Summary: American Business Competitiveness Act of 2010 - Amends the Internal Revenue Code to: (1) reduce to 23% the maximum income tax rate for corporations; (2) set forth rules for the allocation of foreign-related tax credits and deductions; (3) repeal rules for the application of the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit; (4) repeal the last-in, first-out (LIFO) and the lower of cost or market methods of inventory; (5) make permanent the increased ($250,000) expensing allowance for depreciable business assets; (6) increase from 15 to 20 years the amortization period for goodwill and other intangibles; (7) set forth rules for the application of the economic substance doctrine to tax transactions; (8) reduce the percentage of the deduction for dividends received; (9) require the recognition of ordinary income on the sale or exercise of a stock option in an S corporation with an employee stock ownership plan (ESOP); and (10) allow nonrecognition of gain in a corporate reorganization for corporations that exchange property solely for stock other than nonqualified preferred stock.

amends internal revenue code reduce maximum income tax rate corporations set forth rules allocation foreign related tax credits deductions repeal rules application worldwide allocation interest purposes computing limitation foreign tax credit repeal lifo lower cost market methods inventory permanent increased expensing allowance depreciable business assets increase years amortization period goodwill set forth rules application economic substance doctrine tax transactions reduce percentage deduction dividends received require recognition ordinary income sale exercise stock option corporation employee stock ownership plan esop allow nonrecognition gain corporate reorganization corporations exchange property solely stock nonqualified preferred stock


Summary: COBRA Affordability Act of 2010 - Amends the Internal Revenue Code to allow: (1) the establishment of tax-exempt accounts for the payment of COBRA (health insurance continuation benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985) premiums; (2) an income-based tax deduction, up to $2,500, for cash contributions to such a COBRA premium payment account; (3) tax-free distributions from such an account for payment of COBRA premiums; (4) the rollover of unused amounts in such an account into a tax-exempt retirement account; and (5) employees to elect to enroll in an alternative health plan offered by their employers, in lieu of COBRA coverage.

cobra affordability act amends internal revenue code allow establishment tax exempt accounts payment cobra health insurance continuation benefits consolidated_omnibus_budget_reconciliation_act premiums income based tax deduction cash contributions cobra premium payment account tax free distributions account payment cobra premiums rollover unused amounts account tax exempt retirement account employees elect enroll alternative health plan offered employers lieu cobra coverage


Summary: Bringing Business Back Act of 2010 - Amends the Internal Revenue Code to exclude from gross income for a specified 10-year period, for income tax purposes, income or gain from real property that is certified as zoned for commercial use, that has been undeveloped and vacant for a 2-year period, and that is located in a qualified census tract. Defines "qualified census tract" as any census tract that has an average poverty and unemployment rate exceeding the national rate and that exhibits another condition of distress, such as high crime, deteriorating infrastructure, or population decline.

bringing business act amends internal revenue code exclude gross income specified year period income tax purposes income gain real property certified zoned commercial use undeveloped vacant year period located qualified census tract defines qualified census tract census tract average poverty unemployment rate exceeding national rate exhibits condition distress high crime deteriorating infrastructure population decline


Summary: Amends the Internal Revenue Code to: (1) exempt certain tax-exempt employee-funded pension plans created before June 25, 1959, from rules imposing a tax on unrelated debt-financed income derived from real property; and (2) make the limits on contributions to such employee-funded pension plans equal to the limits allowed for other tax-exempt retirement accounts.

amends internal revenue code exempt certain tax exempt employee funded pension plans created june rules imposing tax unrelated debt financed income derived real property limits contributions employee funded pension plans equal limits allowed tax exempt retirement accounts


Summary: Amends the Internal Revenue Code to exempt from income tax individuals who have attained the age of 65 and whose gross income is not more than $50,000.

amends internal revenue code exempt income tax individuals attained age gross income


Summary: Fair Playing Field Act of 2010 - Amends the Internal Revenue Code, with respect to the classification of workers for employment tax purposes, to: (1) repeal the prohibition against issuance of regulations and guidance by the Secretary of the Treasury on workers' employment tax status (i.e., as an employee or as an independent contractor) enacted by the Revenue Act of 1978; (2) direct the Secretary to issue regulations and other guidance to clarify the proper employment status of workers for employment tax purposes; (3) prohibit a retroactive assessment of employment tax, except with respect to certain skilled workers, for tax periods after December 31, 1978, and before a specified reclassification date for worker misclassifications, unless the taxpayer had no reasonable basis for not treating a worker as an employee; (4) require taxpayers who hire independent contractors on a regular and ongoing basis to provide such contractors with notice of their federal tax obligations, the labor and employment law protections that do not apply to them, and their right to seek a status determination from the Internal Revenue Service (IRS); and (5) eliminate reduced penalty provisions for failure to withhold income taxes for taxpayers who lack a reasonable basis for treating a worker as other than an employee (i.e., as an independent contractor).

fair playing field act amends internal revenue code respect classification workers employment tax purposes repeal prohibition issuance regulations guidance secretary treasury workers employment tax status employee independent contractor enacted revenue act direct secretary issue regulations guidance clarify proper employment status workers employment tax purposes prohibit retroactive assessment employment tax respect certain skilled workers tax periods december specified reclassification date worker misclassifications taxpayer reasonable basis treating worker employee require taxpayers hire independent contractors regular ongoing basis provide contractors notice federal tax obligations labor employment law protections apply right seek status determination internal_revenue_service irs eliminate reduced penalty provisions failure withhold income taxes taxpayers lack reasonable basis treating worker employee independent contractor


Summary: Fresh Fruit and Vegetable Grower Tax Incentive Act of 2010 - Amends the Internal Revenue Code to allow farmers whose gross receipts attributable to fruit and vegetable farming were not more than $500,000 for the previous taxable year a business-related tax credit equal to the lesser of $10,000 or the taxable income attributable to fruit and vegetable farming. Defines "fruit and vegetable farming" as the farming and sale of fruits, vegetables, or both in fresh form generally considered as perishable, but not including any grains or any perishable fruits and vegetables which have been manufactured into articles of food of a different kind or character.

vegetable tax incentive act amends internal revenue code allow farmers gross receipts attributable fruit vegetable farming previous taxable year business related tax credit equal lesser taxable income attributable fruit vegetable farming defines fruit vegetable farming farming sale fruits vegetables fresh form generally considered perishable including grains perishable fruits vegetables manufactured articles food different kind character


Summary: State and Local Spending Will Help Save America Act of 2010 - Appropriates $200 billion for quarterly payments to the states in FY2011 and 2012 by the Secretary of the Treasury on the basis of population to supplement state operating budgets. Prohibits the use of such funds to supplement state capital budgets .

state local spending help save america act appropriates billion quarterly payments states fy2011 secretary treasury basis population supplement state operating budgets prohibits use funds supplement state capital budgets


Summary: Heavy Truck Tax Fairness Act of 2010 - Amends the Internal Revenue Code to: (1) repeal the excise tax on heavy trucks and trailers sold at retail; (2) increase the rate of tax on diesel fuel or kerosene to 31.6 cents per gallon; and (3) impose a floor stocks tax with respect to certain taxable fuels..

heavy truck tax fairness act amends internal revenue code repeal excise tax heavy trucks trailers sold retail increase rate tax diesel fuel kerosene cents gallon impose floor stocks tax respect certain taxable fuels


Summary: Transportation Finance Innovation Demonstration Act of 2010 - Amends the Internal Revenue Code to impose a vehicle mileage tax on mobile mounted concrete boom pump vehicles. Defines "mobile mounted concrete boom pump vehicle" as a vehicle which is mobile machinery and on which the mounted machinery consists of a concrete boom pump and related subordinate parts.

transportation finance innovation demonstration act amends internal revenue code impose vehicle mileage tax mobile mounted concrete boom pump vehicles defines mobile mounted concrete boom pump vehicle vehicle mobile machinery mounted machinery consists concrete boom pump related subordinate parts


Summary: Preserving American Income on Dividends Act of 2010 - Repeals the termination date in the Jobs Growth Tax Relief Reconciliation Act of 2003 for provisions reducing individual tax rates on capital gains and dividend income.

preserving american income repeals termination date jobs growth tax relief reconciliation act provisions reducing individual tax rates capital gains dividend income


Summary: Personal Exemption Fairness Act of 2010 - Amends the Internal Revenue Code to require annual metropolitan statistical area cost-of-living adjustments, beginning after 2010, to the personal tax exemption amount. Directs the Secretary of Labor to determine and publish a cost-of-living index for each metropolitan statistical area.

personal exemption fairness act amends internal revenue code require annual metropolitan statistical area cost living adjustments beginning personal tax exemption directs secretary labor determine publish cost living index metropolitan statistical area


Summary: Amends the Internal Revenue Code to exclude from gross income a discharge of indebtedness incurred to pay for certain long-term care expenses.

amends internal revenue code exclude gross income discharge indebtedness incurred pay certain long term care expenses


Summary: Amends the Internal Revenue Code to establish, on a permanent basis, a zero percent tax rate for the net capital gains of individuals and corporations for purposes of the regular and alternative minimum tax. Eliminates the terminating date in the Jobs and Growth Tax Relief Reconciliation Act of 2003 (i.e., December 31, 2008) for provisions that reduce the capital gains tax rate for individuals.

amends internal revenue code establish permanent basis zero percent tax rate net capital gains individuals corporations purposes regular alternative minimum tax eliminates terminating date jobs growth tax relief reconciliation act december provisions reduce capital gains tax rate individuals


Summary: Noise Reduction Act of 2010 - Amends the Internal Revenue Code to allow a 30% nonbusiness energy tax credit for the cost of installing noise abatement property in a taxpayer's principal residence that is located in an area of the United States which is determined by the Secretary of Transportation to be impacted by noise from trains or airplanes.

noise reduction act amends internal revenue code allow nonbusiness energy tax credit cost installing noise abatement property taxpayer principal residence located area united_states determined secretary transportation impacted noise trains airplanes


Summary: Authorizes states to return to the Secretary of Transportation certain unobligated stimulus funds made available for high speed rail and intercity rail projects under title XII of Division A of the American Recovery and Reinvestment Act of 2009. Requires the Secretary to deposit such funds into the general fund of the Treasury for federal budget deficit reduction.

authorizes states return secretary transportation certain unobligated stimulus funds available high speed rail intercity rail projects title requires secretary deposit funds general fund treasury federal budget deficit reduction


Summary: Targeted Tax Lien Act of 2010 - Amends the Internal Revenue Code to require the Secretary of the Treasury to determine, prior to filing a notice of tax lien for unpaid taxes, that: (1) the lien attaches to distrainable property; (2) the benefit to the government of filing such lien outweighs the harm to the taxpayer; and (3) the filing of such lien will not jeopardize the taxpayer's prospective ability to comply with tax laws or an otherwise viable business taxpayer's prospective ability to secure funding to maintain business operations. Amends the Fair Credit Reporting Act to limit the period in which certain released or erroneously filed federal tax liens may be reported on a consumer 's credit report.

targeted tax amends internal revenue code require secretary treasury determine prior filing notice tax lien unpaid taxes lien property benefit government filing lien outweighs harm taxpayer filing lien jeopardize taxpayer prospective ability comply tax laws viable business taxpayer prospective ability secure funding maintain business operations amends fair_credit_reporting_act limit period certain released erroneously filed federal tax liens reported consumer credit report


Summary: Taxpayer Receipt Act of 2010 - Amends the Internal Revenue Code to require the Secretary of the Treasury to provide individual taxpayers via U.S. mail by October 15 of each year a tax receipt for income taxes reported for the preceding taxable year. Requires such tax receipt to: (1) state the amount of taxes paid by, and any refund made to, the taxpayer; (2) contain tables listing expenditures in categories of the federal budget and the 10 most costly tax expenditures; (3) contain an annual budget review prepared by the Secretary in consultation with the Congressional Budget Office (CBO); and (4) contain the Internet address of the website of the Department of Treasury providing more detailed tax and spending information.

taxpayer receipt act amends internal revenue code require secretary treasury provide individual taxpayers mail october year tax receipt income taxes reported preceding taxable year requires tax receipt state taxes paid refund taxpayer contain tables listing expenditures categories federal budget costly tax expenditures contain annual budget review prepared secretary consultation congressional_budget_office cbo contain internet address website department_of_treasury providing detailed tax spending information


Summary: Homebuyer Tax Credit Renewal Act of 2010 - Amends the Internal Revenue Code to reinstate the first-time homebuyer tax credit for one year beginning on the enactment date of this Act.

amends internal revenue code reinstate time homebuyer tax credit year beginning enactment date act


Summary: End Tax Uncertainty Act of 2010 - Makes permanent: (1) the Economic Growth and Tax Relief Reconciliation Act of 2001; (2) provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 that reduce income tax rates on dividend and capital gains income; and (3) the repeal, after December 31, 2010, of the estate, gift, and generation-skipping transfer tax. Amends the Internal Revenue Code to: (1) provide for annual increases, between 2010 and 2020, in the amount of the alternative minimum tax (AMT) exemption amount for single and married taxpayers; (2) allow a permanent offset against the AMT for certain nonrefundable tax credits; and (3) reduce to 25% the maximum income tax rate for corporations, including personal service corporations.

end tax uncertainty act makes permanent economic growth tax relief reconciliation act provisions jobs_and_growth_tax_relief_reconciliation_act reduce income tax rates dividend capital gains income repeal december estate gift generation skipping transfer tax amends internal revenue code provide annual increases alternative minimum tax amt exemption single married taxpayers allow permanent offset amt certain nonrefundable tax credits reduce maximum income tax rate corporations including personal service corporations


Summary: Permanent Tax Relief Act of 2010 - 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 income tax rates on dividend and capital gains income. Amends the Internal Revenue Code to: (1) provide for annual increases, between 2010 and 2020, in the amount of the alternative minimum tax (AMT) exemption amount for single and married taxpayers; and (2) allow a permanent offset against the AMT for certain nonrefundable tax credits.

permanent tax relief act makes permanent economic growth tax relief reconciliation act provisions jobs_and_growth_tax_relief_reconciliation_act reduce income tax rates dividend capital gains income amends internal revenue code provide annual increases alternative minimum tax amt exemption single married taxpayers allow permanent offset amt certain nonrefundable tax credits


Summary: National Emergency Employment Defense Act of 2010 - Replaces Federal Reserve notes with United States Money. Instructs the Secretary of the Treasury to originate United States Money to address any negative fund balances resulting from a shortfall in available government receipts to fund government appropriations. Subjects to criminal and civil penalties any person who creates or originates United States Money by lending against deposits through "fractional reserve banking." Prohibits borrowing by the Secretary or by any federal agency or department, independent establishment of the executive branch, or any other instrumentality of the United States (other than a national bank, federal savings association, or federal credit union) from any source other than the Secretary. Requires the Secretary to begin to retire all outstanding instruments of U.S. indebtedness by payment in full of the amount legally due the bearer in United States Money. Prescribes requirements for the entry of United States Money into circulation. Directs the Secretary to purchase all net assets in the Federal Reserve System, including the Federal reserve banks. Requires return to any member bank in the form of United States Money of any reserves held by any Federal reserve bank. Establishes: (1) the Monetary Authority to establish monetary supply policy and monitor the nation's monetary status; (2) the Bureau of the Federal Reserve to administer the origination and entry into circulation of United States Money; (3) the Emergency Board to recommend to Congress when a national emergency requires the President to issue a certification of emergency for the exercise of authority by the Monetary Authority as lender of last resort; and (4) a revolving loan fund in the Treasury for relending to banking institutions. Sets forth a conversion process to replace fractional reserve banking with the lending of United States Money. Sets a ceiling on interest rates. Requires the Monetary Authority to instruct the Secretary to disperse monetary grants to states for public infrastructure, education, health care and rehabilitation, pensions, and paying for unfunded federal mandates. Directs the Secretary to make recommendations to Congress for payment of a tax-free Citizens Dividend to all U.S. citizens residing in the United States in order to provide liquidity to the banking system at the commencement of this Act, before governmental infrastructure expenditures have had a chance to work into circulation. Prescribes requirements for federal funding of education programs, coverage of any deficits in Social Security Trust Fund account, a universal health care plan, resolution of aspects of the mortgage crisis, and a program of interest-free lending of United States Money to state and local governmental entities.

defense act notes instructs secretary treasury originate address negative fund balances resulting shortfall available government receipts fund government appropriations subjects criminal civil penalties person creates originates lending deposits fractional reserve banking prohibits borrowing secretary federal agency department independent establishment executive branch instrumentality united_states national bank federal savings association federal credit union source secretary requires secretary begin retire outstanding instruments indebtedness payment legally bearer prescribes requirements entry circulation directs secretary purchase net assets federal_reserve_system including federal reserve banks requires return member bank form reserves held federal reserve bank establishes establish monetary supply policy monitor nation monetary status administer origination entry circulation emergency board recommend congress national emergency requires president issue certification emergency exercise authority lender resort revolving loan fund treasury banking institutions sets forth conversion process replace fractional reserve banking lending sets ceiling interest rates requires instruct secretary disperse monetary grants states public infrastructure education health care rehabilitation pensions paying unfunded federal mandates directs secretary recommendations congress payment tax free citizens dividend citizens residing united_states order provide liquidity banking system commencement act governmental infrastructure expenditures chance work circulation prescribes requirements federal funding education programs coverage deficits social_security_trust_fund account universal health care plan resolution aspects mortgage crisis program interest free lending state local governmental entities


Summary: Amends the Internal Revenue Code to make permanent the election to deduct state and local sales taxes in lieu of state and local income taxes.

amends internal revenue code permanent election deduct state local sales taxes lieu state local income taxes


Summary: Strengthen the Earned Income Tax Credit Act of 2009 - Amends the Internal Revenue Code to: (1) make permanent the reduction in the marriage penalty applicable to the earned income tax credit; (2) increase the rate of such credit for families with three or more children and for individuals without children; (3) modify earned income tax credit requirements relating to abandoned spouses and qualifying children; and (4) repeal provisions denying such credit for individuals with excessive investment income.

strengthen earned income tax credit act amends internal revenue code permanent reduction marriage penalty applicable earned income tax credit increase rate credit families children individuals children modify earned income tax credit requirements relating abandoned spouses qualifying children repeal provisions denying credit individuals excessive investment income


Summary: Amends the Internal Revenue Code to allow an exclusion from gross income for income attributable to the discharge of indebtedness relating to securities issued by certain financial entities and discharged after December 31, 2008, and before January 1, 2011.

amends internal revenue code allow exclusion gross income income attributable discharge indebtedness relating securities issued certain financial entities discharged december january


Summary: Permanent Internet Tax Freedom Act of 2009 - Amends the Internet Tax Freedom Act to make permanent the ban on state and local taxation of Internet access and on multiple or discriminatory taxes on electronic commerce.

permanent internet tax freedom act amends internet tax freedom act permanent ban state local taxation internet access multiple discriminatory taxes electronic commerce


Summary: Amends the Internal Revenue Code to treat income earned by mutual funds from interests holding certain gold, silver, platinum, or palladium bullion that are regularly traded on an established U.S. securities market as qualifying income (i.e., passed through and taxed at individual income tax rates).

amends internal revenue code treat income earned mutual funds interests holding certain gold silver platinum palladium bullion regularly traded established securities market qualifying income passed taxed individual income tax rates


Summary: Telephone Excise Tax Repeal Act of 2009 - Amends the Internal Revenue Code to repeal the excise tax on communication services (i.e., local telephone service, toll telephone service, and teletypewriter exchange service).

telephone excise tax repeal act amends internal revenue code repeal excise tax communication services local telephone service toll telephone service teletypewriter exchange service


Summary: Modernize Our Bookkeeping In the Law for Employee's Cell Phone Act of 2009 - Amends the Internal Revenue Code to remove certain limitations on the tax deduction for employee use of cellular telephones.

modernize law employee cell phone act amends internal revenue code remove certain limitations tax deduction employee use cellular telephones


Summary: Expresses the sense of Congress that it is necessary to ensure that Congress is presented with reliable information from the Congressional Budget Office (CBO) and the Joint Committee on Taxation as to the dynamic macroeconomic feedback effects to changes in federal law and the probable behavioral responses of taxpayers, businesses, and other parties to such changes. Requires the Joint Committee and CBO, using among other methods dynamic estimating techniques, to prepare fiscal estimates of each proposed change in federal revenue law on the basis of assumptions that estimate the probable behavioral responses of personal and business taxpayers and other relevant entities to such change and its dynamic macroeconomic feedback effects. Applies such requirement only to proposed changes that, pursuant to static fiscal estimates, have a fiscal impact exceeding $250 million in any fiscal year.

expresses sense congress necessary ensure congress presented reliable information congressional_budget_office cbo joint_committee_on_taxation dynamic macroeconomic feedback effects changes federal law probable behavioral responses taxpayers businesses parties changes requires joint committee cbo methods dynamic estimating techniques prepare fiscal estimates proposed change federal revenue law basis assumptions estimate probable behavioral responses personal business taxpayers relevant entities change dynamic macroeconomic feedback effects applies requirement proposed changes pursuant static fiscal estimates fiscal impact exceeding million fiscal year


Summary: Amends the Internal Revenue Code to extend through 2010 the additional standard tax deduction for real property taxes for taxpayers who do not itemize their tax deductions.

amends internal revenue code extend additional standard tax deduction real property taxes taxpayers itemize tax deductions


Summary: Amends the Internal Revenue Code to make permanent: (1) the special depreciation allowance for certain property acquired after December 31, 2007 (bonus depreciation); and (2) the increased $250,000 expensing allowance for depreciable business assets.

amends internal revenue code permanent special depreciation allowance certain property acquired december bonus depreciation increased expensing allowance depreciable business assets


Summary: Giving Incentives to Volunteers Everywhere Act of 2009 or the GIVE Act of 2009 - Amends the Internal Revenue Code to: (1) increase the standard mileage rate for use of a passenger automobile for charitable purposes to a rate not less than the rate used for the tax deduction for medical transportation expenses; and (2) exclude from the gross income of charitable volunteers reimbursements paid to them for the use of a passenger automobile for the benefit of a charitable organization.

giving incentives volunteers act act amends internal revenue code increase standard mileage rate use passenger automobile charitable purposes rate rate tax deduction medical transportation expenses exclude gross income charitable volunteers reimbursements paid use passenger automobile benefit charitable organization


Summary: Amends the Internal Revenue Code to provide that volunteers who use their automobiles for the benefit of a charitable organization may exclude from their gross income reimbursements for their automobile operating expenses at the same level as business employees (i.e., 55 cents per mile in 2009). Increases criminal sanctions and monetary penalties for: (1) underpayments or overpayments of tax due to fraud; (2) attempts to evade or defeat tax; (3) willful failure to file tax returns, supply information, or pay tax; and (4) fraud and false statements.

amends internal revenue code provide volunteers use automobiles benefit charitable organization exclude gross income reimbursements automobile operating expenses level business employees cents mile increases criminal sanctions monetary penalties underpayments overpayments tax fraud attempts evade defeat tax willful failure file tax returns supply information pay tax fraud false statements


Summary: Amends the Internal Revenue Code to: (1) allow a five-year carryback of net operating losses for taxable years beginning or ending during 2007, 2008, or 2009; and (2) suspend the 90% alternative minimum tax limitation on carrybacks and carryovers of net operating losses in such years.

amends internal revenue code allow year carryback net operating losses taxable years beginning ending suspend alternative minimum tax limitation carrybacks carryovers net operating losses years


Summary: Fair Tax Act of 2009 - Repeals the income tax, employment tax, and estate and gift tax. Redesignates the Internal Revenue Code of 1986 as the Internal Revenue Code of 2009. Imposes a national sales tax on the use or consumption in the United States of taxable property or services. Sets the sales tax rate at 23% in 2011, with adjustments to the rate in subsequent years. Allows exemptions from the tax for property or services purchased for business, export, or investment purposes, and for state government functions. Sets forth rules relating to: (1) the collection and remittance of the sales tax; and (2) credits and refunds. Allows a monthly sales tax rebate for families meeting certain size and income requirements.Grants states the primary authority for the collection of sales tax revenues and the remittance of such revenues to the Treasury. Sets forth administrative provisions relating to: (1) the filing of monthly reports and payments of tax; (2) accounting methods; (3) registration of sellers of goods and services responsible for reporting sales; (4) penalties for noncompliance; and (5) collections, appeals, and taxpayer rights. Directs the Secretary of the Treasury to allocate sales tax revenues among: (1) the general revenue; (2) the old-age and survivors insurance trust fund; (3) the disability insurance trust fund; (4) the hospital insurance trust fund; and (5) the federal supplementary medical insurance trust fund. Prohibits the funding of the Internal Revenue Service (IRS) after FY2013. Establishes in the Department of the Treasury: (1) an Excise Tax Bureau to administer excise taxes not administered by the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF); and (2) a Sales Tax Bureau to administer the national sales tax. Terminates the sales tax imposed by this Act if the Sixteenth Amendment to the U.S. Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this Act.

fair tax act repeals income tax employment tax estate gift tax redesignates internal revenue code internal_revenue_code imposes national sales tax use consumption united_states taxable property services sets sales tax rate adjustments rate subsequent years allows exemptions tax property services purchased business export investment purposes state government functions sets forth rules relating collection remittance sales tax credits refunds allows monthly sales tax rebate families meeting certain size income requirements grants states primary authority collection sales tax revenues remittance revenues treasury sets forth administrative provisions relating filing monthly reports payments tax accounting methods registration sellers goods services responsible reporting sales penalties noncompliance collections appeals taxpayer rights directs secretary treasury allocate sales tax revenues general revenue old age survivors insurance trust fund disability insurance trust fund hospital insurance trust fund federal supplementary medical insurance trust fund prohibits funding internal_revenue_service irs fy2013 establishes department_of_the_treasury excise_tax_bureau administer excise taxes administered explosives atf sales_tax_bureau administer national sales tax terminates sales tax imposed act sixteenth amendment authorizing income tax repealed seven years enactment act


Summary: Timber Revitalization and Economic Enhancement Act II of 2009 - Amends the Internal Revenue Code to make permanent: (1) the reduction in the rate of tax on the net timber gain of corporations; and (2) rules for the treatment of timber real estate investment trust (REIT) gains, mineral royalty income, and prohibited transactions.

timber revitalization economic enhancement act amends internal revenue code permanent reduction rate tax net timber gain corporations rules treatment timber real estate investment trust reit gains mineral royalty income prohibited transactions


Summary: Special Inspector General for the Troubled Asset Relief Program Act of 2009 - (Sec. 2) Amends the Emergency Economic Stabilization Act of 2008 to grant the Special Inspector General (SIG) authority to conduct, supervise, and coordinate an audit or investigation of any action taken with regard to the Troubled Asset Relief Program (TARP) that the SIG deems appropriate.Prohibits any audit or investigation, however, of any action related to: (1) graduated authorization to purchase troubled assets; (2) oversight and audits by the Comptroller General; (3) the Comptroller General's study and report on margin authority; and (4) the Congressional Oversight Panel.Treats the Office of the SIG for TARP as one of those federal Inspector General offices whose agents may carry a firearm, make arrests with or without a warrant, and seek and execute arrest, search, and seizure warrants under the Inspector General Act of 1978 without first receiving an determination of eligibility by the Attorney General.(Sec. 3) Authorizes the SIG to exercise specified employment authorities for additional personnel, but not after six months following enactment of this Act.Prohibits any period of appointment from exceeding the date on which the Office of the SIG terminates.States that if an annuitant receiving an annuity from the Civil Service Retirement and Disability Fund becomes employed within the Office of the SIG for the Troubled Asset Relief Program, such annuity shall continue. Limits such allowance to: (1) not more than 25 employees at any time as designated by the SIG; and (2) only pay periods beginning after the enactment of this Act.(Sec. 4) Requires the Secretary of the Treasury to either: (1) take action to address deficiencies identified by a report or investigation of the SIG or other auditor engaged by the TARP; or (2) certify to congressional committees that no action is necessary or appropriate.Instructs the SIG to work with Inspectors General of designated federal agencies to: (1) avoid duplication of effort; and (2) ensure comprehensive oversight of TARP.Makes the SIG a member of the Council of the Inspectors General on Integrity and Efficiency until termination of the Office.(Sec. 5) Requires the SIG to: (1) report quarterly to certain congressional committees on SIG activities; (2) report to Congress by September 1, 2009, on the use of any funds received by a financial institution under TARP; and (3) make the latter report available to the public, including on the home page of the SIG's website within 24 hours after its submission to Congress.(Sec. 6) Requires funding for the office of the SIG to be made available not later than seven days after the date of enactment of this Act. (Sec. 7) Makes the Special Inspector General for Iraq Reconstruction and the Special Inspector General for Afghanistan Reconstruction members of the Council of the Inspectors General on Integrity and Efficiency until the termination of their respective Offices.

special inspector general sec amends emergency economic stabilization act grant special inspector general sig authority conduct supervise coordinate audit investigation action taken regard troubled_asset_relief_program tarp sig deems appropriate prohibits audit investigation action related graduated authorization purchase troubled assets oversight audits comptroller_general comptroller_general study report margin authority congressional_oversight_panel treats tarp federal inspector general offices agents carry firearm arrests warrant seek execute arrest search seizure warrants inspector general act receiving determination eligibility attorney authorizes sig exercise specified employment authorities additional personnel months following enactment act prohibits period appointment exceeding date terminates states annuitant receiving annuity civil_service_retirement_and_disability_fund employed troubled_asset_relief_program annuity shall continue limits allowance employees time designated sig pay periods beginning enactment requires secretary treasury action address deficiencies identified report investigation sig auditor engaged tarp certify congressional committees action necessary appropriate instructs sig work inspectors general designated federal agencies avoid duplication effort ensure comprehensive oversight sig member council_of_the_inspectors_general_on_integrity_and_efficiency termination requires sig report quarterly certain congressional committees sig activities report congress september use funds received financial institution tarp report available public including home page sig website hours submission requires funding office sig available later seven days date enactment act sec makes special inspector general iraq reconstruction special inspector general afghanistan_reconstruction members council_of_the_inspectors_general_on_integrity_and_efficiency termination respective offices


Summary: Art and Collectibles Capital Gains Tax Treatment Parity Act - Amends the Internal Revenue Code to: (1) eliminate the 28% capital gains tax rate for collectibles, thus allowing gain from the sale of collectibles (including art works) to be taxed at the 15% tax rate applicable to other investment property; and (2) allow the creator of a literary, musical, artistic, or scholarly property a fair market value tax deduction for the donation of such property to a tax-exempt organization, if properly appraised and donated no sooner than 18 months after its creation.

art parity act amends internal revenue code eliminate capital gains tax rate collectibles allowing gain sale collectibles including art works taxed tax rate applicable investment property allow literary musical artistic scholarly property fair market value tax deduction donation property tax exempt organization properly appraised donated sooner months creation


Summary: Hospice Protection Act - Establishes a temporary moratorium on the phase out of the Medicare hospice Budget Neutrality Adjustment Factor (BNAF). Directs the Secretary of Health and Human Services, between enactment of this Act and December 31, 2009, to recompute and apply the final Medicare hospice wage index for FY2009 as if the BNAF had remained in place with no reduction.

hospice protection act establishes temporary moratorium phase medicare hospice budget neutrality adjustment factor directs secretary health_and_human_services enactment act december apply final medicare hospice wage index fy2009 remained place reduction


Summary: Stop Tax Haven Abuse Act - Amends Internal Revenue Code provisions relating to tax shelter activities to: (1) establish legal presumptions against the validity of transactions involving offshore secrecy jurisdictions (i.e., foreign tax havens identified in this Act and by the Secretary of the Treasury); (2) impose restrictions on foreign jurisdictions, financial institutions, or international transactions that are of primary money laundering concern or that impede U.S. tax enforcement; (3) treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations; (4) increase the period for Internal Revenue Service (IRS) review of tax returns involving offshore secrecy jurisdictions; (5) require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts and accounts established in offshore secrecy jurisdictions; (6) disallow tax advisor opinions validating transactions in offshore secrecy jurisdictions; (7) subject dividend equivalents and substitute dividends to the 30% tax on foreign income; and (8) impose reporting requirements for transactions involving a passive foreign investment company.Amends the Securities Exchange Act of 1934 and other federal enactments to impose a penalty for failure to disclose holdings or transactions involving a foreign entity.Requires the Secretary of the Treasury to publish a final rule requiring unregistered investment companies, including hedge funds or private equity funds, to establish anti-money laundering programs, and to submit suspicious activity reports.Modifies requirements for certain third party summonses used to obtain information in tax investigations that do not identify the person with respect to whose liability the summons is issued (John Doe summons).Increases penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability.Prohibits the patenting of tax planning inventions.Prohibits tax advisor contingent fee agreements for obtaining tax savings or benefits.Allows increased disclosure of tax information for enforcement purposes.Directs the Secretary to impose standards for written tax opinions by tax practitioners.Denies tax deductions for certain fines and penalties for violations of law and for interest paid on certain understatements of tax.Sets forth rules for the application of the economic substance doctrine and imposes penalties for underpayments of tax due to transactions lacking economic substance.

stop tax haven abuse code provisions relating tax shelter activities establish legal presumptions validity transactions involving offshore secrecy jurisdictions foreign tax havens identified act secretary treasury impose restrictions foreign jurisdictions financial institutions international transactions primary money laundering concern impede tax enforcement treat certain foreign corporations managed controlled primarily united_states domestic corporations increase period internal_revenue_service irs review tax returns involving offshore secrecy jurisdictions require tax withholding agents financial institutions report certain information beneficial owners foreign owned financial accounts accounts established offshore secrecy jurisdictions disallow tax advisor opinions validating transactions offshore secrecy jurisdictions subject dividend equivalents substitute dividends tax foreign income impose reporting requirements transactions involving passive foreign investment company amends securities_exchange_act federal enactments impose penalty failure disclose holdings transactions involving foreign entity requires secretary treasury publish final rule requiring unregistered investment companies including hedge funds private equity funds establish anti money laundering programs submit suspicious activity reports modifies requirements certain party summonses obtain information tax investigations identify person respect liability summons issued john_doe penalties promoting abusive tax shelters aiding abetting understatement tax liability prohibits patenting tax planning inventions prohibits tax advisor contingent fee agreements obtaining tax savings benefits allows increased disclosure tax information enforcement purposes directs secretary impose standards written tax opinions tax practitioners denies tax deductions certain fines penalties violations law interest paid certain understatements tax sets forth rules application economic substance doctrine imposes penalties underpayments tax transactions lacking economic substance


Summary: Congressional Accountability and Line-Item Veto Act of 2009 - Amends the Congressional Budget and Impoundment Control Act of 1974 to authorize the President to propose the repeal of any congressional earmark or the cancellation (line item veto) of any limited tariff benefit or targeted tax benefit. Sets forth requirements for the President's transmittal to Congress of a special message regarding a proposed repeal or cancellation. Dedicates any repeal or cancellation only to deficit reduction or increase of a surplus. Provides for adjustment of: (1) committee allocations resulting from such rescission; and (2) applicable limits, as appropriate, under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Sets forth procedures for expedited congressional consideration of a proposed rescission. Expresses the sense of Congress that no President or any executive branch official should condition the inclusion or exclusion, or threaten to condition the inclusion or exclusion, of any proposed repeal or cancellation in any special message under this Act upon any vote cast or to be cast by any Member of either chamber.

amends congressional_budget impoundment control act authorize president propose repeal congressional earmark cancellation line item veto limited tariff benefit targeted tax benefit sets forth requirements president transmittal congress special message proposed repeal cancellation dedicates repeal cancellation deficit reduction increase surplus provides adjustment committee allocations resulting rescission applicable limits appropriate balanced_budget emergency deficit control act gramm rudman hollings act sets forth procedures expedited congressional consideration proposed rescission expresses sense congress president executive branch official condition inclusion exclusion threaten condition inclusion exclusion proposed repeal cancellation special message act vote cast cast member chamber


Summary: Amends the Internal Revenue Code to exempt from the harbor maintenance tax commercial cargo (other than bulk cargo) loaded at: (1) a port in the U.S. mainland and unloaded at another such port after transport solely by coastal route or river or unloaded at a port in Canada located in the Great Lakes Saint Lawrence Seaway System; or (2) such a port in Canada and unloaded at a port in the U.S. mainland. Defines the "Great Lakes Saint Lawrence Seaway System" as the waterway between Duluth, Minnesota, and Sept Iles, Quebec, encompassing the five Great Lakes, their connecting channels, and the Saint Lawrence River.

amends internal revenue code exempt harbor maintenance tax commercial cargo bulk cargo loaded port mainland unloaded port transport solely coastal route river unloaded port canada located great lakes saint lawrence seaway system port canada unloaded port mainland defines great lakes saint lawrence seaway system waterway duluth minnesota quebec encompassing great lakes connecting channels saint lawrence river


Summary: Repeals the termination date in the Jobs Growth Tax Relief Reconciliation Act of 2003 for provisions reducing individual tax rates on capital gains and dividend income.

repeals termination date jobs growth tax relief reconciliation act provisions reducing individual tax rates capital gains dividend income


Summary: Compensation Fairness Act of 2009 - Amends the Internal Revenue Code to impose an excise tax on excessive bonuses paid by federal emergency economic assistance recipients to their employees (including directors or officers). Sets the overall rate of such tax at 70% of the amount of such bonuses, 35% payable by federal emergency economic assistance recipients and 35% payable by the employees of such recipients. Exempts bonus recipients who repay bonus amounts to the federal government. Defines "excessive bonus" as any retention bonus or other bonus that exceeds $50,000 paid by a federal emergency economic assistance recipient after December 31, 2008. Defines "federal emergency economic assistance recipient" as: (1) an entity and its affiliates to which the federal government has paid an aggregate of more than $100 million of assistance and in which the federal government has acquired an equity interest under a program authorized by the Emergency Economic Stabilization Act of 2008 or the Federal Reserve Act; and (2) the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Limits to $1 million the amount of compensation which a participant in a nonqualified deferred compensation plan maintained by a federal emergency economic assistance recipient may defer in any 12-month period.

compensation fairness act amends internal revenue code impose excise tax excessive bonuses paid federal emergency economic assistance recipients employees including directors officers sets overall rate tax bonuses payable federal emergency economic assistance recipients payable employees recipients exempts bonus recipients repay bonus amounts federal government defines excessive bonus retention bonus bonus exceeds paid federal emergency economic assistance recipient december defines federal emergency economic assistance recipient entity affiliates federal government paid aggregate million assistance federal government acquired equity interest program authorized emergency_economic_stabilization_act federal_reserve_act federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac limits million compensation participant nonqualified deferred compensation plan maintained federal emergency economic assistance recipient defer month period


Summary: Amends the Internal Revenue Code to exempt from income taxation a newspaper corporation or organization if: (1) it publishes on a regular basis a newspaper for general circulation; (2) its newspaper contains local, national, and international news stories of interest to the general public and the distribution of such newspaper is necessary or valuable in achieving an educational purpose; and (3) the preparation of the material contained in such newspaper follows a methodology generally accepted as educational. Exempts the advertising income of a tax-exempt newspaper corporation or organization from taxation as unrelated business income and allows a charitable tax deduction for contributions to such newspaper corporation or organization.

amends internal revenue code exempt income taxation newspaper corporation organization publishes regular basis newspaper general circulation newspaper contains local national international news interest general public distribution newspaper necessary valuable achieving educational purpose preparation material contained newspaper follows methodology generally accepted educational exempts advertising income tax exempt newspaper corporation organization taxation unrelated business income allows charitable tax deduction contributions newspaper corporation organization


Summary: Amends the Internal Revenue Code to: (1) reduce from 2 to 1.32% the excise tax rate on the net investment income of tax-exempt private foundations; and (2) repeal the 1% reduction in such tax rate for private foundations that meet certain distribution requirements.

amends internal revenue code reduce excise tax rate net investment income tax exempt private foundations repeal reduction tax rate private foundations meet certain distribution requirements


Summary: Equity for Our Nation's Self Employed Act of 2009 - Amends the Internal Revenue Code to allow self-employed individuals to deduct health insurance costs in computing the tax on self-employment income.

equity nation self employed act amends internal revenue code allow self employed individuals deduct health insurance costs computing tax self employment income


Summary: Amends the Internal Revenue Code to: (1) extend the first-time homebuyer tax credit to all purchasers of a principal residence; (2) increase the maximum amount of such credit from $8,000 to $15,000; and (3) repeal the reduction in such credit for taxpayers whose modified adjusted gross income exceeds $75,000 ($150,000 in the case of married couples filing jointly).

amends internal revenue code extend time homebuyer tax credit purchasers principal residence increase maximum credit repeal reduction credit taxpayers modified adjusted gross income exceeds case married couples filing jointly


Summary: Flat Tax Act of 2009- Replaces the income tax with a flat tax of 20 percent of taxable earned income of individual taxpayers. Defines "taxable earned income" as the excess of earned income (wages, salaries, professional fees) over a standard deduction, a deduction for cash charitable contributions, and a deduction for home mortgage interest. Sets forth definitions and special rules for surviving spouses, heads of household, and dependents. Imposes a flat tax of 20 percent on business taxable income. Defines "business taxable income" as gross active income (other than investment income) reduced by: (1) the cost of business inputs (cost of specified goods, services, travel, and entertainment expenditures); (2) employee compensation; and (3) the cost of personal and real property used in business activities. Disallows a deduction from gross active business income for purchases of goods and services provided to employees or owners and certain lobbying and political expenditures. Repeals: (1) estate, gift, and generation-skipping transfer taxes; (2) financing of presidential election campaigns provisions; and (3) coal industry health benefits provisions.

flat tax act replaces income tax flat tax percent taxable earned income individual taxpayers defines taxable earned income excess earned income wages salaries professional fees standard deduction deduction cash charitable contributions deduction home mortgage interest sets forth definitions special rules surviving spouses heads household dependents imposes flat tax percent business taxable income defines business taxable income gross active income investment income reduced cost business inputs cost specified goods services travel entertainment expenditures employee compensation cost personal real property business activities disallows deduction gross active business income purchases goods services provided employees owners certain lobbying political expenditures repeals estate gift generation skipping transfer taxes financing presidential election campaigns provisions coal industry health benefits provisions


Summary: Amends the Internal Revenue Code to: (1) allow a waiver of the penalty for failure to disclose reportable transactions (i.e., transactions which have a potential for tax avoidance or evasion) if such failure is due to reasonable cause and not due to willful neglect; (2) revise the amount of the penalty for such failure; and (3) limit the imposition of such penalty to the taxpayer (currently, any person). Reaffirms the authority of the Commissioner of Internal Revenue to rescind all or any portion of the penalty for failure to furnish information regarding reportable transactions.

amends internal revenue code allow waiver penalty failure disclose reportable transactions transactions potential tax avoidance evasion failure reasonable cause willful neglect revise penalty failure limit imposition penalty taxpayer currently person reaffirms authority rescind portion penalty failure furnish information reportable transactions


Summary: Rural Heritage Conservation Extension Act of 2009 - Amends the Internal Revenue Code to make permanent the tax deduction for charitable contributions by individuals and corporations of real property interests for conservation purposes.

amends internal revenue code permanent tax deduction charitable contributions individuals corporations real property interests conservation purposes


Summary: Legal Services Benefit Act of 2009 - Amends the Internal Revenue Code to restore, increase, and make permanent the exclusion from gross income for amounts received under qualified group legal services plans.

legal services benefit act amends internal revenue code restore increase permanent exclusion gross income amounts received qualified group legal services plans


Summary: Requires the Secretary of the Treasury to use any agency, department, or authorized but completed program appropriations remaining at the end of a fiscal year to pay down the federal debt. Requires a department or agency to report to the committees of jurisdiction in both chambers and the congressional budget committees on how the money was saved, and possibilities for future savings in that program.

requires secretary treasury use agency department authorized completed program appropriations remaining end fiscal year pay federal debt requires department agency report committees jurisdiction chambers congressional budget committees money saved possibilities future savings program


Summary: Amends the Emergency Economic Stabilization Act of 2008 (EESA) to grant subpoena power to the Congressional Oversight Panel (which reviews the current state of the financial markets and the regulatory system) to require the attendance and testimony of witnesses and the production of books, records, correspondence, memoranda, papers, documents, tapes, and materials.

amends emergency economic stabilization act eesa grant subpoena power congressional_oversight_panel reviews current state financial markets regulatory system require attendance testimony witnesses production books records correspondence memoranda papers documents materials


Summary: Public Good IRA Rollover Act of 2009 - Amends the Internal Revenue Code to exclude from gross income distributions from individual retirement accounts for certain charitable purposes.

public good ira rollover act amends internal revenue code exclude gross income distributions individual retirement accounts certain charitable purposes


Summary: Amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Secretary of the Treasury to provide to the Special Inspector General of the Troubled Asset Relief Program (TARP), the Comptroller General, and the Congressional Oversight Panel ongoing, continuous, and close to real-time updates of the status of the use of funds distributed under EESA, including with respect to procurement contracts, through a standardized electronic database that combines all of the necessary information from existing public and private sources to track the status of the funds distributed under the Act. Requires the Secretary also to: (1) compare the data in such database with any other data for any activities that are inconsistent with EESA purposes; and (2) collect from all federal agencies any regulatory filings, data generated by the use of internal models, financial models, and analytics associated with the financial assistance on at least a daily basis in order to help the Secretary to determine the effectiveness of TARP in stimulating prudent lending and strengthening bank capital. Directs the Secretary, if TARP goals are not being met, to work with the federal agencies supplying the information to have them provide the recipients with recommendations for better meeting such goals. Requires the Secretary, furthermore, to adjust the future uses of TARP assistance if such goals are not met even following such recommendations.

amends emergency economic stabilization act eesa direct secretary treasury provide special inspector general troubled_asset_relief_program tarp comptroller_general congressional_oversight_panel ongoing continuous close real time updates status use funds distributed eesa including respect procurement contracts standardized electronic database combines necessary information existing public private sources track status funds distributed act requires secretary compare data database data activities inconsistent eesa purposes collect federal agencies regulatory filings data generated use internal models financial models analytics associated financial assistance daily basis order help secretary determine effectiveness tarp prudent lending strengthening bank capital directs secretary tarp goals met work federal agencies supplying information provide recipients recommendations better meeting goals requires secretary furthermore adjust future uses tarp assistance goals met following recommendations


Summary: Amends the Internal Revenue Code to classify equipment that produces electricity from marine and hydrokinetic renewable energy as five-year property for depreciation purposes.

amends internal revenue code classify equipment produces electricity marine hydrokinetic renewable energy year property depreciation purposes


Summary: Simplified, Manageable, And Responsible Tax Act or the SMART Act - Amends the Internal Revenue Code to replace the marginal income tax rates with a single rate of 17% on individual taxable income. Redefines "taxable income" to mean the amount by which wages, retirement distributions, and unemployment compensation exceed the standard deduction. Increases the basic standard deduction and includes an additional standard deduction for dependents. Includes in taxable income the taxable income of each dependent child under the age of 14. Replaces the current tax on corporations with a tax on every person engaged in a business activity equal to 17% of the business taxable income of such person. Makes the person engaged in the business activity liable for the tax, whether or not such person is an individual, a partnership, or a corporation. Imposes a tax of 17% on the value of excludable compensation provided during the year by an employer for the benefit of employees. Makes the employer liable for the tax. Repeals pension plan rules relating to : (1) non-discrimination; (2) contribution limits; and (3) restrictions on distributions. Revises rules relating to transfers of excess pension assets. Repeals: (1) the alternative minimum tax; (2) all income tax credits; (3) estate, gift, and generation-skipping transfer taxes; and (4) income tax provisions, except certain provisions relating to retirement distributions and tax-exempt organizations. Declares it not in order in the House of Representatives or the Senate, unless waived or suspended by a three-fifths vote, to consider any legislation that increases or adds an income tax rate, reduces the standard deduction, or provides any exclusion, deduction, credit, or other benefit that reduces federal revenues.

simplified manageable responsible tax act smart act amends internal revenue code replace marginal income tax rates single rate individual taxable income redefines taxable income mean wages retirement distributions unemployment compensation exceed standard deduction increases basic standard deduction includes additional standard deduction dependents includes taxable income taxable income dependent child age replaces current tax corporations tax person engaged business activity equal business taxable income person makes person engaged business activity liable tax person individual partnership corporation imposes tax value excludable compensation provided year employer benefit employees makes employer liable tax repeals pension plan rules relating non discrimination contribution limits restrictions distributions revises rules relating transfers excess pension assets repeals alternative minimum tax income tax credits estate gift generation skipping transfer taxes income tax provisions certain provisions relating retirement distributions tax exempt organizations declares order house_of_representatives senate waived suspended fifths vote consider legislation increases adds income tax rate reduces standard deduction provides exclusion deduction credit benefit reduces federal revenues


Summary: Optional One Page Flat Tax Act - Amends the Internal Revenue Code to authorize an individual or a person engaged in business activity to make an irrevocable election to be subject to a flat tax (in lieu of the existing tax provisions) of 19% for the first two years after an election is made, and 17% thereafter. Calculates taxable income for individual taxpayers by subtracting a basic standard deduction and an additional standard deduction for each dependent from the total of wages, retirement distributions, and unemployment compensation. Defines "business taxable income" to mean gross active income reduced by the cost of certain business inputs. Imposes an employer tax on the value of excludable compensation provided to employees not engaged in business activity of 19% for the first two years after an election is made under this Act and 17% thereafter. Repeals the estate, gift, and generation-skipping transfer taxes. Requires a two-thirds vote of the House of Representatives or the Senate to increase the flat tax rate proposed by this Act or to reduce the amount of the standard deduction or business-related deductions allowed by this Act.

authorize individual person engaged business activity irrevocable election subject flat tax lieu existing tax provisions years election calculates taxable income individual taxpayers subtracting basic standard deduction additional standard deduction dependent total wages retirement distributions unemployment compensation defines business taxable income mean gross active income reduced cost certain business inputs imposes employer tax value excludable compensation provided employees engaged business activity years election act repeals estate gift generation skipping transfer taxes requires thirds vote house_of_representatives senate increase flat tax rate proposed act reduce standard deduction business related deductions allowed act


Summary: Amends the Internal Revenue Code to increase the limit on the deductibility of losses from the sale or exchange of capital assets for individual taxpayers to $10,000, adjusted for inflation after 2009 (50% of such amount for married individuals filing a separate tax return).

amends internal revenue code increase limit deductibility losses sale exchange capital assets individual taxpayers adjusted inflation married individuals filing separate tax return


Summary: Savings for Working Families Act of 2009 - Allows certain low-income individuals between age 18 and 61 to establish tax-exempt individual development accounts (IDAs) to pay for certain qualified expenses, including education expenses, first-time homebuyer costs, and business capitalization or expansion costs. Sets forth rules for the establishment, maintenance, and termination of IDAs. Permits tax-free withdrawals from IDAs for qualified expenses, but requires IDA beneficiaries to complete one or more financial education courses prior to making an IDA withdrawal. Allows certain financial institutions, tax-exempt organizations, and Indian tribes to sponsor and administer IDAs. Amends the Internal Revenue Code to allow such entities a business-related tax credit for the cost of administering IDAs and for making matching contributions to IDAs in parallel accounts. Provides that IDA amounts shall be disregarded for purposes of determining eligibility for assistance under certain means-tested federal programs.

savings working families act allows certain low income individuals age establish tax exempt individual development accounts idas pay certain qualified expenses including education expenses time homebuyer costs business capitalization expansion costs sets forth rules establishment maintenance termination idas permits tax free withdrawals idas qualified expenses requires ida beneficiaries complete financial education courses prior making ida withdrawal allows certain financial institutions tax exempt organizations indian tribes sponsor administer idas amends internal revenue code allow entities business related tax credit cost administering idas making matching contributions idas parallel accounts provides ida amounts shall disregarded purposes determining eligibility assistance certain means tested federal programs


Summary: Family Tax Relief Act of 2009 - Amends the Internal Revenue Code to: (1) allow an additional refundable tax credit for expenses for household and dependent care services necessary for gainful employment; and (2) increase the dollar limitation on the tax exclusion for employed-provided dependent care assistance payments.

family tax relief act amends internal revenue code allow additional refundable tax credit expenses household dependent care services necessary gainful employment increase dollar limitation tax exclusion employed provided dependent care assistance payments


Summary: Amends the Internal Revenue Code to extend through December 31, 2018, the income tax credit for biodiesel used as fuel and the excise credits for biodiesel mixtures and biodiesel used to produce biodiesel mixtures.

amends internal revenue code extend december income tax credit biodiesel fuel excise credits biodiesel mixtures biodiesel produce biodiesel mixtures


Summary: Securing America's Future Economy Commission Act or SAFE Commission Act - Establishes the Securing America's Future Economy (SAFE) Commission to develop legislation designed to address: (1) the unsustainable imbalance between long-term federal spending commitments and projected revenues; (2) increases in net national savings to provide for domestic investment and economic growth; (3) the implications of foreign ownership of federally issued debt instruments; and (4) revision of the budget process to place greater emphasis on long-term fiscal issues. Requires the Commission to: (1) hold at least one town-hall style public hearing within each federal reserve district; and (2) develop one or two methods for estimating the cost of legislation as a supplement to the estimates and assumptions provided by the Congressional Budget Office (CBO). Requires the Commission to submit a legislative proposal to Congress and the President that relies on such estimates and assumptions. Sets forth procedures for consideration of such legislation. Requires CBO to prepare a long-term cost estimate and have it published in the Congressional Record as expeditiously as possible whenever requested to do so by the Commission, the President, or the chairman or ranking minority member of the Committee on the Budget of either chamber.

securing_america act safe commission act establishes securing_america future economy safe commission develop legislation designed address unsustainable imbalance long term federal spending commitments projected revenues increases net national savings provide domestic investment economic growth implications foreign ownership federally issued debt instruments revision budget process place greater emphasis long term fiscal issues requires commission hold town hall style public hearing federal reserve district develop methods estimating cost legislation supplement estimates assumptions provided congressional_budget_office cbo requires commission submit legislative proposal congress president relies estimates assumptions sets forth procedures consideration legislation requires cbo prepare long term cost estimate published congressional_record expeditiously possible requested commission president chairman ranking minority member chamber


Summary: Brewers Excise and Economic Relief Act of 2009 - Amends the Internal Revenue Code to: (1) reduce from $18 to $9 (the pre-1991 level) the per-barrel tax on beer; and (2) allow a further reduction in such tax for brewers who produce not more than 2 million barrels annually.

brewers excise economic relief act amends internal revenue code reduce pre-1991 level barrel tax beer allow reduction tax brewers produce million barrels annually


Summary: Generate Retirement Ownership Through Long-Term Holding Act of 2009 - Amends the Internal Revenue Code to provide that no gain shall be recognized on the receipt of a capital gain dividend distributed by a regulated investment company if such dividend is automatically reinvested in additional shares of the company pursuant to a dividend reinvestment plan.

generate retirement ownership long term holding act amends internal revenue code provide gain shall recognized receipt capital gain dividend distributed regulated investment company dividend automatically reinvested additional shares company pursuant dividend reinvestment plan


Summary: Renewable Energy Parity and Investment Remedy Act or REPAIR Act - Amends the Internal Revenue Code to eliminate after 2010 the reduction in the rate of the tax credit for electricity produced from open-loop biomass, small irrigation power, landfill gas, trash combustion, and hydropower facilities (thus allowing the same credit rate for all renewable resource facilities).

renewable energy parity investment remedy act internal revenue code eliminate reduction rate tax credit electricity produced open loop biomass small irrigation power landfill gas trash combustion hydropower facilities allowing credit rate renewable resource facilities


Summary: Amends the Internal Revenue Code to require the Secretary of the Treasury to notify a taxpayer of: (1) any unauthorized use of such taxpayer's identity (suspected identity theft) the Secretary uncovers during an investigation of false or fraudulent statements or tax returns; and (2) any person criminally charged under such investigation. Requires such notification to be given to the taxpayer as soon as practicable and without jeopardizing a tax fraud investigation.

amends internal revenue code require secretary treasury notify taxpayer unauthorized use taxpayer identity suspected identity theft secretary investigation false fraudulent statements tax returns person criminally charged investigation requires notification given taxpayer soon practicable jeopardizing tax fraud investigation


Summary: Prevent All Cigarette Trafficking Act of 2009 or PACT Act - Amends the Jenkins Act to revise provisions governing the collection of taxes on, and trafficking in, cigarettes and smokeless tobacco. (Sec. 2) Revises the definition of "cigarette" to include roll-your-own tobacco and to exclude cigars. Defines "delivery sale" to mean any sale of cigarettes or smokeless tobacco to a consumer ordered by telephone, the mails, or the Internet or other online service . Redefines "person" to include state, local, and Indian tribal governments. Redefines "use" to include the consumption, storage, handling, or disposal of smokeless tobacco, in addition to cigarettes. Applies state tobacco tax reporting requirements to: (1) the sale or advertising for sale of smokeless tobacco products; (2) persons who ship or transfer cigarettes and smokeless tobacco products; and (3) the shipment of cigarettes or smokeless tobacco into a locality or Indian country that taxes the sale or use of such products. Requires sellers of tobacco products to file with the Attorney General reports filed with state tobacco tax administrators. Imposes additional information reporting requirements on such sellers, including the disclosure of electronic mail addresses, website addresses, and authorized agents for service of process. Limits the use of information received from sellers of tobacco products solely for tax enforcement purposes. Expands requirements for delivery sales by requiring each delivery seller, with respect to delivery sales into a specific state and place, to: (1) comply with specified shipping and record-keeping requirements, all state, local, tribal, and other laws generally applicable to sales of cigarettes or smokeless tobacco as if such delivery sales occurred entirely within the specific state and place (including laws imposing excise taxes and licensing and tax-stamping requirements), and specified tax collection requirements; (2) include on the bill of lading for the shipping package containing cigarettes or smokeless tobacco a clear and conspicuous statement that federal law requires the payment of all applicable excise and sales taxes and compliance with applicable licensing and tax-stamping obligations; (3) comply with specified weight and age verification requirements; and (4) keep records of all delivery sales, organized by state, for four years after the date of the delivery sale, and make such records accessible to state, local, and Indian tribe tax authorities and the Attorney General. Prohibits the delivery of cigarettes or smokeless tobacco unless the excise tax on such products has been paid and any required stamps or other indicia of payment are properly affixed to the products. Allows an exception for states that require delivery sellers to collect the tax from consumers and remit such tax to state or local tax authorities. Requires the Attorney General to compile a list of noncompliant delivery sellers of cigarettes and smokeless tobacco and to distribute such list to state attorneys general and tax administrators and common carriers and other couriers, including the United States Postal Service (USPS). Prohibits the delivery of any package to, or on behalf of, a noncompliant delivery seller without determining that such package does not include cigarettes or smokeless tobacco. Imposes a fine and/or prison term of up to three years for violations of this Act. Increases civil penalties for violations to the greater of $5,000 for a first violation or $10,000 for any other violation, or 2% of the gross sales of cigarettes or smokeless tobacco for the year before the violation. Grants federal district courts jurisdiction to prevent and restrain violations of this Act and to provide injunctive or equitable relief, including money damages. Empowers the Attorney General to administer and enforce this Act. Authorizes a state attorney general, a local government, an Indian tribe that levies a tax subject to this Act, or a holder of a permit as a manufacturer or importer of tobacco products or as an export warehouse proprietor (permit holder) to bring an action in U.S. district court to prevent and restrain violations of this Act. Establishes a PACT Anti-Trafficking Fund into which 50% of criminal and civil penalties collected in enforcing this Act shall be deposited and available to the Attorney General to enforce this Act and other laws relating to contraband tobacco products. Requires the Attorney General to make information on enforcement actions publicly available (including on the Internet) and to report to Congress on such actions. (Sec. 3) Amends the federal criminal code to treat cigarettes and smokeless tobacco as nonmailable matter and prohibit their deposit into the U.S. mails. Requires the USPS to refuse to accept for delivery or transmit through the mails any package that it knows or has reasonable cause to believe contains any cigarettes or smokeless tobacco made nonmailable by this Act. Exempts from such prohibition: (1) cigars; and (2) mailings within the states of Alaska or Hawaii; (3) mailings for business purposes between legally operating tobacco businesses and by individuals for noncommercial purposes; or (4) mailings for consumer testing by manufacturers or the federal government. Requires the Postmaster General to issue a final rule to establish the standards and requirements applicable to tobacco products mailed for business purposes. Requires the seizure and forfeiture of any cigarettes or smokeless tobacco illegally deposited into the U.S. mails. Imposes an additional civil penalty and a criminal penalty for mailing nonmailable tobacco products. Establishes the PACT Postal Service Fund to which 50% of criminal and civil fines for mailing violations shall be transferred and made available to the Postmaster General to enforce mailing restrictions on cigarettes and smokeless tobacco products. Allows a state, local government, or Indian tribe to obtain appropriate injunctive or equitable relief for mailing violations in a civil action in a U.S. district court. (Sec. 4) Authorizes the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) to enter the business premises of delivery sellers and inspect their records and information and any cigarettes or smokeless tobacco stored at such premises. Authorizes federal district courts to compel such inspections. Imposes a civil penalty for failure to comply with inspections. (Sec. 5) Declares that nothing in this Act shall be construed to affect, amend, or modify specified agreements or limitations relating to the collection of taxes on, and related matters regarding, cigarettes or smokeless tobacco sold in Indian country or to inhibit the coordination of law enforcement by states or other jurisdictions, including Indian tribes, with respect to interstate sales or seizures of tobacco products. (Sec. 6) Makes this Act effective 90 days after its enactment, except for provisions authorizing ATF to enter and search business premises (Section 4 of this Act) which takes effect on the date of enactment. (Sec. 7) Declares that if any provision of this Act or amendment is held invalid, the remainder of this Act and its application shall not be affected thereby. (Sec. 8) Expresses the sense of Congress that this Act responds to the unique harms posed by online cigarette sales and does not create a precedent for the collection of state sales or use taxes by, or the validity of efforts to impose other types of taxes on, out-of-state entities that do not have a physical presence in the taxing state.

prevent cigarette trafficking act pact act amends act revise provisions governing collection taxes trafficking cigarettes smokeless tobacco sec revises definition cigarette include roll tobacco exclude cigars defines delivery sale mean sale cigarettes smokeless tobacco consumer ordered telephone mails internet online service redefines person include state local indian tribal governments redefines use include consumption storage handling disposal smokeless tobacco addition cigarettes applies state tobacco tax reporting requirements sale advertising sale smokeless tobacco products persons ship transfer cigarettes smokeless tobacco products shipment cigarettes smokeless tobacco locality indian country taxes sale use products requires sellers tobacco products file attorney general reports filed state tobacco tax administrators imposes additional information reporting requirements sellers including disclosure electronic mail addresses website addresses authorized agents service process limits use information received sellers tobacco products solely tax enforcement purposes expands requirements delivery sales requiring delivery seller respect delivery sales specific state place comply specified shipping record keeping requirements state local tribal laws generally applicable sales cigarettes smokeless tobacco delivery sales occurred entirely specific state place including laws imposing excise taxes licensing tax requirements specified tax collection requirements include bill shipping package containing cigarettes smokeless tobacco clear conspicuous statement federal law requires payment applicable excise sales taxes compliance applicable licensing tax obligations comply specified weight age verification requirements records delivery sales organized state years date delivery sale records accessible state local indian tribe tax authorities attorney general prohibits delivery cigarettes smokeless tobacco excise tax products paid required stamps indicia payment properly affixed products allows exception states require delivery sellers collect tax consumers remit tax state local tax authorities requires attorney general compile list noncompliant delivery sellers cigarettes smokeless tobacco distribute list state attorneys general tax administrators common carriers including united_states_postal_service usps prohibits delivery package behalf noncompliant delivery seller determining package include cigarettes smokeless tobacco imposes fine prison term years violations act increases civil penalties violations greater violation violation gross sales cigarettes smokeless tobacco year violation grants federal district courts jurisdiction prevent restrain violations act provide injunctive equitable relief including money damages empowers attorney general administer enforce act authorizes state attorney general local government indian tribe levies tax subject act holder permit manufacturer importer tobacco products export warehouse permit holder bring action district court prevent restrain violations act establishes pact anti trafficking fund criminal civil penalties collected enforcing act shall deposited available attorney general enforce act laws relating contraband tobacco products requires attorney general information enforcement actions publicly available including internet report congress actions sec amends federal criminal code treat cigarettes smokeless tobacco nonmailable matter prohibit deposit mails requires usps refuse accept delivery transmit mails package knows reasonable cause believe contains cigarettes smokeless tobacco nonmailable act exempts prohibition cigars mailings states alaska hawaii mailings business purposes legally operating tobacco businesses individuals noncommercial purposes mailings consumer testing manufacturers federal government requires postmaster general issue final rule establish standards requirements applicable tobacco products mailed business purposes requires seizure forfeiture cigarettes smokeless tobacco illegally deposited mails imposes additional civil penalty criminal penalty mailing nonmailable tobacco products establishes criminal civil fines mailing violations shall transferred available postmaster general enforce mailing restrictions cigarettes smokeless tobacco products allows state local government indian tribe obtain appropriate injunctive equitable relief mailing violations civil action district court sec authorizes explosives atf enter business premises delivery sellers inspect records information cigarettes smokeless tobacco stored premises authorizes federal district courts compel inspections imposes civil penalty failure comply inspections sec declares act shall construed affect amend modify specified agreements limitations relating collection taxes related matters cigarettes smokeless tobacco sold indian country inhibit coordination law enforcement states jurisdictions including indian tribes respect interstate sales seizures tobacco products sec makes act effective days enactment provisions authorizing atf enter search business premises section act takes effect date enactment sec declares provision act amendment held invalid remainder act application shall affected sec expresses sense congress act responds unique harms posed online cigarette sales create precedent collection state sales use taxes validity efforts impose types taxes state entities physical presence taxing state


Summary: Home Lead Safety Tax Credit Act of 2009 - Amends the Internal Revenue Code to allow a tax credit for 50 percent of the costs of reducing lead hazards in U.S. homes built before 1960 in which certain low-income children less than six years of age and women of child-bearing age reside. Allows a maximum credit of $3,000 for lead abatement costs and $1,000 for the cost of interim lead control measures.

home lead safety tax credit act amends internal revenue code allow tax credit percent costs reducing lead hazards homes built certain low income children years age women child bearing age reside allows maximum credit lead abatement costs cost interim lead control measures


Summary: Good Samaritan Hunger Relief Tax Incentive Extension Act of 2009 - Amends the Internal Revenue Code to: (1) modify the tax deduction for charitable contributions of food inventory by limiting the reduction in such deduction to the amount by which the fair market valuation of the contributed food exceeds twice the basis of such food; and (2) make such deduction permanent.

good samaritan hunger amends internal revenue code modify tax deduction charitable contributions food inventory limiting reduction deduction fair market valuation contributed food exceeds twice basis food deduction permanent


Summary: Want Not, Waste Not Act - Rescinds any amounts rejected by the governor of a state or a local government from amounts apportioned to that state under Public Law 111-5 (American Recovery and Reinvestment Act of 2009). Declares that the purpose of this Act is to ensure that such rejected stimulus funding is returned to the U.S. Treasury to reduce the national debt to be inherited by future generations.

want waste act rescinds amounts rejected governor state local government amounts apportioned state public law american_recovery_and_reinvestment_act declares purpose act ensure rejected stimulus funding returned reduce national debt future generations


Summary: Close the SILO/LILO Loophole Act of 2009 - Amends the Internal Revenue Code to: (1) impose a 100% excise tax on any income or benefits received from a SILO (sale-in/lease-out) or LILO (lease-in/lease-out) transaction involving a financial institution and a public entity; and (2) deny a tax deduction for attorney fees or other costs incurred by a party to a SILO or LILO transaction seeking to enforce the terms of such transaction.

close loophole act amends internal revenue code impose excise tax income benefits received sale lease lease lease transaction involving financial institution public entity deny tax deduction attorney fees costs incurred party transaction seeking enforce terms transaction


Summary: Civil Rights Tax Relief Act of 2009 - Amends the Internal Revenue Code to allow: (1) an exclusion from gross income for amounts received (either backpay or frontpay or punitive damages) on account of an unlawful discrimination claim; (2) income averaging for backpay and frontpay amounts received from such claims, and (3) an exemption from the alternative minimum tax (AMT) for any tax benefit resulting from the income averaging of amounts received from an unlawful discrimination claim.

civil rights tax relief act amends internal revenue code allow exclusion gross income amounts received backpay punitive damages account unlawful discrimination claim income averaging backpay amounts received claims exemption alternative minimum tax amt tax benefit resulting income averaging amounts received unlawful discrimination claim


Summary: Hurricane and Tornado Mitigation Investment Act of 2009 - Amends the Internal Revenue Code to allow individual and business taxpayers a tax credit for 25% of their qualified hurricane and tornado mitigation property expenditures up to $5,000 for any taxable year. Defines such expenditures as expenditures in a dwelling unit to improve the strength of a roof deck attachment, create a secondary water barrier, improve the durability of a roof covering, brace gable-end walls, reinforce the connections between a roof and supporting wall, protect against windborne debris, or protect exterior doors and garages.

hurricane tornado mitigation investment act amends internal revenue code allow individual business taxpayers tax credit qualified hurricane tornado mitigation property expenditures taxable year defines expenditures expenditures dwelling unit improve strength roof deck attachment create secondary water barrier improve durability roof covering end walls connections roof supporting wall protect debris protect exterior doors


Summary: Motorsports Fairness and Permanency Act - Amends the Internal Revenue Code to make permanent the classification, for depreciation purposes, of any motorsports entertainment complex as seven-year property.

motorsports fairness internal revenue code permanent classification depreciation purposes motorsports entertainment complex seven year property


Summary: Elimination of Double Subsidies for the Hardrock Mining Industry Act of 2009 - Amends the Internal Revenue Code to disallow the percentage depletion allowance for hardrock mines located on land currently subject to the general mining laws, or on land patented under such laws. Establishes in the Treasury the Abandoned Mine Reclamation Trust Fund. Appropriates to such Fund amounts equal to 50% of the additional revenues received due to the disallowance of the depletion allowance for hardrock mines by this Act. Prescribes guidelines under which such Fund shall be available to the Secretary of the Interior for reclamation and restoration of lands and water resources adversely affected by mineral and mineral material mining (excluding coal and fluid minerals).

amends internal revenue code disallow percentage depletion allowance hardrock mines located land currently subject general mining laws land patented laws establishes treasury appropriates fund amounts equal additional revenues received disallowance depletion allowance hardrock mines act prescribes guidelines fund shall available secretary interior reclamation restoration lands water resources adversely affected mineral mineral material mining excluding coal fluid minerals


Summary: New Markets Tax Credit Extension Act of 2009 - Amends the Internal Revenue Code to: (1) extend the new markets tax credit through 2014; (2) provide for an inflation adjustment to the limitation amount for such credit after 2009; and (3) allow an offset against the alternative minimum tax (AMT) for such credit.

new_markets_tax_credit_extension_act amends internal revenue code extend new markets tax credit provide inflation adjustment limitation credit allow offset alternative minimum tax amt credit