Summary: Family Farm, Small Business, and Home Tax Relief Act - Amends the Internal Revenue Code to: (1) accelerate from 2009 to 2008 the $3.5 million unified estate tax credit and adjust such credit amount for inflation in calendar years after 2008; (2) reduce the maximum estate tax rate from 49 to 43% in 2008; (3) restore and increase to $8 million the estate tax deduction for family-owned business interests and adjust such deduction amount for inflation after 2008; (4) accelerate from 2010 to 2008 the repeal of the tax on generation-skipping transfers; and (5) allow an exclusion, in calculating the gross estate for estate tax purposes, of the adjusted value of a decedent's principal residence, up to $2 million.

home tax relief act amends internal revenue code accelerate million unified estate tax credit adjust credit inflation calendar years reduce maximum estate tax rate restore increase million estate tax deduction family owned business interests adjust deduction inflation accelerate repeal tax generation skipping transfers allow exclusion calculating gross estate estate tax purposes adjusted value decedent principal residence million


Summary: Amends the Internal Revenue Code to extend through 2009: (1) the taxpayer election to expense certain environmental remediation costs; (2) the energy efficient appliance tax credit; and (3) the tax deduction for certain expenses of elementary and secondary school teachers. Increases the maximum allowable amount of such deduction to $500.

amends internal revenue code extend taxpayer election expense certain environmental remediation costs energy efficient appliance tax credit tax deduction certain expenses elementary secondary school teachers increases maximum allowable deduction


Summary: Healthy Families and Dedicated Teachers Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) extend through 2013 the tax credit for residential energy efficient property expenditures; (2) extend through 2012 the tax deductions for expenses of elementary and secondary school educators and qualified tuition and related expenses; (3) make permanent the tax deduction for state and local general sales taxes; and (4) make permanent the exemption from tax penalties for premature retirement plan distributions for charitable purposes.

amends internal revenue code extend tax credit residential energy efficient property expenditures extend tax deductions expenses elementary secondary school educators qualified tuition related expenses permanent tax deduction state local general sales taxes permanent exemption tax penalties premature retirement plan distributions charitable purposes


Summary: Amends the Internal Revenue Code to exempt donations of motor vehicles to charities from the limitations and substantiation requirements applicable to such donations if: (1) the employees of the charity are solely responsible for, and perform substantially all of the services for, the daily operations of the charity's vehicle donation program; (2) the charity does not regularly use the property or services of a third party in carrying out its vehicle donation program; and (3) not more than 20% of the annual net proceeds from the sale of donated motor vehicles is paid to third parties for services used by the charity's vehicle donation program.

amends internal revenue code exempt donations motor vehicles charities limitations substantiation requirements applicable donations employees charity solely responsible perform substantially services daily operations charity vehicle donation program charity regularly use property services party carrying vehicle donation program annual net proceeds sale donated motor vehicles paid parties services charity vehicle donation program


Summary: Amends the Internal Revenue Code to: (1) allow a 15-year recovery period for depreciation of designated low-income buildings eligible for the low-income housing tax credit; and (2) waive limitations on passive activity losses and credits for such buildings.

amends internal revenue code allow year recovery period depreciation designated low income buildings eligible low income housing tax credit waive limitations passive activity losses credits buildings


Summary: Homeowners Exemption Update Act of 2007 - Amends the Internal Revenue Code to increase to $500,000 the amount of gain from the sale or exchange of a principal residence that may be excluded from gross income for income tax purposes. Allows a $1 million exclusion for married taxpayers filing a joint tax return who meet certain residential use and ownership requirements.

homeowners exemption update act amends internal revenue code increase gain sale exchange principal residence excluded gross income income tax purposes allows million exclusion married taxpayers filing joint tax return meet certain residential use ownership requirements


Summary: Lifetime Pension Annuity for You Act of 2007 - Amends the Internal Revenue Code to: (1) allow an exclusion from gross income for up to 50% of lifetime income payments from certain annuity contracts; (2) exclude longevity insurance benefits from employee benefit plan minimum distribution requirements; and (3) allow a tax exclusion for amounts received as an annuity under any portion of an annuity, endowment, or life insurance contract.

amends internal revenue code allow exclusion gross income lifetime income payments certain annuity contracts exclude longevity insurance benefits employee benefit plan minimum distribution requirements allow tax exclusion amounts received annuity portion annuity endowment life insurance contract


Summary: Simplified USA Tax Act of 2007 - Repeals, after 2006, income tax and estate and gift tax provisions of the Internal Revenue Code of 1986. Replaces such Code with a new tax system, to be known as the Simplified USA Tax. Establishes three income tax brackets at 15, 25, and 30% for individual taxpayers. Redefines "gross income" and allows certain exclusions from gross income, including previously-taxed benefits, tax-exempt bond interest, compensation for injuries and sickness, and gain from the sale of a principal residence. Allows tax deductions for alimony and child support, home mortgage interest, certain higher education expenses, and charitable contributions. Allows a tax credit for employee social security payroll taxes.Revises rules for Roth individual retirement accounts (Roth IRAs) to allow taxpayers to make contributions up to the amount of their adjusted gross income. Allows tax-free withdrawals from Roth IRA for any purpose after five years. Establishes new rules for deductible IRAs, annuities, and endowment and life insurance contracts. Revises tax rules for business entities to: (1) establish an 8% tax rate for the first $150,000 of gross profit (12% for profit in excess of $150,000); (2) allow a tax credit for social security payroll taxes; (3) exempt from taxation all export sales income and other foreign-source income; and (4) establish new tax rules for tax-exempt organizations and certain financial institutions.

simplified usa tax act repeals income tax estate gift tax provisions internal_revenue_code replaces code new tax system known establishes income tax brackets individual taxpayers redefines gross income allows certain exclusions gross income including previously taxed benefits tax exempt bond interest compensation injuries gain sale principal residence allows tax deductions child support home mortgage interest certain higher education expenses charitable contributions allows tax credit employee social security payroll taxes revises rules roth individual retirement accounts roth iras allow taxpayers contributions adjusted gross income allows tax free withdrawals roth ira purpose years establishes new rules deductible iras annuities endowment life insurance contracts revises tax rules business entities establish tax rate gross profit profit excess allow tax credit social security payroll taxes exempt taxation export sales income foreign source income establish new tax rules tax exempt organizations certain financial institutions


Summary: Child Care Affordability Act of 2007 - Amends the Internal Revenue Code to: (1) allow a tax deduction for expenses paid for household and dependent care services necessary for gainful employment; (2) increase the dollar limitation on the tax credit for such expenses; (3) provide for an inflation adjustment after 2008 to the dollar amounts for such tax deduction and tax credit; and (4) make such tax credit refundable.

child care affordability act amends internal revenue code allow tax deduction expenses paid household dependent care services necessary gainful employment increase dollar limitation tax credit expenses provide inflation adjustment dollar amounts tax deduction tax credit tax credit refundable


Summary: Amends the Internal Revenue Code to: (1) restore the tax on estates and generation-skipping transfers; (2) repeal the termination of provisions allowing a step-up in basis for property transferred by a decedent; and (3) increase the estate tax exclusion amount to $3.5 million, with an annual inflation adjustment to such amount beginning in 2008.

amends internal revenue code restore tax estates generation skipping transfers repeal termination provisions allowing step basis property transferred decedent increase estate tax exclusion million annual inflation adjustment beginning


Summary: Tax Technical Corrections Act of 2007 - Makes technical and clerical corrections to the Internal Revenue Code, including corrections to provisions enacted by: (1) the Tax Relief and Health Care Act of 2006; (2) the Pension Protection Act of 2006; (3) the Tax Increase Prevention and Reconciliation Act of 2005; (4) the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users; (5) the Energy Policy Act of 2005; (6) the American Jobs Creation Act of 2004; (7) the Jobs and Growth Tax Relief Reconciliation Act of 2003; (8) the Economic Growth and Tax Relief Reconciliation Act of 2001; (9) the Tax Relief Extension Act of 1999; and (10) the Internal Revenue Service Restructuring and Reform Act of 1998.

tax technical corrections act makes technical clerical corrections internal_revenue_code including corrections provisions enacted tax relief health care act pension protection act tax increase prevention reconciliation act safe accountable flexible efficient transportation equity act legacy users energy policy act american_jobs_creation_act jobs growth tax relief reconciliation act tax relief extension act internal_revenue_service_restructuring reform_act


Summary: Amends the Internal Revenue Code and title II (Old Age, Survivors, and Disability Insurance Benefits) of the Social Security Act to revise the optional method of computing the net earnings of self-employed individuals for purposes of determining social security benefit eligibility. Replaces the numerical formula for determining benefit eligibility with an indexed calculation based on a lower limit (the amount required under the Social Security Act for a quarter of coverage) and an upper limit (150 percent of the lower limit).

amends internal revenue code title old age survivors disability_insurance benefits social security act revise optional method computing net earnings self employed individuals purposes determining social security benefit eligibility replaces numerical formula determining benefit eligibility indexed calculation based lower limit required social security act quarter coverage upper limit percent lower limit


Summary: Estate Tax Reduction Act of 2007 - Repeals provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 that eliminate the estate and generation-skipping transfer taxes and the basis rules for property acquired from a decedent after December 31, 2009 (thus restoring such taxes and rules). Amends the Internal Revenue Code to: (1) reduce to 39.2% the maximum estate tax rate; (2) increase to $3 million the unified credit against the estate tax; and (3) provide for an inflation adjustment to the increased credit amount after 2007.

repeals provisions economic_growth_and_tax_relief_reconciliation_act eliminate estate generation skipping transfer taxes basis rules property acquired decedent december restoring taxes rules amends internal revenue code reduce maximum estate tax rate increase million unified credit estate tax provide inflation adjustment increased credit


Summary: Certain and Immediate Estate Tax Relief Act of 2007 - Restores the tax on estates and generation-skipping transfers and the step-up in basis provisions for property acquired from a decedent, previously repealed by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Declares that the sunset provision (general terminating date of December 10, 2010) of EGTRRA shall not apply to title V of such Act ( Estate, Gift, and Generation-Skipping Transfer Tax Provisions). Amends the Internal Revenue Code to: (1) provide for an immediate increase to $3 million of the estate tax exclusion (eliminating the phase-in period) with a permanent exclusion of $3.5 million amount after 2009; (2) impose a maximum estate tax rate of 47 percent; (3) restore the phaseout of graduated estate tax rates and the unified credit against the estate tax; (4) set forth estate valuation rules for certain transfers of nonbusiness assets; and (5) limit estate tax discounts for certain individuals with minority interests in a business acquired from a decedent.

certain restores tax estates generation skipping transfers step basis provisions property acquired decedent previously repealed economic_growth_and_tax_relief_reconciliation_act egtrra declares sunset provision general terminating date december egtrra shall apply title act estate gift generation-skipping_transfer_tax_provisions amends internal revenue code provide immediate increase million estate tax exclusion eliminating phase period permanent exclusion million impose maximum estate tax rate percent restore phaseout graduated estate tax rates unified credit estate tax set forth estate valuation rules certain transfers nonbusiness assets limit estate tax discounts certain individuals minority interests business acquired decedent


Summary: Clean Stove Act of 2007 - Amends the Internal Revenue Code to allow individual taxpayers a tax credit, up to $500, for the cost of replacing a residential wood stove with: (1) a wood-burning stove that complies with current Environmental Protection Agency (EPA) standards; and (2) a pellet or corn burning stove. Terminates such credit after 2010.

clean stove act amends internal revenue code allow individual taxpayers tax credit cost replacing residential wood stove wood burning stove complies current environmental_protection_agency epa standards pellet corn burning stove terminates credit


Summary: Fair Taxes for Seniors Act of 2007 - Amends the Internal Revenue Code to provide a one-time increase (from $250,000 to $500,000, or from $500,000 to $1 million for married taxpayers filing joint returns) in the exclusion of gain from the sale of a principal residence by a taxpayer who has attained the age of 50 before such sale. Provides that in the case of a joint return, only one spouse need satisfy the age requirement.

amends internal revenue code provide time increase million married taxpayers filing joint returns exclusion gain sale principal residence taxpayer attained age sale provides case joint return spouse need satisfy age requirement


Summary: Amends the Internal Revenue Code to allow all individual taxpayers to deduct from gross income state, local, and foreign real property taxes whether or not such taxpayers itemize their tax deductions.

amends internal revenue code allow individual taxpayers deduct gross income state local foreign real property taxes taxpayers itemize tax deductions


Summary: Amends the Internal Revenue Code to modify the standards for imposing penalties on tax return preparers for understatements of tax to require: (1) substantial authority for a position with respect to an item on a tax return if such position was not disclosed with the return; and (2) a reasonable basis for a position which was disclosed with the return. Requires tax return preparers to have a reasonable belief that a position with respect to a tax shelter or a reportable transaction (a transaction having a potential for tax avoidance or evasion) will more likely than not be sustained on its merits.

amends internal revenue code modify standards imposing penalties tax return preparers understatements tax require substantial authority position respect item tax return position disclosed return reasonable basis position disclosed return requires tax return preparers reasonable belief position respect tax shelter reportable transaction transaction having potential tax avoidance evasion likely sustained merits


Summary: AMT Relief Act of 2007 - Title I: Individual Tax Relief - (Sec. 101) Amends the Internal Revenue Code to extend through 2007 for individual taxpayers: (1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liability; and (2) the increased AMT exemption amounts.(Sec. 103) Increases the AMT refundable credit amount for individual taxpayers with long-term unused tax credits in prior taxable years. Abates any underpayment of tax and related interest and penalties attributable to the application of special AMT rules for the treatment of incentive stock options.(Sec. 104) Lowers in 2008 (from $10,000 to $8,500) the earned income threshold amount for determining the refundable portion of the child tax credit.Title II: Revenue Provisions - Subtitle A: Nonqualified Deferred Compensation From Certain Tax Indifferent Parties - (Sec. 201) Requires the inclusion in gross income for income tax purposes of employee compensation deferred under a nonqualified deferred compensation plan of a nonqualified entity when there is no substantial risk of forfeiture of the rights to such compensation. Defines "nonqualified entity" as any foreign corporation unless substantially all of its income is: (1) effectively connected with a trade or business in the United States; or (2) subject to a comprehensive foreign income tax. Includes certain partnerships within such definition.Subtitle B: Codification of Economic Substance Doctrine - (Sec. 211) Sets forth rules and definitions for the application of the economic substance doctrine to transactions affecting tax liability. Deems a transaction as having economic substance only if: (1) the transaction changes in a meaningful way (apart from federal income tax effects) the taxpayer's economic position; and (2) the taxpayer has a substantial purpose for entering into such transaction. Requires the Secretary of the Treasury to prescribe regulations on economic substance.(Sec. 212) Imposes a penalty of 40% of any underpayment of tax attributable to nondisclosed noneconomic substance transactions. Sets forth a special rule for reductions of underpayment amounts subject to a tax penalty for corporations with gross receipts of more than $100 million.Subtitle C: Other Provisions - (Sec. 221) Delays until 2018 the application of special rules for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit. (Sec. 222) Increases the penalty for failure to file a partnership tax return and extends from five to 12 the number of months in which such penalty may be imposed.(Sec. 223) Imposes an additional penalty on S corporations for failure to file required tax returns.(Sec. 224) Increases the minimum penalty for failure to file an individual income tax return.(Sec. 225) Amends the Tax Increase Prevention and Reconciliation Act of 2005 to increase the estimated tax payment due in the third quarter of 2012 for corporations with assets of at least $1 billion.

amt relief_act title individual tax relief sec amends internal revenue code extend individual taxpayers offset nonrefundable personal tax credits regular alternative minimum tax amt liability increased amt exemption increases amt refundable credit individual taxpayers long term unused tax credits prior taxable years underpayment tax related interest penalties attributable application special amt rules treatment incentive stock lowers earned income threshold determining refundable portion child tax credit title revenue provisions subtitle nonqualified deferred compensation certain tax parties sec requires inclusion gross income income tax purposes employee compensation deferred nonqualified deferred compensation plan nonqualified entity substantial risk forfeiture rights compensation defines nonqualified entity foreign corporation substantially income effectively connected trade business united_states subject comprehensive foreign income tax includes certain partnerships definition subtitle sec sets forth rules definitions application economic substance doctrine transactions affecting tax liability deems transaction having economic substance transaction changes meaningful way apart federal income tax effects taxpayer economic position taxpayer substantial purpose entering transaction requires secretary treasury prescribe regulations economic imposes penalty underpayment tax attributable noneconomic substance transactions sets forth special rule reductions underpayment amounts subject tax penalty corporations gross receipts million subtitle provisions sec delays application special rules worldwide allocation interest purposes computing limitation foreign tax credit sec increases penalty failure file partnership tax return extends number months penalty imposes additional penalty corporations failure file required tax increases minimum penalty failure file individual income tax amends tax_increase_prevention_and_reconciliation_act increase estimated tax payment quarter corporations assets billion


Summary: Amends the Internal Revenue Code to provide for accelerated depreciation of certain energy-efficient heating, ventilation, air conditioning, or commercial refrigeration property installed in nonresidential real property or residential rental property and placed in service before January 1, 2012.

amends internal revenue code provide accelerated depreciation certain energy efficient heating ventilation air conditioning commercial refrigeration property installed nonresidential real property residential rental property placed service january


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. Provides for an inflation adjustment to such increased amount after 2008.

amends internal revenue code increase limit deductibility losses sale exchange capital assets individual taxpayers provides inflation adjustment increased


Summary: Working American Competitiveness Act - Amends the Internal Revenue Code to allow a taxpayers to elect to exclude from gross income, without limitation, earned income (i.e., income for services performed) from sources within a foreign country.

allow taxpayers elect exclude gross income limitation earned income income services performed sources foreign country


Summary: Tax Technical Corrections Act of 2007 - Makes technical amendments and clerical corrections to the Internal Revenue Code, including corrections to provisions enacted by: (1) the Tax Relief and Health Care Act of 2006; (2) the Pension Protection Act of 2006; (3) the Tax Increase Prevention and Reconciliation Act of 2005; (4) the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users; (5) the Energy Policy Act of 2005; (6) the American Jobs Creation Act of 2004; (7) the Economic Growth and Tax Relief Reconciliation Act of 2001; (8) the Tax Relief Extension Act of 1999; and (9) the Internal Revenue Service Restructuring and Reform Act of 1998. Makes the amendments made by this Act effective as of the effective date of the Acts to which they relate.(Sec. 2) Revises the formula for calculating the alternative minimum tax (AMT) refundable credit amount.(Sec. 3) Revises and expands the exclusion from gross income for distributions from individual retirement accounts (IRAs) made for charitable purposes. Revises the basis rule for contributions of appreciated property by an S corporation. Modifies criteria for charitable contributions of property to tax-exempt organizations to require officers of such organizations to certify that the organization's use of such property was substantial. Eliminates special valuation rules for estate and gift tax purposes. Applies certain tax penalties for substantial and gross valuation misstatements to estates and gifts. Provides for the inclusion of capital gains from appreciation in the tax base of private foundation net investment income. Requires the Internal Revenue Service (IRS) to make public certain tax information relating to the unrelated business income of tax-exempt organizations.(Sec. 4) Revises the tax treatment of dividends, interest, rents, and royalties received by a controlled foreign corporation from a related entity that creates or increases a deficit in subpart F income.Modifies rules for the foreign tax credit relating to the definition of active business income and the tentative minimum tax on nonexcluded income.(Sec. 5) Modifies rules for filing excise tax refund claims for alternative fuel mixtures and the definition of alternative fuels relating to hydrogen and carbon resources.(Sec. 6) Modifies provisions relating to the authority of the Secretary of the Treasury to allocate amounts under the tax credit for production of electricity from nuclear power facilities.Revises definitions relating to qualified alternative fuel refueling property for purposes of the tax credit for investment in such property.Limits the type of energy research eligible for the tax credit for increasing research activities. Permits a refund in the amount of the Leaking Underground Storage Tank Trust Fund financing rate of additional taxes imposed from the use of dyed fuel. Makes such financing rate applicable to off-highway business use of gasoline. (Sec. 7) Removes certain restrictions relating to basis reduction and deductibility for the tax credit for production of low sulfur diesel fuel.Eliminates the requirement that open-loop biomass be segregated from other waste material in order to be eligible for the tax credit for producing electricity from renewable resources.Eliminates certain restrictions on tax-exempt use property.Provides additional rules for the treatment of losses on positions in identified straddles (i.e., offsetting positions in actively traded personal property).(Sec. 8) Applies certain tax rules relating to deferral limits and social security taxes for Roth IRA contributions.(Sec. 9) Qualifies certain wind energy facilities placed in service prior to June 30, 1999, for the tax credit for producing electricity from renewable resources.Revises the definition of "lodging facility" for purposes of tax rules relating to real estate investment trusts (REITs).(Sec. 10) Authorizes redactions to background documents (to the extent permitted by law) used by the Office of the IRS Chief Counsel to provide tax advice or information.

tax technical corrections act makes technical amendments clerical corrections internal_revenue_code including corrections provisions enacted tax relief health care act pension protection act tax increase prevention reconciliation act safe accountable flexible efficient transportation equity act legacy users energy policy act american_jobs_creation_act economic growth tax relief reconciliation act internal_revenue_service_restructuring reform_act makes amendments act effective effective date acts revises formula calculating alternative minimum tax amt refundable credit revises expands exclusion gross income distributions individual retirement accounts iras charitable purposes revises basis rule contributions appreciated property corporation modifies criteria charitable contributions property tax exempt organizations require officers organizations certify organization use property substantial eliminates special valuation rules estate gift tax purposes applies certain tax penalties substantial gross valuation estates gifts provides inclusion capital gains appreciation tax base private foundation net investment income requires internal_revenue_service irs public certain tax information relating unrelated business income tax exempt revises tax treatment dividends interest rents royalties received controlled foreign corporation related entity creates increases deficit subpart income modifies rules foreign tax credit relating definition active business income tentative minimum tax modifies rules filing excise tax refund claims alternative fuel mixtures definition alternative fuels relating hydrogen carbon modifies provisions relating authority secretary treasury allocate amounts tax credit production electricity nuclear power facilities revises definitions relating qualified alternative fuel refueling property purposes tax credit investment property limits type energy research eligible tax credit increasing research activities permits refund financing rate additional taxes imposed use dyed fuel makes financing rate applicable highway business use gasoline sec removes certain restrictions relating basis reduction deductibility tax credit production low sulfur diesel fuel eliminates requirement open loop biomass segregated waste material order eligible tax credit producing electricity renewable resources eliminates certain restrictions tax exempt use property provides additional rules treatment losses positions identified offsetting positions actively traded personal applies certain tax rules relating deferral limits social security taxes qualifies certain wind energy facilities placed service prior june tax credit producing electricity renewable resources revises definition lodging facility purposes tax rules relating real estate investment trusts authorizes redactions background documents extent permitted law chief counsel provide tax advice information


Summary: Amends the Internal Revenue Code to allow individual taxpayers an exclusion from gross income for overtime pay.

amends internal revenue code allow individual taxpayers exclusion gross income overtime pay


Summary: Amends the Internal Revenue Code to set forth rules for the treatment of income, loss, and distributions relating to a prepaid derivative contract. Defines "prepaid derivative contract" as any prepaid contract with a term longer than one year from the date of issue which is a derivative financial instrument with respect to any security, commodity, or financial index.

amends internal revenue code set forth rules treatment income loss distributions relating prepaid derivative contract defines prepaid derivative contract prepaid contract term longer year date issue derivative financial instrument respect security commodity financial index


Summary: Middle Class Jobs Protection Act of 2008 - Amends the Internal Revenue Code to: (1) reduce the maximum corporate income tax rate to 25%; (2) increase the expensing allowance for depreciable business assets to $250,000 in 2008 and 2009; (3) increase to 50% the current year bonus depreciation allowance for certain property placed in service in 2008 and 2009; and (4) allow additional carrybacks for certain net operating losses and for excess business and foreign tax credit amounts arising in 2008 and 2009.

middle class jobs protection act amends internal revenue code reduce maximum corporate income tax rate increase expensing allowance depreciable business assets increase current year bonus depreciation allowance certain property placed service allow additional carrybacks certain net operating losses excess business foreign tax credit amounts arising


Summary: Stealth Tax Relief Extension Act of 2008 - Amends the Internal Revenue Code to: (1) increase the exemption from the alternative minimum tax for individual taxpayers in 2008; and (2) extend through 2008 the allowance of certain nonrefundable tax credits against alternative minimum tax liability.

tax relief extension act amends internal revenue code increase exemption alternative minimum tax individual taxpayers extend allowance certain nonrefundable tax credits alternative minimum tax liability


Summary: Amends the Internal Revenue Code to to eliminate the phasein of the tax deduction for income attributable to domestic production activities and permit the full 9% deduction amount for taxable years beginning after 2007.

amends internal revenue code eliminate tax deduction income attributable domestic production activities permit deduction taxable years beginning


Summary: Tire Investment, Recovery and Extension Act of 2007 [sic]or the TIRE Act of 2007 [sic] - Amends the Internal Revenue Code to allow taxpayers who regularly use more than 100 vehicles a year in a trade or business (vehicle fleet operators) a tax credit for the purchase of new or retread tires made from recycled rubber.

tire investment recovery extension act tire act sic amends internal revenue code allow taxpayers regularly use vehicles year trade business vehicle fleet operators tax credit purchase new tires recycled rubber


Summary: Fair and Simple Tax Act of 2008 - Amends the Internal Revenue Code to: (1) establish an alternative income tax rate system with three tax brackets (10, 15, and 30%); (2) repeal the estate and gift tax; (3) adjust the increased alternative minimum tax (AMT) exemption amounts for inflation after 2007 and make such exemptions permanent; (4) reduce the maximum corporate income tax rate to 25%; (5) reduce the maximum tax rate on capital gains to 10%; (6) allow an inflation adjustment to the basis of capital assets for purposes of determining gain or loss; (7) establish new tax-exempt accounts for retirement savings, lifetime savings, and lifetime skills accounts; (8) exempt individuals under age 65 who do not have employer health care coverage from the adjusted gross income threshold for the medical care tax deduction; and (9) make permanent the tax credit for increasing research activities.Repeals the terminating dates applicable to provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003.

fair simple tax act amends internal revenue code establish alternative income tax rate system tax brackets repeal estate gift tax adjust increased alternative minimum tax amt exemption amounts inflation exemptions permanent reduce maximum corporate income tax rate reduce maximum tax rate capital gains allow inflation adjustment basis capital assets purposes determining gain loss establish new tax exempt accounts retirement savings lifetime savings lifetime skills accounts exempt individuals age employer health care coverage adjusted gross income threshold medical care tax deduction permanent tax credit increasing research activities repeals terminating dates applicable provisions economic_growth_and_tax_relief_reconciliation_act jobs_and_growth_tax_relief_reconciliation_act


Summary: Giving Resources and Opportunities to the Workforce Act of 2008 - Amends the Internal Revenue Code to: (1) allow a five-year carryback for net operating losses incurred in 2007, 2008, or 2009; and (2) increase to $250,000 in 2008 the expensing allowance for certain depreciable business assets.

workforce act amends internal revenue code allow year carryback net operating losses incurred increase expensing allowance certain depreciable business assets


Summary: Economic Growth Act of 2008 - Amends the Internal Revenue Code to: (1) repeal the dollar and other limitations on the expensing allowance of depreciable business assets; (2) reduce to 25% the maximum corporate income tax rate; (3) provide for an inflation adjustment to the basis of certain capital assets for purposes of determining gain or loss; and (4) reduce from 35 to 15% the alternative capital gains tax rate for corporations.

economic growth act amends internal revenue code repeal dollar limitations expensing allowance depreciable business assets reduce maximum corporate income tax rate provide inflation adjustment basis certain capital assets purposes determining gain loss reduce alternative capital gains tax rate corporations


Summary: Family Security and Small Business Stimulus Act of 2008 - Amends the Internal Revenue Code to: (1) allow a reduced 5% income tax rate on taxable income for low-income taxpayers; (2) allow an advance refund in 2008 for the reduction in the tax rate; and (3) increase to $375,000 between 2008 and 2010 the expensing allowance for small business depreciable assets.

amends internal revenue code allow reduced income tax rate taxable income low income taxpayers allow advance refund reduction tax rate increase expensing allowance small business depreciable assets


Summary: Beginning Farmers and Ranchers Act of 2007 [sic] - Amends the Internal Revenue Code to exclude from gross income 100% of the gain, up to $500,000, from the sale of qualified farm property to a first-time farmer who certifies that such property will be used for farming purposes for 10 years. Allows: (1) a 50% exclusion for the sale of qualified farm property to any other person who certifies that such property will be used for farming purposes for 10 years; and (2) a 25% exclusion for the sale of qualified farm property to any other person for any other use. Defines "qualified farm property" as real property located in the United States which is used for farming purposes for a specified three-year period and in which there was material participation by the taxpayer or the taxpayer's spouse or family member. Requires the recapture of tax benefits if qualified farm property is sold or ceases operation as a farm before the required 10-year period.

ranchers act sic amends internal revenue code exclude gross income gain sale qualified farm property time farmer certifies property farming purposes years allows exclusion sale qualified farm property person certifies property farming purposes years exclusion sale qualified farm property person use defines qualified farm property real property located united_states farming purposes specified year period material participation taxpayer taxpayer spouse family member requires recapture tax benefits qualified farm property sold ceases operation farm required year period


Summary: Job Creation Economic Stimulus Act of 2008 - Amends the Internal Revenue Code to allow the expensing of the cost of certain high productivity property placed in service in 2008, including computer and computer-related peripheral equipment, electronic equipment, software, high technology medical equipment, and advanced environmental and life science products.Allow a 50% depreciation allowance for certain business equipment acquired in 2008. Exempts acclerated depreciation amounts related to properties placed in service in 2008 or 2009 from adjustments in computing alternative minimum taxable income. Allows an offset in 2008 against the alternative minimum tax liability of corporations for their long-term unused tax credits.

job creation economic stimulus act amends internal revenue code allow expensing cost certain high productivity property placed service including computer computer related peripheral equipment electronic equipment software high technology medical equipment advanced environmental life science products allow depreciation allowance certain business equipment acquired exempts depreciation amounts related properties placed service adjustments computing alternative minimum taxable income allows offset alternative minimum tax liability corporations long term unused tax credits


Summary: Family Economic Stimulus Act of 2008 - Amends the Internal Revenue Code to: (1) exclude unemployment compensation from gross income in 2007 and 2008; (2) increase the child tax credit to $1,200 in 2008; (3) allow individual taxpayers a $400 tax rebate ($800 in the case of a joint return) in 2008; (4) extend unemployment insurance benefits; and (5) require states to distribute to unemployed individuals information about unemployment insurance eligibility conditions.

family economic stimulus act amends internal revenue code exclude unemployment compensation gross income increase child tax credit allow individual taxpayers tax rebate case joint return extend unemployment insurance benefits require states distribute unemployed individuals information unemployment insurance eligibility conditions


Summary: Amends the Internal Revenue Code to increase the amount of the child tax credit to $1,300 in 2008 and provide for the advance payment of such credit to eligible taxpayers prior to October 1, 2008.

amends internal revenue code increase child tax credit provide advance payment credit eligible taxpayers prior october


Summary: Grow American Investment Now Jobs Act of 2008 - Amends the Internal Revenue Code to reduce the maximum income tax rate on corporations, including personal service corporations, from 35 to 25%.

amends internal revenue code reduce maximum income tax rate corporations including personal service corporations


Summary: Federal Tax Withholding Act of 2008 - Amend the Internal Revenue Code to repeal withholding of tax requirements for income, railroad retirement, and social security taxes. Requires estimated tax payments for social security and railroad retirement taxes.

amend internal revenue code repeal withholding tax requirements income railroad retirement social security taxes requires estimated tax payments social security railroad retirement taxes


Summary: Amends the Internal Revenue Code to make permanent the deduction of state and local general sales taxes.

amends internal revenue code permanent deduction state local general sales taxes


Summary: Universal Economic Stimulus Act of 2008 - Amends the Internal Revenue Code to allow social security or veterans benefits recipients with earned income less than $3,000 a $300 refundable tax credit ($600 for married couples filing a joint tax return) in 2008. Reduces the amount of such credit by 5% of the amount by which the taxpayer's adjusted gross income exceeds $75,000.

universal economic stimulus act amends internal revenue code allow social security veterans benefits recipients earned income refundable tax credit married couples filing joint tax return reduces credit taxpayer adjusted gross income exceeds


Summary: Recycling Investment Saves Energy or the RISE Act - Amends the Internal Revenue Code to allow a first-year tax deduction of 50% of the adjusted basis of qualified reuse and recycling property. Defines "qualified reuse and recycling property" as property placed in service after December 31, 2006, which has a useful life of at least five years and which is used exclusively to collect, distribute, or recycle certain scrap materials.

recycling investment energy rise act amends internal revenue code allow year tax deduction adjusted basis qualified reuse recycling property defines qualified reuse recycling property property placed service december useful life years exclusively collect distribute recycle certain materials


Summary: Tax-Free Gold Act of 2008 - Prohibits the imposition of tax on any coin, medal, token, or gold, silver, platinum, palladium, or rhodium bullion issued by any person or jurisdiction.Prohibits states from assessing any tax or fee on any currency or other monetary instrument that is used in interstate or foreign commerce and that is subject to the enjoyment of legal tender status under the U.S. Constitution.

tax free gold act prohibits imposition tax coin medal gold silver platinum palladium bullion issued person jurisdiction prohibits states assessing tax fee currency monetary instrument interstate foreign commerce subject enjoyment legal tender status constitution


Summary: Modernize Our Bookkeeping In the Law for Employee's Cell Phone Act of 2008 - 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: Amends the Internal Revenue Code to allow individuals who have attained age 60 or are disabled an exemption from income and employment taxes for real property tax abatements received under a state or local program in which such individuals have provided services in exchange for such abatements.

amends internal revenue code allow individuals attained age disabled exemption income employment taxes real property tax received state local program individuals provided services exchange


Summary: Amends the Internal Revenue Code to allow purchasers of a single-family principal residence a one-time tax credit for up to $15,000 of the purchase price. Requires such a residence to be purchased after February 29, 2008, and before March 1, 2009, and that it be: (1) a new previously unoccupied residence for which a building permit has been issued and construction began on or before September 1, 2007; (2) an owner-occupied residence with a mortgage indebtedness in default on or before March 1, 2008; or (3) in foreclosure and owned by the mortgagor or the mortgagor's agent.

amends internal revenue code allow purchasers single family principal residence time tax credit purchase price requires residence purchased february march new previously residence building permit issued construction began september owner occupied residence mortgage indebtedness default march foreclosure owned mortgagor mortgagor agent


Summary: Expanding Tax Assistance Act of 2008 - Amends the Internal Revenue Code to direct the Secretary of the Treasury, subject to available funding, to expand Taxpayer Assistance Centers with the goal of providing at least one Center in each congressional district. Authorizes the use of volunteers and private contractors and grants to accomplish the expansion of such Centers.

expanding tax assistance act amends internal revenue code direct secretary treasury subject available funding expand goal providing center congressional district authorizes use volunteers private contractors grants accomplish expansion centers


Summary: Amends the Internal Revenue Code to eliminate the deadline for beginning construction projects in the Gulf Opportunity (GO) Zone for purposes of bonus depreciation eligibility.

amends internal revenue code eliminate deadline beginning construction projects gulf_opportunity zone purposes bonus depreciation eligibility


Summary: Amends the Internal Revenue Code to allow a tax credit for investment in qualified reclamation property. Defines "qualified reclamation property" as tangible depreciable recycling or remanufacturing property with a useful life of at least five years. Limits the amount of such credit to 20% of the basis (not exceeding $10 million) of qualified reclamation property placed in service during a taxable year.

amends internal revenue code allow tax credit investment qualified reclamation property defines qualified reclamation property tangible depreciable recycling property useful life years limits credit basis exceeding million qualified reclamation property placed service taxable year


Summary: Amends the Internal Revenue Code to allow individual taxpayers a one-time tax credit for up to $10,000 of the cost of a principal residence purchased in the United States within the 12-month period following enactment of this Act. Terminates such credit after 2009.

amends internal revenue code allow individual taxpayers time tax credit cost principal residence purchased united_states month period following enactment act terminates credit


Summary: Middle Class Assistance Act of 2008 - Amends the Internal Revenue Code to: (1) allow a deduction from gross income for state and local real property taxes on the principal residences of taxpayers who elect not to deduct state and local income and general sales taxes (making such deduction available to taxpayers who do not itemize); (2) allow a refundable tax credit, up to $500, for increased home heating oil costs in 2008; and (3) increase and make permanent the tax deduction for qualified tuition and related expenses.

middle class assistance act amends internal revenue code allow deduction gross income state local real property taxes principal residences taxpayers elect deduct state local income general sales taxes making deduction available taxpayers itemize allow refundable tax credit increased home heating oil costs increase permanent tax deduction qualified tuition related expenses


Summary: Volunteer Firefighter/Emergency Medical Service Gas Price Relief Act of 2008 - Amends the Internal Revenue Code to allow volunteers who provide firefighting or emergency medical services a tax deduction for up to $250 of their travel expenses, whether or not such taxpayer itemizes.

price relief act amends internal revenue code allow volunteers provide firefighting emergency medical services tax deduction travel expenses taxpayer itemizes


Summary: Splash and Dash Correction Act of 2008 - Amends the Internal Revenue Code to disallow income and excise tax credits for alcohol and biodiesel used as fuel and other alternative fuels or mixtures unless such fuels are produced in or imported into the United States for consumption.

correction act amends internal revenue code disallow income excise tax credits alcohol biodiesel fuel alternative fuels mixtures fuels produced imported united_states consumption


Summary: Taxpayer Bill of Rights Act of 2008 - Amends the Internal Revenue Code to require the Secretary of the Treasury to publish a summary statement of specified taxpayer rights and obligations.Authorizes the Secretary to: (1) make grants to provide matching funds for qualified return preparation programs that provide volunteer income tax preparation assistance to low-income taxpayers; and (2) refer such taxpayers to taxpayer clinics funded by the federal government. Requires the Secretary to establish a system for regulating and testing federal income tax return preparers.Requires refund loan facilitators to file annual registrations with the Secretary and to make certain disclosures to borrowers about refund anticipation loans.Expands and increases penalties on tax return preparers for understating taxpayer liabilities.Requires the Secretary to furnish to the public the identity of enrolled agents and registered refund loan facilitators.Permits enrolled agents licensed to practice before the Department of the Treasury to use the designation "enrolled agent," "EA," or "E.A."Expresses the sense of Congress that the IRS should provide certain expanded services to taxpayers.Authorizes the Secretary to award demonstration project grants to eligible entitites to provide bank accounts to taxpayers who currently do not have an account with a financial institution.

taxpayer bill rights act amends internal revenue code require secretary treasury publish summary statement specified taxpayer rights obligations authorizes secretary grants provide matching funds qualified return preparation programs provide volunteer income tax preparation assistance low income taxpayers refer taxpayers taxpayer clinics funded federal government requires secretary establish system regulating testing federal income tax return preparers requires refund loan facilitators file annual registrations secretary certain disclosures borrowers refund anticipation loans expands increases penalties tax return preparers taxpayer liabilities requires secretary furnish public identity enrolled agents registered refund loan facilitators permits enrolled agents licensed practice department_of_the_treasury use designation enrolled agent sense congress irs provide certain expanded services taxpayers authorizes secretary award demonstration project grants eligible provide bank accounts taxpayers currently account financial institution


Summary: Taxpayer Assistance and Simplification Act of 2008 - (Sec. 2) Amends the Internal Revenue Code to modify the standards for imposing penalties on tax return preparers for understatements of tax to require: (1) substantial authority for a position with respect to an item on a tax return if such position was not disclosed with the return; and (2) a reasonable basis for a position that was disclosed with the return. Requires tax return preparers to have a reasonable belief that a position with respect to a tax shelter or a reportable transaction (a transaction having a potential for tax avoidance or evasion) will more likely than not be sustained on its merits.(Sec. 3) Removes certain limitations on the tax deduction for employee use of cellular telephones.(Sec. 4) Delays until 2012 the 3% withholding requirement on government payments to contractors providing goods and services.(Sec. 5) Exempts recipients of home care services under federally-assisted state or local government home care programs for the elderly or disabled from payment of employment taxes for amounts paid to service providers. Imposes liability for payment of such taxes on the fiscal administrators of such programs. (Sec. 6) Allows officers and employees of the Department of the Treasury to refer taxpayers for advice and assistance to federally-funded low-income taxpayer clinics. (Sec. 7) Authorizes the Secretary of the Treasury to make grants to provide matching funds for volunteer income tax assistance programs. Increases to $10 million the annual amount the Secretary may allocate for grants to such programs.(Sec. 8) Requires the Secretary to provide taxpayers with annual written notices of eligibility for the earned income tax credit. (Sec. 9) Prohibits the Secretary from providing a debt indicator (notice of a tax refund offset) to businesses that provide refund anticipation loans and engage in predatory business practices with respect to such loans. (Sec. 10) Directs the Secretary to conduct a feasibility study for delivering tax refunds on debit cards, prepaid cards, and other electronic means to facilitate refunds to individuals who do not have bank accounts. (Sec. 11) Extends from nine months to two years the period in which the Internal Revenue Service (IRS) may return property that has been wrongfully levied and for bringing a civil action for a wrongful levy.(Sec. 12) Allows taxpayers to recontribute to their individual retirement accounts (IRAs), without penalty or limitation, amounts that were wrongfully levied by the IRS. Requires the IRS to pay interest on IRA amounts that were wrongfully seized.(Sec. 13) Requires the Secretary to notify a taxpayer of: (1) any unauthorized use of such taxpayer's identity (suspected identity theft) which the Secretary uncovers during a tax investigation; and (2) any criminal charges brought against an individual who is using the identity of such taxpayer.(Sec. 14) Repeals the authority of the IRS to enter into private debt collection contracts. Exempts contracts entered into before March 1, 2008, that are not renewed or extended after such date. Nullifies any contract entered into, extended, or renewed on or after such date.(Sec. 15) Allows the IRS to use any means of mass communication (e.g., the Internet) to publish unclaimed tax refund amounts.(Sec. 16) Expands the prohibitions against the misuse of Department of the Treasury names and symbols to the use of such names and symbols on an Internet domain address. (Sec. 17) Sets forth a substantiation requirement for payments from a health savings account. Requires the trustee of a health savings account to report to the Secretary and the account beneficiary any unsubstantiated amount paid from an account for the preceding calendar year.(Sec. 18) Amends the Internal Revenue Code and title II (Old Age, Survivors, and Disability Insurance Benefits) of the Social Security Act to treat certain foreign subsidiaries of U.S. companies performing services under a contract with the U.S. government as U.S. employers for purposes of Social Security and Medicare employment taxes.(Sec. 19) Amends the Tax Increase Prevention and Reconciliation Act of 2005 to increase estimated tax payments for certain large corporations in the third quarter of 2013. (Sec. 20) Directs the Comptroller General to study and report to Congress on the use of distributions from health savings accounts.

simplification act sec amends internal revenue code modify standards imposing penalties tax return preparers understatements tax require substantial authority position respect item tax return position disclosed return reasonable basis position disclosed return requires tax return preparers reasonable belief position respect tax shelter reportable transaction transaction having potential tax avoidance evasion likely sustained removes certain limitations tax deduction employee use cellular delays withholding requirement government payments contractors providing goods exempts recipients home care services federally assisted state local government home care programs elderly disabled payment employment taxes amounts paid service providers imposes liability payment taxes fiscal administrators programs sec allows officers employees department_of_the_treasury refer taxpayers advice assistance federally funded low income taxpayer clinics sec authorizes secretary treasury grants provide matching funds volunteer income tax assistance programs increases million annual secretary allocate grants secretary provide taxpayers annual written notices eligibility earned income tax credit sec prohibits secretary providing debt indicator notice tax refund offset businesses provide refund anticipation loans engage predatory business practices respect loans sec directs secretary conduct feasibility study delivering tax refunds debit cards prepaid cards electronic means facilitate refunds individuals bank accounts sec extends months years period internal_revenue_service irs return property wrongfully levied bringing civil action wrongful allows taxpayers recontribute individual retirement accounts iras penalty limitation amounts wrongfully levied irs requires irs pay interest ira amounts wrongfully requires secretary notify taxpayer unauthorized use taxpayer identity suspected identity theft secretary tax investigation criminal charges brought individual identity repeals authority irs enter private debt collection contracts exempts contracts entered march renewed extended date nullifies contract entered extended renewed allows irs use means mass communication internet publish unclaimed tax refund expands prohibitions misuse department treasury names symbols use names symbols internet domain address sec sets forth substantiation requirement payments health savings account requires trustee health savings account report secretary account beneficiary paid account preceding calendar amends internal revenue code title old age survivors disability_insurance benefits social security act treat certain foreign subsidiaries companies performing services contract government employers purposes social_security medicare employment amends tax_increase_prevention_and_reconciliation_act increase estimated tax payments certain large corporations quarter sec directs comptroller general study report congress use distributions health savings accounts


Summary: Border Fence Trust Fund Act of 2008 - Amends the Internal Revenue Code to establish in the Treasury the Border Improvement Trust Fund and allow individual taxpayers (other than nonresident aliens) to designate that $5.00 ($10.00 in the case of joint returns) of their income taxes be paid over to such Fund to install additional barriers and roads at the U.S. border.

act amends internal revenue code establish treasury allow individual taxpayers nonresident aliens designate case joint returns income taxes paid fund install additional barriers roads border


Summary: Amends the Internal Revenue Code to make permanent provisions allowing a taxpayer to elect to deduct state and local general sales taxes in lieu of state and local income taxes.

amends internal revenue code permanent provisions allowing taxpayer elect deduct state local general sales taxes lieu state local income taxes


Summary: Put Your Money Where Your Mouth Is Act of 2008 - Amends the Internal Revenue Code to allow taxpayers to designate on their tax returns a payment of $1 or more to the general fund of the Treasury.

money mouth act amends internal revenue code allow taxpayers designate tax returns payment general fund treasury


Summary: Universal Homeowner Tax Cut Act of 2008 - Amends the Internal Revenue Code to: (1) allow individual taxpayers who do not otherwise itemize a deduction from gross income for up to $1,000 of their state and local real property taxes; (2) require the inclusion in gross income of deferred compensation paid by certain foreign corporations; (3) set forth rules for the application of the economic substance doctrine for evaluating transactions affecting federal income tax liability; and (4) assess new penalties for underpayments of tax attributable to transactions lacking economic substance.

amends internal revenue code allow individual taxpayers itemize deduction gross income state local real property taxes require inclusion gross income deferred compensation paid certain foreign corporations set forth rules application economic substance doctrine evaluating transactions affecting federal income tax liability assess new penalties underpayments tax attributable transactions lacking economic substance


Summary: Taxpayer Responsibility, Accountability and Consistency Act of 2008 - Amends the Internal Revenue Code to: (1) require reporting to the Internal Revenue Service (IRS) of payments of $600 or more made to corporations; (2) set forth criteria and rules relating to the treatment of workers as employees or independent contractors; and (3) increase penalties for failure to file correct tax return information or comply with other information reporting requirements.Requires the Secretary of the Treasury to issue an annual report on worker misclassification.

accountability consistency act amends internal revenue code require reporting internal_revenue_service irs payments corporations set forth criteria rules relating treatment workers employees independent contractors increase penalties failure file correct tax return information comply information reporting requirements requires secretary treasury issue annual report worker misclassification


Summary: Small Business Capitol [sic] Expansion and Improvement Act of 2008 - Amends the Internal Revenue Code to allow employers whose average annual gross receipts over a three-year period do not exceed $5 million an election to expense up to $125,000 of the cost of depreciable real property.

small business capitol sic expansion improvement act amends internal revenue code allow employers average annual gross receipts year period exceed million election expense cost depreciable real property


Summary: Eagle Employers Act - Amends the Internal Revenue Code to allow a taxpayer certified as an Eagle employer by the Secretary of the Treasury a tax credit for one percent of such employer's taxable income. Defines an " Eagle employer" as any taxpayer who: (1) maintains its headquarters in the United States; (2) pays at least 60% of the health care premiums of its employees; (3) maintains or increases the number of its full-time workers in the United States relative to its full-time workers outside of the United States; (4) provides full differential salary and insurance benefits for all National Guard and Reserve employees called to active duty; and (5) provides its employees with a certain level of compensation and retirement benefits.

eagle employers act amends internal revenue code allow taxpayer certified eagle employer secretary treasury tax credit percent employer taxable income defines eagle employer taxpayer maintains headquarters united_states pays health care premiums employees maintains increases number time workers united_states relative time workers outside united_states provides differential salary insurance benefits national_guard_and_reserve employees called active duty provides employees certain level compensation retirement benefits


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: Charitable Aid to Community Heroes Act of 2008 - Amends the Internal Revenue Code to permit charitable organizations to receive contributions on behalf of federal, state, or local government employees or members of a volunteer emergency response organization who are injured or killed while protecting life or property and to distribute such contributions to such employees or members and their family members within a specified time period.

charitable aid community heroes act amends internal revenue code permit charitable organizations receive contributions behalf federal state local government employees members volunteer emergency response organization injured killed protecting life property distribute contributions employees members family members specified time period


Summary: Title I: Former Vice President Protection Act - Former Vice President Protection Act of 2008 - Amends the federal criminal code to provide secret service protection to former Vice Presidents, their spouses, and their children under 16 years of age for up to six months after a former Vice President leaves office. Authorizes the Secretary of Homeland Security to direct the Secret Service to provide temporary protection to former Vice Presidents and their family members at any time thereafter if warranted. Extends such protection to any Vice President holding office on or after the enactment of this Act. Title II: Identity Theft Enforcement and Restitution Act - Identity Theft Enforcement and Restitution Act of 2008 - Amends the federal criminal code to: (1) authorize criminal restitution orders in identity theft cases to compensate victims for the time spent to remediate the intended or actual harm incurred; (2) allow prosecution of computer fraud offenses for conduct not involving an interstate or foreign communication; (3) eliminate the requirement that damage to a victim's computer aggregate at least $5,000 before a prosecution can be brought for unauthorized access to a computer; (4) make it a felony, during any one-year period, to damage 10 or more protected computers used by or for the federal government or a financial institution; (5) expand the definition of "cyber-extortion" to include a demand for money in relation to damage to a protected computer, where such damage was caused to facilitate the extortion; (6) prohibit conspiracies to commit computer fraud; (7) expand interstate and foreign jurisdiction for prosecution of computer fraud offenses; and (8) impose criminal and civil forfeitures of property used to commit computer fraud offenses. Directs the U.S. Sentencing Commission to review its guidelines and policy statements for the sentencing of persons convicted of identity theft, computer fraud, illegal wiretapping, and unlawful access to stored information to reflect the intent of Congress that penalties for such offenses be increased. Sets forth criteria for updating such guidelines and policy statements.

title vice president protection act vice president protection act amends federal criminal code provide secret service protection vice presidents spouses children years age months vice president leaves office authorizes secretary homeland_security direct secret_service provide temporary protection vice presidents family members time warranted extends protection vice president holding office enactment act title restitution act identity theft enforcement restitution act amends federal criminal code authorize criminal restitution orders identity theft cases compensate victims time spent remediate intended actual harm incurred allow prosecution computer fraud offenses conduct involving interstate foreign communication eliminate requirement damage victim computer aggregate prosecution brought unauthorized access computer felony year period damage protected computers federal government financial institution expand definition cyber extortion include demand money relation damage protected computer damage caused facilitate extortion prohibit conspiracies commit computer fraud expand interstate foreign jurisdiction prosecution computer fraud offenses impose criminal civil forfeitures property commit computer fraud offenses directs review guidelines policy statements sentencing persons convicted identity theft computer fraud illegal unlawful access stored information reflect intent congress penalties offenses increased sets forth criteria updating guidelines policy statements


Summary: Declares that funds appropriated in 2008 for housing counseling related to loss mitigation should be targeted to states and communities based on their levels of foreclosures and delinquencies in 2007 and in 2008.

declares funds appropriated housing counseling related loss mitigation targeted states communities based levels foreclosures


Summary: Amends the Internal Revenue Code to allow individual taxpayers a one-time refundable tax credit for up to 10% of the purchase price of a principal residence purchased in the United States within the 12-month period beginning on the date of enactment of this Act. Limits the dollar amount of such credit to $10,000. Terminates such credit after 2009.

amends internal revenue code allow individual taxpayers time refundable tax credit purchase price principal residence purchased united_states month period beginning date enactment act limits dollar credit terminates credit


Summary: Tax Relief for Transportation Workers Act of 2008 - Amends the Internal Revenue Code to allow: (1) individuals a refundable tax credit for the qualified expenses incurred in obtaining a transportation worker identification credential; and (2) employers a deduction equal to 40% of the aggregate qualified expenses paid or incurred in obtaining such credentials on behalf of their employees.

tax relief transportation workers act amends internal revenue code allow individuals refundable tax credit qualified expenses incurred obtaining transportation worker identification credential employers deduction equal aggregate qualified expenses paid incurred obtaining credentials behalf employees


Summary: Gas Tax Relief and Earmark Moratorium Act of 2008 - Amends the Internal Revenue Code to suspend excise taxes on gasoline, diesel fuel, and kerosene between May 26, 2008, and September 1, 2008. Reimburses the Highway Trust Fund for any reduction in revenues resulting from such suspension.Requires the Secretary of the Treasury to transfer amounts from the general fund of the Treasury to the Highway Trust Fund if the Secretary determines that the amount in such Fund is insufficient to meet anticipated payments for FY2009. Establishes a Joint Select Committee on Earmark Reform to study and report on the practices of Congress and the executive branch regarding earmarks in appropriations, tax, and tariff measures.Declares it not in order in the 110th Congress to consider legislation containing a congressional earmark, limited tax benefit, or limited tariff benefit.Requires a reduction in the allocation of new budget authority and outlays for FY2009.

gas tax relief earmark moratorium act amends internal revenue code suspend excise taxes gasoline diesel fuel kerosene september reimburses highway_trust_fund reduction revenues resulting suspension requires secretary treasury transfer amounts general fund treasury highway_trust_fund secretary determines fund insufficient meet anticipated payments fy2009 establishes joint_select_committee earmark reform study report practices congress executive branch earmarks appropriations tax tariff measures declares order consider legislation containing congressional earmark limited tax benefit limited tariff benefit requires reduction allocation new budget authority outlays fy2009


Summary: Crime Victim Restitution and Court Fee Intercept Act - Amends the Internal Revenue Code to direct the Secretary of the Treasury, upon receiving notice from a state judicial agency that a named person owes a past-due, legally enforceable state judicial debt, to pay such debt from any tax refund due to such person.

crime victim restitution court fee intercept act amends internal revenue code direct secretary treasury receiving notice state judicial agency named person owes past legally enforceable state judicial debt pay debt tax refund person


Summary: Home Office Deduction Simplification Act of 2008 - Amends the Internal Revenue Code to allow a taxpayer who uses a residence to conduct a trade or business a standard tax deduction equal to the lesser of $1,500 or the taxpayer's gross trade or business income derived from the business use of such residence.

amends internal revenue code allow taxpayer uses residence conduct trade business standard tax deduction equal lesser taxpayer gross trade business income derived business use residence


Summary: Amends the Internal Revenue Code to modify provisions relating to the waiver of penalties for failure to disclose reportable transactions (i.e., transactions which have a potential for tax avoidance or evasion) to grant authority to the Secretary of the Treasury (instead of the Commissioner of Internal Revenue) to rescind or waive all or a portion of such penalties and to allow a waiver if there was reasonable cause for the failure to disclose such transactions and the taxpayer acted in good faith.

amends internal revenue code modify provisions relating waiver penalties failure disclose reportable transactions transactions potential tax avoidance evasion grant authority secretary treasury instead commissioner internal_revenue rescind waive portion penalties allow waiver reasonable cause failure disclose transactions taxpayer acted good faith


Summary: Alternative Minimum Tax Relief Act of 2008 - Title I: Individual Tax Relief - Amends the Internal Revenue Code to: (1) increase and extend through 2008 the alternative minimum tax (AMT) exemption amounts; and (2) extend through 2008 the offset of certain nonrefundable personal tax credits against regular and AMT tax liability.Title II: Revenue Provisions- (Sec. 201) Defines an "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership about investing in, purchasing, or selling specified assets; (2) managing, acquiring, or disposing of specified assets; or (3) arranging financing with respect to acquiring specified assets. Treats as ordinary income (i.e., income taxed at regular income tax rates) net income received by a partner from such an interest, except to the extent such income is attributable to the partner's invested capital. Sets forth rules for the treatment of losses with respect to such an interest.Directs the Secretary of the Treasury to prescribe regulations for implementing tax rules relating to such interests. Exempts real estate investment trusts (REITs) and publicly traded partnerships from the application of ordinary income tax rules for such interests. Imposes tax penalties for underpayment of tax resulting from noncompliance with tax rules relating to such interests. Makes net income from such an interest subject to self-employment tax. (Sec. 202) Denies any major integrated oil company (a company with an average daily worldwide production of crude oil of at least 500,000 barrels for the taxable year and gross receipts in excess of $1 billion for its last taxable year ending during calendar year 2005) a tax deduction for income attributable to the domestic production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof.Reduces the tax deduction for income attributable to domestic production activities for taxpayers other than major integrated oil companies by 3% of the least of their: (1) oil related qualified production activities for the taxable year; (2) qualified production activities income for the taxable year; or (3) taxable income. Defines "oil related qualified production activities income" as income attributable to the production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof. Makes such provisions effective for taxable years beginning in 2009.(Sec. 203) Prohibits any reduction of tax withholding for payments made by a U.S. subsidiary of a foreign parent corporation to a related subsidiary in any country that has a tax treaty with the United States, except for payments made directly to the foreign parent corporation.(Sec. 204) Requires payment settlement entities (e.g., banks and third party settlement organizations) to report identifying information and the gross amount of reportable payment transactions (i.e., payment card and third party network transactions) to the Internal Revenue Service (IRS). (Sec. 205) Expands the continuous tax levy on payments to vendors for goods and services to include payments for all property and services.(Sec. 206) Amends the Tax Increase Prevention and Reconciliation Act of 2005 to: (1) repeal the adjustment to the estimated tax liability of corporations with at least $1 billion in assets for the third quarter of 2012; and (2) increase the estimated tax payments of such corporations in the third quarter of 2013 by 59.5%.

alternative minimum tax relief act title individual tax relief amends internal revenue code increase extend alternative minimum tax amt exemption amounts extend offset certain nonrefundable personal tax credits regular amt tax liability title revenue sec defines investment services partnership interest interest partnership held person provides services partnership advising partnership investing purchasing selling specified assets managing acquiring disposing specified assets arranging financing respect acquiring specified assets treats ordinary income income taxed regular income tax rates net income received partner interest extent income attributable partner invested capital sets forth rules treatment losses respect interest directs secretary treasury prescribe regulations implementing tax rules relating interests exempts real estate investment trusts reits publicly traded partnerships application ordinary income tax rules interests imposes tax penalties underpayment tax resulting noncompliance tax rules relating interests makes net income interest subject self employment tax sec denies major integrated oil company company average daily worldwide production crude oil barrels taxable year gross receipts excess billion taxable year ending calendar year tax deduction income attributable domestic production refining processing transportation distribution oil gas primary product thereof reduces tax deduction income attributable domestic production activities taxpayers major integrated oil companies oil related qualified production activities taxable year qualified production activities income taxable year taxable income defines oil related qualified production activities income income attributable production refining processing transportation distribution oil gas primary product thereof makes provisions effective taxable years beginning prohibits reduction tax withholding payments subsidiary foreign parent corporation related subsidiary country tax treaty united_states payments directly foreign parent requires payment settlement entities banks party settlement organizations report identifying information gross reportable payment transactions payment card party network transactions internal_revenue_service irs sec expands continuous tax levy payments vendors goods services include payments property amends tax_increase_prevention_and_reconciliation_act repeal adjustment estimated tax liability corporations billion assets quarter increase estimated tax payments corporations quarter


Summary: Reimbursing Our American Drivers (ROAD) Act of 2008 - Increases to 70 cents per mile, for the period after December 31, 2007, and before January 1, 2009: (1) the standard mileage rate for calculating the tax deduction for business, medical, and moving use of an automobile; and (2) the standard mileage rate for reimbursement of federal employee automobile expenses. Increases from 14 to 40 cents per mile the standard mileage rate for purposes of computing the tax deduction for the use of a passenger automobile for charitable purposes.

reimbursing american drivers road act increases cents mile period december january standard mileage rate calculating tax deduction business medical moving use automobile standard mileage rate reimbursement federal employee automobile expenses increases cents mile standard mileage rate purposes computing tax deduction use passenger automobile charitable purposes


Summary: Save Family-Owned Farms and Small Businesses Act of 2008 - Amends the Internal Revenue Code to: (1) increase to $1.85 million the maximum reduction amount for alternative valuations of farmland and other business property for estate tax purposes; and (2) restore after 2008 the estate tax deduction for family-owned business interests and increase such deduction to $2 million. Allows annual inflation adjustments to such increased amounts after 2009.

amends internal revenue code increase million maximum reduction alternative valuations farmland business property estate tax purposes restore estate tax deduction family owned business interests increase deduction million allows annual inflation adjustments increased amounts


Summary: Amends the Internal Revenue Code to require excise taxes on recreational equipment to be due and payable on the date for filing the return for such taxes.

amends internal revenue code require excise taxes recreational equipment payable date filing return taxes


Summary: Eminent Domain Tax Relief Act of 2008 - Amends the Internal Revenue Code to exclude from gross income gain from the conversion of property by reason of eminent domain.

eminent domain tax relief act amends internal revenue code exclude gross income gain conversion property reason eminent domain


Summary: Amends the Internal Revenue Code to make the standard mileage rate used to determine the tax deduction for the use of a passenger automobile for charitable purposes equal to the standard mileage rate used for the tax deduction for business and moving expenses. Increases such rate until December 31, 2008.

amends internal revenue code standard mileage rate determine tax deduction use passenger automobile charitable purposes equal standard mileage rate tax deduction business moving expenses increases rate december


Summary: Sensible Estate Tax Act of 2008 - Repeals provisions of the Economic Growth and Tax Reconciliation Act of 2001 relating to the estate and gift tax.Amends the Internal Revenue Code to: (1) allow an estate tax exclusion of $2 million adjusted for inflation in calendar years after 2008; (2) revise the estate tax rates for larger estates; (3) restore the estate tax credit for state estate, inheritance, legacy, or succession taxes; (4) restore the unified credit against the gift tax; and (5) allow a surviving spouse an increase in the unified estate tax credit by the amount of any unused credit of a deceased spouse.

sensible estate tax act repeals provisions relating estate gift tax amends internal revenue code allow estate tax exclusion million adjusted inflation calendar years revise estate tax rates larger estates restore estate tax credit state estate inheritance legacy succession taxes restore unified credit gift tax allow surviving spouse increase unified estate tax credit unused credit deceased spouse


Summary: Amends the Internal Revenue Code to exempt fixed-wing aircraft used to provide acute care emergency medical services from certain restrictions on tax-exempt bond financing.

amends internal revenue code exempt fixed wing aircraft provide acute care emergency medical services certain restrictions tax exempt bond financing


Summary: Amends the Internal Revenue Code to exempt from the excise tax on bows and arrows certain shafts measuring 5/16 of an inch or less in diameter that are all fiberglass and hollow, or all natural wood, with no laminations or artificial means of enhancing the spine of such shaft, and of a type used in the manufacture of any arrow which after its assembly is not suitable for use with a bow that would otherwise be subject to such tax (e.g., having a peak draw weight of 30 pounds or more).

amends internal revenue code exempt excise tax bows arrows certain shafts measuring diameter fiberglass natural wood artificial means enhancing shaft type manufacture arrow assembly suitable use subject tax having peak draw weight pounds


Summary: Middle Class Tax Fairness Act of 2008 - Amends the Internal Revenue Code to allow in 2008 and 2009: (1) an increase in the basic standard tax deduction; (2) a tax deduction for real property taxes for taxpayers who do not itemize their deductions; and (3) a reduction in the earned income threshold amount for determining the refundable portion of the child tax credit.Provides for certain revenue-raising provisions, including: (1) treatment of net income and loss from an investment services partnership as ordinary income and loss; (2) denial of tax benefits for major integrated oil companies; (3) imposing a limit on tax deductions and exemptions for individuals with adjusted gross incomes in excess of $250,000 ($500,000 in the case of a joint tax return); (4) the inclusion in gross income of certain deferred compensation from foreign entities; (5) new reporting requirements for payment settlement entities and securities brokers; (6) repeal of tax rules for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit; (7) new rules for the application of the economic substance doctrine to transactions affecting tax liability; and (8) penalties for underpayment of tax due to transactions lacking economic substance.Requires any increase in tax receipts resulting from this Act to be used for deficit reduction purposes.

middle class tax fairness act amends internal revenue code allow increase basic standard tax deduction tax deduction real property taxes taxpayers itemize deductions reduction earned income threshold determining refundable portion child tax credit provides certain revenue raising provisions including treatment net income loss investment services partnership ordinary income loss denial tax benefits major integrated oil companies imposing limit tax deductions exemptions individuals adjusted gross incomes excess case joint tax return inclusion gross income certain deferred compensation foreign entities new reporting requirements payment settlement entities securities brokers repeal tax rules worldwide allocation interest purposes computing limitation foreign tax credit new rules application economic substance doctrine transactions affecting tax liability penalties underpayment tax transactions lacking economic substance requires increase tax receipts resulting act deficit reduction purposes


Summary: Local Officials Tax Relief Act of 2008 - Amends the Internal Revenue Code and Title II (Old Age, Survivors, and Disability Insurance) of the Social Security Act to exempt from social security taxes remuneration paid to any elected or appointed member of any general governing board, commission, or committee of any political subdivision of a state if such remuneration is not more than $1,300 and is paid for service performed on or after January 1, 2008.

local officials tax relief act amends internal revenue code title old age survivors disability_insurance social security act exempt social security taxes remuneration paid elected appointed member general governing board commission committee political subdivision state remuneration paid service performed january


Summary: Amends the Internal Revenue Code to allow a 2008 recovery rebate for certain pension recipients not covered under social security.

amends internal revenue code allow recovery rebate certain pension recipients covered social security


Summary: Strengthen American Manufacturers Act of 2008 - Amends the Internal Revenue Code to: (1) make permanent the tax credit for increasing research activities; (2) increase to 20% the rate of the alternative simplified tax credit for research expenses; (3) make permanent the increased expensing allowance for depreciable business property; and (4) reduce to 30% the maximum income tax rate for corporations.Directs the Comptroller General to conduct studies of: (1) the impact of workplace employee health care facilities on employee health and and productivity; and (2) the best practices for encouraging college graduates from rural areas to return to those areas after graduation.

strengthen american manufacturers act amends internal revenue code permanent tax credit increasing research activities increase rate alternative simplified tax credit research expenses permanent increased expensing allowance depreciable business property reduce maximum income tax rate corporations directs comptroller general conduct studies impact workplace employee health care facilities employee health productivity best practices encouraging college graduates rural areas return areas graduation


Summary: Amends the Internal Revenue Code to increase the expensing allowance for qualified refinery property from 50 to 100% of its cost for property placed in service after July 15, 2008, and before January 1, 2012. Makes permanent the 50% expensing allowance for such property.

amends internal revenue code increase expensing allowance qualified refinery property cost property placed service july january makes permanent expensing allowance property


Summary: American Tax Fairness Act of 2008 - Amends the Internal Revenue Code to repeal limitations on the exclusion from gross income of income earned by citizens or residents of the United States living abroad. Directs the Secretary of the Treasury to report to Congress on U.S. taxation of foreign income.

american tax fairness act amends internal revenue code repeal limitations exclusion gross income income earned citizens residents united_states living abroad directs secretary treasury report congress taxation foreign income


Summary: Parimutuel Conformity and Equality Act of 2008 - Amends the Internal Revenue Code to eliminate withholding of tax requirements on certain proceeds in a parimutuel pool.

conformity equality act amends internal revenue code eliminate withholding tax requirements certain proceeds pool


Summary: Amends the Internal Revenue Code to allow individual taxpayers, including those who do not itemize their tax deductions, a deduction from gross income for the cost of fuel used to commute to and from work in a highway motor vehicle.

amends internal revenue code allow individual taxpayers including itemize tax deductions deduction gross income cost fuel commute work highway motor vehicle


Summary: Amends the Internal Revenue Code to increase to 58.5 cents per mile the standard mileage rate for the tax deduction for the charitable use of a passenger automobile to deliver meals to homebound individuals who are elderly, disabled, frail, or at risk.

amends internal revenue code increase cents mile standard mileage rate tax deduction charitable use passenger automobile deliver meals homebound individuals elderly disabled frail risk


Summary: Farmland Preservation and Land Conservation Act of 2008 - Amends the Internal Revenue Code to allow an estate and gift tax exclusion for real property located in the United States which at the time of a decedent's death was being used as a farm for farming purposes or exclusively for conservation purposes. Imposes: (1) an additional estate or gift tax with respect to such property if an heir or donee disposes of or uses such property for other than farming or conservation purposes; and (2) a federal tax lien on such property until liability for estate or gift tax with respect to such property has been satisfied or has become unenforceable.

amends internal revenue code allow estate gift tax exclusion real property located united_states time decedent death farm farming purposes exclusively conservation purposes imposes additional estate gift tax respect property heir donee disposes uses property farming conservation purposes federal tax lien property liability estate gift tax respect property satisfied unenforceable


Summary: Amends the Internal Revenue Code with respect to the charitable tax deduction for contributions of qualified vehicles (i.e., highway motor vehicles, boats, or airplanes) to: (1) set forth revised acknowledgment requirements for vehicles valued at $2,500 or less and vehicles valued at more than $2,500; and (2) revise the penalty for submitting a fraudulent acknowledgment.

amends internal revenue code respect charitable tax deduction contributions qualified vehicles highway motor vehicles boats airplanes set forth revised acknowledgment requirements vehicles valued vehicles valued revise penalty submitting fraudulent acknowledgment


Summary: Home Heating Oil Assistance Act of 2008 - Amends the Internal Revenue Code to allow an individual taxpayer an income-based refundable tax credit for the lesser of 33% of such taxpayer's residential energy costs for a taxable year, or $500. Defines "residential energy costs" as amounts paid: (1) to any utility for electricity or natural gas used in the taxpayer's principal residence during the heating season (October through March); and (2) for any qualified fuel (e.g., propane, heating oil, kerosene, wood, and wood pellets) used as the primary fuel for heating the taxpayer's principal residence.

home heating oil assistance act amends internal revenue code allow individual taxpayer income based refundable tax credit lesser taxpayer residential energy costs taxable year defines residential energy costs amounts paid utility electricity natural gas taxpayer principal residence heating season october march qualified fuel propane heating oil kerosene wood wood pellets primary fuel heating taxpayer principal residence


Summary: Giving Incentives to Volunteers Everywhere Act of 2008 or the GIVE Act of 2008 - Amends the Internal Revenue Code to: (1) increase the standard mileage rate for use of a passenger automobile for charitable purposes to 70% of the current rate for business usage; 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 current rate business usage exclude gross income charitable volunteers reimbursements paid use passenger automobile benefit charitable organization


Summary: Fair Deal for Volunteers Act of 2008 - 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 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.

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


Summary: Amends the Internal Revenue Code to allow individual taxpayers a tax credit for uncompensated personal casualty losses to their principal residences (or to contents in such residences) as a result of Hurricane Gustav in 2008.

amends internal revenue code allow individual taxpayers tax credit uncompensated personal casualty losses principal residences contents residences result hurricane


Summary: Timber Revitalization and Economic Enhancement Act II of 2008 - 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: Evacuees Assistance Act of 2008 - Amends the Internal Revenue Code to allow individual taxpayers a tax credit, up to $2,000, for uncompensated travel expenses (including meals and lodging) incurred due to a mandatory evacuation of a disaster area.

assistance act amends internal revenue code allow individual taxpayers tax credit uncompensated travel expenses including meals lodging incurred mandatory evacuation disaster area


Summary: Amends the Internal Revenue Code to allow a taxpayer who uses a residence to conduct a trade or business a standard tax deduction equal to the lesser of $2,000 or the taxpayer's gross trade or business income derived from the business use of such residence. Provides for an inflation adjustment to such deduction amount beginning after 2008.

amends internal revenue code allow taxpayer uses residence conduct trade business standard tax deduction equal lesser taxpayer gross trade business income derived business use residence provides inflation adjustment deduction beginning