Summary: Made in America Act of 2011 - 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 and repeal the taxpayer election to take an alternative incremental credit for such expenses; (3) make permanent the increased expensing allowance for depreciable business property; and (4) reduce to 30% the maximum income tax rate for corporations, including personal service 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.

america act amends internal revenue code permanent tax credit increasing research activities increase rate alternative simplified tax credit research expenses repeal taxpayer election alternative incremental credit expenses permanent increased expensing allowance depreciable business property reduce maximum income tax rate corporations including personal service 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: Home Office Deduction Simplification Act - 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.

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: Freedom to Invest Act of 2011 - Amends the Internal Revenue Code to: (1) extend the election allowed to a U.S. corporation to deduct dividends received from a controlled foreign corporation to the corporation's last taxable year beginning before the enactment of this Act or the first taxable year beginning during the one-year period beginning on such enactment date, and (2) reduce the amount of such tax deduction for corporations that fail to maintain specified employment levels for full-time U.S. employees.

freedom amends internal revenue code extend election allowed corporation deduct dividends received controlled foreign corporation corporation taxable year beginning enactment act taxable year beginning year period beginning enactment date reduce tax deduction corporations fail maintain specified employment levels time employees


Summary: Digital Goods and Services Tax Fairness Act of 2011 - Prohibits a state or local jurisdiction from imposing multiple or discriminatory taxes on or with respect to the sale or use of digital goods or services delivered or transferred electronically to a customer. Excludes from the definition of "digital service" telecommunications service, Internet access service, or audio or video programming service. Restricts taxation of digital goods and services to the retail sale of such goods and services and by the jurisdiction encompassing a customer's tax address. Prohibits the use of existing regulations or administrative rulings relating to the taxation of tangible personal property or other services to impose any tax on the sale or use of digital goods or services. Grants jurisdiction to federal district courts to prevent a violation of this Act, without regard to the amount in controversy or the citizenship of the parties. Expresses the sense of Congress that each state shall take reasonable steps to prevent multiple taxation of digital goods and services where a foreign country has imposed a tax on such goods and services.

digital_goods services tax fairness act prohibits state local jurisdiction imposing multiple discriminatory taxes respect sale use digital goods services delivered transferred electronically customer excludes definition digital service telecommunications service internet access service audio video programming service restricts taxation digital goods services retail sale goods services jurisdiction encompassing customer tax address prohibits use existing regulations administrative rulings relating taxation tangible personal property services impose tax sale use digital goods services grants jurisdiction federal district courts prevent violation act regard controversy citizenship parties expresses sense congress state shall reasonable steps prevent multiple taxation digital goods services foreign country imposed tax goods services


Summary: Taxing Speculators out of the Oil Market Act - Amends the Internal Revenue Code to: (1) impose an 0.01% excise tax on transactions in oil futures, options, and swaps, to be paid by the trading facility on which the transactions occur or by the buyer of the transaction; and (2) require withholding of such tax if the buyer is a foreign person. Exempts from such tax certain commercial oil traders and bona fide hedging transactions. Amends the Commodity Exchange Act to credit tax revenues from this Act as offsetting collections to appropriations to the Commodity Futures Trading Commission (CFTC). Requires any unexpended amounts to be used to reduce the public debt. Requires the CFTC to: (1) subject each bank holding company that engages in trading in oil futures, options, and swaps, and each hedge fund that buys or sells a contract of sale of oil for future delivery, to the rules applicable to noncommercial participants in the markets for the contracts; and (2) revoke immediately each staff no-action letter that covers a foreign board of trade that has established a trading terminal in the United States for selling contracts to or from U.S. investors and engages in trading in oil futures, options, and swaps.

taxing oil market act amends internal revenue code impose excise tax transactions oil futures options swaps paid trading facility transactions occur buyer transaction require withholding tax buyer foreign person exempts tax certain commercial oil traders bona fide hedging transactions amends commodity_exchange_act credit tax revenues act offsetting collections appropriations commodity_futures_trading_commission cftc requires unexpended amounts reduce public debt requires cftc subject bank holding company engages trading oil futures options swaps hedge fund sells contract sale oil future delivery rules applicable noncommercial participants markets contracts revoke immediately staff action letter covers foreign board trade established trading terminal united_states selling contracts investors engages trading oil futures options swaps


Summary: Evacuees Tax Relief Act of 2011 - Amends the Internal Revenue Code to allow individual taxpayers to elect either a tax credit or tax deduction for up to $5,000 of their voluntary or mandatory evacuation expenses due to a disaster.

amends internal revenue code allow individual taxpayers elect tax credit tax deduction voluntary mandatory evacuation expenses disaster


Summary: Amends the Internal Revenue Code to repeal the 10% excise tax on indoor tanning services.

amends internal revenue code repeal excise tax indoor tanning services


Summary: Permits any person who entered into a capital construction fund agreement (an agreement to provide replacement vessels, additional vessels, or reconstructed vessels) with respect to certain vessels operated in the fisheries of the United States to make an election to terminate the capital construction fund established under such agreement. Sets forth provisions concerning the effect of such election, including the distribution and taxation of such funds, on individuals and entities.

permits person entered capital construction fund agreement agreement provide replacement vessels additional vessels reconstructed vessels respect certain vessels operated fisheries united_states election terminate capital construction fund established agreement sets forth provisions concerning effect election including distribution taxation funds individuals entities


Summary: Eminent Domain Tax Relief Act of 2011 - 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: Commuter Benefits Equity Act of 2011 - Amends the Internal Revenue Code to equalize and increase to $230, with a cost-of-living adjustment after 2012, the tax exclusion for both transportation and parking fringe benefits.

commuter benefits equity act amends internal revenue code equalize increase cost living adjustment tax exclusion transportation parking fringe benefits


Summary: Tax Credit to Hire Veterans Act of 2011 - Amends the Internal Revenue Code to allow through 2014 an increase in the amount of depreciable business assets that an eligible small business can expense (i.e., deduct in the same taxable year) if such business employs certain unemployed veterans. Defines "eligible small business" to mean a business entity whose gross receipts in the preceding taxable year did not exceed $5 million or that did not employ more than 500 full time employees.

hire veterans act amends internal revenue code allow increase depreciable business assets eligible small business expense deduct taxable year business employs certain unemployed veterans defines eligible small business mean business entity gross receipts preceding taxable year exceed million employ time employees


Summary: Free File Program Act of 2011 - Authorizes and directs the Secretary of the Treasury to continue to implement and operate the Internal Revenue Service (IRS) Free File program (free online individual income tax preparation and electronic filing services provided by the private sector technology industry to lower income taxpayers).

free file program act authorizes directs secretary treasury continue implement operate internal_revenue_service irs program free online individual income tax preparation electronic filing services provided private sector technology industry lower income taxpayers


Summary: Charitable Contribution Parity and Enhancement Act - Amends the Internal Revenue Code to extend the tax deduction for charitable contributions of ordinary income property to all trades and businesses (currently limited to corrporations other than S corporations).  Limits the amount of such deduction for taxpayers other than C corporations to not more than 10% of their aggregate net income for a taxable year from all trades or businesses.

charitable contribution parity enhancement act amends internal revenue code extend tax deduction charitable contributions ordinary income property trades businesses currently limited corporations limits deduction taxpayers corporations aggregate net income taxable year trades businesses


Summary: New Markets Tax Credit Extension Act of 2011 - Amends the Internal Revenue Code to: (1) extend the new markets tax credit through 2016, (2) provide for an inflation adjustment to the limitation amount for such credit after 2012, and (3) allow an offset against the alternative minimum tax (AMT) for such credit (determined with respect to qualified equity investments made before January 1, 2017).

new_markets_tax_credit_extension_act amends internal revenue code extend new markets tax credit provide inflation adjustment limitation credit allow offset alternative minimum tax amt credit determined respect qualified equity investments january


Summary: Stop Tax Haven Abuse Act - Authorizes the Secretary of the Treasury to impose restrictions on foreign jurisdictions or financial institutions operating in the United States that are of prime money laundering concern or that impede U.S. tax enforcement. Amends the Internal Revenue Code to: (1) establish a rebuttable presumption against the validity of transactions by institutions that do not comply with reporting requirements under the Foreign Account Tax Compliance Act (FATCA), (2) treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes, (3) require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts, (4) treat credit default swap payments sent offshore as taxable U.S. source income, (5) allow the use of tax return information to evaluate foreign financial account reports, (6) increase penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability, (7) prohibit tax advisor contingent fee agreements for obtaining a tax savings or benefit, and (8) impose additional requirements for third party summonses used to obtain information in tax investigations that do not identify the person with respect to whose liability the summons is issued (i.e., John Doe summons). Amends the Securities Exchange Act of 1934 to: (1) require corporations registered with the Securities and Exchange Commission (SEC) to report annually, on a country-by country basis, on employees, sales, financing, tax obligations, and tax payments; and (2) authorize a fine of up to $1 million for failure to disclose any holding or transaction involving equity or debt instruments known to involve a foreign entity that would otherwise be subject to disclosure requirements. Requires the Secretary to publish a proposed rule in the Federal Register requiring unregistered investment companies, including hedge funds or private equity funds, to establish anti-money laundering programs and submit suspicious activity reports. Extends anti-money laundering requirements to persons engaged in the business of forming new businesses or other legal entities. Requires federal banking agencies and the SEC to develop examination techniques to detect and prevent abusive tax shelter activities or the aiding or abetting of tax evasion by financial institutions. Requires the Secretary to: (1) disclose tax return information to federal financial regulators for purposes of tax shelter investigations; (2) disclose to Congress documents relating to a determination to grant, deny, revoke, or restore the tax-exempt status of an organization; and (3) expand the standards applicable to tax practitioners for issuing written advice on transactions which have a potential for tax avoidance or evasion.

stop tax haven abuse act authorizes secretary treasury impose restrictions foreign jurisdictions financial institutions operating united_states prime money laundering concern impede tax enforcement amends internal revenue code establish rebuttable presumption validity transactions institutions comply reporting requirements treat certain foreign corporations managed controlled primarily united_states domestic corporations tax purposes require tax withholding agents financial institutions report certain information beneficial owners foreign owned financial accounts treat credit default swap payments sent offshore taxable source income allow use tax return information evaluate foreign financial account reports increase penalties promoting abusive tax shelters aiding abetting understatement tax liability prohibit tax advisor contingent fee agreements obtaining tax savings benefit impose additional requirements party summonses obtain information tax investigations identify person respect liability summons issued john_doe summons amends securities_exchange_act require corporations registered securities_and_exchange_commission sec report annually country country basis employees sales financing tax obligations tax payments authorize fine million failure disclose holding transaction involving equity debt instruments known involve foreign entity subject disclosure requirements requires secretary publish proposed rule federal_register requiring unregistered investment companies including hedge funds private equity funds establish anti money laundering programs submit suspicious activity reports extends anti money laundering requirements persons engaged business forming new businesses legal entities requires federal banking agencies sec develop examination techniques detect prevent abusive tax shelter activities aiding abetting tax evasion financial institutions requires secretary disclose tax return information federal financial regulators purposes tax shelter investigations disclose congress documents relating determination grant deny revoke restore tax exempt status organization expand standards applicable tax practitioners issuing written advice transactions potential tax avoidance evasion


Summary: Fair and Impartial Reform Tax Act of 2011 - Amends the Internal Revenue Code to: (1) revise income tax rates for individuals and increase such rates for taxpayers with adjusted gross incomes in excess of $500,000, (2) impose limits on and phaseouts of personal exemptions and itemized deductions for high income taxpayers, (3) increase the tax rate on net capital gains and dividend income, and (4) increase the alternative minimum tax (AMT) on the net capital gains of noncorporate taxpayers for taxable years beginning after 2011. Makes the general terminating date of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) (i.e., December 31, 2012) applicable to the amendments made by this Act.

fair impartial reform tax act amends internal revenue code revise income tax rates individuals increase rates taxpayers adjusted gross incomes excess impose limits personal exemptions itemized deductions high income taxpayers increase tax rate net capital gains dividend income increase alternative minimum tax amt net capital gains noncorporate taxpayers taxable years beginning makes general terminating date egtrra december applicable amendments act


Summary: Jump Start American Small Business Innovation Act of 2011 - Amends the Internal Revenue Code to extend through 2011 the increased tax deduction for the start-up expenditures of an active trade or business.

american small business innovation act amends internal revenue code extend increased tax deduction start expenditures active trade business


Summary: Share Your Spare Act of 2011 - Amends the Internal Revenue Code to allow a nonrefundable, one-time, tax credit for a donation of a qualified life-saving organ for transplantation by a living individual into another individual. Defines "qualified life-saving organ" as a kidney, liver, lung, pancreas, intestine, bone marrow, or any part thereof. Limits the annual amount of such credit to $10,000 of the unreimbursed costs and lost wages incurred by an organ donor in connection with an organ transplant. Amends: (1) the Public Health Service Act to reduce federal living organ donation grants by any tax credit for organ donation received under this Act, and (2) the National Organ Transplant Act to provide that any such tax credit shall not be deemed valuable consideration for purposes of the ban against organ purchases.

share spare act amends internal revenue code allow nonrefundable time tax credit donation qualified life saving organ transplantation living individual individual defines qualified life saving organ kidney liver lung bone marrow thereof limits annual credit unreimbursed costs lost wages incurred organ donor connection organ transplant amends public_health_service_act reduce federal living organ donation grants tax credit organ donation received act national_organ_transplant_act provide tax credit shall deemed valuable consideration purposes ban organ purchases


Summary: Amends the Internal Revenue Code, with respect to regulations governing the tax deduction for income attributable to domestic production activities, to specify that such regulations shall be written to prevent more than one taxpayer from being allowed a deduction with respect to the same qualified production activities income derived from any activity qualifying for a tax deduction.

amends internal revenue code respect regulations governing tax deduction income attributable domestic production activities specify regulations shall written prevent taxpayer allowed deduction respect qualified production activities income derived activity qualifying tax deduction


Summary: Workforce Fairness and Tax Relief Act of 2011 - Amends the Internal Revenue Code to: (1) repeal the inclusion of unemployment compensation in gross income for income tax purposes, (2) exclude from gross income trade adjustment assistance (TAA) provided by the Trade Act of 1974, and (3) allow penalty-free distributions from tax-exempt retirement plans to individuals who have been separated from employment and have received unemployment compensation for 24 consecutive weeks.

workforce fairness tax relief act amends internal revenue code repeal inclusion unemployment compensation gross income income tax purposes exclude gross income trade adjustment assistance taa provided trade act allow penalty free distributions tax exempt retirement plans individuals separated employment received unemployment compensation consecutive weeks


Summary: Allows taxpayers to elect to include any payment from BP PLC for damages related to the blowout and explosion on the mobile offshore drilling unit Deepwater Horizon that occurred on April 20, 2010, in gross income ratably over a three-year period for tax purposes (income averaging).

allows taxpayers elect include payment damages related blowout explosion mobile offshore drilling unit deepwater_horizon occurred april gross income ratably year period tax purposes income averaging


Summary: Invest in America Act of 2011 - Amends the Internal Revenue Code to allow taxpayers, other than corporations, to exclude from gross income net capital gains (defined as including dividend income) for taxable years beginning after December 31, 2011, and before January 1, 2022.

invest america act amends internal revenue code allow taxpayers corporations exclude gross income net capital gains defined including dividend income taxable years beginning december january


Summary: American Jobs Act of 2011 - Amends the Internal Revenue Code to: (1) reduce the rate of the income tax on corporations to 0% of taxable income, and (2) eliminate the alternative minimum tax (AMT) on corporations.

american jobs act amends internal revenue code reduce rate income tax corporations taxable income eliminate alternative minimum tax amt corporations


Summary: Capital Gains Inflation Relief Act of 2011 - Amends the Internal Revenue Code to allow an inflation adjustment based upon the gross domestic product deflator to the adjusted basis of certain assets (including C corporation common stock and tangible property used in a trade or business) held by a taxpayer for more than three years for purposes of determining gain or loss on the sale or other disposition of such assets. Sets forth rules for applying such inflation adjustment to short sales, regulated investment companies and real estate investment trusts, partnerships and other pass-thru entities, and dispositions of assets between related persons.

capital gains inflation relief act amends internal revenue code allow inflation adjustment based gross domestic product adjusted basis certain assets including corporation common stock tangible property trade business held taxpayer years purposes determining gain loss sale disposition assets sets forth rules applying inflation adjustment short sales regulated investment companies real estate investment trusts partnerships pass entities dispositions assets related persons


Summary: Charitable Agricultural Research Act - Amends the Internal Revenue Code to: (1) allow a tax deduction for a charitable contribution to an agricultural research organization directly engaged in the continuous active conduct of agricultural research, and (2) make prohibitions against expenditures to influence legislation applicable to such organizations.

allow tax deduction charitable contribution agricultural research organization directly engaged continuous active conduct agricultural research prohibitions expenditures influence legislation applicable organizations


Summary: Roofing Efficiency Jobs Act of 2011 - Amends the Internal Revenue Code to classify any qualified energy-efficient cool roof replacement property as 20-year property for depreciation purposes.  Defines "qualified energy-efficient cool roof replacement property" as any roof system that: (1) is placed in service above conditioned or semiheated space on an eligible commercial building, (2) replaces an existing roof system, (3) is a  low-slope roof, and (4) includes insulation meeting specified standards and a primary roof covering that has a cool roof surface.

efficiency jobs act amends internal revenue code classify qualified energy efficient cool roof replacement property year property depreciation purposes defines qualified energy efficient cool roof replacement property roof system placed service conditioned space eligible commercial building replaces existing roof system low slope roof includes insulation meeting specified standards primary roof covering cool roof surface


Summary: Real Estate Jobs and Investment Act of 2011 - Amends the Internal Revenue Code to increase from 5% to 10% the allowable ownership interest in real estate investment trust (REIT) stock for purposes of tax exemptions allowed by the Foreign Investment in Real Property Tax Act relating to foreign investment in United States real property interests.

real estate jobs investment act amends internal revenue code increase allowable ownership interest real estate investment trust reit stock purposes tax exemptions allowed foreign_investment_in_real_property_tax_act relating foreign investment united_states real property interests


Summary: Corporate Assets Should be used to Hire Act - Amends the Internal Revenue Code to impose on domestic corporations in taxable years beginning in 2011 or 2012 an additional 40% tax on the excess of their retained earnings over their average retained earnings for the preceding 3 taxable years.  Exempts certain corporations from such tax, including corporations with retained earnings of less than $5 million in a taxable year.

corporate assets internal revenue code impose domestic corporations taxable years beginning additional tax excess retained earnings average retained earnings preceding taxable years exempts certain corporations tax including corporations retained earnings million taxable year


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

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


Summary: Fairness in the American Tax Code Act of 2011 - Amends the Internal Revenue Code to impose an additional tax for taxable years beginning after December 31, 2011, on individual taxpayers equal to: (1) 5% of modified adjusted gross income exceeding $350,000, up to $500,000; (2) 10% of such income exceeding $500,00, up to $1 million; (3) 15% of such income exceeding $1 million, up to $10 million; and (4) 20% of such income exceeding $10 million. Defines "modified adjusted gross income" as adjusted gross income reduced by any deduction allowed for investment interest.  Provides for a cost-of-living adjustment to the income levels subject to additional tax for taxable years beginning after 2011.

fairness american tax code act amends internal revenue code impose additional tax taxable years beginning december individual taxpayers equal modified adjusted gross income exceeding income exceeding million income exceeding million million income exceeding million defines modified adjusted gross income adjusted gross income reduced deduction allowed investment interest provides cost living adjustment income levels subject additional tax taxable years beginning


Summary: American Job Creation and Investment Act of 2011 - Amends the Internal Revenue Code, with respect to the election to accelerate the alternative minimum tax (AMT) credit in lieu of bonus depreciation, to: (1) repeal the $30 million cap on the AMT tax credit and increase the rate of such credit from 6% to 50%, (2) allow investments made by partnerships that are more than 50% owned by a corporation to qualify for such increased AMT credit amount, and (3) allow taxpayers to make separate elections for each taxable year to take bonus depreciation or AMT credits in lieu of bonus depreciation.

amends internal revenue code respect election accelerate alternative minimum tax amt credit lieu bonus depreciation repeal million cap amt tax credit increase rate credit allow investments partnerships owned corporation qualify increased amt credit allow taxpayers separate elections taxable year bonus depreciation amt credits lieu bonus depreciation


Summary: Hunger Relief Trucking Tax Credit Act - Amends the Internal Revenue Code to allow a tax credit for the cost of transporting food to assist hunger relief efforts of certain charitable organizations.

hunger relief tax credit act amends internal revenue code allow tax credit cost transporting food assist hunger relief efforts certain charitable organizations


Summary: Amends the Internal Revenue Code to: (1) extend the new markets tax credit through 2016, (2) provide for an inflation adjustment to the limitation amount for such credit after 2012, and (3) allow an offset against the alternative minimum tax (AMT) for such credit (determined with respect to qualified equity investments made before January 1, 2017).

amends internal revenue code extend new markets tax credit provide inflation adjustment limitation credit allow offset alternative minimum tax amt credit determined respect qualified equity investments january


Summary: Amends the Internal Revenue Code to increase the tax deduction for the start-up expenditures of an active trade or business from $5,000 to $20,000 in taxable years beginning in 2011 through 2014.

amends internal revenue code increase tax deduction start expenditures active trade business taxable years beginning


Summary: Energy Freedom and Economic Prosperity Act - Amends the Internal Revenue Code to repeal: (1) the excise tax credits for alcohol fuel, biodiesel, and alternative fuel mixtures; (2) the tax credits for the purchase of certain plug-in electric vehicles and alternative motor vehicles; (3) the alternative fuel vehicle refueling property tax credit; (4) the tax credits for alcohol used as fuel and for biodiesel and renewable diesel used as fuel; (5) the enhanced oil recovery tax credit and the tax credit for producing oil and gas from marginal wells; (6) the tax credit for carbon dioxide sequestration; (7) the energy tax credit; and (8) the tax credits for investment in qualifying advanced coal projects and qualifying gasification projects. Terminates after 2012 the tax credits for the production of electricity from certain renewable resources and from advanced nuclear power facilities. Repeals the grant program under the American Recovery and Reinvestment Act of 2009 for payments to invest in alternative and renewable energy property in lieu of tax credits. Directs the Secretary of the Treasury to prescribe a flat income tax rate for corporations, in lieu of the existing marginal tax rates, based upon the overall revenue savings from the repeal of energy tax subsidies by this Act.

energy freedom economic prosperity act amends internal revenue code repeal excise tax credits alcohol fuel biodiesel alternative fuel mixtures tax credits purchase certain plug electric vehicles alternative motor vehicles alternative fuel vehicle refueling property tax credit tax credits alcohol fuel biodiesel renewable diesel fuel enhanced oil recovery tax credit tax credit producing oil gas marginal wells tax credit carbon dioxide sequestration energy tax credit tax credits investment qualifying advanced coal projects qualifying gasification projects terminates tax credits production electricity certain renewable resources advanced nuclear power facilities repeals grant program american_recovery_and_reinvestment_act payments invest alternative renewable energy property lieu tax credits directs secretary treasury prescribe flat income tax rate corporations lieu existing marginal tax rates based overall revenue savings repeal energy tax subsidies act


Summary: Wall Street Trading and Speculators Tax Act - Amends the Internal Revenue Code to impose a .03% excise tax on the purchase of a security: (1) if such purchase occurs on a trading facility located in the United States, or (2) the purchaser or seller is a U.S. person. Defines "security" to include: (1) stocks, partnership interests, notes, bonds, debentures, or other evidences of indebtedness; and (2) interests in a derivative financial instrument (i.e., any option, forward contract, futures contract, notional principal contract, or any similar financial instrument). Exempts from such tax: (1) initial issues of securities; (2) any note, bond, debenture, or other evidence of indebtedness which has a fixed maturity of not more than 100 days; and (3) securities traded pursuant to certain lending arrangements.

wall street trading tax act amends internal revenue code impose excise tax purchase security purchase occurs trading facility located united_states purchaser seller person defines security include stocks partnership interests notes bonds debentures evidences indebtedness interests derivative financial instrument option forward contract futures contract notional principal contract similar financial instrument exempts tax initial issues securities note bond debenture evidence indebtedness fixed maturity days securities traded pursuant certain lending arrangements


Summary: Growing Jobs Through Capital Act of 2011 - Amends the Internal Revenue Code to exclude gain from the sale or exchange of a capital asset from gross income for income tax purposes. Terminates such tax exclusion two years after the enactment of this Act.

amends internal revenue code exclude gain sale exchange capital asset gross income income tax purposes terminates tax exclusion years enactment act


Summary: Amends the Internal Revenue Code to extend through 2012 the tax rule that excludes bonus depreciation allowed for certain depreciable business assets as a cost allocated to a contract under the percentage of completion method for long-term contracts.

amends internal revenue code extend tax rule excludes bonus depreciation allowed certain depreciable business assets cost allocated contract percentage completion method long term contracts


Summary: Saving Over Spending Act - Allows 50% of any unobligated balance of an appropriated amount available for salaries and expenses that would otherwise expire at the end of a fiscal year to remain available for expenditure for the subsequent fiscal year and allocates the other 50% for deficit reduction.

saving spending act allows unobligated balance appropriated available salaries expenses expire end fiscal year remain available expenditure subsequent fiscal year allocates deficit reduction


Summary: Hiring Our Veterans Act of 2011 - Amends the Internal Revenue Code to: (1) increase the amount of wages eligible for the work opportunity tax credit for veterans who are hired after being unemployed for six months or more during the one-year period ending on the hiring date ($14,000 of first-year wages) or disabled veterans who are either hired within one year after discharge from active duty ($12,000 of first-year wages) or who are hired after being unemployed for six months or more during the one-year period ending on the hiring date ($24,000 of first-year wages), and (2) allow tax-exempt organizations to claim the lesser of the amount of the work opportunity tax credit for hiring veterans or the amount of the payroll taxes paid by such organizations during the calendar year.

hiring veterans act amends internal revenue code increase wages eligible work opportunity tax credit veterans hired unemployed months year period ending hiring date year wages disabled veterans hired year discharge active duty year wages hired unemployed months year period ending hiring date year wages allow tax exempt organizations claim lesser work opportunity tax credit hiring veterans payroll taxes paid organizations calendar year


Summary: Child Tax Credit Integrity Preservation Act of 2011 - Amends the Internal Revenue Code to expand the identification requirements for the child tax credit to require taxpayers to provide valid identification numbers on their tax returns in addition to the names and identification numbers of each qualifying child.

child_tax_credit_integrity_preservation_act amends internal revenue code expand identification requirements child tax credit require taxpayers provide valid identification numbers tax returns addition names identification numbers qualifying child


Summary: Returning Investment to America Act of 2011 - Amends the Internal Revenue Code to allow an extension of the election allowed to domestic corporations to deduct dividends received from controlled foreign corporations (election may be made for any taxable year beginning before December 31, 2012).  Limits the amount of such deduction in any taxable year to the amount by which the domestic corporation increases its payroll and by the amount of its investment in depreciable business assets.

amends internal revenue code allow extension election allowed domestic corporations deduct dividends received controlled foreign corporations election taxable year beginning december limits deduction taxable year domestic corporation increases payroll investment depreciable business assets


Summary: Sensible Estate Tax Act of 2011 - Amends the Internal Revenue Code to: (1) establish new estate tax rates of between 37% (for estates with a value in excess of $500,000) and 55% (for estates with a value in excess of $10 million), (2) allow a $1 million estate tax exclusion, and (3) provide for an inflation adjustment to such amounts for decedents dying after 2012. Repeals the termination date applicable to the estate and gift tax provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (i.e., December 31, 2012). Restores the estate tax credit for any estate, inheritance, legacy, or succession taxes paid to a state (expired after 2004). Repeals the deduction currently allowed for such taxes. Sets forth estate valuation rules for certain transfers of nonbusiness assets and limits estate tax discounts for certain individuals with minority interests in a business acquired from a decedent. Requires that the value of the basis in any property acquired from a decedent or by gift be consistent with the basis as determined for estate and gift tax purposes. Requires executors of estates and donors of gifts required to file a gift tax return to disclose to the Secretary of the Treasury, and to recipients of any interest in an estate or a gift, information identifying the value of each interest received. Expands rules for valuing assets in grantor retained annuity trusts to require that: (1) the right to receive fixed amounts from an annuity last for a term of not less than 10 years and that such fixed amounts not decrease during the first 10 years of the annuity term, and (2) the remainder interest have a value greater than zero when transferred. Terminates the generation-skipping transfer exemption for certain long-term trusts (perpetual dynasty trusts) 90 years after the establishment of such trusts.

sensible estate tax act amends internal revenue code establish new estate tax rates estates value excess estates value excess million allow million estate tax exclusion provide inflation adjustment amounts decedents dying repeals termination date applicable estate gift tax provisions economic_growth_and_tax_relief_reconciliation_act tax relief unemployment insurance reauthorization job creation act december restores estate tax credit estate inheritance legacy succession taxes paid state expired repeals deduction currently allowed taxes sets forth estate valuation rules certain transfers nonbusiness assets limits estate tax discounts certain individuals minority interests business acquired decedent requires value basis property acquired decedent gift consistent basis determined estate gift tax purposes requires executors estates donors gifts required file gift tax return disclose secretary treasury recipients interest estate gift information identifying value interest received expands rules valuing assets grantor retained annuity trusts require right receive fixed amounts annuity term years fixed amounts decrease years annuity term remainder interest value greater zero transferred terminates generation skipping transfer exemption certain long term trusts perpetual trusts years establishment trusts


Summary: Prohibits for the two-year period beginning on the enactment of this Act: (1) any federal agency from making any rule that would affect employment levels, and (2) Congress from enacting any law that would result in a tax increase on any person or entity.

prohibits year period beginning enactment act federal agency making rule affect employment levels congress enacting law result tax increase person entity


Summary: Social Security Preservation through Individual Choice Enhancement Act - Amends the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to allow individual taxpayers an election to claim the 2% reduction in employment taxes under such Act in any calendar year beginning in or after 2012. Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to increase the applicable social security retirement age by one month for each calendar year that a taxpayer elects a reduction in employment taxes under this Act.

enhancement act amends tax relief unemployment insurance reauthorization job creation act allow individual taxpayers election claim reduction employment taxes act calendar year beginning amends title old age survivors disability insurance social security act increase applicable social security retirement age month calendar year taxpayer elects reduction employment taxes act


Summary: Entrepreneur Startup Growth Act of 2011 - Directs the Commissioner of the Internal Revenue Service (IRS), in consultation with the Administrator of the Small Business Administration (SBA), to establish a self-employment tax initiative grant program to provide certain self-employed individuals with modified adjusted gross incomes of $50,000 or less with affordable tax preparation and business development assistance. Authorizes the Commissioner to make program grants of not more than $75,000 to community-based organizations, microlenders, nonprofit organizations, institutions of higher education, and local governments. Directs the Comptroller General to study and report on such program, including program outcomes.

entrepreneur startup growth act directs commissioner internal_revenue_service irs consultation administrator small_business_administration sba establish self employment tax initiative grant program provide certain self employed individuals modified adjusted gross incomes affordable tax preparation business development assistance authorizes commissioner program grants community based organizations nonprofit organizations institutions higher education local governments directs comptroller general study report program including program outcomes


Summary: Amends the Internal Revenue Code to: (1) make permanent the tax deduction for charitable contributions of food inventory; (2) set forth rules for determining the basis and fair market value of contributed food; and (3) increase from 10% to 15% of taxpayer net income the amount of deductible food inventory contributions which a taxpayer, including a C corporation, may make in any taxable year.

amends internal revenue code permanent tax deduction charitable contributions food inventory set forth rules determining basis fair market value contributed food increase taxpayer net income deductible food inventory contributions taxpayer including corporation taxable year


Summary: Amends the Internal Revenue Code to make permanent and increase the alternative minimum tax (AMT) exemption amount to $100,000 for married couples filing a joint tax return and surviving spouses and to $75,000 for unmarried individuals. Adjusts such increased exemption amounts for inflation in taxable years beginning after 2012.

amends internal revenue code permanent increase alternative minimum tax amt exemption married couples filing joint tax return surviving spouses unmarried individuals adjusts increased exemption amounts inflation taxable years beginning


Summary: Amends the Internal Revenue Code to allow a taxpayer to elect, during the five-year period after the enactment of this Act, to treat any contribution to a qualified regional infrastructure improvement zone as a tax deductible ordinary and necessary business expense. Defines "qualified regional infrastructure improvement zone" as any zone created and designated by a multi-jurisdictional regional planning organization to undertake public infrastructure improvement projects.

amends internal revenue code allow taxpayer elect year period enactment act treat contribution qualified regional infrastructure improvement zone tax deductible ordinary necessary business expense defines qualified regional infrastructure improvement zone zone created designated multi jurisdictional regional planning organization undertake public infrastructure improvement projects


Summary: American Opportunity and Freedom Act of 2012 - Repeals the terminating date (i.e., December 31, 2012) of: (1) the Economic Growth and Tax Relief Reconciliation Act of 2001, thus making such Act permanent; and (2) provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 reducing tax rates on dividends and capital gains. Repeals the estate and generation-skipping transfer taxes for decedents dying and transfers made after December 31, 2010. Repeals the alternative minimum tax (AMT) for individuals for taxable years beginning after 2010. Repeals: (1) the increase in the excise tax rate on tobacco products, and (2) revenue offset provisions of the Patient Protection and Affordable Care Act (PPACA) and other tax provisions relating to the individual and employer mandate requiring the purchase of health insurance under PPACA.

american_opportunity freedom act repeals terminating date december economic growth tax relief reconciliation act making act permanent provisions jobs_and_growth_tax_relief_reconciliation_act reducing tax rates dividends capital gains repeals estate generation skipping transfer taxes decedents dying transfers december repeals alternative minimum tax amt individuals taxable years beginning repeals increase excise tax rate tobacco products revenue offset provisions patient_protection affordable care act ppaca tax provisions relating individual employer mandate requiring purchase health insurance ppaca


Summary: Paying a Fair Share Act of 2012 - Amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax). Establishes the amount of such tax as the excess (if any) of the tentative fair share tax over the excess of: (1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (2) certain tax credits. Provides for a phase-in of such tax. Requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2013. Expresses the sense of the House of Representatives that Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the tax system, and makes sure that the wealthiest taxpayers pay a fair share of taxes.

paying fair share act amends internal revenue code require individual taxpayer adjusted gross income exceeds million pay minimum tax rate excess taxpayer adjusted gross income taxpayer modified charitable contribution deduction taxable year tentative fair share tax establishes tax excess tentative fair share tax excess sum taxpayer regular tax liability alternative minimum tax amt payroll tax taxable year certain tax credits provides phase tax requires inflation adjustment million income threshold taxable years beginning expresses sense house_of_representatives congress enact tax reform repeals unfair unnecessary tax loopholes expenditures simplifies tax system makes sure wealthiest taxpayers pay fair share taxes


Summary: Amends the Internal Revenue Code to: (1) treat income and gains from the use, sale, or exchange of infrastructure property as qualifying income for purposes of the tax treatment of publicly-traded partnerships; (2) exempt publicly-traded partnerships from the limitation on the tax deduction for income attributable to oil-related qualified production activities; (3) allow accelerated depreciation of infrastructure property (i.e., classify such property as five-year property); and (4) treat exchanges of infrastructure property as like-kind exchanges (thus exempting gain from such exchanges from tax). Defines "infrastructure property" as property which is part of: (1) roads and related improvements; (2) train tracks and related improvements; (3) airports; (4) docks and wharves; (5) facilities for sewage, solid waste disposal, the furnishing of water, the transmission and distribution of natural gas, or the generation, transmission, and distribution of electricity; or (6) communications facilities.

amends internal revenue code treat income gains use sale exchange infrastructure property qualifying income purposes tax treatment publicly traded partnerships exempt publicly traded partnerships limitation tax deduction income attributable oil related qualified production activities allow accelerated depreciation infrastructure property classify property year property treat exchanges infrastructure property like kind exchanges exempting gain exchanges tax defines infrastructure property property roads related improvements train tracks related improvements airports docks facilities sewage solid waste disposal furnishing water transmission distribution natural gas generation transmission distribution electricity communications facilities


Summary: Temporary Payroll Tax Cut Continuation Act of 2012 - Amends the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to extend through 2012 the 2% reduction in employment tax rates for employees and self-employed individuals.

amends tax relief unemployment insurance reauthorization job creation act extend reduction employment tax rates employees self employed individuals


Summary: Carried Interest Fairness Act of 2012 - Amends the Internal Revenue Code to: (1) set forth a special rule for the inclusion in gross income of partnership interests transferred in connection with the performance of services, (2) treat as ordinary income the net capital gain with respect to an investment services partnership interest except to the extent such gain is attributable to a partner's qualified capital interest, (3) exempt income from investment services partnership interests from treatment as qualifying income of a publicly traded partnership, (4) increase the penalty for underpayments of tax resulting from failure to treat income from an investment services partnership interest as ordinary income, and (5) include income and loss from an investment services partnership interest for purposes of determining net earnings from self-employment and applicable self-employment taxes. Defines "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.

carried interest fairness act amends internal revenue code set forth special rule inclusion gross income partnership interests transferred connection performance services treat ordinary income net capital gain respect investment services partnership interest extent gain attributable partner qualified capital interest exempt income investment services partnership interests treatment qualifying income publicly traded partnership increase penalty underpayments tax resulting failure treat income investment services partnership interest ordinary income include income loss investment services partnership interest purposes determining net earnings self employment applicable self employment taxes 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


Summary: Help Entrepreneurs Create American Jobs Act of 2012 - Amends the Internal Revenue Code to make the increase (from $5,000 to $10,000) in the tax deduction for the start-up expenditures of an active trade or business permanent (currently, limited to taxable years beginning in 2010).

help entrepreneurs create american jobs act amends internal revenue code increase tax deduction start expenditures active trade business permanent currently limited taxable years beginning


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

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


Summary: Keeping Promises to Taxpayers Act of 2012 - Amends the Internal Revenue Code and the Patient Protection and Affordable Care Act to repeal certain health care-related taxes and other provisions, including: (1) the requirement that certain employers provide their employees with health insurance coverage and report on such coverage, (2) the excise tax on excess benefits from employer-sponsored health care coverage, (3) the requirement that distributions from a health savings account be used to pay for prescription drugs and insulin only (thus allowing for payment of over-the-counter medications), (4) the increase (from 7.5% to 10%) in the income threshold for the medical expense tax deduction, (5) the $2,500 limitation on contributions to health flexible spending arrangements, (6) the annual fees required for businesses providing health insurance and manufacturers or importers of branded prescription drugs, (7) the Patient-Centered Outcomes Research Trust Fund, (8) the fee imposed on insured and self-insured health plans, (9) the excise taxes on medical device manufacturers and importers and on indoor tanning services, (10) the increase (from 10% to 20%) in the penalty for distributions from health savings accounts and Archer medical savings accounts not used for qualified medical expenses, and (11) the increase in the tobacco production excise tax.

keeping promises taxpayers act amends internal revenue code patient_protection affordable care act repeal certain health care related taxes provisions including requirement certain employers provide employees health insurance coverage report coverage excise tax excess benefits employer sponsored health care coverage requirement distributions health savings account pay prescription drugs insulin allowing payment counter medications increase income threshold medical expense tax deduction limitation contributions health flexible spending arrangements annual fees required businesses providing health insurance manufacturers importers branded prescription drugs fee imposed insured self insured health plans excise taxes medical device manufacturers importers indoor tanning services increase penalty distributions health savings accounts archer medical savings accounts qualified medical expenses increase tobacco production excise tax


Summary: Amends the Internal Revenue Code to: (1) extend for one year the 100% bonus depreciation allowance for business assets, and (2) increase the amount of alternative minimum tax (AMT) credits that corporate taxpayers may elect to accelerate in a taxable year in lieu of claiming bonus depreciation.

amends internal revenue code extend year bonus depreciation allowance business assets increase alternative minimum tax amt credits corporate taxpayers elect accelerate taxable year lieu claiming bonus depreciation


Summary: Closing Corporate Jet Tax Loopholes to Employ Veterans Act of 2012 or the Jets for Vets Act of 2012 - Amends the Internal Revenue Code to classify general aviation aircraft as seven-year property for purposes of the depreciation tax deduction (currently, expenses for aircraft can be deducted or expensed in the current taxable year). Defines "general aviation aircraft" as any airplane or helicopter not used in commercial or contract carrying of passengers or freight, but which primarily engages in the carrying of passengers. Increases the work opportunity tax credit for the hiring of veterans by increasing the dollar limitation on veteran wages eligible for such credit with revenue saved from the depreciation reclassification of general aviation aircraft by this Act.

closing corporate jet tax loopholes employ veterans act vets act amends internal revenue code classify general aviation aircraft seven year property purposes depreciation tax deduction currently expenses aircraft deducted current taxable year defines general aviation aircraft airplane helicopter commercial contract carrying passengers freight primarily engages carrying passengers increases work opportunity tax credit hiring veterans increasing dollar limitation veteran wages eligible credit revenue saved depreciation reclassification general aviation aircraft act


Summary: Amends the Internal Revenue Code to extend through 2014 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.

amends internal revenue code extend exclusion gross income income attributable discharge indebtedness principal residence


Summary: Adjusting for Income Disparity Act of 2012 - Amends the Internal Revenue Code to allow an individual taxpayer a new tax credit to compensate for income disparity. Sets the amount of such credit at the applicable credit amount ($2,500 to $5,000) reduced by a specified percentage (3 1/3% to 6 2/3%) of the excess of the taxpayer's modified adjusted gross income over a specified threshold ($15,000 to $30,000), based on the number of the taxpayer's dependents. Accelerates to December 31, 2011 (currently, December 31, 2012), the termination date for the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) and the provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) providing for a reduction in capital gain and dividend tax rates.

adjusting income disparity act amends internal revenue code allow individual taxpayer new tax credit compensate income disparity sets credit applicable credit reduced specified percentage excess taxpayer modified adjusted gross income specified threshold based number taxpayer dependents accelerates december currently december termination date economic_growth_and_tax_relief_reconciliation_act egtrra provisions jobs_and_growth_tax_relief_reconciliation_act providing reduction capital gain dividend tax rates


Summary: Homeowner Tax Fairness Act - Amends the Internal Revenue Code to: (1) extend through 2015 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence, (2) extend through 2014 the tax deduction for mortgage insurance premiums, and (3) exclude from gross income any National Mortgage Settlement amount. Defines "National Mortgage Settlement amount" as any amount received pursuant to the settlement in a legal action against Bank of America Corporation filed in U.S. District Court on March 12, 2012, which is: (1) a payment for transitional assistance; (2) a payment from the Borrower Payment Fund under the National Mortgage Settlement to a borrower whose home was finally sold or taken in foreclosure after December 31, 2007, and before January 1, 2012; or (3) a payment received as a result of a foreclosure or excess charge of interest that the Department of Justice (DOJ) has determined was not in compliance with the Servicemembers Civil Relief Act.

homeowner tax fairness act amends internal revenue code extend exclusion gross income income attributable discharge indebtedness principal residence extend tax deduction mortgage insurance premiums exclude gross income defines national mortgage settlement received pursuant settlement legal action filed district_court march payment transitional assistance payment borrower home finally sold taken foreclosure december january payment received result foreclosure excess charge interest department_of_justice doj determined compliance servicemembers_civil_relief_act


Summary: Communities Committed to College Tax Credit Act of 2012 - Amends the Internal Revenue Code to allow a tax credit for 50% of any contribution to a tax-exempt scholarship funding trust established to provide scholarships for individuals with demonstrated financial need to attend institutions of higher education.

amends internal revenue code allow tax credit contribution tax exempt scholarship funding trust established provide scholarships individuals demonstrated financial need attend institutions higher education


Summary: Amends the Internal Revenue Code to allow the release of a federal tax levy on any trade or business of a taxpayer who can show hardship due to such levy.

amends internal revenue code allow release federal tax levy trade business taxpayer hardship levy


Summary: Amends the Internal Revenue Code to extend through 2013 the increase in the amount of distilled spirits tax covered into the treasuries of Puerto Rico and the Virgin Islands.

amends internal revenue code extend increase distilled spirits tax covered treasuries puerto_rico virgin_islands


Summary: Easy Earned Income Tax Credit Act of 2012 - Requires the Secretary of the Treasury to: (1) modify income tax forms to incorporate information currently required on the separate earned income tax credit form (Form EIC), and (2) provide a notice on such forms and in the instructions for such forms that the Secretary will compute the taxpayer's earned income tax credit upon request. Amends the Internal Revenue Code to allow a taxpayer to elect not to compute the amount of such taxpayer's earned income tax credit, in which case the Internal Revenue Service (IRS) shall compute such credit amount.

requires secretary treasury modify income tax forms incorporate information currently required separate earned income tax credit form form provide notice forms instructions forms secretary compute taxpayer earned income tax credit request amends internal revenue code allow taxpayer elect compute taxpayer earned income tax credit case internal_revenue_service irs shall compute credit


Summary: Middle Class Tax Fairness Act of 2012 - Amends the Internal Revenue Code to make permanent the taxpayer election to deduct state and local general sales taxes in lieu of state and local income taxes. Requires an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax). Establishes the amount of such tax as the excess (if any) of the tentative fair share tax over the excess of: (1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (2) certain tax credits. Provides for a phase-in of such tax. Requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2013. Requires any savings resulting from the enactment of this Act to be used for federal budget deficit reduction or reduction of the federal debt.

middle class tax fairness act amends internal revenue code permanent taxpayer election deduct state local general sales taxes lieu state local income taxes requires individual taxpayer adjusted gross income exceeds million pay minimum tax rate excess taxpayer adjusted gross income taxpayer modified charitable contribution deduction taxable year tentative fair share tax establishes tax excess tentative fair share tax excess sum taxpayer regular tax liability alternative minimum tax amt payroll tax taxable year certain tax credits provides phase tax requires inflation adjustment million income threshold taxable years beginning requires savings resulting enactment act federal budget deficit reduction reduction federal debt


Summary: Fighting Tax Fraud Act of 2012 - Amends the Internal Revenue Code to impose an increased penalty on a tax return preparer who engages in fraudulent conduct by: (1) willfully modifying any tax return or claim for refund which creates an understatement of tax liability after such return or claim has been signed by the taxpayer, and (2) willfully attempting to intercept the proceeds of such modified refund or claim. Establishes the penalty amount at the greater of $5,000 or the amount of the understated tax liability.

fighting tax fraud act amends internal revenue code impose increased penalty tax return preparer engages fraudulent conduct willfully modifying tax return claim refund creates understatement tax liability return claim signed taxpayer willfully attempting intercept proceeds modified refund claim establishes penalty greater tax liability


Summary: Update and Streamline REIT Act of 2012 or US REIT Act of 2012 - Amends the Internal Revenue Code, with respect to the tax treatment of real estate investment trusts (REITs), to: (1) modify safe harbor rules for avoiding penalties for prohibited sales of rental and timber properties by REITs by allowing three-year averaging of sales proceeds for such properties, (2) repeal the preferential dividend rule for dividend payments to shareholders of publicly-offered REITs, (3) revise REIT income and assets tests to allow treatment of publicly-offered REIT debt instruments and personal property leased or mortgaged in connection with REIT real property as real estate assets, (4) make permanent the treatment of gain from sales of timber property and mineral royalties as qualifying REIT income, and (5) revise the calculation of REIT earnings and profits to avoid duplicate taxation of REIT shareholders.

update streamline reit act reit act amends internal revenue code respect tax treatment real estate investment trusts reits modify safe harbor rules avoiding penalties prohibited sales rental timber properties reits allowing year averaging sales proceeds properties repeal preferential dividend rule dividend payments shareholders publicly offered reits revise reit income assets tests allow treatment publicly offered reit debt instruments personal property leased mortgaged connection reit real property real estate assets permanent treatment gain sales timber property mineral royalties qualifying reit income revise calculation reit earnings profits avoid duplicate taxation reit shareholders


Summary: Veterans Back to Work Act of 2012 - Amends the Internal Revenue Code to: (1) extend through 2013 the work opportunity tax credit for hiring qualified veterans (veterans receiving compensation for a service-connected disability and other federal assistance), and (2) allow employers who hire qualified veterans an exemption through 2013 from employment and railroad retirement taxes. Appropriates amounts to the Social Security Old-Age and Survivors Trust Fund and the Federal Disability Insurance Trust Fund to cover any revenue loss to such Funds resulting from this Act.

amends internal revenue code extend work opportunity tax credit hiring qualified veterans veterans receiving compensation service connected disability federal assistance allow employers hire qualified veterans exemption employment railroad retirement taxes appropriates amounts federal_disability_insurance_trust_fund cover revenue loss funds resulting act


Summary: Charity Care Tax Deduction for Physicians Act of 2012 - Amends the Internal Revenue Code to allow a physician a tax deduction equal to the amount such physician would have otherwise charged for charity medical care provided on a volunteer or pro bono basis. Limits the allowable amount of such deduction to 10% of such physician's gross income for the taxable year.

amends internal revenue code allow physician tax deduction equal physician charged charity medical care provided volunteer pro bono basis limits allowable deduction physician gross income taxable year


Summary: Deductibility and Incentives to Promote Learning Opportunities and Maximize Assistance Act of 2012 or the DIPLOMA Act of 2012 - Amends the Internal Revenue Code to: (1) allow an unlimited tax deduction for qualified tuition and related expenses for taxpayers whose adjusted gross incomes do not exceed $80,000 ($160,000 for joint returns), (2) extend such deduction through 2017, (3) allow a tax deduction for principal amounts paid on education loans for the first 60 months of such loans, and (4) extend the American Opportunity tax credit through 2017.

deductibility incentives promote learning opportunities diploma act amends internal revenue code allow unlimited tax deduction qualified tuition related expenses taxpayers adjusted gross incomes exceed joint returns extend deduction allow tax deduction principal amounts paid education loans months loans extend american_opportunity tax credit


Summary: Invest in America Now Act of 2012 - Amends the Internal Revenue Code to: (1) extend through 2012 the 100% bonus depreciation allowance for business assets; (2) increase the amount of alternative minimum tax (AMT) credits that corporate taxpayers may elect to accelerate in a taxable year in lieu of claiming bonus depreciation; and (3) deny major integrated oil companies a tax deduction for income attributable to the domestic production, transportation, or distribution of oil, natural gas, and primary products thereof.

invest america act amends internal revenue code extend bonus depreciation allowance business assets increase alternative minimum tax amt credits corporate taxpayers elect accelerate taxable year lieu claiming bonus depreciation deny major integrated oil companies tax deduction income attributable domestic production transportation distribution oil natural gas primary products thereof


Summary: Amends the Internal Revenue Code to allow decedent estates to base the value of qualified historic property on the net earnings of such property for estate and gift tax purposes. Defines "qualified historic property" as any building designated as a national historic landmark for at least 25 years prior to the death of a decedent and originally used for residential or farming purposes.

amends internal revenue code allow decedent estates base value qualified historic property net earnings property estate gift tax purposes defines qualified historic property building designated national historic years prior death decedent originally residential farming purposes


Summary: Middle Class Tax Cut Protection Act of 2012 - Extends through 2014: (1) the general terminating date of the Economic Growth and Tax Relief Reconciliation Act of 2001, and (2) the reduction in the tax rate for dividend and capital gain income enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Amends the Internal Revenue Code to extend through 2014: (1) the increased American Opportunity tax credit, (2) the increase in the refundable portion of the child tax credit, and (3) the increased earned income tax credit percentage for three or more qualifying children. Disqualifies taxpayers whose income exceeds $250,000 for such extended tax benefits.

middle class tax cut protection act extends general terminating date economic_growth_and_tax_relief_reconciliation_act reduction tax rate dividend capital gain income enacted jobs_and_growth_tax_relief_reconciliation_act amends internal revenue code extend increased american_opportunity tax credit increase refundable portion child tax credit increased earned income tax credit percentage qualifying children disqualifies taxpayers income exceeds extended tax benefits


Summary: Working Families Tax Protection Act of 2012 - Extends through 2013 the terminating date for provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 relating to: (1) individual income tax rate reductions, (2) tax benefits related to children and adoption, (3) reduction of the marriage penalty, and (4) education assistance. Denies such extension to taxpayers whose income exceeds $500,000. Extends through 2013 the terminating date for provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 relating to reductions in the tax rate for dividend and capital gain income. Denies such extension to taxpayers whose income is taxed at the maximum income tax rate. Amends the Internal Revenue Code to extend through 2013: (1) the increased American Opportunity tax credit, (2) the increase in the refundable portion of the child tax credit, and (3) the increased earned income tax credit percentage for three or more qualifying children.

extends terminating date provisions economic_growth_and_tax_relief_reconciliation_act relating individual income tax rate reductions tax benefits related children adoption reduction marriage penalty education assistance denies extension taxpayers income exceeds extends terminating date provisions jobs_and_growth_tax_relief_reconciliation_act relating reductions tax rate dividend capital gain income denies extension taxpayers income taxed maximum income tax rate amends internal revenue code extend increased american_opportunity tax credit increase refundable portion child tax credit increased earned income tax credit percentage qualifying children


Summary: Scaling Up Manufacturing Act of 2012 - Amends the Internal Revenue Code to allow certain start-up companies that are headquartered in the United States a tax credit for up to 25% of their costs for the construction of a manufacturing facility and for the purchase of specialized equipment for use at such facility. Defines a "start-up company" as any corporation or partnership that: (1) first has both gross receipts and qualified research expenses in a taxable year beginning after December 31, 2012, or (2) has both gross receipts and qualified research expenses in fewer than three taxable years beginning after December 31, 2012, and before January 1, 2018.

scaling manufacturing act amends internal revenue code allow certain start companies headquartered united_states tax credit costs construction manufacturing facility purchase specialized equipment use facility defines start company corporation partnership gross receipts qualified research expenses taxable year beginning december gross receipts qualified research expenses fewer taxable years beginning december january


Summary: Pathway to Job Creation through a Simpler, Fairer Tax Code Act of 2012 - States that the purpose of this Act is to provide for the enactment of comprehensive tax reform in 2013 that: (1) protects taxpayers by creating a fairer, simpler, flatter tax code; (2) is comprehensive; (3) results in tax revenue consistent with historical norms; (4) spurs greater investment, innovation and job creation; and (5) makes American workers and businesses more competitive. Defines a "tax reform bill" for purposes of this Act as a bill to be introduced by the chair of the House Committee on Ways and Means not later than April 30, 2013, that is certified by the chair of the Joint Committee on Taxation as containing proposals to: (1) consolidate the 6 current individual income tax brackets into a maximum of 2 brackets (of 10% and not higher than 25%), (2) reduce the corporate income tax rate to not more than 25%, (3) repeal the alternative minimum tax (AMT), (4) broaden the tax base so that tax revenues comprise between 18% and 19% of Gross Domestic Product (GDP), and (5) reform the current system of foreign taxation. Provides for the expedited consideration of such bill in the House of Representatives and the Senate.

pathway job creation simpler states purpose act provide enactment comprehensive tax reform protects taxpayers creating simpler tax code comprehensive results tax revenue consistent historical norms greater investment innovation job creation makes american workers businesses competitive defines tax reform bill purposes act bill introduced chair house_committee ways_and_means later april certified chair joint_committee_on_taxation containing proposals consolidate current individual income tax brackets maximum brackets higher reduce corporate income tax rate repeal alternative minimum tax amt broaden tax base tax revenues comprise gross domestic product gdp reform current system foreign taxation provides expedited consideration bill house_of_representatives senate


Summary: Amends the Internal Revenue Code to extend through 2013: (1) the increase in the Hope Scholarship tax credit (American Opportunity Tax Credit), and (2) the disregard of tax refunds for purposes of determining eligibility for means tested federal programs.

amends internal revenue code extend increase hope scholarship tax credit american_opportunity_tax_credit disregard tax refunds purposes determining eligibility means tested federal programs


Summary: Amends the Internal Revenue Code to eliminate tax-exempt interest earned on private activity bonds as an item of tax preference for purposes of calculating the alternative minimum tax.

amends internal revenue code eliminate tax exempt interest earned private activity bonds item tax preference purposes calculating alternative minimum tax


Summary: Build America Bonds Act of 2012 - Amends the Internal Revenue Code to: (1) make permanent the issuance authority for Build America Bonds and the authority for payments to issuers of such bonds; (2) make phased reductions in the credit percentage to bondholders and the percentage of payments to issuers of such bonds; (3) allow refundings of currently issued bonds; (4) allow the use of Build America bonds to fund capital expenditures for levees and flood control projects; and (5) deny a tax deduction to major integrated oil companies for income attributable to the production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof.

build_america bonds act amends internal revenue code permanent issuance authority build america bonds authority payments issuers bonds phased reductions credit percentage bondholders percentage payments issuers bonds allow refundings currently issued bonds allow use build_america bonds fund capital expenditures levees flood control projects deny tax deduction major integrated oil companies income attributable production refining processing transportation distribution oil gas primary product thereof


Summary: Makes permanent: (1) the Economic Growth and Tax Relief Reconciliation Act of 2001, and (2) provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 that reduce tax rates on dividend and capital gain income. Amends the Internal Revenue Code to make permanent: (1) the tax deduction for tuition and related expenses, and (2) the increased expensing allowance for small business assets. Repeals the estate tax and the tax on generation-skipping transfers. Modifies tax gift tax rates and allows an increased lifetime gift tax exemption. Extends for one year the increased exemption from the alternative minimum tax (AMT) for individual taxpayers and the offset against the AMT for certain nonrefundable personal tax credits. Provides for an inflation adjustment to the basis of certain assets held for more than three years for purposes of determining gain or loss from the disposition of such assets.

makes permanent economic growth tax relief reconciliation act provisions jobs_and_growth_tax_relief_reconciliation_act reduce tax rates dividend capital gain income amends code permanent tax deduction tuition related expenses increased expensing allowance small business assets repeals estate tax tax generation skipping transfers modifies tax gift tax rates allows increased lifetime gift tax exemption extends year increased exemption alternative minimum tax amt individual taxpayers offset amt certain nonrefundable personal tax credits provides inflation adjustment basis certain assets held years purposes determining gain loss disposition assets


Summary: Amends the Internal Revenue Code to exclude from gross income, for income tax purposes, the value of any medal awarded in, or any prize money received from the U.S. Olympic Committee on account of, competition in the Olympic Games.

amends internal revenue code exclude gross income income tax purposes value medal awarded prize money received account competition olympic games


Summary: Middle Class and Small Business Tax Relief Act of 2012 - Makes provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) permanent for taxpayers whose adjusted gross incomes do not exceed a specified base amount (i.e., $200,000 for individual taxpayers and $250,000 for married couples filing jointly). Revises income tax rates to increase to 39.6% the maximum income tax rate for taxpayers whose incomes exceed the base amount. Makes provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 that reduce the tax rate on dividend and capital gains income for taxpayers whose incomes do not exceed the base amount permanent. Increases to 20% the tax rate on dividend and capital gains income for taxpayers whose incomes are  above the base amount. Amends the Internal Revenue Code to extend for an additional year: (1) the increased Hope Scholarship tax credit (designated as the American Opportunity Tax Credit), (2) the increase in the refundable portion of the child tax credit, (3) the increased percentage of the earned income tax credit for taxpayers with three or more qualifying children, (4) the disregard of tax refunds for purposes of determining eligibility for certain means tested federal programs, (5) the increased exemption from the alternative minimum tax (AMT) for individual taxpayers, and (6) the offset against the AMT for certain nonrefundable personal tax credits. Extends until December 31, 2013, the estate, gift, and generation-skipping transfer provisions of EGTRRA.

middle class small business tax relief act makes provisions economic_growth_and_tax_relief_reconciliation_act egtrra permanent taxpayers adjusted gross incomes exceed specified base individual taxpayers married couples filing jointly revises income tax rates increase maximum income tax rate taxpayers incomes exceed base makes provisions jobs_and_growth_tax_relief_reconciliation_act reduce tax rate dividend capital gains income taxpayers incomes exceed base permanent increases tax rate dividend capital gains income taxpayers incomes base amends internal revenue code extend additional year increased hope scholarship tax credit designated american_opportunity_tax_credit increase refundable portion child tax credit increased percentage earned income tax credit taxpayers qualifying children disregard tax refunds purposes determining eligibility certain means tested federal programs increased exemption alternative minimum tax amt individual taxpayers offset amt certain nonrefundable personal tax credits extends december estate gift generation skipping transfer provisions egtrra


Summary: Family Farm and Small Business Tax Relief Act of 2012 - Amends the Internal Revenue Code to exclude from a decedent's gross estate, for estate tax purposes, the adjusted value of qualified farmland and qualified family-owned business interests. Imposes an additional estate tax if, within 10 years after the decedent's death and before the date of the qualified heir's death: (1) qualified farmland ceases to be used for farming purposes or is sold outside of the qualified heir's family; or (2) material participation requirements for a qualified family-owned business interest are not met, the business ceases to be located in the United States, or the business is sold outside the qualified heir's family. Makes permanent estate tax provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.

amends internal revenue code exclude decedent gross estate estate tax purposes adjusted value qualified farmland qualified family owned business interests imposes additional estate tax years decedent death date qualified heir death qualified farmland ceases farming purposes sold outside qualified heir family material participation requirements qualified family owned business interest met business ceases located united_states business sold outside qualified heir family makes permanent estate tax provisions tax relief unemployment insurance reauthorization job creation act


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

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


Summary: Tax Exemption for American Medalists Act - Amends the Internal Revenue Code to exclude from gross income, for income tax purposes, the value of any medal awarded in, or any prize money received from the U.S. Olympic Committee on account of, competition in the Olympic Games or Paralympic Games.

tax exemption american act amends internal revenue code exclude gross income income tax purposes value medal awarded prize money received account competition olympic games paralympic games


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

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


Summary: Managed Carbon Price Act of 2012 - Amends the Internal Revenue Code to require covered persons (i.e., U.S. coal producers, oil refinery operators, first sellers of natural gas, and producers of other greenhouse gas [GHG] emission substances and importers of any GHG emission substance) to purchase a federal emission permit from the Secretary of the Treasury for the sale, combustion, or other use of such a substance. Exempts from such requirement use of a GHG emission substance: (1) as material in the production of another article by such person, or (2) for noncombustion agricultural purposes. Requires the Secretary to impose a GHG emission permit equivalency fee on imports of carbon intensive goods. Requires federal emission permits to be: (1) denominated in one-quarter carbon dioxide equivalents, and (2) purchased within 14 calendar days before or after a GHG emission substance is produced or entered into the United States. Requires the Secretary to: (1) establish a price for obtaining a permit for a year based on a determination of the dollar amount necessary to meet specified emissions reductions targets, (2) publish a five-year price schedule for permits by January 1, 2014, for each of the five years from 2015 to 2019, and (3) publish a 10-year schedule of the minimum and maximum prices for permits by January 1, 2021, and every 10 years thereafter. Sets minimum prices. Authorizes the Secretary to reduce permit prices if target reductions are being exceeded and to increase such prices if target reductions are not being met. Establishes emission reduction targets for 2015 through 2059 decreasing from 100% to 20% of the carbon dioxide equivalents emitted in the United States in 2005. Requires the Secretary to report annually on: (1) the extent to which such limitations are being achieved, (2) GHG emission permits sold and their impact on GHG emissions, and (3) worldwide GHG emissions in relation to 2005 emissions. Defines a "carbon dioxide equivalent" as the quantity of a GHG emission substance that makes the same contribution to global warming as one metric ton of carbon dioxide. Requires the Administrator to publish and update a schedule listing such quantity for each GHG emission substance. Requires: (1) repayment of permit fees to specified permittees that use GHG emission substances in a manner that will make a negligible or no contribution to global warming, and (2) payment of the permit equivalency fees to exporters of carbon-intensive goods. Imposes a tax on covered persons who fail to obtain a required permit. Establishes the Energy and Economic Security Trust Fund into which revenue raised from permit sales shall be deposited. Requires the Fund to be used to pay monthly dividends to taxpayers and for deficit reduction.

managed carbon price act amends internal revenue code require covered persons coal producers oil refinery operators sellers natural gas producers greenhouse gas ghg emission substances importers ghg emission substance purchase federal emission permit secretary treasury sale combustion use substance exempts requirement use ghg emission substance material production article person agricultural purposes requires secretary impose ghg emission permit equivalency fee imports carbon intensive goods requires federal emission permits denominated quarter carbon dioxide equivalents purchased calendar days ghg emission substance produced entered united_states requires secretary establish price obtaining permit year based determination dollar necessary meet specified emissions reductions targets publish year price schedule permits january years publish year schedule minimum maximum prices permits january years sets minimum prices authorizes secretary reduce permit prices target reductions exceeded increase prices target reductions met establishes emission reduction targets decreasing carbon dioxide equivalents emitted united_states requires secretary report annually extent limitations achieved ghg emission permits sold impact ghg emissions worldwide ghg emissions relation emissions defines carbon dioxide equivalent quantity ghg emission substance makes contribution global warming metric ton carbon dioxide requires administrator publish update schedule listing quantity ghg emission substance requires repayment permit fees specified permittees use ghg emission substances manner negligible contribution global warming payment permit equivalency fees exporters carbon intensive goods imposes tax covered persons fail obtain required permit establishes revenue raised permit sales shall deposited requires fund pay monthly dividends taxpayers deficit reduction


Summary: Amends the Internal Revenue Code to exclude from gross income, for income tax purposes, the value of any medal awarded in, or any prize money received from the U.S. Olympic Committee on account of, competition in the Olympic Games or Paralympic Games.

amends internal revenue code exclude gross income income tax purposes value medal awarded prize money received account competition olympic games paralympic games


Summary: Manufacturing Economic Recovery Act of 2012 - Amends the Internal Revenue Code to allow: (1) a manufacturing recovery tax credit for investment in manufacturing real and tangible personal property used in the United States, including an increased credit for manufacturing property located in an economically disadvantaged area and an extremely economically disadvantaged area; (2) an additional investment tax credit for manufacturing property; and (3) a work opportunity tax credit for hiring an employee in a manufacturing facility located in the United States (manufacturing recovery employee), including an increased credit for hiring individuals receiving unemployment compensation.

manufacturing economic recovery act amends internal revenue code allow manufacturing recovery tax credit investment manufacturing real tangible personal property united_states including increased credit manufacturing property located economically disadvantaged area extremely economically disadvantaged area additional investment tax credit manufacturing property work opportunity tax credit hiring employee manufacturing facility located united_states manufacturing recovery employee including increased credit hiring individuals receiving unemployment compensation


Summary: Middle Class College Tuition Tax Credit Expansion Act of 2012 - Amends the Internal Revenue Code to replace the Hope Scholarship and Lifetime Learning tax credits with a new American Opportunity Tax Credit that: (1) allows an increased income tax credit for the qualified tuition and related expenses of a student who is carrying at least one half of a normal course load, (2) increases the income threshold for reductions in the credit amount based upon modified adjusted gross income, (3) allows a lifetime dollar limitation on such credit of $25,000 for all taxable years, and (4) makes 50% of the credit refundable. Allows an exclusion from gross income of any amount received as a Federal Pell Grant.

middle class college tuition tax credit expansion act amends internal revenue code replace hope scholarship lifetime_learning tax credits new american_opportunity_tax_credit allows increased income tax credit qualified tuition related expenses student carrying half normal course load increases income threshold reductions credit based modified adjusted gross income allows lifetime dollar limitation credit taxable years makes credit refundable allows exclusion gross income received federal pell grant


Summary: ITIN Reform Act of 2012 - Amends the Internal Revenue Code to require the Secretary of the Treasury to issue an individual taxpayer identification number (ITIN) to an individual only if such individual: (1) submits an application for an ITIN in person at an Internal Revenue Service (IRS) taxpayer assistance center with required documentation, or (2) submits an application in person outside of the United States to an IRS employee or a designee of the Secretary at a U.S. diplomatic mission or consular post with required documentation. Exempts from this requirement military spouses and nonresident aliens claiming tax treaty benefits.

itin reform act amends internal revenue code require secretary treasury issue individual taxpayer identification number itin individual individual submits application itin person internal_revenue_service irs taxpayer assistance center required documentation submits application person outside united_states irs employee designee secretary diplomatic mission consular post required documentation exempts requirement military spouses nonresident aliens claiming tax treaty benefits


Summary: Computers in Our Communities Act - Amends the Internal Revenue Code to extend through 2013 the tax deduction allowed to corporate taxpayers for charitable contributions of computer inventory for educational purposes.

computers communities act amends internal revenue code extend tax deduction allowed corporate taxpayers charitable contributions computer inventory educational purposes


Summary: Personal Holding Company Tax Parity and Reinvestment Act - Amends the Internal Revenue Code to exclude dividends received by a U.S. shareholder from a controlled foreign corporation from the definition of "personal holding company income" for purposes of personal holding company taxation.

reinvestment act amends internal revenue code exclude dividends received shareholder controlled foreign corporation definition personal holding company income purposes personal holding company taxation


Summary: Makes permanent: (1) the Economic Growth and Tax Relief Reconciliation Act of 2001, and (2) provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 that reduce tax rates on capital gain and dividend income.

makes permanent economic growth tax relief reconciliation act provisions jobs_and_growth_tax_relief_reconciliation_act reduce tax rates capital gain dividend income