500,000 (currently, $1 million).

Revises rules for the tax deduction for charitable contributions.

Denies a tax deduction for expenses attributable to the trade or business of performing services as an employee. Repeals or modifies specified tax deductions, including deductions for personal casualty losses, gambling losses, tax preparation expenses, medical expenses, moving expenses, alimony, and contributions to medical savings accounts. Repeals the tax exclusion for employee achievement awards.

Subtitle F: Employment Tax Modifications - Revises rules for the deduction of self employment taxes in computing net earnings from self-employment.

Eliminates the exemption from employment taxes for certain foreign workers and students.

Makes supplemental unemployment benefit payments subject to employment tax.

Treats professional employer organizations (PEOs), certified by the Internal Revenue Service (IRS), as employers for employment tax purposes (thus allowing such PEOs to pay wages and collect and remit payroll taxes on behalf of an employer).

Subtitle G: Pensions and Retirement - Revises the tax treatment of individual and employer-provided retirement plans.

Eliminates income eligibility limits for contributing to a Roth individual retirement account (Roth IRA). Prohibits new contributions to traditional IRAs.

Repeals the exemption from the 10% penalty for early withdrawals from an IRA for first-time homebuyers.

Prohibits employers from establishing new SIMPLE 401(k)s (Simplified Employee Pension plans) after 2014.

Subtitle H: Certain Provisions Related to Members of Indian Tribes - Excludes from gross income, for income tax purposes, the value of an Indian general welfare benefit. Defines "Indian general welfare benefit" as any payment made or services provided to or on behalf of a member of an Indian tribe under an Indian tribal government program if: (1) such program is administered under specified guidelines and does not discriminate in favor of members of the governing body of the Indian tribe; and (2) the program benefits are available to any tribal member, are for the promotion of general welfare, are not lavish or extravagant, and are not compensation for services.

Directs the Secretary of the Treasury to: (1) establish a Tribal Advisory Committee to advise the Secretary on the taxation of Indians, and (2) establish and require training and education for Internal Revenue Service (IRS) field agents on federal Indian law and the implementation of this Act. Authorizes the Secretary to waive any interest or tax penalties related to the exclusion from gross income of Indian general welfare benefits.

Title II: Alternative Minimum Tax Repeal - Repeals the alternative minimum tax (AMT).

Title III: Business Tax Reform - Subtitle A: Tax Rates - Reduces the maximum income tax rate on corporations to 25% beginning in 2019.

Subtitle B: Reform of Business-Related Exclusions and Deductions - Revises the treatment of contributions to the capital of a corporation to require such contributions to be included in gross income.

Repeals or modifies business-related tax deductions, including the amortization of pollution control facilities, the net operating loss deduction, amortization of research and experimental expenditures and certain advertising expenses, expensing elections for refineries and environmental remediation costs, the tax deduction for income attributable to domestic production activities, entertainment expenses, percentage depletion, like-kind exchanges, and the exclusion of gain from the sale of small business stock.

Revises the accelerated cost recovery system for the depreciation of business assets.

Subtitle C: Reform of Business Credits - Repeals tax credits for alcohol and biodiesel used as fuel. Modifies and makes permanent the tax credit for increasing research expenditures. Modifies or repeals specified business-related tax credits, including the low-income housing tax credit, the enhanced oil recovery credit, the Indian employment credit, the employer-provided child care credit, energy-related credits, the rehabilitation credit, and the work opportunity tax credit.

Subtitle D: Accounting Methods - Limits the use of the cash method of accounting to a natural person, a farming business, and other entities that meet the gross receipts test. Repeals specified accounting and inventory methods, including the last-in, first-out method of inventory (LIFO) and the lower of cost or market method of inventory.

Subtitle E: Financial Instruments - Sets forth rules for the tax treatment of certain financial instruments, including derivatives, hedges, and debt instruments. Terminates tax preferences for private activity bonds and advance refunding bonds and the tax credit for interest on home mortgages.

Subtitle F: Insurance Reforms - Modifies rules for the tax treatment of insurance companies, including life insurance companies, property and casualty insurance companies, and certain health insurance organizations.

Subtitle G: Pass-Thru and Certain Other Entities - Modifies rules for the tax treatment of S corporations, partnerships, real estate investment trusts, and regulated investment companies.

Subtitle H: Taxation of Foreign Persons - Prohibits U.S. insurance companies from deducting reinsurance premiums paid to a related company that is not subject to U.S. taxation on such premiums, unless the related company elects to treat the premium income as effectively connected to a U.S. trade or business subject to U.S. taxation.

Makes income of foreign taxpayers that is derived from the operation of passenger cruise ships within U.S. territorial waters subject to U.S. tax.

Modifies rules for the deduction of interest payments by a U.S. corporation to a related entity.

Prohibits a reduction under any treaty of the United States of tax withholding for a tax deductible payment made between persons who are members of the same foreign controlled group of entities unless there would be a similar reduction for payments made directly to the foreign parent corporation of such entities.

Subtitle I: Provisions Related to Compensation - Modifies tax rules relating to executive compensation, including a repeal of exceptions to the $1 million limitation for commissions and performance-based compensation. Imposes a 25% excise tax on the compensation in excess of $1 million paid to any of the five highest paid employees of tax-exempt organizations. Denies a tax deduction for transfers of stock under an incentive stock option plan or an employee stock purchase plan.

Sets forth a safe harbor rule for the classification of an individual as an employee or an independent contractor for employment tax purposes.

Subtitle J: Zones and Short-Term Regional Benefits - Repeals tax preferences for empowerment zones and enterprise communities, District of Columbia Zones, renewal communities, New York Liberty Zones, and Gulf Opportunity Zones.

Title IV: Participation Exemption System for the Taxation of Foreign Income - Subtitle A: Establishment of Exemption System - Revises rules for the taxation of foreign source income to: (1) allow an exemption of 95% of dividends paid by a foreign corporation to a U.S. corporate shareholder that owns 10% or more of the foreign corporation; (2) allow a U.S. parent corporation to reduce the basis of its stock in a foreign subsidiary by the amount of any exempt dividends received by the parent from its foreign subsidiary; (3) allow a U.S. shareholder who owns at least 10% of a foreign subsidiary to include in income for the last tax year beginning before 2015 the pro rata share of historical earnings and profits of the foreign subsidiary to the extent such earnings and profits have not been previously subject to U.S. taxation; and (4) make permanent the look through tax rule exempting dividends, interest, rents, and royalties received or accrued from certain controlled foreign corporations by a related entity from treatment as foreign holding company income (thus permitting deferral of the tax on such income).

Subtitle B: Modifications Related to Foreign Tax Credit System - Modifies rules relating to the foreign tax credit.

Subtitle C: Rules Related to Passive and Mobile Income - Modifies rules relating to subpart F income (i.e., income of a controlled foreign corporation).

Title V: Tax Exempt Entities - Subtitle A: Unrelated Business Income Tax - Revises the unrelated business income tax (UBIT) applicable to tax-exempt organizations by: (1) making all tax-exempt organizations, including government-sponsored entities, subject to UBIT; (2) requiring an exempt organization to calculate separately the net unrelated taxable income of each of its unrelated trades or businesses; (3) limiting the exemption from UBIT for research-related income fundamental research that is made available to the public: (4) increasing from $1,000 to $10,000 the deduction against gross income for UBIT; and (5) eliminating the exemption from UBIT for distressed property (i.e., property in foreclosure).

Subtitle B: Penalties - Increases penalties on tax-exempt organizations for failure to file required returns and other information.

Subtitle C: Excise Taxes - Expands the excise tax on excess-benefit transactions to labor, agricultural, and horticultural organizations and business leagues, chambers of commerce, real estate boards, and boards of trade.

Reduces from 2% to 1% the excise tax rate on the net investment income of tax-exempt private foundations and repeals the 1% reduction in such tax rate for private foundations that meet certain distribution requirements. Makes certain private colleges and universities subject to a 1% excise tax on net investment income.

Subtitle D: Requirements for Organizations Exempt From Tax - Repeals the tax exemption for professional sports leagues, for qualified property and casualty insurance companies and qualified health insurance issuers, and for type II and type III supporting organizations.

Allows a tax exemption for a workmen's compensation insurance organization only if it provides no insurance coverage other than workmen's compensation insurance required by state law.

Title VI: Tax Administration And Compliance - Subtitle A: IRS Investigation-Related Reforms - Requires organizations that intend to operate as a tax-exempt social welfare organization to notify the IRS of such intent not later than 60 days after such organization is established.

Allows social welfare organizations to seek declaratory judgment relief in cases involving the initial or continuing qualification of their tax-exempt status.

Expands the limitation on mandatory disclosures of information about donors to a social welfare organization to require information about a donor who is either an officer or director of the organization or is one of the five highest compensated employees of the organization for the current or any preceding taxable year.

Requires all tax-exempt organizations to file their annual tax returns electronically.

Expands the obligation of the IRS to ensure that its employees are familiar, and act in accordance with, specified taxpayer rights.

Expands the grounds for mandatory termination of the employment of an IRS employee for performing, delaying, or failing to perform (or threatening to perform, delay, or fail to perform) any official action or audit for the purpose of extracting personal gain or benefit for political purposes.

Authorizes the disclosure to any person who provides information indicating a violation of internal revenue laws relating to unauthorized disclosure or inspection of tax information or to unlawful acts of revenue officers or agents: (1) whether an investigation based on such information has been initiated and is open or closed; (2) whether any such investigation substantiated a violation; and (3) whether any action has been taken against a violator, including a referral for prosecution.

Directs the Comptroller General (GAO) to study and report on the process used for determining how IRS enforcement cases are selected and processed.

Prohibits any IRS officer or employee from using a personal email account to conduct official business.

Prohibits the IRS from holding any conference until the the Treasury Inspector General for Tax Administration certifies to Congress that the IRS has implemented recommendations in a specified report of the Inspector General.

Requires the IRS to apply standards and definitions in effect on January 1, 2010, to determine whether an organization is operated exclusively for the promotion of social welfare.

Subtitle B: Taxpayer Protection and Service Reforms - Authorizes the IRS to use an identifying number in lieu of an employee's social security number on tax information forms.

Directs the IRS, in cooperation with the private sector technology industry, to maintain a program of free tax preparation and electronic filing services to low-income and elderly taxpayers.

Directs the IRS to make a simplified form 1040SR (similar to Form 1040EZ) available to taxpayers who have attained age 65.

Provides that any refund or credit in excess of $5 million due to a C corporation taxpayer may not be made until the Secretary of the Treasury submits a report to the Joint Committee on Taxation providing information on such refund or credit.

Subtitle C: Tax Return Due Date Simplification - Requires the Secretary, for taxable years beginning after December 31, 2014, to modify by regulation the due dates for extensions of tax returns for partnerships, trusts and estates, employee benefit plans, tax-exempt organizations, and certain trust funds. Sets a due date of April 15 for the annual information return of a foreign trust with a U.S. owner and for the report of foreign bank and financial accounts (with extensions until October 15). Extends the automatic extension for corporation income tax returns from three to six months.

Subtitle D: Compliance Reforms - Increases penalties for failure to file a tax return or to provide correct tax information and payee statements.

Makes the six-year limitation period for assessing additional tax applicable to underpayments resulting from an incorrect adjusted basis that is more than 125% of the correct adjusted basis.

Directs the Secretary to enter into qualified tax collection contracts to collect outstanding inactive tax receivables.

Extends the 100% continuous levy to payments due to Medicare providers and suppliers with delinquent tax debts.

Requires that all refundable credit amounts be taken into account in computing the tax penalty for underpayment of tax.

Title VII: Excise Taxes - Repeals the medical device excise tax.

Extends the Oil Spill Liability Trust Fund Financing Rate of 9 cents per barrel for 2018 through 2023. Expands the definition of "crude oil," for purposes of the excise tax on petroleum, to include any bitumen or bituminous mixture, any oil derived from a bitumen or bituminous mixture (including oil derived from tar sands), and any oil derived from kerogen-bearing sources (including oil derived from oil shale).

Increases the Inland Waterways Trust Fund financing rate to 26 cents per gallon for fuel used after 2014.

Imposes a quarterly excise tax on each systemically important financial institution equal to .035 % of the institution's total consolidated assets in excess of $500 billion (indexed after 2015 for increases in the gross domestic product).

Expands the exemption from the annual fee on branded prescription drug sales to include sales of any drug or biological product that is approved or licensed by the Food and Drug Administration (FDA) solely for one or more rare diseases or conditions (diseases or conditions affecting less than 200,000 persons).

Title VIII: Deadwood And Technical Provisions - Subtitle A: Repeal of Deadwood - Eliminates provisions in the Internal Revenue Code that are not used in computing current tax liabilities (referred to as deadwood provisions).

Subtitle B: Conforming Amendments Related to Multiple Sections - Sets forth conforming amendments.

tax reform act title tax reform individuals subtitle individual income tax rate reform revises individual income tax rates establish tax brackets allows individual taxpayers deduction gross income adjusted net capital gain subtitle simplification tax benefits single standard deduction married couples filing jointly single filers allows single filers qualifying child additional deduction itemize deductions requires phaseout standard deduction amounts based adjusted gross income increases child tax credit requires taxpayers claim refundable portion child tax credit provide social security numbers tax returns modifies earned income tax credit provide refund employment self employment taxes repeals deduction personal exemptions subtitle simplification education incentives replaces hope scholarship lifetime_learning tax credits tax deduction tuition qualified expenses new american_opportunity_tax_credit allows tax credit certain higher education expenses tax credit expenses expands tax exclusion pell_grants allow use excludible grant funds purpose repeals specified deductions exclusions expenses educational purposes subtitle repeal certain credits individuals repeals specified tax credits individuals including tax credits employment related dependent care expenses adoption expenses nonbusiness residential energy efficiency improvements investment qualified electric vehicles alternative vehicles refueling property plug electric drive vehicles health insurance costs tax credit time homebuyers subtitle deductions exclusions tax exclusion gain sale principal residence require taxpayer residence principal residence previous years limits use exclusion years modifies tax deduction mortgage interest allow deduction acquisition indebtedness currently million revises rules tax deduction charitable contributions denies tax deduction expenses attributable trade business performing services employee repeals modifies specified tax deductions including deductions personal casualty losses gambling losses tax preparation expenses medical expenses moving expenses contributions medical savings accounts repeals tax exclusion employee achievement awards subtitle employment tax modifications revises rules deduction self employment taxes computing net earnings self employment eliminates exemption employment taxes certain foreign workers students makes supplemental unemployment benefit payments subject employment tax treats professional employer organizations peos certified internal_revenue_service irs employers employment tax purposes allowing peos pay wages collect remit payroll taxes behalf employer subtitle pensions retirement revises tax treatment individual employer provided retirement plans eliminates income eligibility limits contributing roth individual retirement account roth ira prohibits new contributions traditional iras repeals exemption penalty early withdrawals ira time homebuyers prohibits employers establishing new simple plans subtitle certain provisions related members indian tribes excludes gross income income tax purposes value indian general welfare benefit defines indian general welfare benefit payment services provided behalf member indian tribe indian tribal government program program administered specified guidelines discriminate favor members governing body indian tribe program benefits available tribal member promotion general welfare compensation services directs secretary treasury establish advise secretary taxation indians establish require training education internal_revenue_service irs field agents federal indian law implementation act authorizes secretary waive interest tax penalties related exclusion gross income indian general welfare benefits title alternative minimum tax repeal repeals alternative minimum tax amt title iii business tax reform subtitle tax rates reduces maximum income tax rate corporations beginning subtitle reform business related exclusions deductions revises treatment contributions capital corporation require contributions included gross income repeals modifies business related tax deductions including amortization pollution control facilities net operating loss deduction amortization research experimental expenditures certain advertising expenses expensing elections refineries environmental remediation costs tax deduction income attributable domestic production activities entertainment expenses percentage depletion like kind exchanges exclusion gain sale small business stock revises accelerated cost recovery system depreciation business assets subtitle reform business credits repeals tax credits alcohol biodiesel fuel modifies makes permanent tax credit increasing research expenditures modifies repeals specified business related tax credits including low income housing tax credit enhanced oil recovery credit indian employment credit employer provided child care credit energy related credits rehabilitation credit work opportunity tax credit subtitle accounting methods limits use cash method accounting natural person farming business entities meet gross receipts test repeals specified accounting inventory methods including method inventory lifo lower cost market method inventory subtitle financial instruments sets forth rules tax treatment certain financial instruments including derivatives debt instruments terminates tax preferences private activity bonds advance refunding bonds tax credit interest home mortgages subtitle insurance reforms modifies rules tax treatment insurance companies including life insurance companies property casualty insurance companies certain health insurance organizations subtitle pass certain entities modifies rules tax treatment corporations partnerships real estate investment trusts regulated investment companies subtitle taxation foreign persons prohibits insurance companies deducting reinsurance premiums paid related company subject taxation premiums related company elects treat premium income effectively connected trade business subject taxation makes income foreign taxpayers derived operation passenger cruise ships territorial waters subject tax modifies rules deduction interest payments corporation related entity prohibits reduction treaty united_states tax withholding tax deductible payment persons members foreign controlled group entities similar reduction payments directly foreign parent corporation entities subtitle provisions related compensation modifies tax rules relating executive compensation including repeal exceptions million limitation commissions performance based compensation imposes excise tax compensation excess million paid highest paid employees tax exempt organizations denies tax deduction transfers stock incentive stock option plan employee stock purchase plan sets forth safe harbor rule classification individual employee independent contractor employment tax purposes subtitle zones short term regional benefits repeals tax preferences empowerment zones enterprise communities renewal communities title participation exemption system taxation foreign income subtitle establishment exemption system revises rules taxation foreign source income allow exemption dividends paid foreign corporation corporate shareholder owns foreign corporation allow parent corporation reduce basis stock foreign subsidiary exempt dividends received parent foreign subsidiary allow shareholder owns foreign subsidiary include income tax year beginning pro rata share historical earnings profits foreign subsidiary extent earnings profits previously subject taxation permanent look tax rule exempting dividends interest rents royalties received accrued certain controlled foreign corporations related entity treatment foreign holding company income permitting deferral tax income subtitle modifications related foreign tax credit system modifies rules relating foreign tax credit subtitle rules related passive mobile income modifies rules relating subpart income income controlled foreign corporation title tax exempt entities subtitle unrelated business income tax revises unrelated business income tax applicable tax exempt organizations making tax exempt organizations including government sponsored entities subject requiring exempt organization calculate separately net unrelated taxable income unrelated trades businesses limiting exemption research related income fundamental research available public increasing deduction gross income eliminating exemption distressed property property foreclosure subtitle penalties increases penalties tax exempt organizations failure file required returns information subtitle excise taxes expands excise tax excess benefit transactions labor agricultural organizations business leagues chambers commerce real estate boards boards trade reduces excise tax rate net investment income tax exempt private foundations repeals reduction tax rate private foundations meet certain distribution requirements makes certain private colleges universities subject excise tax net investment income subtitle requirements organizations exempt tax repeals tax exemption professional sports leagues qualified property casualty insurance companies qualified health insurance issuers type type iii supporting organizations allows tax exemption compensation insurance organization provides insurance coverage compensation insurance required state law title tax administration compliance subtitle organizations intend operate tax exempt social welfare organization notify irs intent later days organization established allows social welfare organizations seek declaratory judgment relief cases involving initial continuing qualification tax exempt status expands limitation mandatory disclosures information donors social welfare organization require information donor officer director organization highest compensated employees organization current preceding taxable year requires tax exempt organizations file annual tax returns electronically expands obligation irs ensure employees familiar act accordance specified taxpayer rights expands grounds mandatory termination employment irs employee performing delaying failing perform threatening perform delay fail perform official action audit purpose extracting personal gain benefit political purposes authorizes disclosure person provides information indicating violation internal revenue laws relating unauthorized disclosure inspection tax information unlawful acts revenue officers agents investigation based information initiated open closed investigation substantiated violation action taken violator including referral prosecution directs comptroller general gao study report process determining irs enforcement cases selected processed prohibits irs officer employee personal email account conduct official business prohibits irs holding conference treasury inspector general certifies congress irs implemented recommendations specified report inspector general requires irs apply standards definitions effect january determine organization operated exclusively promotion social welfare subtitle irs use identifying number lieu employee social security number tax information forms directs irs cooperation private sector technology industry maintain program free tax preparation electronic filing services low income elderly taxpayers directs irs simplified form 1040sr similar form 1040ez available taxpayers attained age provides refund credit excess million corporation taxpayer secretary treasury submits report joint_committee_on_taxation providing information refund credit subtitle tax return date simplification requires secretary taxable years beginning december modify regulation dates extensions tax returns partnerships trusts estates employee benefit plans tax exempt organizations certain trust funds sets date april annual information return foreign trust owner report foreign bank financial accounts extensions october extends automatic extension corporation income tax returns months subtitle compliance reforms increases penalties failure file tax return provide correct tax information payee statements makes year limitation period assessing additional tax applicable underpayments resulting incorrect adjusted basis correct adjusted basis directs secretary enter qualified tax collection contracts collect outstanding inactive tax receivables extends continuous levy payments medicare providers suppliers delinquent tax debts requires refundable credit amounts taken account computing tax penalty underpayment tax title vii medical device excise tax extends cents barrel expands definition crude oil purposes excise tax petroleum include bitumen bituminous mixture oil derived bitumen bituminous mixture including oil derived tar sands oil derived bearing sources including oil derived oil shale increases inland_waterways_trust_fund financing rate cents gallon fuel imposes quarterly excise tax systemically important financial institution equal institution total consolidated assets excess billion indexed increases gross domestic product expands exemption annual fee branded prescription drug sales include sales drug biological product approved licensed food_and_drug_administration fda solely rare diseases conditions diseases conditions affecting persons title viii repeal provisions internal_revenue_code computing current tax liabilities referred deadwood provisions subtitle conforming amendments related multiple sections sets forth conforming amendments