Summary: Freedom to Choose Tax Reform Act of 2007 - Amends the Internal Revenue Code to allow individual taxpayers an election to choose an alternative income tax system, in lieu of the current tax system. Provides for two tax brackets of 10 and 23%. Eliminates all existing tax credits, but allows a $1,000 freedom to choose tax reform individual tax credit and a credit for overpayment of tax.Establishes the Commission on Congressional Budgetary Accountability and Review of Federal Agencies. Directs the President to: (1) designate two Commission co-chairpersons; (2) establish a systematic method for assessing the effectiveness and accountability of federal agency programs; (3) divide such programs into four equal budgetary parts; (4) submit to the Commission annual assessments of the programs within each part (one each year) that use such method; and (5) identify common performance measures for programs having similar functions and provide the Commission with data on such measures. Requires the Commission to: (1) evaluate executive agencies and their programs identified in each assessment; (2) consider submitted assessments in evaluating programs; and (3) submit to Congress each of the next four years a plan recommending agencies and programs that should be realigned or eliminated and proposing implementing legislation. Provides for expedited consideration of such legislation.

freedom choose tax reform act amends internal revenue code allow individual taxpayers election choose alternative income tax system lieu current tax system provides tax brackets eliminates existing tax credits allows freedom choose tax reform individual tax credit credit overpayment tax establishes_the_commission directs president designate commission chairpersons establish systematic method assessing effectiveness accountability federal agency programs divide programs equal budgetary parts submit commission annual assessments programs year use method identify common performance measures programs having similar functions provide commission data measures requires commission evaluate executive agencies programs identified assessment consider submitted assessments evaluating programs submit congress years plan recommending agencies programs realigned eliminated proposing implementing legislation provides expedited consideration legislation


Summary: Amends the Internal Revenue Code to increase from 30 to 50% the bonus depreciation for new business equipment placed in service in 2008 and 2009.

amends internal revenue code increase bonus depreciation new business equipment placed service


Summary: Amends the Internal Revenue Code to allow a current year tax deduction of the cost of business equipment placed in service in 2008 and 2009 for which cost recovery periods of three, five, or seven years are currently allowed.

amends internal revenue code allow current year tax deduction cost business equipment placed service cost recovery periods seven years currently allowed


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

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


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

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


Summary: Amends the Internal Revenue Code to: (1) increase from 30 to 50% the rate of the special depreciation allowance (bonus depreciation) for certain business equipment and assets placed in service in 2008; and (2) allow a corporation to elect to increase its alternative minimum tax credit by its bonus depreciation amount in lieu of applying such allowance.

amends internal revenue code increase rate special depreciation allowance bonus depreciation certain business equipment assets placed service allow corporation elect increase alternative minimum tax credit bonus depreciation lieu applying allowance


Summary: Clean Stove Act of 2008 - Amends the Internal Revenue Code to allow individual taxpayers a tax credit, up to $500, for the cost of replacing a residential wood stove with: (1) a wood-burning stove that complies with current Environmental Protection Agency (EPA) standards; and (2) a pellet or corn-burning stove. Terminates such credit after 2010.

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


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

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


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

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


Summary: Beginning Farmers and Ranchers Act of 2008 - Amends the Internal Revenue Code to exclude from gross income 100% of the gain, up to $500,000, from the sale of qualified farm property to a first-time farmer who certifies that such property will be used for farming purposes for 10 years. Allows: (1) a 50% exclusion for the sale of qualified farm property to any other person who certifies that such property will be used for farming purposes for 10 years; and (2) a 25% exclusion for the sale of qualified farm property to any other person for any other use. Defines "qualified farm property" as real property located in the United States which is used for farming purposes for a specified three-year period and in which there was material participation by the taxpayer or the taxpayer's spouse or family member. Requires the recapture of tax benefits if qualified farm property is sold or ceases operation as a farm before the required 10-year period. Increases dollar limitations on bonds issued to finance assistance programs for first-time farmers.

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


Summary: Amends the Internal Revenue Code to: (1) allow a five-year carryback of net operating losses for taxable years beginning or ending during 2006, 2007, or 2008; and (2) suspend the 90% alternative minimum tax limitation on carrybacks and carryovers of net operating losses in such years.

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


Summary: Modernize Our Bookkeeping In the Law for Employee's Cell Phone Act of 2008 - Amends the Internal Revenue Code to remove certain limitations on the tax deduction for employee use of cellular telephones.

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


Summary: Amends the Internal Revenue Code to repeal the restrictions on the tax deduction for the travel expenses of a taxpayer's spouse, dependent, or other individual accompanying the taxpayer on business travel.

amends internal revenue code repeal restrictions tax deduction travel expenses taxpayer spouse dependent individual accompanying taxpayer business travel


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

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


Summary: Amends the Internal Revenue Code to require an inflation adjustment to the dollar amounts for calculating the tax credit for taxpayers who have attained age 65 or who have retired on disability as permanently and totally disabled.

amends internal revenue code require inflation adjustment dollar amounts calculating tax credit taxpayers attained age retired disability permanently totally disabled


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

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


Summary: Amends the Internal Revenue Code to prohibit any person who is authorized to originate the electonic submission of a income tax return or statement from charging a separate fee for such electronic submission. Imposes a $50 fine for each violation.

amends internal revenue code prohibit person authorized originate submission income tax return statement charging separate fee electronic submission imposes fine violation


Summary: Alternative Minimum Tax and Extenders Tax Relief Act of 2008 - Amends the Internal Revenue Code to extend expiring provisions relating to the alternative minimum tax, individual and business taxpayers, energy conservation, and tax administration. Extends through 2008 for individual taxpayers: (1) the offset of nonrefundable personal tax credits against alternative minimum tax (AMT) liability; and (2) increased AMT exemption amounts.Extends through 2009: (1) the election to include combat zone compensation as earned income for purposes of the earned income tax credit; (2) tax-free distributions from individual retirement plans (IRAs) for individuals called or ordered to active military duty and for charitable purposes; (3) the election to deduct state and local sales taxes in lieu of state and local income taxes; (4) the tax deductions for qualified tuition and related expenses and for certain expenses of elementary and secondary school teachers; (5) authority for use of qualified mortgage bonds to finance residences for veterans; (6) provisions relating to regulated investment companies and qualified investment entities; and (7) the special rule for charitable contributions of capital gain real property for conservation purposes.Extends through 2009 various business-related tax provisions, including: (1) the tax credit for increasing research activities; (2) the new markets tax credit; (3) provisions relating to foreign personal holding company income; (4) accelerated deprecation for qualified leasehold and restaurant improvements, for motorsports racing track facilities, and for business property on Indian reservations; (5) the expanded tax deduction for charitable contributions of food and book inventories by noncorporate taxpayers; (6) the special rule for the tax treatment of certain payments to tax-exempt organizations by a controlled subsidiary; (7) the special rule for reductions in the basis of S corporation stock for charitable contributions of property; (8) increases in alcohol excise taxes payable to Puerto Rico and the Virgin Islands; (9) parity provisions for group health insurance mental health benefits; (10) the economic development credit for American Samoa; (11) tax incentives for mine rescue team training and advanced mine safety equipment; (12) the expensing allowance for film and television production expenditures and for environmental remediation costs; (13) the tax deduction for income attributable to domestic production activities in Puerto Rico; (14) issuance authority for qualified zone academy bonds; (15) the Indian employment tax credit; (16) the tax credit for railroad track maintenance; and (17) work opportunity tax credit eligibility for Hurricane Katrina employees. Extends through 2009 tax credits for: (1) energy efficient appliances; (2) nonbusiness energy property; (3) residential energy efficient property; (4) producing electricity from renewable resources; (5) new energy efficient homes; and (6) investment in certain energy property and in clean renewable energy bonds. Extends through 2009 the tax deduction for energy efficient commercial buildings. Makes permanent the authority for Internal Revenue Service (IRS) undercover operations and combined employment tax reporting. Extends through 2009 IRS authority for disclosure of tax information relating to terrorist activities.

alternative minimum tax extenders tax relief act amends internal revenue code extend expiring provisions relating alternative minimum tax individual business taxpayers energy conservation tax administration extends individual taxpayers offset nonrefundable personal tax credits alternative minimum tax amt liability increased amt exemption amounts extends election include combat zone compensation earned income purposes earned income tax credit tax free distributions individual retirement plans iras individuals called ordered active military duty charitable purposes election deduct state local sales taxes lieu state local income taxes tax deductions qualified tuition related expenses certain expenses elementary secondary school teachers authority use qualified mortgage bonds finance residences veterans provisions relating regulated investment companies qualified investment entities special rule charitable contributions capital gain real property conservation purposes extends business related tax provisions including tax credit increasing research activities new markets tax credit provisions relating foreign personal holding company income accelerated qualified leasehold restaurant improvements motorsports racing track facilities business property indian reservations expanded tax deduction charitable contributions food book inventories noncorporate taxpayers special rule tax treatment certain payments tax exempt organizations controlled subsidiary special rule reductions basis corporation stock charitable contributions property increases alcohol excise taxes payable puerto_rico virgin_islands parity provisions group health insurance mental health benefits economic development credit american_samoa tax incentives rescue team training advanced safety equipment expensing allowance film television production expenditures environmental remediation costs tax deduction income attributable domestic production activities puerto_rico issuance authority qualified zone academy bonds indian employment tax credit tax credit railroad track maintenance work opportunity tax credit eligibility hurricane katrina employees extends tax credits energy efficient appliances nonbusiness energy property residential energy efficient property producing electricity renewable resources new energy efficient homes investment certain energy property clean renewable energy bonds extends tax deduction energy efficient commercial buildings makes permanent authority internal_revenue_service irs undercover operations combined employment tax reporting extends irs authority disclosure tax information relating terrorist activities


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

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


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

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


Summary: Makes permanent the tax rate reductions for dividends and capital gains enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Amends the Internal Revenue Code to: (1) restore the unified credit against the estate and gift tax after 2009; (2) establish the amount of such credit at $3.5 million; and (3) provide for a single 15% estate and gift tax rate.

makes permanent tax rate reductions dividends capital gains enacted jobs_and_growth_tax_relief_reconciliation_act amends internal revenue code restore unified credit estate gift tax establish credit million provide single estate gift tax rate


Summary: Family Tax Relief Act of 2008 - Amends the Internal Revenue Code to: (1) increase and make refundable the tax credit for employment-related dependent care expenses; and (2) increase and make permanent the tax deduction for certain expenses of elementary and secondary school teachers. Makes permanent provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 which allow: (1) an expanded tax credit for adoption expenses; and (2) an increased exclusion from the gross income of employees for employer-paid adoption expenses.

family tax relief act amends internal revenue code increase refundable tax credit employment related dependent care expenses increase permanent tax deduction certain expenses elementary secondary school teachers makes permanent provisions economic_growth_and_tax_relief_reconciliation_act allow expanded tax credit adoption expenses increased exclusion gross income employees employer paid adoption expenses


Summary: Alternative Minimum Tax and Extenders Tax Relief Act of 2008 - Amends the Internal Revenue Code to extend expiring provisions relating to the alternative minimum tax, individual and business taxpayers, energy conservation, and tax administration. Extends through 2008 for individual taxpayers: (1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liabilities; and (2) the increased AMT exemption amounts. Extends through 2009: (1) the election to deduct state and local sales taxes in lieu of state and local income taxes; (2) the tax deductions for qualified tuition and related expenses and for certain expenses of elementary and secondary school teachers; (3) tax-free distributions from individual retirement accounts (IRAs) for charitable purposes; and (4) tax rules for treatment of stock and dividends of regulated investment companies and for qualified investment entities.Extends through 2009 various business-related tax provisions, including: (1) the tax credit for increasing research activities; (2) the new markets tax credit; (3) the subpart F income exemption for active financing income; (4) accelerated depreciation for qualified leasehold and restaurant improvements, for business property on Indian reservations, and for motorsports racing track facilities; (5) the expanded tax deductions for charitable contributions of food and book inventories by noncorporate taxpayers; (6) the special rules for related controlled foreign corporations and for the tax treatment of certain payments to tax-exempt organizations by a controlled subsidiary; (7) the special rule for reductions in the basis of S corporation stock for charitable contributions of property; (8) the increase in alcohol excise taxes payable to Puerto Rico and the Virgin Islands; (9) the economic development credit for American Samoa; (10) tax incentives for mine rescue team training and advanced mine safety equipment; (11) expensing allowances for film and television production costs and for environmental remediation costs; (12) the tax deduction for income attributable to domestic production activities in Puerto Rico; (13) issuance authority for qualified zone academy bonds; (14) the Indian employment tax credit; (15) the tax credit for railroad track maintenance; and (16) work opportunity tax credit eligibility for Hurricane Katrina employees (through August 28, 2009).Extends through 2009 tax credits for: (1) production of electricity from certain renewable resources; (2) residential energy efficient property expenditures; (3) investment in clean renewable energy bonds; (4) energy efficient improvements to principal residences; (5) new energy efficient home expenditures; (6) energy efficient home appliances produced after 2007; and (7) biodiesel, renewable, and certain alternative fuels. Includes marine and hydrokinetic renewable energy as a renewable resource for purposes of the tax credit for producing electricity from renewable resources.Extends through 2016 the investment tax credit for solar energy, fuel cell, and microturbine property. Repeals the dollar per kilowatt limitation on fuel cell property. Allows the offset of energy tax credit amounts against the AMT. Allows public electric utility property to qualify for the energy investment tax credit. Extends through 2009: (1) the tax deduction for energy efficient commercial buildings; and (2) the suspension of the taxable income limitation on percentage depletion for oil and natural gas produced from marginal properties.Makes permanent IRS authority to: (1) conduct undercover operations; (2) disclose tax information to state agencies to facilitate combined employment tax reporting; and (3) disclose tax return information to the Department of Veteran Affairs (VA) for veterans benefit determinations. Extends through 2009 IRS authority to disclose tax return information related to terrorist activities.

alternative minimum tax extenders tax relief act amends internal revenue code extend expiring provisions relating alternative minimum tax individual business taxpayers energy conservation tax administration extends individual taxpayers offset nonrefundable personal tax credits regular alternative minimum tax amt liabilities increased amt exemption amounts extends election deduct state local sales taxes lieu state local income taxes tax deductions qualified tuition related expenses certain expenses elementary secondary school teachers tax free distributions individual retirement accounts iras charitable purposes tax rules treatment stock dividends regulated investment companies qualified investment entities extends business related tax provisions including tax credit increasing research activities new markets tax credit subpart income exemption active financing income accelerated depreciation qualified leasehold restaurant improvements business property indian reservations motorsports racing track facilities expanded tax deductions charitable contributions food book inventories noncorporate taxpayers special rules related controlled foreign corporations tax treatment certain payments tax exempt organizations controlled subsidiary special rule reductions basis corporation stock charitable contributions property increase alcohol excise taxes payable puerto_rico virgin_islands economic development credit american_samoa tax incentives rescue team training advanced safety equipment expensing allowances film television production costs environmental remediation costs tax deduction income attributable domestic production activities puerto_rico issuance authority qualified zone academy bonds indian employment tax credit tax credit railroad track maintenance work opportunity tax credit eligibility hurricane katrina employees august tax credits production electricity certain renewable resources residential energy efficient property expenditures investment clean renewable energy bonds energy efficient improvements principal residences new energy efficient home expenditures energy efficient home appliances produced biodiesel renewable certain alternative fuels includes marine hydrokinetic renewable energy renewable resource purposes tax credit producing electricity renewable resources extends investment tax credit solar energy fuel cell microturbine property repeals dollar kilowatt limitation fuel cell property allows offset energy tax credit amounts amt allows public electric utility property qualify energy investment tax credit extends tax deduction energy efficient commercial buildings suspension taxable income limitation percentage depletion oil natural gas produced marginal properties makes permanent irs authority conduct undercover operations disclose tax information state agencies facilitate combined employment tax reporting disclose tax return information veterans benefit determinations extends irs authority disclose tax return information related terrorist activities


Summary: Amends the Internal Revenue Code to increase from $16,000 to $30,000 the adjusted gross income limitation applicable to qualified performing artists who are eligible to deduct their performance expenses from gross income (above-the-line tax deduction). Provides for an inflation adjustment to such increased income limitation beginning in 2009.

amends internal revenue code increase adjusted gross income limitation applicable qualified performing artists eligible deduct performance expenses gross income line tax deduction provides inflation adjustment increased income limitation beginning


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

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


Summary: Energy Independence and Tax Relief Act of 2008 - Amends the Internal Revenue Code to extend various provisions relating to energy production and conservation and to individual and business-related activities.Extends through 2009 the tax credit for producing electricity from wind facilities and through 2011 for closed and open-loop biomass, geothermal, small irrigation, hydropower, landfill gas, and trash combustion facilities. Includes marine and hydrokinetic renewable energy as a renewable resource for purposes of such tax credit. Extends through 2014: (1) the energy tax credits for solar energy, fuel cell, and microturbine property; and (2) the residential energy efficient property tax credit. Allows a new investment tax credit for combined heat and power system property.Provides funding for new clean renewable energy bonds to finance electricity production from certain renewable resources and for qualified energy conservation bonds.Allows tax credits for investment in advanced coal electricity and coal gasification projects.Extends through 2018 the temporary increase in coal excise taxes. Sets forth special rules for refunds of coal excise taxes to certain producers or exporters.Directs the Secretary of the Treasury to study and report to Congress on Internal Revenue Code provisions that have the largest effects on carbon and other greenhouse gas emissions.Allows accelerated depreciation for certain property used to produce cellulosic biofuel.Extends through 2009 income and excise tax credits for biodiesel and renewable diesel.Allows a tax credit for new qualified plug-in electric drive motor vehicles.Revises the program of tax incentives for investment in the New York Liberty Zone.Increases and extends through 2010 the tax credit for alternative fuel vehicle refueling property expenditures.Extends through 2013 the tax deduction for energy efficient commercial building expenditures.Extends through 2010 the tax credit for energy efficient appliances.Extends through FY2012 tax-exempt bond financing for qualified green building and sustainable design projects.Extends through 2008: (1) the increased exemption amounts for the alternative minimum tax (AMT) and related AMT provisions; (2) the election to deduct state and local sales taxes in lieu of state and local income taxes; (3) the tax deductions for qualified tuition and related expenses and for certain expenses of elementary and secondary school teachers; (4) tax rules for treatment of stock and dividends of regulated investment companies and for qualified investment entities; (5) tax-free distributions from individual retirement accounts (IRAs) for charitable purposes; and (6) the tax exclusion for amounts received under qualified group legal services plans.Extends through 2008 various business-related tax provisions, including: (1) the tax credit for increasing research activities; (2) the tax credits for Indian employment and railroad track maintenance; (3) accelerated depreciation for qualified leasehold and restaurant improvements, for improvements to retail space, for motorsports racing track facilities, and for business property on Indian reservations; (4) the expensing allowance for environmental remediation costs and advanced mine safety equipment; (5) the tax deduction for income attributable to domestic production activities in Puerto Rico; (6) the special rule for the tax treatment of certain payments to tax-exempt organizations by a controlled subsidiary; (7) issuance authority for qualified zone academy bonds; (8) tax incentives for investment in the District of Columbia; (9) the economic development credit for American Samoa; (10) the special rule for charitable contributions of food and book inventories; (11) the increased tax deduction for corporate contributions of computer equipment and technology for educational purposes; (12) the special rule for the reduction in the basis of S corporation stock for charitable contributions of property; (13) work opportunity tax credit eligibility for Hurricane Katrina employees (through August 28, 2008); and (14) increases in alcohol excise taxes payable to Puerto Rico and the Virgin Islands.Extends through 2009: (1) the new markets tax credit; (2) the tax credit for mine rescue team training expenses; (3) the subpart F exemption for active financing income earned on business operations overseas; (4) special rules for the tax treatment of payments between related controlled foreign corporations; and (5) expensing of costs of certain film and television productions.Extends through 2014: (1) the suspension of tariff duties on certain wool products; and (2) the Wool Research Trust Fund.Makes permanent the authorities for: (1) Internal Revenue Service (IRS) disclosure of tax information relating to terrorist activities; and (2) IRS undercover operations.Allows individual taxpayers an additional standard tax deduction in 2008 for state and local real property taxes. Lowers in 2008 the earned income threshold amount for determining the refundable portion of the child tax credit.Allows individuals who receive a settlement from Exxon Valdez oil spill litigation to average any settlement or judgment-related income over a three-year period or contribute such income to a tax-exempt retirement account.Allow attorneys a tax deduction in the current taxable year for reimbursable expenses and court costs which they pay or incur in connection with contingency fee cases.Allows an excise tax exemption for certain wooden arrow shafts.Modifies criteria for penalties on tax return preparers who understate tax liabilities.Allows taxpayers who claimed a casualty loss deduction for damage to a personal residence caused by Hurricanes Katrina, Rita, or Wilma and who subsequently received a grant as compensation for such damage to file an amended tax return to disallow the casualty loss deduction without payment of any tax penalty. Waives deadlines for starting and completing construction for property in the Gulf Opportunity (GO) Zone eligible for bonus depreciation. Includes Colbert and Dallas Counties in Alabama within the GO Zone for purposes of tax-exempt bond financing.Amends the Secure Rural Schools and Community Self-Determination Act of 2000 to extend such Act through FY2011. Sets forth revenue provisions relating to: (1) the inclusion in gross income of deferred compensation paid by certain foreign entities; and (2) increases in estimated tax payments of certain large corporations. Delays until 2019 the application of special rules for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit.

energy independence tax relief act amends internal revenue code extend provisions relating energy production conservation individual business related activities extends tax credit producing electricity wind facilities closed open loop biomass geothermal small irrigation hydropower landfill gas trash combustion facilities includes marine hydrokinetic renewable energy renewable resource purposes tax credit extends energy tax credits solar energy fuel cell microturbine property residential energy efficient property tax credit allows new investment tax credit combined heat power system property provides funding new clean renewable energy bonds finance electricity production certain renewable resources qualified energy conservation bonds allows tax credits investment advanced coal electricity coal gasification projects extends temporary increase coal excise taxes sets forth special rules refunds coal excise taxes certain producers exporters directs secretary treasury study report provisions largest effects carbon greenhouse gas emissions allows accelerated depreciation certain property produce cellulosic biofuel extends income excise tax credits biodiesel renewable diesel allows tax credit new qualified plug electric drive motor vehicles revises program tax incentives investment new_york_liberty_zone increases extends tax credit alternative fuel vehicle refueling property expenditures extends tax deduction energy efficient commercial building expenditures extends tax credit energy efficient appliances extends fy2012 tax exempt bond financing qualified green building sustainable design projects extends increased exemption amounts alternative minimum tax amt related amt provisions election deduct state local sales taxes lieu state local income taxes tax deductions qualified tuition related expenses certain expenses elementary secondary school teachers tax rules treatment stock dividends regulated investment companies qualified investment entities tax free distributions individual retirement accounts iras charitable purposes tax exclusion amounts received qualified group legal services plans extends business related tax provisions including tax credit increasing research activities tax credits indian employment railroad track maintenance accelerated depreciation qualified leasehold restaurant improvements improvements retail space motorsports racing track facilities business property indian reservations expensing allowance environmental remediation costs advanced safety equipment tax deduction income attributable domestic production activities puerto_rico special rule tax treatment certain payments tax exempt organizations controlled subsidiary issuance authority qualified zone academy bonds tax incentives investment district_of_columbia economic development credit american_samoa special rule charitable contributions food book inventories increased tax deduction corporate contributions computer equipment technology educational purposes special rule reduction basis corporation stock charitable contributions property work opportunity tax credit eligibility hurricane katrina employees august increases alcohol excise taxes payable puerto_rico virgin_islands extends new markets tax credit tax credit rescue team training expenses subpart exemption active financing income earned business operations overseas special rules tax treatment payments related controlled foreign corporations expensing costs certain film television productions extends suspension tariff duties certain wool products makes permanent authorities internal_revenue_service irs disclosure tax information relating terrorist activities irs undercover operations allows individual taxpayers additional standard tax deduction state local real property taxes lowers earned income threshold determining refundable portion child tax credit allows individuals receive settlement oil spill litigation average settlement judgment related income year period contribute income tax exempt retirement account allow attorneys tax deduction current taxable year reimbursable expenses court costs pay incur connection contingency fee cases allows excise tax exemption certain wooden arrow shafts modifies criteria penalties tax return preparers tax liabilities allows taxpayers claimed casualty loss deduction damage personal residence caused hurricanes katrina rita wilma subsequently received grant compensation damage file amended tax return disallow casualty loss deduction payment tax penalty waives deadlines starting completing construction property gulf_opportunity zone eligible bonus depreciation includes counties alabama zone purposes tax exempt bond financing amends secure rural schools community self determination act extend act fy2011 sets forth revenue provisions relating inclusion gross income deferred compensation paid certain foreign entities increases estimated tax payments certain large corporations delays application special rules worldwide allocation interest purposes computing limitation foreign tax credit


Summary: Harmful Algal Blooms and Hypoxia Amendments Act of 2008 - Amends the Harmful Algal Bloom and Hypoxia Research and Control Act of 1998 to: (1) require the Secretary of Commerce, acting through the National Oceanic and Atmospheric Administration (NOAA), to establish criteria for determining which states should serve on the Inter-Agency Task Force on Harmful Algal Blooms and Hypoxia and to implement a nominations process to select representatives for such Task Force; and (2) require the Task Force's scientific assessments of hypoxia and harmful algal blooms (hypoxia) once (currently, every five years).Requires: (1) the President, acting through the Task Force, to establish a national program to integrate efforts to address hypoxia research, monitoring, prediction, control, mitigation, prevention, and outreach; (2) the Task Force to be the oversight body for the development and implementation of the National Harmful Algal Bloom and Hypoxia Program; and (3) NOAA to be the lead federal agency for implementing and administering such Program. Sets forth the Program's responsibilities and duties, including: (1) promoting a national strategy to help communities understand, detect, predict, control, and mitigate freshwater and marine hypoxia events; (2) maintaining and enhancing the Ecology and Oceanography of Harmful Algal Blooms Program, the Monitoring and Event Response for Harmful Algal Blooms Program, the Northern Gulf of Mexico Ecosystems and Hypoxia Assessment Program, and the Coastal Hypoxia Research Program; and (3) establishing a Mitigation and Control of Harmful Algal Bloom Program.Requires the national hypoxia program to: (1) oversee the development and implementation of Regional Research and Action Plans and identify regions and sub-regions to be addressed by each Plan; and (2) convene regional panels of experts. Requires each panel to develop a Plan that identifies appropriate elements for the region, including: (1) priorities for ecological and socioeconomic research on issues related to, and impacts of, hypoxia; and (2) state and local government actions that may be implemented to monitor, minimize, reduce, and address hypoxia.Requires the Task Force to report to specified congressional committees not less than every five years on hypoxia.Requires: (1) the Secretary, acting through NOAA, to establish a collaborative pilot program with the Environmental Protection Agency (EPA) and other federal agencies to examine hypoxia occurring in freshwater systems; and (2) such program to be located in the Mississippi River Basin watershed.

hypoxia amendments act amends harmful algal bloom hypoxia_research control act require secretary commerce acting national_oceanic_and_atmospheric_administration noaa establish criteria determining states serve hypoxia implement nominations process select representatives task force require task force scientific assessments hypoxia harmful algal blooms hypoxia currently president acting task_force establish national program integrate efforts address hypoxia research monitoring prediction control mitigation prevention outreach task force oversight body development implementation noaa lead federal agency implementing administering program sets forth program responsibilities duties including promoting national strategy help communities understand detect predict control mitigate freshwater marine hypoxia events maintaining enhancing ecology harmful algal blooms program establishing mitigation control harmful algal bloom program requires national hypoxia program oversee development implementation plans identify regions sub regions addressed plan convene regional panels experts requires panel develop plan identifies appropriate elements region including priorities ecological socioeconomic research issues related impacts hypoxia state local government actions implemented monitor minimize reduce address hypoxia requires task force report specified congressional committees years hypoxia requires secretary acting noaa establish collaborative pilot program environmental_protection_agency epa federal agencies examine hypoxia occurring freshwater systems program located mississippi_river_basin watershed


Summary: National Guard and Reservists Debt Relief Act of 2008 - (Sec. 2) Amends federal bankruptcy law to prohibit the bankruptcy court from dismissing or converting a chapter 7 liquidation case based upon means testing if the debtor, after September 11, 2001, was called to active duty or homeland defense activity while a member of a reserve component of the Armed Forces or a member of the National Guard, and such debtor is: (1) on active duty for a specified period; or (2) performing a homeland defense activity for a specified period. (Sec. 3) Directs the Comptroller General to study and report to Congress on whether and to what degree members of reserve components of the Armed Forces and the National Guard: (1) avail themselves of the benefits of this Act; (2) are debtors in federal bankruptcy cases substantially related to service that qualifies them for such benefits ; and (3) are debtors in federal bankruptcy cases materially related to such service. Requires such study to include the effects that the use of this Act by such members has upon: (1) the bankruptcy system; (2) creditors; and (3) the debt-incurrence practices of such members. Prescribes mandatory factors for consideration in such report.

national_guard reservists debt relief act sec amends federal bankruptcy law prohibit bankruptcy court dismissing converting chapter liquidation case based means testing debtor september called active duty homeland defense activity member reserve component armed_forces member national_guard debtor active duty specified period performing homeland defense activity specified period sec directs comptroller general study report congress degree members reserve components benefits act debtors federal bankruptcy cases substantially related service qualifies benefits debtors federal bankruptcy cases materially related service requires study include effects use act members bankruptcy system creditors debt incurrence practices members prescribes mandatory factors consideration report


Summary: 21st Century Energy Technology Deployment Act - Directs the Secretary of Energy, after consultation with the Energy Technology Advisory Council of the 21st Century Energy Deployment Corporation (both established by this Act), to develop and publish near-, medium-, and long-term goals for the deployment of clean energy technologies through the Corporation to establish or promote specified energy generation, transmission, and use and energy technology manufacturing capacities.Requires the Advisory Council to publish 5- and 10-year performance targets and to establish initial targets until those are published.Allows the Corporation to purchase, and make commitments to purchase, debt instruments associated with the deployment of clean energy technologies. Describes lending authorities of the Corporation. Allows the Corporation to issue securities for purchase by the Secretary of the Treasury.Requires annual reports to Congress on the technologies supported and on Corporation performance. Requires the Secretary to oversee Corporation operations and finances.Allows the Corporation to prepare a strategic plan to issue common stock to enable expansion of its operations and requires the plan to include consideration of Board restructuring alternatives.

21st secretary energy consultation 21st century energy deployment corporation established act develop publish near- medium- long term goals deployment clean energy technologies corporation establish promote specified energy generation transmission use energy technology manufacturing capacities requires advisory council publish year performance targets establish initial targets published allows corporation purchase commitments purchase debt instruments associated deployment clean energy technologies describes lending authorities corporation allows corporation issue securities purchase secretary treasury requires annual reports congress technologies supported corporation performance requires secretary oversee corporation operations finances allows corporation prepare strategic plan issue common stock enable expansion operations requires plan include consideration board restructuring alternatives


Summary: Fair Deal for Volunteers Act of 2008 - Amends the Internal Revenue Code to provide that the standard mileage rate for the tax deduction for use of a passenger automobile for charitable purposes (currently prescribed as 14 cents per mile) shall be determined by the Secretary of the Treasury.

fair deal volunteers act amends internal revenue code provide standard mileage rate tax deduction use passenger automobile charitable purposes currently prescribed cents mile shall determined secretary treasury


Summary: Drive America on Natural Gas Act of 2008 - Amends the Clean Air Act to: (1) redefine renewable fuel to include renewable and nonrenewable natural gas (NG), including compressed natural (CNG) and liquefied natural gas (LNG); and (2) require fuel credit program regulations to provide for generation of credits for renewable and nonrenewable natural gas. Amends the Internal Revenue Code to allow a new qualified alternative fuel motor vehicle credit for dual fueled automobiles. Directs the Secretary of Energy, in coordination with the Administrator of the Environmental Protection Agency (EPA), to conduct a program of natural gas vehicle research, development, and demonstration, with a particular emphasis on streamlining the certification of NG conversion systems. Directs the EPA Administrator to: (1) establish a demonstration program to assist states in facilitating the development of alternative-fueled vehicles; and (2) waive requirements for recertification of certain kits for the conversion of vehicles to NG.

amends clean air act redefine renewable fuel include renewable nonrenewable natural gas including compressed natural liquefied natural gas lng require fuel credit program regulations provide generation credits renewable nonrenewable natural gas amends internal revenue code allow new qualified alternative fuel motor vehicle credit dual fueled automobiles directs secretary energy coordination administrator environmental_protection_agency epa conduct program natural gas vehicle research development demonstration particular emphasis streamlining certification conversion systems directs epa administrator establish demonstration program assist states facilitating development alternative fueled vehicles waive requirements recertification certain kits conversion vehicles


Summary: Amends the Internal Revenue Code to: (1) restore the unified credit against the estate and gift tax after 2009; (2) establish the amount of such credit at $3.5 million adjusted for inflation in calendar years after 2010; and (3) reduce the maximum estate and gift tax rate to 45%. Expresses the sense of the Senate that any reduction in federal revenues resulting from this Act should be fully offset.

amends internal revenue code restore unified credit estate gift tax establish credit million adjusted inflation calendar years reduce maximum estate gift tax rate expresses sense senate reduction federal revenues resulting act fully offset


Summary: Brower Palisade Designation Act - Designates the North Palisade, a prominent peak in the Palisade group of peaks in the Sierra Nevada bordering Kings Canyon National Park and the Inyo National Forest in California, as the Brower Palisade in honor of the late David Brower.

designation act designates prominent peak group nevada bordering kings inyo_national_forest california honor late


Summary: Domestic Film Production Equity Act of 2008 - Amends Internal Revenue Code provisions relating to the tax deduction for domestic film and television production activities to: (1) include within the income base for such deduction compensation for services performed in the United States by actors, production personnel, directors, and producers and any copyrights, trademarks, or other intangibles with respect to a film production; and (2) allow a deduction for partners or S corporation shareholders who own at least a 20% interest in a film project.

amends internal revenue code provisions relating tax deduction domestic film television production activities include income base deduction compensation services performed united_states actors production personnel directors producers copyrights trademarks respect film production allow deduction partners corporation shareholders interest film project


Summary: Jobs, Energy, Families, and Disaster Relief Act of 2008 - Amends the Internal Revenue Code to extend various provisions relating to energy production and conservation and to individual and business-related activities.Extends the tax credit for producing electricity from wind facilities through 2009 and the tax credit for closed and open-loop biomass, geothermal, small irrigation, hydropower, landfill gas, and trash combustion facilities through 2011. Includes marine and hydrokinetic renewable energy as a renewable resource for purposes of such tax credit. Extends the energy tax credit for solar energy and the residential energy efficient property tax credit through 2016. Extends the energy tax credits for fuel cell and microturbine property through 2017. Allows a new investment tax credit for combined heat and power system property.Provides funding for new clean renewable energy bonds to finance electricity production from certain renewable resources and for qualified energy conservation bonds.Allows tax credits for investment in advanced coal electricity and coal gasification projects.Extends through 2018 the temporary increase in coal excise taxes. Sets forth special rules for refunds of coal excise taxes to certain producers or exporters.Directs the Secretary of the Treasury to study and report to Congress on Internal Revenue Code provisions that have the largest effects on carbon and other greenhouse gas emissions and to estimate the magnitude of those effects.Allows accelerated depreciation for certain property used to produce cellulosic biofuel.Extends through 2009 income and excise tax credits for biodiesel and renewable diesel.Allows a tax credit for new qualified plug-in electric drive motor vehicles.Exempts from the heavy truck excise tax idling reduction devices and certain insulation.Excludes from gross income reimbursements for bicycle commuting expenses.Increases and extends through 2010 the tax credit for alternative fuel vehicle refueling property expenditures.Extends through 2013 the tax deduction for energy efficient commercial building expenditures.Extends the tax credit for energy efficient appliances produced after 2007.Allows accelerated depreciation for smart electric meters, electric grid systems, and certain reuse and recycling property.Extends through FY2012 tax-exempt bond financing for qualified green building and sustainable design projects.Extends through 2008: (1) the increased exemption amounts for the alternative minimum tax (AMT) and related AMT provisions; (2) the election to deduct state and local sales taxes in lieu of state and local income taxes; (3) the tax deductions for qualified tuition and related expenses and for certain expenses of elementary and secondary school teachers; (4) tax rules for treatment of stock and dividends of regulated investment companies and for qualified investment entities; (5) tax-free distributions from individual retirement accounts (IRAs) for charitable purposes; and (6) the tax exclusion for amounts received under qualified group legal services plans.Extends through 2008 various business-related tax provisions, including: (1) the tax credit for increasing research activities; (2) the tax credits for Indian employment and railroad track maintenance; (3) accelerated depreciation for qualified leasehold and restaurant improvements, for improvements to retail space, for motorsports racing track facilities, and for business property on Indian reservations; (4) the expensing allowance for environmental remediation costs; (5) the tax deduction for income attributable to domestic production activities in Puerto Rico; (6) the special rule for the tax treatment of certain payments to tax-exempt organizations by a controlled subsidiary; (7) issuance authority for qualified zone academy bonds; (8) tax incentives for investment in the District of Columbia; (9) the economic development credit for American Samoa; (10) the special rule for charitable contributions of food and book inventories; (11) the increased tax deduction for corporate contributions of computer equipment and technology for educational purposes; (12) the special rule for the reduction in the basis of S corporation stock for charitable contributions of property; (13) work opportunity tax credit eligibility for Hurricane Katrina employees (through August 28, 2008); (14) increases in alcohol excise taxes payable to Puerto Rico and the Virgin Islands; and (15) the tax credit for nonbusiness energy property.Extends through 2009: (1) the new markets tax credit; (2) the tax credit for mine rescue team training expenses; (3) the expensing allowance for advanced mine safety equipment; (4) the subpart F exemption for active financing income earned on business operations overseas; (5) special rules for the tax treatment of payments between related controlled foreign corporations; and (6) expensing of costs of certain film and television productions.Extends through 2014: (1) the suspension of tariff duties on certain wool products; and (2) the Wool Research Trust Fund.Makes permanent the authorities for: (1) Internal Revenue Service (IRS) disclosure of tax information relating to terrorist activities; and (2) IRS undercover operations.Lowers in 2008 the earned income threshold amount for determining the refundable portion of the child tax credit.Allows individuals who receive a settlement from Exxon Valdez oil spill litigation to average any settlement or judgment-related income over a three-year period or contribute such income to a tax-exempt retirement account.Allows an excise tax exemption for certain wooden arrow shafts.Amends the Employee Retirement Income Security Act of 1974 (ERISA), the Public Health Service Act, and the Internal Revenue Code to require group health insurance plans to provide equal benefits for mental health or substance use disorders.Modifies criteria for penalties on tax return preparers who understate tax liabilities.Amends the Secure Rural Schools and Community Self-Determination Act of 2000 to extend such Act through FY2011.Transfers from the Treasury $8.017 billion to the Highway Trust Fund.Provides special tax benefits for individuals and businesses in federally-declared disaster areas, including: (1) expensing of business-related disaster expenses; (2) extended net operating loss carryover periods; (3) waiver of certain requirements for mortgage revenue bond eligibility; (4) income averaging; (5) additional tax exemptions for providing housing for individuals displaced by disasters; (6) employer tax credits for retention of employees; (7) extension of the replacement period for nonrecognition of gain for property; and (8) suspension of limitations on the tax deduction for charitable contributions; and (9) increased mileage rates for the use of a personal vehicle for charitable purposes. Revises the program of tax incentives for investment in the New York Liberty Zone.Sets forth revenue provisions relating to: (1) the inclusion in gross income of deferred compensation paid by certain foreign entities; and (2) increases in estimated tax payments of certain large corporations. Requires brokers who are required to report gross proceeds from the sale of any publicly-traded security to report the holder's adjusted basis in such security and whether any gain or loss with respect to such security is long or short term.Delays until 2019 the application of special rules for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit.

jobs energy families disaster relief act amends internal revenue code extend provisions relating energy production conservation individual business related activities extends tax credit producing electricity wind facilities tax credit closed open loop biomass geothermal small irrigation hydropower landfill gas trash combustion facilities includes marine hydrokinetic renewable energy renewable resource purposes tax credit extends energy tax credit solar energy residential energy efficient property tax credit extends energy tax credits fuel cell microturbine property allows new investment tax credit combined heat power system property provides funding new clean renewable energy bonds finance electricity production certain renewable resources qualified energy conservation bonds allows tax credits investment advanced coal electricity coal gasification projects extends temporary increase coal excise taxes sets forth special rules refunds coal excise taxes certain producers exporters directs secretary treasury study report provisions largest effects carbon greenhouse gas emissions estimate magnitude effects allows accelerated depreciation certain property produce cellulosic biofuel extends income excise tax credits biodiesel renewable diesel allows tax credit new qualified plug electric drive motor vehicles exempts heavy truck excise tax idling reduction devices certain insulation excludes gross income reimbursements bicycle commuting expenses increases extends tax credit alternative fuel vehicle refueling property expenditures extends tax deduction energy efficient commercial building expenditures extends tax credit energy efficient appliances produced accelerated depreciation smart electric meters electric grid systems certain reuse recycling property extends fy2012 tax exempt bond financing qualified green building sustainable design projects extends increased exemption amounts alternative minimum tax amt related amt provisions election deduct state local sales taxes lieu state local income taxes tax deductions qualified tuition related expenses certain expenses elementary secondary school teachers tax rules treatment stock dividends regulated investment companies qualified investment entities tax free distributions individual retirement accounts iras charitable purposes tax exclusion amounts received qualified group legal services plans extends business related tax provisions including tax credit increasing research activities tax credits indian employment railroad track maintenance accelerated depreciation qualified leasehold restaurant improvements improvements retail space motorsports racing track facilities business property indian reservations expensing allowance environmental remediation costs tax deduction income attributable domestic production activities puerto_rico special rule tax treatment certain payments tax exempt organizations controlled subsidiary issuance authority qualified zone academy bonds tax incentives investment district_of_columbia economic development credit american_samoa special rule charitable contributions food book inventories increased tax deduction corporate contributions computer equipment technology educational purposes special rule reduction basis corporation stock charitable contributions property work opportunity tax credit eligibility hurricane katrina employees august increases alcohol excise taxes payable puerto_rico virgin_islands tax credit nonbusiness energy property extends new markets tax credit tax credit rescue team training expenses expensing allowance advanced safety equipment subpart exemption active financing income earned business operations overseas special rules tax treatment payments related controlled foreign corporations expensing costs certain film television productions extends suspension tariff duties certain wool products makes permanent authorities internal_revenue_service irs disclosure tax information relating terrorist activities irs undercover operations lowers earned income threshold determining refundable portion child tax credit allows individuals receive settlement oil spill litigation average settlement judgment related income year period contribute income tax exempt retirement account allows excise tax exemption certain wooden arrow shafts amends employee retirement income security act erisa public_health_service_act internal revenue code require group health insurance plans provide equal benefits mental health substance use disorders modifies criteria penalties tax return preparers tax liabilities amends secure rural schools community self determination act extend act treasury billion highway_trust_fund provides special tax benefits individuals businesses federally declared disaster areas including expensing business related disaster expenses extended net operating loss carryover periods waiver certain requirements mortgage revenue bond eligibility income averaging additional tax exemptions providing housing individuals displaced disasters employer tax credits retention employees extension replacement period nonrecognition gain property suspension limitations tax deduction charitable contributions increased mileage rates use personal vehicle charitable purposes revises program tax incentives investment new_york_liberty_zone sets forth revenue provisions relating inclusion gross income deferred compensation paid certain foreign entities increases estimated tax payments certain large corporations requires brokers required report gross proceeds sale publicly traded security report holder adjusted basis security gain loss respect security long short term delays application special rules worldwide allocation interest purposes computing limitation foreign tax credit


Summary: Home Office Tax Deduction Simplification and Improvement Act of 2008 - Amends the Internal Revenue Code to allow a taxpayer who uses a residence to conduct a trade or business to elect a standard tax deduction equal to the product of a standard rate determined by the Secretary of the Treasury and the square footage of the portion of a residence used to conduct a trade or business (home office tax deduction). Modifies the rules for the home office tax deduction to: (1) allow a deduction for the cost of dealing with patients, clients, or customers even if they are not physically present in the home office; and (2) establish a de minimis exemption for personal use of a home office.Requires the Secretary to ensure that all self-employment tax forms and schedules separately state amounts attributable to real estate taxes, mortgage interest, and depreciation for purposes of the home office tax deduction.

amends internal revenue code allow taxpayer uses residence conduct trade business elect standard tax deduction equal product standard rate determined secretary treasury square footage portion residence conduct trade business home office tax deduction modifies rules home office tax deduction allow deduction cost dealing patients clients customers physically present home office establish minimis exemption personal use home office requires secretary ensure self employment tax forms schedules separately state amounts attributable real estate taxes mortgage interest depreciation purposes home office tax deduction


Summary: Timber Revitalization and Economic Enhancement Act II of 2008 - Amends the Internal Revenue Code to make permanent: (1) the reduction in the rate of tax on the net timber gain of corporations; and (2) rules for the treatment of timber real estate investment trust (REIT) gains, mineral royalty income, and prohibited transactions.

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


Summary: Amends the Internal Revenue Code to increase the standard mileage rate for the tax deduction for the charitable use of passenger automobiles from 14 cents per mile to the standard mileage rate prescribed by the Secretary of the Treasury for business purposes (50.5 cents per mile for January 1 through June 30, 2008, and 58.5 cents per mile for July 1 through December 31, 2008).

amends internal revenue code increase standard mileage rate tax deduction charitable use passenger automobiles cents mile standard mileage rate prescribed secretary treasury business purposes cents mile january june cents mile july december


Summary: Giving Incentives to Volunteers Everywhere Act of 2008 or the GIVE Act of 2008 - Amends the Internal Revenue Code to: (1) increase the standard mileage rate for use of a passenger automobile for charitable purposes to 70% of the current rate for business usage; and (2) exclude from the gross income of charitable volunteers reimbursements paid to them for the use of a passenger automobile for the benefit of a charitable organization.

giving incentives volunteers act act amends internal revenue code increase standard mileage rate use passenger automobile charitable purposes current rate business usage exclude gross income charitable volunteers reimbursements paid use passenger automobile benefit charitable organization


Summary: Giving Incentives to Volunteers Everywhere Act of 2008 or the GIVE Act of 2008 - Amends the Internal Revenue Code to: (1) increase the standard mileage rate for use of a passenger automobile for charitable purposes to a rate not less than the rate used for the tax deduction for medical transportation expenses; and (2) exclude from the gross income of charitable volunteers reimbursements paid to them for the use of a passenger automobile for the benefit of a charitable organization.

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


Summary: Amends the Internal Revenue Code to 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.

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: Compensation Fairness Act of 2008 - Amends the Internal Revenue Code to: (1) allow an annual inflation adjustment to the $1 million limitation on the tax deduction for employee remuneration; and (2) repeal exceptions to such limitation for remuneration payable on a commission basis and for other performance-based compensation.

compensation fairness act amends internal revenue code allow annual inflation adjustment million limitation tax deduction employee remuneration repeal exceptions limitation remuneration payable commission basis performance based compensation


Summary: Amends the Internal Revenue Code to allow individual taxpayers a deduction from gross income for: (1) interest paid on indebtedness (up to $49,500) incurred after November 12, 2008, and before January 1, 2010, for the purchase of a motor vehicle (i.e., passenger automobile or light truck) with a gross vehicle weight rating of not more than 8,500 pounds; and (2) state and local sales and excise taxes imposed on the purchase of such a motor vehicle.

amends internal revenue code allow individual taxpayers deduction gross income interest paid indebtedness incurred november january purchase motor vehicle passenger automobile light truck gross vehicle weight rating pounds state local sales excise taxes imposed purchase motor vehicle


Summary: Retirement Account Distribution Improvement Act of 2008 - Amends the Internal Revenue Code to suspend in 2008, 2009, and 2010 requirements for minimum distributions from tax-deferred retirement plans. Permits taxpayers who have already received a minimum distribution in 2008 to recontribute such distribution to their retirement plans by July 1, 2009.

retirement account distribution improvement act amends internal revenue code suspend requirements minimum distributions tax deferred retirement plans permits taxpayers received minimum distribution recontribute distribution retirement plans july


Summary: Individual Alternative Minimum Tax Repeal Act of 2007 - Amends the Internal Revenue Code to: (1) repeal the alternative minimum tax (AMT) for individuals after 2006; and (2) exempt taxpayers with no AMT liability prior to 2006 from current AMT estimated tax penalties.

individual alternative minimum tax repeal act amends internal revenue code repeal alternative minimum tax amt individuals exempt taxpayers amt liability prior current amt estimated tax penalties


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

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


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

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


Summary: Bad Polluters Act of 2009- Amends the Internal Revenue Code to deny to a Great Lakes polluter the taxpayer election to expense 50% of the cost of refinery property in the current taxpayer year. Defines "Great Lakes polluter" as a refinery owner that holds a permit issued by the Environmental Protection Agency (EPA) to discharge a certain level of pollutants into the Great Lakes.

bad act amends internal revenue code deny great_lakes polluter taxpayer election expense cost refinery property current taxpayer year defines great lakes polluter refinery owner holds permit issued environmental_protection_agency epa discharge certain level pollutants great lakes


Summary: Save Family-Owned Farms and Small Businesses Act of 2009 - Amends the Internal Revenue Code to: (1) increase to $1.85 million the maximum reduction amount for alternative valuations of farmland and other business property for estate tax purposes; and (2) restore after 2009 the estate tax deduction for family-owned business interests and increase such deduction to $2 million. Allows annual inflation adjustments to such increased amounts after 2010.

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


Summary: Fair and Simple Tax Act of 2009 - Amends the Internal Revenue Code to: (1) establish an alternative income tax rate system with three tax brackets (10, 15, and 30%); (2) repeal the estate and gift tax; (3) adjust the increased alternative minimum tax (AMT) exemption amounts for inflation after 2008 and make such exemptions permanent; (4) reduce the maximum corporate income tax rate to 25%; (5) reduce the maximum tax rate on capital gains to 10%; (6) allow an inflation adjustment to the basis of capital assets for purposes of determining gain or loss; (7) establish new tax-exempt accounts for retirement savings, lifetime savings, and lifetime skills accounts; (8) exempt individuals under age 65 who do not have employer health care coverage from the adjusted gross income threshold for the medical care tax deduction; and (9) make permanent the tax credit for increasing research activities.Repeals the terminating dates applicable to provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003.

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


Summary: Prohibits a state from imposing a tax on the income earned in the state by nonresidents unless the tax is of substantial equality of treatment for the citizens of the state and the nonresidents so commuting.

prohibits state imposing tax income earned state nonresidents tax substantial equality treatment citizens state nonresidents commuting


Summary: Amends the Internal Revenue Code to: (1) reduce to 0% the employment tax on employers, employees, and self-employed individuals in the first full two-month period after the enactment of this Act; and (2) exclude from gross income any wage and self-employment income earned during the same period .Amends the Emergency Economic Stabilization Act of 2008 to repeal procedures for authorizing the Secretary of the Treasury to obligate additional amounts under the Troubled Asset Relief Program (TARP).Requires the Secretary to: (1) estimate the impact of this Act on the income and balances of the social security trust funds; and (2) transfer amounts from the Treasury to such trust funds if there is any reduction in the income and balances of such trust funds resulting from this Act. Terminates the authority of the Secretary under the Emergency Economic Stabilization Act of 2008 to purchase troubled assets or any preferred or other stock or equity in any financial institution.

amends internal revenue code reduce employment tax employers employees self employed individuals month period enactment act exclude gross income wage self employment income earned period emergency economic stabilization act repeal procedures authorizing secretary treasury obligate additional amounts secretary estimate impact act income balances social security trust funds transfer amounts treasury trust funds reduction income balances trust funds resulting act terminates authority secretary emergency_economic_stabilization_act purchase troubled assets preferred stock equity financial institution


Summary: Workers Severance Tax Reduction Act of 2009 - Amends the Internal Revenue Code to exclude from the gross income of individual taxpayers severance payments up to $150,000 for separation from employment due to a workforce reduction. Terminates such exclusion after 2010.

workers severance tax reduction act amends internal revenue code exclude gross income individual taxpayers severance payments separation employment workforce reduction terminates exclusion


Summary: Social Security for Americans Only Act of 2009 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to: (1) prohibit the wages earned, and self-employment income derived, by individuals who are not U.S. citizens or nationals from being credited for coverage under the OASDI program; and (2) authorize the President to enter into (totalization) agreements with other nations to resolve entitlement and participation questions about their respective social security systems, taking into account such limitation on the crediting of wages and self-employment.

social_security americans act amends title old age survivors disability insurance oasdi social security act ssa prohibit wages earned self employment income derived individuals citizens nationals credited coverage oasdi program authorize president enter totalization agreements nations resolve entitlement participation questions respective social security systems taking account limitation crediting wages self employment


Summary: Amends the Internal Revenue Code to exclude from the gross estate of a decedent the value of farmland used by an heir of the decedent for farming purposes. Imposes a recapture tax on an heir who disposes of such farmland after the decedent's death or who ceases to use it for farming purposes.

amends internal revenue code exclude gross estate decedent value farmland heir decedent farming purposes imposes recapture tax heir disposes farmland decedent death ceases use farming purposes


Summary: Simple Savings Tax Relief Act of 2009 - Amends the Internal Revenue Code to exclude from gross income up to $400 (twice such amount on a joint return) of interest income annually. Provides for an inflation adjustment to such exclusion amount beginning after 2010.

amends internal revenue code exclude gross income twice joint return interest income annually provides inflation adjustment exclusion beginning


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: Bonus Depreciation Extension Act of 2009 - Amends the Internal Revenue Code to extend for two years the additional 50% depreciation allowance for business assets (bonus depreciation) and the accelerated depreciation allowance for property located in the New York Liberty Zone.

bonus depreciation extension act amends internal revenue code extend years additional depreciation allowance business assets bonus depreciation accelerated depreciation allowance property located new_york_liberty_zone


Summary: Living Organ Donor Tax Credit Act of 2009 - Amends the Internal Revenue Code to allow a nonrefundable 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 $5,000 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.

living organ donor tax credit act amends internal revenue code allow nonrefundable 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: Individual AMT Repeal Act of 2009 - Amends the Internal Revenue Code to eliminate the alternative minimum tax on individual taxpayers for taxable years beginning after 2008.

individual amt repeal act amends internal revenue code eliminate alternative minimum tax individual taxpayers taxable years beginning


Summary: Economic Growth Through Tax Stimulus Act of 2009 - Makes permanent: (1) the tax provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001; (2) the reduction in dividend and capital gain tax rates in the Jobs and Growth Tax Relief Reconciliation Act of 2003; (3) the tax deduction for state and local sales taxes; (4) the tax deduction for tuition and related expenses; and (5) the increased expensing allowance for depreciable business assets. Amends the Internal Revenue Code to reduce individual and corporate income tax rates in taxable years between 2008 and 2014.

economic growth tax stimulus act makes permanent tax provisions economic_growth_and_tax_relief_reconciliation_act reduction dividend capital gain tax rates jobs_and_growth_tax_relief_reconciliation_act tax deduction state local sales taxes tax deduction tuition related expenses increased expensing allowance depreciable business assets amends internal revenue code reduce individual corporate income tax rates taxable years


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

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


Summary: Amends the Internal Revenue Code to increase the standard mileage rate for the tax deduction for the charitable use of passenger automobiles from 14 cents per mile to the standard mileage rate prescribed by the Secretary of the Treasury for business purposes (55 cents per mile in 2009).

amends internal revenue code increase standard mileage rate tax deduction charitable use passenger automobiles cents mile standard mileage rate prescribed secretary treasury business purposes cents mile


Summary: State and Local Sales Tax Deduction Expansion Act of 2009 - Amends the Internal Revenue Code to allow all individual taxpayers a tax deduction for state and local general sales taxes (current law allows taxpayers an election to deduct either state and local income taxes or sales taxes).

state amends internal revenue code allow individual taxpayers tax deduction state local general sales taxes current law allows taxpayers election deduct state local income taxes sales taxes


Summary: Senior Assets Verification Exemption (SAVE) from Capital Gains Tax Act of 2009 - Amends the Internal Revenue Code to allow a tax deduction for the qualified net capital gain of taxpayers age 65 and older. Defines "qualified net capital gain" as the lesser of: (1) net capital gain; or (2) net capital gain only from assets held for at least 15 years.

senior assets verification exemption save amends internal revenue code allow tax deduction qualified net capital gain taxpayers age older defines qualified net capital gain lesser net capital gain net capital gain assets held years


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: Green Roofing Energy Efficiency Tax Act of 2009 or GREETA of 2009 - Amends the Internal Revenue Code to: (1) classify as 20-year property for depreciation purposes any roof system which meets the requirements of Standard 90.1-2004 of the American Society of Heating, Refrigerating, and Air Conditioning Engineers and is on nonresidential real property; and (2) require use of the straight line method for depreciation of such property.

amends internal revenue code classify year property depreciation purposes roof system meets requirements standard nonresidential real property require use straight line method depreciation property


Summary: Certain Estate Tax Relief Act of 2009 - Repeals provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) eliminating the tax on estates and generation-skipping transfers and the step-up in basis provisions for property acquired from a decedent for estates of decedents dying after 2009. Declares that the sunset provision (general terminating date of December 10, 2010) of EGTRRA shall not apply to title V of such Act ( Estate, Gift, and Generation-Skipping Transfer Tax Provisions). Amends the Internal Revenue Code to: (1) provide for an increase to $3.5 million of the estate tax exclusion (eliminating the phase-in period); (2) impose a maximum estate tax rate of 45% ; (3) restore the phaseout of graduated estate tax rates and the unified credit against the estate tax; (4) set forth estate valuation rules for certain transfers of nonbusiness assets; and (5) limit estate tax discounts for certain individuals with minority interests in a business acquired from a decedent.

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


Summary: Expensing Property Expands our Nation's Strong Economy Act of 2009 or the EXPENSE Act of 2009 - Amends the Internal Revenue Code to: (1) repeal the limitations on the expensing of depreciable business assets; and (2) allow taxpers to elect a two-year recovery period for depreciable property.

expensing property expands nation strong economy act expense act amends internal revenue code repeal limitations expensing depreciable business assets allow elect year recovery period depreciable property