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

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


Summary: Amends the Internal Revenue Code to exempt the tax deduction for charitable contributions from the limitation on itemized deductions based on taxpayer adjusted gross income.

amends internal revenue code exempt tax deduction charitable contributions limitation itemized deductions based taxpayer adjusted gross income


Summary:
Stop Tax Haven Abuse Act - Authorizes the Secretary of the Treasury to impose restrictions on foreign jurisdictions or financial institutions operating in the United States that are of prime money laundering concern or that significantly impede U.S. tax enforcement.

Amends the Internal Revenue Code to: (1) establish a rebuttable presumption against the validity of transactions by institutions that do not comply with reporting requirements under the Foreign Account Tax Compliance Act, (2) treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes, (3) require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts, (4) treat swap payments sent offshore as taxable U.S. source income, (5) allow the use of tax return information to evaluate foreign financial account reports, (6) increase penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability, (7) prohibit tax advisor contingent fee agreements for obtaining a tax savings or benefit, and (8) impose additional requirements for third party summonses used to obtain information in tax investigations that do not identify the person with respect to whose liability the summons is issued (i.e., John Doe summons).

Amends the Securities Exchange Act of 1934 to: (1) require corporations registered with the Securities and Exchange Commission (SEC) to report annually, on a country-by country basis, on employees, pre-tax gross revenues, and payments made to governments; and (2) authorize a fine of up to $1 million for failure to disclose any holding or transaction involving equity or debt instruments known to involve a foreign entity that would otherwise be subject to disclosure requirements.

Requires the Secretary to publish a proposed rule in the Federal Register requiring investment advisors to establish anti-money laundering programs and submit suspicious activity reports.

Extends anti-money laundering requirements to persons engaged in the business of forming new businesses or other legal entities.

Requires federal banking agencies and the SEC to develop examination techniques to detect and prevent abusive tax shelter activities or the aiding or abetting of tax evasion by financial institutions.

Requires the Secretary to: (1) disclose tax return information to federal financial regulators for purposes of tax shelter investigations; (2) disclose to Congress documents relating to a determination to grant, deny, revoke, or restore the tax-exempt status of an organization; and (3) expand the standards applicable to tax practitioners for issuing written advice on transactions which have a potential for tax avoidance or evasion.

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


Summary: Tax Equity Act of 2013 - Amends the Internal Revenue Code to provide regional cost-of-living adjustments in individual income tax rates. Directs the Secretary of Labor to determine and publish a regional cost-of-living index for each metropolitan statistical area.

tax equity act amends internal revenue code provide regional cost living adjustments individual income tax rates directs secretary labor determine publish regional cost living index metropolitan statistical area


Summary:
Trash Reduction Act of 2013 - Amends the Internal Revenue Code to require retailers to pay a $0.05 excise tax on each disposable carryout bag provided to a consumer. Defines "disposable carryout bag" to mean a bag of any material, commonly plastic or kraft paper, which is provided to a consumer at the point of sale to carry or cover purchases, merchandise, or items. Exempts reusable bags and certain other bags used for specified purposes from such tax. Allows a refund of such tax for retailers who establish a disposable carryout bag recycling program.

Establishes in the Treasury the Disposable carryout bag Trust Fund to hold tax revenues generated by this Act. Directs the Secretary of the Treasury to make payments from such Trust Fund for the disposable carryout bag recycling program and for the land and water conservation fund established by the Land and Water Conservation Fund Act of 1965.

Directs the Comptroller General to report to Congress on the effectiveness of this Act in reducing the use of disposable carryout bags and encouraging recycling of such bags.

trash reduction act amends internal revenue code require retailers pay excise tax disposable bag provided consumer defines disposable bag mean bag material commonly plastic paper provided consumer point sale carry cover purchases merchandise items exempts reusable bags certain bags specified purposes tax allows refund tax retailers establish disposable bag recycling program establishes treasury disposable bag trust fund hold tax revenues generated act directs secretary treasury payments trust fund disposable bag recycling program land water conservation fund established land_and_water_conservation_fund_act directs comptroller general report congress effectiveness act reducing use disposable bags encouraging recycling bags


Summary: Fairness in Taxation Act of 2013 - Amends the Internal Revenue Code to: (1) increase individual income tax rates for taxpayers whose taxable income exceeds $1 million, and (2) provide for an adjustment in the capital gains tax of taxpayers whose taxable income is subject to the 45% tax bracket.

fairness taxation act amends internal revenue code increase individual income tax rates taxpayers taxable income exceeds million provide adjustment capital gains tax taxpayers taxable income subject tax bracket


Summary: American Opportunity Tax Credit Act of 2013 - Amends the Internal Revenue Code to replace the Hope Scholarship and Lifetime Learning tax credits with a new American Opportunity Tax Credit that: (1) allows an income tax credit of up to $2,500 of the qualified tuition and related expenses of a student who is carrying at least one half of a normal course load, (2) increases the income threshold for reductions in the credit amount based upon modified adjusted gross income, (3) allows a lifetime dollar limitation on such credit of $15,000 for all taxable years, and (4) makes 40% of the credit refundable. Allows an exclusion from gross income of any amount received as a Federal Pell Grant.

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


Summary: Distillery Excise Tax Reform Act of 2013 - Amends the Internal Revenue Code to allow a reduction (from $13.50 to $2.70 on each proof gallon produced in the United States) in the excise tax on distilled spirits for domestic distillers who produce not more than 60,000 proof gallons of distilled spirits during the calendar year.

distillery excise tax reform act amends internal revenue code allow reduction proof gallon produced united_states excise tax distilled spirits domestic produce proof gallons distilled spirits calendar year


Summary: Brewers Excise and Economic Relief Act of 2013 - Amends the Internal Revenue Code to: (1) reduce from $18 to $9 (the pre-1991 level) the per-barrel tax on beer; and (2) further reduce the rate of such tax on brewers who produce not more than 2 million barrels of beer during the calendar year.

brewers excise economic relief act amends internal revenue code reduce pre-1991 level barrel tax beer reduce rate tax brewers produce million barrels beer calendar year


Summary: Aged Distilled Spirits Competitiveness Act - Amends the Internal Revenue Code to exclude from determination of the production period for distilled spirits any period allocated to the natural aging process for purposes of determining whether a taxpayer can expense, rather than capitalize, interest costs paid or incurred during the production period.

exclude determination production period distilled spirits period allocated natural aging process purposes determining taxpayer expense capitalize interest costs paid incurred production period


Summary: American Growth & Tax Reform Act of 2013 - Directs the Secretary of the Treasury to develop and submit to Congress a legislative proposal to establish a consumption tax that is broad-based and progressive in nature. Requires such proposal to: (1) set forth the details of such a consumption tax and the rates required to eliminate the total public debt in 10, 20, or 30 years; and (2) include an analysis of the feasibility of such a tax and a comparative analysis of the function and character of consumption taxes in other countries.

directs secretary treasury develop submit congress legislative proposal establish consumption tax broad based progressive nature requires proposal set forth details consumption tax rates required eliminate total public debt years include analysis feasibility tax comparative analysis function character consumption taxes countries


Summary: Death Tax Repeal Act of 2013 - Amends the Internal Revenue Code to: (1) repeal the estate and generation-skipping transfer taxes, and (2) make permanent the maximum 35% gift tax rate and a $5 million lifetime gift tax exemption. Provides for an inflation adjustment to such exemption amount.

death tax repeal act amends internal revenue code repeal estate generation skipping transfer taxes permanent maximum gift tax rate million lifetime gift tax exemption provides inflation adjustment exemption


Summary: Artist-Museum Partnership Act of 2013 - Amends the Internal Revenue Code to allow taxpayers who create literary, musical, artistic, or scholarly compositions or similar property a fair market value (determined at the time of contribution) tax deduction for contributions of such properties, the copyrights thereon, or both, to certain tax-exempt organizations, if such properties are properly appraised and are donated no sooner than 18 months after their creation. Limits the amount of such deduction based upon the donor's artistic adjusted gross income, as defined by this Act.

amends internal revenue code allow taxpayers create literary musical artistic scholarly compositions similar property fair market value determined time contribution tax deduction contributions properties copyrights thereon certain tax exempt organizations properties properly appraised donated sooner months creation limits deduction based donor artistic adjusted gross income defined act


Summary:
Religious Freedom Peace Tax Fund Act of 2013 - Directs the Secretary of the Treasury to establish in the Treasury the Religious Freedom Peace Tax Fund for the deposit of income, gift, and estate taxes paid by or on behalf of taxpayers: (1) who are designated conscientious objectors opposed to participation in war in any form based upon their sincerely held moral, ethical, or religious beliefs or training (within the meaning of the Military Selective Service Act); and (2) who have certified their beliefs in writing to the Secretary.

Requires that: (1) amounts deposited in the Fund be allocated annually to any appropriation not for a military purpose, (2) the Secretary report to the House and Senate Appropriations Committees on the total amount transferred into the Fund during the preceding fiscal year and the purposes for which such amount was allocated, and (3) the privacy of individuals using the Fund be protected. Expresses the sense of Congress that any revenue increase resulting from the creation of the Fund be allocated in a manner consistent with its purposes.

religious freedom peace tax fund act directs secretary treasury establish treasury religious freedom peace tax fund deposit income gift estate taxes paid behalf taxpayers designated conscientious opposed participation war form based sincerely held moral ethical religious beliefs training meaning military_selective_service_act certified beliefs writing secretary requires amounts deposited fund allocated annually appropriation military purpose secretary report house senate_appropriations_committees total transferred fund preceding fiscal year purposes allocated privacy individuals fund protected expresses sense congress revenue increase resulting creation fund allocated manner consistent purposes


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

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


Summary: American Conservation Empowerment Act of 2013 - Amends the Internal Revenue Code to allow a taxpayer to assign to any other person excess amounts of charitable contributions of real property interests made for conservation purposes.

amends internal revenue code allow taxpayer assign person excess amounts charitable contributions real property interests conservation purposes


Summary: Freedom to Invest Act of 2013 - Amends the Internal Revenue Code to: (1) extend the election allowed to a U.S. corporation to deduct dividends received from a controlled foreign corporation to the corporation's last taxable year beginning before the enactment of this Act or the first taxable year beginning during the one-year period beginning on such enactment date, and (2) reduce the amount of such tax deduction for corporations that fail to maintain specified employment levels for full-time U.S. employees.

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


Summary: Real Estate Investment and Jobs Act of 2013 - Amends the Internal Revenue Code to increase from 5% to 10% the allowable ownership interest in real estate investment trust (REIT) stock for purposes of tax exemptions allowed by the Foreign Investment in Real Property Tax Act relating to foreign investment in United States real property interests.

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


Summary: Growing Jobs Through Capital Act of 2013 - Amends the Internal Revenue Code to exclude gain from the sale or exchange of a capital asset from gross income for income tax purposes. Terminates such tax exclusion two years after the enactment of this Act.

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


Summary: Financial Security Credit Act of 2013 - Amends the Internal Revenue Code to allow an income-based tax credit equal to the lesser of $500 or 50% of the total amount deposited or contributed into designated savings products in a taxable year. Defines "designated savings products" as a qualified retirement plan, a qualified tuition plan, a Coverdell education savings account, a U.S. savings bond, a certificate of deposit with a duration of at least 8 months, a savings account, or other savings product considered appropriate by the Secretary of the Treasury. Directs the Internal Revenue Service (IRS) to notify individual taxpayers who may qualify for a savings product tax credit that they have the option of an electronic direct deposit of any portion of their tax refund into a designated savings product.

financial security credit act amends internal revenue code allow income based tax credit equal lesser total deposited contributed designated savings products taxable year defines designated savings products qualified retirement plan qualified tuition plan coverdell education savings account savings bond certificate deposit duration months savings account savings product considered appropriate secretary treasury directs internal_revenue_service irs notify individual taxpayers qualify savings product tax credit option electronic direct deposit portion tax refund designated savings product


Summary: Cider Industry Deserves Equal Regulation Act or the CIDER Act - Amends the Internal Revenue to revise the definition of "hard cider," for purposes of the excise tax on distilled spirits, wines, and beer, to mean any wine: (1) the carbonation level of which does not exceed 6.4 grams per liter; (2) which is derived primarily from apples, apple juice concentrate and water, pears, or pear juice concentrate and water; (3) which contains no fruit product or fruit flavoring other than apple or pear; and (4) which contains at least one-half of 1% and less than 8.5% alcohol by volume.

cider industry deserves equal regulation act cider act amends internal revenue revise definition hard cider purposes excise tax distilled spirits wines beer mean wine level exceed grams derived primarily apples apple juice concentrate water pear juice concentrate water contains fruit product fruit flavoring apple pear contains half alcohol volume


Summary: Disclosure of Taxpayer Rights Act - Amends the Internal Revenue Code to require the Internal Revenue Service (IRS) to include in its acknowledgment of receipt of an application of a charitable organization for tax-exempt status a notice of the right of an organization to obtain a declaratory judgment relating to its qualification and classification as a tax-exempt organization.

disclosure taxpayer rights act amends internal revenue code require internal_revenue_service irs include acknowledgment receipt application charitable organization tax exempt status notice right organization obtain declaratory judgment relating qualification classification tax exempt organization


Summary: Creating Homeownership Opportunity Act of 2013 - Amends the Internal Revenue Code to establish tax-exempt housing equity savings accounts to assist individual taxpayers under the age of 55 in paying the costs of acquiring, constructing, or reconstructing a principal residence. Allows: (1) a deduction from gross income for cash contributions to such accounts for the lesser of $10,000 or the compensation includible in the taxpayer's gross income for a taxable year, (2) an exclusion from gross income of amounts distributed from such accounts that are used by an account beneficiary to purchase a principal residence or make payments to such beneficiary's individual retirement account (IRA), and (3) a tax-free rollover of account funds into an IRA if an account beneficiary reaches age 55 or has maintained an account for 20 years without purchasing a residence.

creating homeownership opportunity act amends internal revenue code establish tax exempt housing equity savings accounts assist individual taxpayers age paying costs acquiring constructing reconstructing principal residence allows deduction gross income cash contributions accounts lesser compensation includible taxpayer gross income taxable year exclusion gross income amounts distributed accounts account beneficiary purchase principal residence payments beneficiary individual retirement account ira tax free rollover account funds ira account beneficiary reaches age maintained account years purchasing residence


Summary: Supermarket Tax Credit for Underserved Areas Act - Amends the Internal Revenue Code to: (1) increase the rate of the rehabilitation tax credit for a supermarket building placed in service after December 31, 2013, and before January 1, 2016, in an underserved area (i.e., any enterprise community or empowerment zone and any renewal community); (2) increase by $1,000 the the limit on wages eligible for the work opportunity tax credit for employees of a supermarket located in an underserved area; and (3) allow a business-related tax credit for 15% of the gross receipts from the retail sale of locally-grown fresh fruits and vegetables in a supermarket in an underserved area.

areas act amends internal revenue code increase rate rehabilitation tax credit building placed service december january underserved area enterprise community empowerment zone renewal community increase limit wages eligible work opportunity tax credit employees located underserved area allow business related tax credit gross receipts retail sale locally grown fresh fruits vegetables underserved area


Summary: Taxpayer Receipt Act of 2013 - Amends the Internal Revenue Code to require the Secretary of the Treasury to provide individual taxpayers via U.S. mail annual receipts for income taxes reported for the preceding taxable year. Requires such tax receipts to: (1) state the amount of taxes paid by the taxpayer, the taxpayer's filing status, earned income, taxable income, and other information; (2) contain tables listing expenditures in categories of the federal budget and the 10 most costly tax expenditures and related spending information; and (3) contain an annual budget review prepared by the Secretary, in consultation with the Congressional Budget Office (CBO), to assist taxpayers in understanding the federal budget and government spending.

taxpayer receipt act amends internal revenue code require secretary treasury provide individual taxpayers mail annual receipts income taxes reported preceding taxable year requires tax receipts state taxes paid taxpayer taxpayer filing status earned income taxable income information contain tables listing expenditures categories federal budget costly tax expenditures related spending information contain annual budget review prepared secretary consultation congressional_budget_office cbo assist taxpayers understanding federal budget government spending


Summary:
(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

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

measure amended introduced summary version repeated permanent internet tax freedom act amends internet tax freedom act permanent ban state local taxation internet access multiple discriminatory taxes electronic commerce


Summary: Charitable Giving Extension Act - Amends the Internal Revenue Code to allow an individual taxpayer who makes a tax deductible charitable contribution after the close of a taxable year, but not later than the due date of such taxpayer's tax return for that taxable year, to treat such contribution as made in such taxable year.

charitable giving extension act amends internal revenue code allow individual taxpayer makes tax deductible charitable contribution close taxable year later date taxpayer tax return taxable year treat contribution taxable year


Summary: Amends the Internal Revenue Code to extend through 2015 the taxpayer election to expense qualified film or television production costs in the current taxable year.

amends internal revenue code extend taxpayer election expense qualified film television production costs current taxable year


Summary: Amends the Internal Revenue Code to extend through 2018 the work opportunity tax credit for qualified veterans (defined as veterans who are members of families receiving supplemental nutrition assistance or who are entitled to compensation for a service-connected disability and have been unemployed for a certain period of time).

amends internal revenue code extend work opportunity tax credit qualified veterans defined veterans members families receiving supplemental nutrition assistance entitled compensation service connected disability unemployed certain period time


Summary: Amends the Internal Revenue Code to extend through 2018 the work opportunity tax credit for hiring certain employees who are described as members of a targeted group, including: (1) a qualified ex-felon, (2) a vocational rehabilitation referral, (3) a qualified summer youth employee, and (4) a qualified supplemental nutrition assistance program recipient.

amends internal revenue code extend work opportunity tax credit hiring certain employees described members targeted group including qualified felon vocational rehabilitation referral qualified summer youth employee qualified supplemental nutrition assistance program recipient


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

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


Summary: Manufacturing Communities Investment Act - Amends the Internal Revenue Code, with respect to the new markets tax credit, to: (1) increase to $5 billion and extend through 2016 the national limitation amount for such credit, and (2) allow an additional $1 billion allocation of such credit in 2014, 2015, and 2016, for a qualified community development entity only if a significant mission of such entity is providing investments and services to manufacturing businesses in communities that have suffered major manufacturing job losses or a major job loss event.

manufacturing communities investment act amends internal revenue code respect new markets tax credit increase billion extend national limitation credit allow additional billion allocation credit qualified community development entity significant mission entity providing investments services manufacturing businesses communities suffered major manufacturing job losses major job loss event


Summary: Makes permanent the Payment in Lieu of Taxes (PILT) Program (under which counties or other eligible units of local government in which U.S.-owned entitlement land is located are entitled to certain payments under such program which may be used for any governmental purpose).

makes permanent pilt program counties eligible units local government entitlement land located entitled certain payments program governmental purpose


Summary: Amends the Internal Revenue Code, with respect to the tax exemption for structured settlement factoring transactions (i.e., transfers of the right to receive periodic payments under a settlement of a legal claim for damages in exchange for a lump sum payment) to require that court orders approving such transfers include additional requirements, including that: (1) the annual discount rate of the consideration for a transfer does not exceed the prime interest rate plus 5%; (2) the aggregate amount of charges, fees, and other expenses payable by the payee of the lump sum payment do not exceed 2% of the value of the consideration to the payee; (3) the payee is not liable for any penalty or forfeiture if the transfer does not satisfy the additional requirements imposed by this Act; (4) the transferee (the entity receiving the right to the periodic payments) has given written notice of its name, address, and taxpayer identification number to the annuity issuer and the structured settlement obligor and has filed a copy of such notice with the state court or other authority issuing the order approving the transfer; (5) the transfer is fair and reasonable; and (6) the transferee makes certain disclosures to the payee.

amends internal revenue code respect tax exemption structured settlement transactions transfers right receive periodic payments settlement legal claim damages exchange lump sum payment require court orders approving transfers include additional requirements including annual discount rate consideration transfer exceed prime interest rate plus aggregate charges fees expenses payable payee lump sum payment exceed value consideration payee payee liable penalty forfeiture transfer satisfy additional requirements imposed act transferee entity receiving right periodic payments given written notice address taxpayer identification number annuity issuer structured settlement obligor filed copy notice state court authority issuing order approving transfer transfer fair reasonable transferee makes certain disclosures payee


Summary: Amends the Internal Revenue Code to extend through 2014 the taxpayer election to deduct state and local general sales taxes in lieu of state and local income taxes.

amends internal revenue code extend taxpayer election deduct state local general sales taxes lieu state local income taxes


Summary: Amends the Internal Revenue Code to extend through 2014 the exclusion from gross income, for income tax purposes, of distributions from individual retirement accounts (IRAs) for charitable purposes.

amends internal revenue code extend exclusion gross income income tax purposes distributions individual retirement accounts iras charitable purposes


Summary: Amends the Internal Revenue Code to extend through 2014 the classification, for depreciation purposes, of leasehold, restaurant buildings, and retail improvements as 15-year property.

amends internal revenue code extend classification depreciation purposes leasehold restaurant buildings retail improvements year property


Summary: Amends the Internal Revenue Code to extend through 2014 the special rule allowing taxpayers other than C corporations a tax deduction for charitable contributions of food inventory.

amends internal revenue code extend special rule allowing taxpayers corporations tax deduction charitable contributions food inventory


Summary: Tax Exemptions for American Medalists Act of 2014 or the TEAM Act - Amends the Internal Revenue Code to exclude from gross income, for income tax purposes, the value of any medal or prize money received on account of competition in the Olympic Games.

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


Summary: Small Business Investment Act of 2014 - Amends the Internal Revenue Code to extend through 2015 the increased expensing allowance for depreciable business property, including computer software, and qualified real property (i.e., leasehold and retail improvement property and restaurant property).

small business investment act amends internal revenue code extend increased expensing allowance depreciable business property including computer software qualified real property leasehold retail improvement property restaurant property


Summary:
Sensible Estate Tax Act of 2014 - Amends the Internal Revenue Code to: (1) establish new estate tax rates of between 41% (for estates with a value in excess of $1,000,000) and 55% (for estates with a value in excess of $10 million), (2) allow a $1 million estate tax exclusion, and (3) provide for an inflation adjustment to such amounts for decedents dying after 2014.

Restores the estate tax credit for any estate, inheritance, legacy, or succession taxes paid to a state (expired after 2004). Repeals the deduction currently allowed for such taxes.

Sets forth estate valuation rules for certain transfers of nonbusiness assets and limits estate tax discounts for certain individuals with minority interests in a business acquired from a decedent.

Requires that the value of the basis in any property acquired from a decedent or by gift be consistent with the basis as determined for estate and gift tax purposes. Requires executors of estates and donors of gifts required to file a gift tax return to disclose to the Secretary of the Treasury, and to recipients of any interest in an estate or a gift, information identifying the value of each interest received.

Expands rules for valuing assets in grantor retained annuity trusts to require that: (1) the right to receive fixed amounts from an annuity last for a term of not less than 10 years and that such fixed amounts not decrease during the first 10 years of the annuity term, and (2) the remainder interest have a value greater than zero when transferred.

Terminates the generation-skipping transfer exemption for certain long-term trusts (perpetual dynasty trusts) 90 years after the establishment of such trusts.

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


Summary: Distillery Excise Tax Reform Act of 2014 - Amends the Internal Revenue Code to reduce the rate of the excise tax on distilled spirits to $2.70 per proof gallon (currently, $13.50 per proof gallon) on the first 100,000 gallons produced by a distilled spirits producer during the calendar year.

distillery excise tax reform act amends internal revenue code reduce rate excise tax distilled spirits proof gallon currently proof gallon gallons produced distilled spirits producer calendar year


Summary: Roth Accounts for Youth Savings Act of 2014 or the RAYS Act - Amends the Internal Revenue Code, with respect to Roth individual retirement accounts (Roth IRAs), to allow dependents of a taxpayer to establish a Roth IRA (Roth Account for Youth). Disregards any amount in a Roth Account for Youth for purposes of determining elibility for benefits or assistance for a means-tested federal benefit program.

roth accounts youth savings act rays act amends internal revenue code respect roth individual retirement accounts roth iras allow dependents taxpayer establish roth ira roth account youth disregards roth account youth purposes determining benefits assistance means tested federal benefit program


Summary: Amends the Internal Revenue Code to make permanent the 15-year recovery period classification for qualified leasehold improvement, restaurant, and retail improvement property, for purposes of the depreciation tax deduction.

amends internal revenue code permanent year recovery period classification qualified leasehold improvement restaurant retail improvement property purposes depreciation tax deduction


Summary: Instructs the Secretary of the Treasury to modify a specified Treasury Regulation to increase from $500 to $1,000 the limitation governing the de minimis safe harbor for taxpayers without applicable financial statements.

instructs secretary treasury modify specified treasury regulation increase limitation governing minimis safe harbor taxpayers applicable financial statements


Summary: New Markets Tax Credit Extension Act of 2014 - Amends the Internal Revenue Code to: (1) make permanent the new markets tax credit, (2) provide for an inflation adjustment to the limitation amount for such credit after 2013, and (3) allow an offset against the alternative minimum tax (AMT) for such credit (determined with respect to qualified equity investments initially made after the enactment of this Act).

new_markets_tax_credit_extension_act amends internal revenue code permanent new markets tax credit provide inflation adjustment limitation credit allow offset alternative minimum tax amt credit determined respect qualified equity investments initially enactment act


Summary: American Microturbine Manufacturing and Clean Energy Deployment Act of 2014 - Amends the Internal Revenue Code to: (1)  allow a 30% energy tax credit for qualified microturbine property, (2) revise the definition of "qualified microturbine property" to increase the maximum nameplate capacity of such property to 5,000 kilowatts, and (3) eliminate the limitation on such credit based upon kilowatt capacity.

amends internal revenue code allow energy tax credit qualified microturbine property revise definition qualified microturbine property increase maximum nameplate capacity property kilowatts eliminate limitation credit based kilowatt capacity


Summary:
Cut Taxes for the Middle Class Act of 2014 - Amends the Internal Revenue Code to extend through 2014: (1) the tax deduction for state and local general sales taxes in lieu of state and local income taxes, (2) the tax deduction for qualified tuition and related expenses, (3) the tax deduction for expenses of elementary and secondary school teachers, (4) the tax credit for differential wage payments to employees who are active duty members of the Uniformed Services, (5) the work opportunity tax credit, (6) the new markets tax credit, and (7) the tax credit for increasing research activities.

Amends the Housing Assistance Tax Act of 2008 to extend through 2014 the exemption of the basic military housing allowance from the income test for programs financed by tax-exempt housing bonds.

cut taxes middle class act amends internal revenue code extend tax deduction state local general sales taxes lieu state local income taxes tax deduction qualified tuition related expenses tax deduction expenses elementary secondary school teachers tax credit differential wage payments employees active duty members uniformed_services work opportunity tax credit new markets tax credit tax credit increasing research activities amends housing assistance tax act extend exemption basic military housing allowance income test programs financed tax exempt housing bonds


Summary: Small Business Growth and Investment Act of 2014 - Amends the Internal Revenue Code to increase: (1) the expensing allowance for depreciable business property to $250,000 for taxable years beginning after 2013, and (2) the threshold level for such property over which the expensing allowance is reduced to $800,000.

amends internal revenue code increase expensing allowance depreciable business property taxable years beginning threshold level property expensing allowance reduced


Summary: Private Foundation Excise Tax Simplification Act of 2014 - Amends the Internal Revenue Code to: (1) reduce from 2% to 1% the excise tax rate on the net investment income of tax-exempt private foundations, and (2) repeal the 1% reduction in such tax rate for private foundations that meet certain distribution requirements.

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


Summary: Facilitating Investments in Local Markets Act or the FILM Act - Amends the Internal Revenue Code, with respect to the expensing of the costs of qualified film and television productions, to: (1) extend through 2015 provisions allowing such expensing, and (2) allow such expensing for the costs of certain live theatrical productions.

local markets act film act amends internal revenue code respect expensing costs qualified film television productions extend provisions allowing expensing allow expensing costs certain live theatrical productions


Summary: Angel Tax Credit Act - Amends the Internal Revenue Code to allow a new business-related tax credit for 25% of equity investments of $25,000 or more in a domestic corporation or partnership that: (1) has its headquarters in the United States, (2) has gross revenues for the taxable year of less than $1 million, (3) employs fewer than 25 full-time employees, (4) has been in existence for less than 7 years as of the date of the investment, (5) has more than 50% of its employees performing substantially all of their services in the United States, and (6) is engaged in a high technology trade or business. Limits the allowable amount of such credit to $250,000 in any taxable year and imposes an overall limitation on such credit of $500 million for each of calendar years 2013 through 2017.

allow new business related tax credit equity investments domestic corporation partnership headquarters united_states gross revenues taxable year million employs fewer time employees existence years date investment employees performing substantially services united_states engaged high technology trade business limits allowable credit taxable year imposes overall limitation credit million calendar years


Summary: Tax Equality for Entrepreneurs Act - Amends the Internal Revenue Code to make permanent: (1) accelerated depreciation (15-year cost recovery) of qualified leasehold and retail improvement property and qualified restaurant property; and (2) the election to expense such property.

tax equality entrepreneurs act amends internal revenue code permanent accelerated depreciation year cost recovery qualified leasehold retail improvement property qualified restaurant property election expense property


Summary: Amends the Internal Revenue Code, with respect to qualified zone academy bonds, to: (1) extend through 2015 the national limitation amount for such bonds, and (2) reduce from 10% to 5% of bond proceeds the required contribution amount for private businesses.

amends internal revenue code respect qualified zone academy bonds extend national limitation bonds reduce bond proceeds required contribution private businesses


Summary: Tanning Tax Repeal Act of 2014 - Amends the Internal Revenue Code to repeal the 10% excise tax on indoor tanning services.

tanning tax repeal act amends internal revenue code repeal excise tax indoor tanning services


Summary: Concrete Pump Tax Fairness Act of 2014 - Amends the Internal Revenue Code to impose a vehicle mileage tax on owners of mobile mounted concrete boom pump vehicles. Defines "mobile mounted concrete boom pump vehicle" as a vehicle which is mobile machinery and on which the mounted machinery consists of a concrete boom pump and related subordinate parts. Directs that revenues from such tax be deposited into the Highway Trust Fund.

concrete pump tax fairness act amends internal revenue code impose vehicle mileage tax owners mobile mounted concrete boom pump vehicles defines mobile mounted concrete boom pump vehicle vehicle mobile machinery mounted machinery consists concrete boom pump related subordinate parts directs revenues tax deposited highway_trust_fund


Summary: Film Incentive Reform Act of 2014 - Amends the Internal Revenue Code to: (1) extend through 2015 the election to expense the cost of qualified film, television, and theatrical productions; and (2) include theatrical productions in such expensing allowance. Defines "theatrical production" as a live staged production of a play derived from a written book or script and produced or presented in any venue which has an audience capacity of more than 3,000.

film incentive reform act amends internal revenue code extend election expense cost qualified film television theatrical productions include theatrical productions expensing allowance defines theatrical production live staged production play derived written book produced presented venue audience capacity


Summary:
Tax Technical Corrections Act of 2014 - Makes technical and clerical amendments to:

 the American Taxpayer Relief Act of 2012; the Middle Class Tax Relief and Job Creation Act of 2012; the FAA Modernization and Reform Act of 2012; the Regulated Investment Company Modernization Act of 2010; the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010; the Creating Small Business Jobs Act of 2010; the Hiring Incentives To Restore Employment Act; the American Recovery and Reinvestment Tax Act of 2009; the Energy Improvement and Extension Act of 2008; the Tax Extenders and Alternative Minimum Tax Relief Act of 2008; the Housing Assistance Tax Act of 2008; the Heroes Earnings Assistance and Relief Tax Act of 2008; the Economic Stimulus Act of 2008; the Tax Technical Corrections Act of 2007; the Tax Relief and Health Care Act of 2006; the Safe, Accountable, Flexible, Efficient Transportation Equity Act of 2005: A Legacy for Users; the Energy Tax Incentives Act of 2005; and the American Jobs Creation Act of 2004. Eliminates provisions in the Internal Revenue Code that are not used in computing current tax liabilities (referred to as deadwood provisions).

tax technical corrections act makes technical clerical amendments american taxpayer relief act middle class tax relief job creation act faa_modernization reform_act tax relief unemployment insurance reauthorization job creation act american_recovery_and_reinvestment_tax_act tax extenders alternative minimum tax relief act heroes earnings assistance relief tax act economic stimulus act tax technical corrections act tax relief health care act safe accountable flexible efficient transportation equity act legacy users energy tax incentives act american_jobs_creation_act eliminates provisions internal_revenue_code computing current tax liabilities referred deadwood provisions


Summary:
Small Business Tax Equalization and Compliance Act of 2014 - Amends the Internal Revenue Code to extend the tax credit for social security taxes paid for employee cash tips to employers of cosmetologists.

Requires employers of cosmetologists to report income and tips of their cosmetology employees and to provide income and tip information to self-employed cosmetologists to whom they pay more than $600 in the taxable year. Imposes similar reporting requirements upon individuals who rent chairs to cosmetologists. Requires such employers to provide their cosmetology employees and self-employed cosmetologists with information on the tax and tip reporting obligations of employees and self-employed individuals.

small_business_tax_equalization compliance act amends internal revenue code extend tax credit social security taxes paid employee cash tips employers cosmetologists requires employers cosmetologists report income tips employees provide income tip information self employed cosmetologists pay taxable year imposes similar reporting requirements individuals rent chairs cosmetologists requires employers provide employees self employed cosmetologists information tax tip reporting obligations employees self employed individuals


Summary: Philanthropic Enterprise Act of 2014 - Amends the Internal Revenue Code to exempt the holdings of a private foundation in any business enterprise that meets specified requirements relating to exclusive ownership, minimum distribution of net operating income for the charitable purpose, and independent operation (i.e., not controlled by a substantial contributor or family members) from the excise taxes on excess business holdings and unrelated business income.

philanthropic enterprise act amends internal revenue code exempt holdings private foundation business enterprise meets specified requirements relating exclusive ownership minimum distribution net operating income charitable purpose independent operation controlled substantial contributor family members excise taxes excess business holdings unrelated business income


Summary:
Supporting America's Charities Act - Amends the Internal Revenue Code to make permanent: (1) the tax deduction for charitable contributions by individuals and corporations of real property interests for conservation purposes, and (2) tax-free distributions from individual retirement accounts (IRAs) for charitable purposes. Allows a tax deduction for charitable contributions for conservation purposes of property conveyed under the Alaska Native Claims Settlement Act by an Alaska Native Corporation.

Modifies the tax deduction for charitiable contributions of food inventory to: (1) increase the amount of deductible food inventory contributions that taxpayers other than C corporations may make in any taxable year from 10% to 15% of their aggregate net income and to limit such amount for a C corporation to 15% of its taxable income; (2) permit a taxpayer who is not required to account for inventories or capitalize indirect costs to elect, solely for purposes of computing the amount of such deduction, to treat the basis of any apparently wholesome food (as defined in the Bill Emerson Good Samaritan Food Donation Act) as equal to 25% of the fair market value of such food and to set forth a formula for determining the fair market value of such food; and (3) make such deduction, as modified, permanent.

charities act amends internal revenue code permanent tax deduction charitable contributions individuals corporations real property interests conservation purposes tax free distributions individual retirement accounts iras charitable purposes allows tax deduction charitable contributions conservation purposes property conveyed alaska_native_claims_settlement_act alaska native corporation modifies tax deduction contributions food inventory increase deductible food inventory contributions taxpayers corporations taxable year aggregate net income limit corporation taxable income permit taxpayer required account inventories capitalize indirect costs elect solely purposes computing deduction treat basis apparently wholesome food defined bill emerson good samaritan food donation act equal fair market value food set forth formula determining fair market value food deduction modified permanent


Summary: Dollar is a Dollar Act - Amends the Internal Revenue Code to repeal provisions allowing a lower income tax rate for capital gains income.

dollar dollar act amends internal revenue code repeal provisions allowing lower income tax rate capital gains income


Summary: American Solution for Simplifying the Estate Tax Act of 2014 - Amends the Internal Revenue to: (1) allow taxpayers an election to make annual payments of 1% of their adjusted gross income for a minimum seven-year period in lieu of existing estate and generation-skipping transfer taxes, and (2) allow a step-up in basis for estate property of a taxpayer making an election under this Act. Sets forth requirements for the filing of an estate tax return for taxpayers who have made an election under this Act.

amends internal revenue allow taxpayers election annual payments adjusted gross income minimum seven year period lieu existing estate generation skipping transfer taxes allow step basis estate property taxpayer making election act sets forth requirements filing estate tax return taxpayers election act


Summary: Flat Tax Rate Act - Imposes a federal income tax rate of 15% on all income of all U.S. citizens, regardless of annual income or current economic standing. Allows exemptions for single and joint tax return filers and for each child of a taxpayer up to the age of 18.

flat tax rate act imposes federal income tax rate income citizens regardless annual income current economic standing allows exemptions single joint tax return filers child taxpayer age


Summary: Alternative Maximum Tax Act or the Max Tax Act - Amends the Internal Revenue Code to provide for an alternative maximum tax for a taxpayer other than a corporate taxpayer. Limits the tax to 50% of the taxpayer's adjusted gross income, calculated by adding all federal, state, and local taxes paid by the taxpayer during the taxable year and dividing that amount by the taxpayer's adjusted gross income.

alternative maximum tax act max tax act amends internal revenue code provide alternative maximum tax taxpayer corporate taxpayer limits tax taxpayer adjusted gross income calculated adding federal state local taxes paid taxpayer taxable year dividing taxpayer adjusted gross income


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

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


Summary: Home School Opportunities Make Education Sound Act of 2013 - Amends the Internal Revenue Code to allow all taxpayers, including taxpayers who do not itemize their deductions, a tax deduction for expenses relating to the home schooling of their children at the elementary or secondary school level.

sound act amends internal revenue code allow taxpayers including taxpayers itemize deductions tax deduction expenses relating home schooling children elementary secondary school level


Summary:
Fair Tax Act of 2013 - Repeals the income tax, employment tax, and estate and gift tax. Redesignates the Internal Revenue Code of 1986 as the Internal Revenue Code of 2013.

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 2015, 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 FY2017. 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 fy2017 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: Restoring America's Competitiveness in Enterprise (RACE) Act of 2013 - Amends the Internal Revenue Code to reduce the maximum income tax rate on corporations, including personal service corporations, to 20% of taxable income over $50,000.

competitiveness enterprise race act amends internal revenue code reduce maximum income tax rate corporations including personal service corporations taxable income


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

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


Summary:
Cut Unjustified Tax Loopholes Act or the CUT Loopholes Act - Authorizes the Secretary of the Treasury to impose restrictions on foreign jurisdictions or financial institutions operating in the United States that are of primary money laundering concern or that impede U.S. tax enforcement.

Amends the Internal Revenue Code to:

 establish a rebuttable presumption against the validity of transactions by institutions that do not comply with reporting requirements under the Foreign Account Tax Compliance Act; treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes; require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts; treat swap payments sent offshore as taxable U.S. source income; allow the disclosure of tax information to specified federal agencies for use in investigating tax shelter schemes; enhance penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability; prohibit tax advisor contingent fee agreements for obtaining a tax savings or benefit; impose additional requirements for third party summonses used to obtain information in tax investigations that do not identify the person with respect to whose liability the summons is issued (i.e., John Doe summons) limit the employer tax deduction for stock options granted to employees to the value of such options as recorded on the employer's books at the time such options were granted; and apply the $1 million limitation on the employer tax deduction for employee remuneration to stock option compensation. Amends the Securities Exchange Act of 1934 to: (1) require corporations registered with the Securities and Exchange Commission (SEC) to report annually, on a country-by country basis, on employees, sales, financing, tax obligations, and tax payments; and (2) authorize a fine of up to $1 million for failure to disclose any holdings or transactions involving equity or debt instruments known to involve a foreign entity that would otherwise be subject to disclosure requirements.

Makes investment advisers and persons engaged in forming new business entities subject to anti-money laundering requirements.

Imposes new restrictions on U.S. corporations and other entities with foreign income with respect to: (1) tax deductions allocable to deferred foreign income, (2) the recalculation of foreign income taxes, (3) intangible property transferred overseas, (4) tax evasion activities by U.S. corporations reincorporating in a foreign country, and (5) loans to U.S. shareholders from controlled foreign corporations.

Requires the Secretary to impose standards for tax practitioners in rendering written advice relating to transactions which have a potential for tax avoidance or evasion.

Tax Lien Simplification Act - Amends the Internal Revenue Code to revise procedures for the filing of federal tax liens.

Directs the Secretary of the Treasury to: (1) establish and maintain a federal tax lien registry, in lieu of filing tax liens in local jurisdictions, which would be accessible to and searchable by the public through the Internet at no cost; (2) take appropriate steps to secure and prevent tampering with the data recorded in the registry; and (3) review the information in the registry to determine whether information in the registry should be excluded or protected from public viewing.

Establishes the priority of a federal tax lien based upon the date and time of the filing of a notice of lien in the federal tax lien registry.

Reduces the period for releasing satisfied or unenforceable tax liens from 30 to 20 days.

Closing the Derivatives Blended Rate Loophole Act - Amends the Internal Revenue Code to treat all gain or loss with respect to a section 1256 contract (i.e., any regulated futures contract, foreign currency contract, nonequity option, dealer equity option, and dealer securities future contract) as short-term capital gain or loss (currently, 60% of such gain or loss is treated as long-term capital gain or loss and is thus taxed at lower marginal rates).

Closing the Oil Spill Cleanup Loophole Act - Amends the Internal Revenue Code to expand the definition of "crude oil" for purposes of the excise tax on petroleum to include shale oil, any bitumen or bituminous mixture, any oil derived from a bitumen or bituminous mixture, and any oil derived from kerogen-bearing sources.

Authorizes the Secretary to include as crude oil or as a petroleum product for excise tax purposes any fuel feedstock or finished fuel product customarily transported by pipeline, vessel, railcar, or tanker truck if: (1) the Secretary determines that the classification of such feedstock or fuel is consistent with the definition of oil under the Oil Pollution Act of 1990, and (2) such feedstock or fuel is produced in sufficient commercial quantities as to pose a significant risk of hazard in the event of a discharge.

Modifies the definition of "domestic crude oil" for excise tax purposes to eliminate the requirement that such oil be produced in a well located in the United States.

Makes permanent the Oil Spill Liability Trust Fund financing rate.

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

Defines "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership about investing in, purchasing, or selling specified assets; (2) managing, acquiring, or disposing of specified assets; or (3) arranging financing with respect to acquiring specified assets.

loopholes_act cut secretary treasury impose restrictions foreign jurisdictions financial institutions operating united_states primary money laundering concern impede tax enforcement amends internal revenue code establish rebuttable presumption validity transactions institutions comply reporting requirements treat certain foreign corporations managed controlled primarily united_states domestic corporations tax purposes require tax withholding agents financial institutions report certain information beneficial owners foreign owned financial accounts treat swap payments sent offshore taxable source income allow disclosure tax information specified federal agencies use investigating tax shelter schemes enhance penalties promoting abusive tax shelters aiding abetting understatement tax liability prohibit tax advisor contingent fee agreements obtaining tax savings benefit impose additional requirements party summonses obtain information tax investigations identify person respect liability summons issued john_doe summons limit employer tax deduction stock options granted employees value options recorded employer books time options granted apply million limitation employer tax deduction employee remuneration stock option compensation amends securities_exchange_act require corporations registered securities_and_exchange_commission sec report annually country country basis employees sales financing tax obligations tax payments authorize fine million failure disclose holdings transactions involving equity debt instruments known involve foreign entity subject disclosure requirements makes investment advisers persons engaged forming new business entities subject anti money laundering requirements imposes new restrictions corporations entities foreign income respect tax deductions allocable deferred foreign income recalculation foreign income taxes intangible property transferred overseas tax evasion activities corporations foreign country loans shareholders controlled foreign corporations requires secretary impose standards tax practitioners rendering written advice relating transactions potential tax avoidance evasion tax lien simplification act amends internal revenue code revise procedures filing federal tax liens directs secretary treasury establish maintain federal tax lien registry lieu filing tax liens local jurisdictions accessible searchable public internet cost appropriate steps secure prevent tampering data recorded registry review information registry determine information registry excluded protected public viewing establishes priority federal tax lien based date time filing notice lien federal tax lien registry reduces period releasing satisfied unenforceable tax liens days closing derivatives blended rate loophole act amends internal revenue code treat gain loss respect section contract regulated futures contract foreign currency contract option dealer equity option dealer securities future contract short term capital gain loss currently gain loss treated long term capital gain loss taxed lower marginal rates closing act amends internal revenue code expand definition crude oil purposes excise tax petroleum include shale oil bitumen bituminous mixture oil derived bitumen bituminous mixture oil derived bearing sources authorizes secretary include crude oil petroleum product excise tax purposes fuel feedstock finished fuel product customarily transported pipeline vessel tanker truck secretary determines classification feedstock fuel consistent definition oil oil pollution act feedstock fuel produced sufficient commercial quantities pose significant risk hazard event discharge modifies definition domestic crude oil excise tax purposes eliminate requirement oil produced located united_states makes permanent oil_spill_liability_trust_fund financing rate amends internal revenue code set forth special rule inclusion gross income partnership interests transferred connection performance services treat ordinary income net capital gain respect investment services partnership interest extent gain attributable partner qualified capital interest exempt income investment services partnership interests treatment qualifying income publicly traded partnership increase penalty underpayments tax resulting failure treat income investment services partnership interest ordinary income include income loss investment services partnership interest purposes determining net earnings self employment applicable self employment taxes defines investment services partnership interest interest partnership held person provides services partnership advising partnership investing purchasing selling specified assets managing acquiring disposing specified assets arranging financing respect acquiring specified assets


Summary:
Paying a Fair Share Act of 2013 - Amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax). Establishes the amount of such tax as the excess (if any) of the tentative fair share tax over the excess of: (1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (2) certain tax credits. Provides for a phase-in of such tax. Requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2014.

Expresses the sense of the Senate that Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the tax system, and makes sure that the wealthiest taxpayers pay a fair share of taxes.

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


Summary: Amends the Internal Revenue Code to allow the special depreciation allowance (bonus depreciation) for dairy producing calves and cows purchased for business use, regardless of whether the original use of such livestock commenced with another taxpayer.

amends internal revenue code allow special depreciation allowance bonus depreciation dairy producing purchased business use regardless original use livestock commenced taxpayer


Summary: Amends the Internal Revenue Code to make permanent the 15-year recovery period classification for qualified leasehold improvement, restaurant, and retail improvement property, for purposes of the depreciation tax deduction.

amends internal revenue code permanent year recovery period classification qualified leasehold improvement restaurant retail improvement property purposes depreciation tax deduction


Summary: American Opportunity Tax Credit Permanence and Consolidation Act of 2013 - Amends the Internal Revenue Code to replace the Hope Scholarship and Lifetime Learning tax credits with a new American Opportunity Tax Credit that: (1) allows an income tax credit of up to $3,000 of the qualified tuition and related expenses of a student who is carrying at least one half of a normal course load, (2) increases the income threshold for reductions in the credit amount based upon modified adjusted gross income, (3) allows a lifetime dollar limitation on such credit of $15,000 for all taxable years, and (4) makes 40% of the credit refundable. Allows an exclusion from gross income of any amount received as a Federal Pell Grant.

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


Summary: Amends the Internal Revenue Code to qualify Indian tribes as eligible recipients of tax deductible contributions of "apparently wholesome food," as defined by the Bill Emerson Good Samaritan Food Donation Act.

amends internal revenue code qualify indian tribes eligible recipients tax deductible contributions apparently wholesome food defined bill emerson good samaritan food donation act


Summary: Small Brewer Reinvestment and Expanding Workforce Act of 2013 - Amends the Internal Revenue Code to reduce the rate of the excise tax on beer produced within or imported into the United States for brewers who produce not more than 6 million barrels of beer a year.

expanding workforce act amends internal revenue code reduce rate excise tax beer produced imported united_states brewers produce million barrels beer year


Summary: Brewers Excise and Economic Relief Act of 2013 or the BEER Act - Amends the Internal Revenue Code to: (1) reduce from $18 to $9 (the pre-1991 level) the per-barrel tax on beer; and (2) further reduce the rate of such tax on brewers who produce not more than 2 million barrels of beer during the calendar year.

brewers excise economic relief act beer act amends internal revenue code reduce pre-1991 level barrel tax beer reduce rate tax brewers produce million barrels beer calendar year


Summary:
Commuter Benefits Equity Act of 2013 - Amends the Internal Revenue Code to equalize and increase to $245, with a cost-of-living adjustment after 2013, the tax exclusion for both transportation and parking fringe benefits.

Authorizes agencies to establish a program involving such benefits in lieu of transit passes to encourage commuting by federal employees by means other than single-occupancy motor vehicles.

commuter benefits equity act amends internal revenue code equalize increase cost living adjustment tax exclusion transportation parking fringe benefits authorizes agencies establish program involving benefits lieu transit passes encourage commuting federal employees means single occupancy motor vehicles


Summary: New Markets Tax Credit Extension Act of 2013 - Amends the Internal Revenue Code to: (1) make permanent the new markets tax credit, (2) provide for an inflation adjustment to the limitation amount for such credit after 2013, and (3) allow an offset against the alternative minimum tax (AMT) for such credit (determined with respect to qualified equity investments initially made before January 1, 2014).

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


Summary: Fire Sprinkler Incentive Act - Amends the Internal Revenue Code to allow: (1) 100% expensing in a current taxable year of the cost of automated fire sprinkler system retrofit property, as defined by this Act; and (2) accelerated depreciation (i.e., a 15-year recovery period) of automated fire sprinkler system retrofit property that is installed in a building or structure where the floor of any occupiable story is greater than 75 feet above the lowest level of fire department vehicle access and that has a certain classification by the National Fire Protection Association.

fire sprinkler incentive act amends internal revenue code allow expensing current taxable year cost automated fire sprinkler system retrofit property defined act accelerated depreciation year recovery period automated fire sprinkler system retrofit property installed building structure floor story greater feet lowest level fire department vehicle access certain classification


Summary: Death Tax Repeal Act of 2013 - Amends the Internal Revenue Code to: (1) repeal the estate and generation-skipping transfer taxes, and (2) make permanent the maximum 35% gift tax rate and a $5 million lifetime gift tax exemption. Provides for an inflation adjustment to such exemption amount.

death tax repeal act amends internal revenue code repeal estate generation skipping transfer taxes permanent maximum gift tax rate million lifetime gift tax exemption provides inflation adjustment exemption


Summary: Helping Our Middle-Class Entrepreneurs Act or the HOME Act - Amends the Internal Revenue Code to allow a taxpayer who uses a residence to conduct a trade or business a standard tax deduction equal to the lesser of $1,500 or the taxpayer's gross trade or business income derived from the business use of such residence.

helping middle class entrepreneurs act home act amends internal revenue code allow taxpayer uses residence conduct trade business standard tax deduction equal lesser taxpayer gross trade business income derived business use residence


Summary:
Qualifying Renewable Chemical Production Tax Credit Act of 2013 - Amends the Internal Revenue Code to allow a business-related tax credit for the production of renewable chemicals.

Defines "renewable chemical" as any chemical that is: (1) produced in the United States from renewable biomass; (2) sold or used by the taxpayer as polymers, plastics, or formulated products or for the production of polymers, plastics, or formulated products; and (3) not sold or used for the production of any food, feed, or fuel.  Exempts certain chemicals, including those with a biobased content of less than 25%.

Directs the Secretary of Agriculture to establish a five-year program to allocate credit amounts. Limits the total amount of allocable credits under such program to $500 million, with a limit of $25 million to any taxpayer in any taxable year.

qualifying renewable chemical production tax credit act amends internal revenue code allow business related tax credit production renewable chemicals defines renewable chemical chemical produced united_states renewable biomass sold taxpayer polymers plastics formulated products production polymers plastics formulated products sold production food feed fuel exempts certain chemicals including biobased content directs secretary agriculture establish year program allocate credit amounts limits total allocable credits program million limit million taxpayer taxable year


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

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


Summary: Amends the Internal Revenue Code to provide for an increase in the limitation on the election to accelerate the alternative minimum tax (AMT) credit in lieu of bonus depreciation for certain property placed in service by a corporation after December 31, 2012.

amends internal revenue code provide increase limitation election accelerate alternative minimum tax amt credit lieu bonus depreciation certain property placed service corporation december


Summary: Amends the Internal Revenue Code to increase, for taxable years beginning after 2013: (1) the limitation on the amount of the expensing allowance for depreciable business assets from $25,000 to $200,000, and (2) the threshold amount over which such expensing allowance is reduced from $200,000 to $800,000.

amends internal revenue code increase taxable years beginning limitation expensing allowance depreciable business assets threshold expensing allowance reduced


Summary:
Digital Goods and Services Tax Fairness Act of 2013 - Prohibits a state or local jurisdiction from imposing multiple or discriminatory taxes on the sale or use of a digital good or service delivered or transferred electronically to a customer. Excludes from the definition of "digital service" a service that is predominantly attributable to the direct, contemporaneous expenditure of live human effort, skill, or expertise, a telecommunications service, an ancillary service, an Internet access service, an audio or video programming service, or a hotel intermediary service.

Restricts taxation of a digital good or service to taxation by a state or local jurisdiction whose territorial limits encompass a customer tax address, as defined by this Act. Makes the seller of digital goods or services responsible for obtaining and maintaining such address. Provides for the taxation of digital goods and services transactions that are aggregated and not separately stated.

digital_goods services tax fairness act prohibits state local jurisdiction imposing multiple discriminatory taxes sale use digital good service delivered transferred electronically customer excludes definition digital service service predominantly attributable direct contemporaneous expenditure live human effort skill expertise telecommunications service ancillary service internet access service audio video programming service hotel intermediary service restricts taxation digital good service taxation state local jurisdiction territorial limits encompass customer tax address defined act makes seller digital goods services responsible obtaining maintaining address provides taxation digital goods services transactions aggregated separately stated


Summary: Good Samaritan Hunger Relief Tax Incentive Extension Act of 2013 - Amends the Internal Revenue Code to: (1) modify the tax deduction for charitable contributions of food inventory by limiting the reduction in such deduction to the amount by which the fair market valuation of the contributed food exceeds twice the basis of such food, and (2) make such deduction permanent.

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


Summary: 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: Improving the Low Income Housing Tax Credit Rate Act - Amends the Internal Revenue Code to: (1) make permanent the the minimum low-income housing tax credit rate for new buildings that are not federally subsidized, and (2) establish a minimum 4% low-income housing tax rate for existing buildings that are not federally subsidized.

improving low income housing tax credit rate act amends internal revenue code permanent minimum low income housing tax credit rate new buildings federally subsidized establish minimum low income housing tax rate existing buildings federally subsidized


Summary: Aged Distilled Spirits Competitiveness Act - Amends the Internal Revenue Code to exclude the aging period from the production period for distilled spirits for purposes of determining whether a taxpayer can expense, rather than capitalize, interest costs paid or incurred during the production period.

exclude aging period production period distilled spirits purposes determining taxpayer expense capitalize interest costs paid incurred production period


Summary:
Americans Giving Care to Elders (AGE) Act of 2013 - Amends the Internal Revenue Code to allow caregivers a tax credit for up to $6,000 of the eldercare expenses incurred for their parents (or ancestors of such parents).

Amends the Older Americans Act of 1965 to: (1) increase and extend funding for the National Family Caregiver Support Program through FY2017, and (2) require the Secretary of Health and Human Services (HHS) to award a grant to or enter into a cooperative agreement with a public or private nonprofit entity to establish a National Resource Center on Family Caregiving to provide information on and support for family caregiver support programs.

americans giving care elders age act amends internal revenue code allow caregivers tax credit eldercare expenses incurred parents ancestors parents amends older americans act increase extend funding national_family_caregiver_support_program fy2017 require secretary health_and_human_services hhs award grant enter cooperative agreement public private nonprofit entity establish national_resource_center_on_family_caregiving provide information support family caregiver support programs


Summary: Cider Investment and Development through Excise Tax Reduction (CIDER) Act - Amends the Internal Revenue to revise the definition of "hard cider," for purposes of the excise tax on distilled spirits, wines, and beer, to mean a wine: (1) the carbonation level of which does not exceed 6.4 grams per liter; (2) which is derived primarily from apples, apple juice concentrate, pears, or pear juice concentrate, and water; (3) which contains no fruit product or fruit flavoring other than apple or pear; and (4) which contains at least one-half of 1% and less than 8.5% alcohol by volume.

excise tax reduction cider act amends internal revenue revise definition hard cider purposes excise tax distilled spirits wines beer mean wine level exceed grams derived primarily apples apple juice concentrate pear juice concentrate water contains fruit product fruit flavoring apple pear contains half alcohol volume


Summary:
Family Fairness and Opportunity Tax Reform Act - Amends the Internal Revenue Code, with respect to the taxation of individual and married taxpayers, to:

 reduce to two the number of individual income tax brackets, imposing a 15% tax rate on income up to $87,850 ($175,700 for married couples filing a joint return and surviving spouses) and a 35% rate on income above such level; eliminate or reduce the capital gains tax rate based on taxable income levels; repeal after 2013 the alternative minimum tax (AMT) for individual and corporate taxpayers; increase from $1,000 to $2,500 the child tax credit and make a portion of such credit refundable; allow a new personal income tax credit of $2,000 for individual taxpayers ($4,000 for married couples filing a joint return and surviving spouses) in lieu of the standard tax deduction, the personal tax exemption, and certain itemized deductions, other than the deductions for mortgage interest and charitable contributions; provide annual inflation adjustments after 2013 to income levels and credit amounts in this Act; make mortgage interest and charitable contributions deductible from gross income (above-the-line deductions); limit to $300,000 the deductible amount of acquisition indebtedness for principal residences (currently, $1 million); repeal the additional hospital insurance tax on individual taxpayers earning over $200,000 ($250,000 for married couples filing joint tax returns); and repeal the 3.8% Medicare tax on certain unearned income (e.g., income from rents, royalties, stocks, bonds, and other investments).

family fairness opportunity tax reform act amends internal revenue code respect taxation individual married taxpayers reduce number individual income tax brackets imposing tax rate income married couples filing joint return surviving spouses rate income level eliminate reduce capital gains tax rate based taxable income levels repeal alternative minimum tax amt individual corporate taxpayers increase child tax credit portion credit refundable allow new personal income tax credit individual taxpayers married couples filing joint return surviving spouses lieu standard tax deduction personal tax exemption certain itemized deductions deductions mortgage interest charitable contributions provide annual inflation adjustments income levels credit amounts act mortgage interest charitable contributions deductible gross income line deductions limit deductible acquisition indebtedness principal residences currently million repeal additional hospital insurance tax individual taxpayers earning married couples filing joint tax returns repeal medicare tax certain unearned income income rents royalties stocks bonds investments


Summary: Government Settlement Transparency and Reform Act - Amends the Internal Revenue Code to expand provisions relating to the nondeductibility of fines and penalties, to prohibit a tax deduction for any amount paid or incurred to any governmental entity relating to the violation of any law or the investigation or inquiry into a potential violation of law. Exempts from such prohibition: (1) restitution or amounts paid to come into compliance with any law that was violated or otherwise involved in the investigation or inquiry, (2) amounts paid pursuant to a court order in a suit in which the governmental entity was not a party, and (3) amounts paid or incurred as taxes due. Imposes new reporting requirements on governmental entities relating to amounts paid as fines or for restitution.

government settlement transparency reform_act_-_amends internal revenue code expand provisions relating fines penalties prohibit tax deduction paid incurred governmental entity relating violation law investigation inquiry potential violation law exempts prohibition restitution amounts paid come compliance law violated involved investigation inquiry amounts paid pursuant court order suit governmental entity party amounts paid incurred taxes imposes new reporting requirements governmental entities relating amounts paid fines restitution


Summary: Public Good IRA Rollover Act of 2013 - Amends the Internal Revenue Code to revise the tax exclusion of distributions from individual retirement accounts (IRAs) for charitable purposes to: (1) make such exclusion permanent; (2) eliminate the $100,000 cap on such exclusion; (3) permit tax-free distributions from IRAs to a split-interest entity (i.e., a charitable remainder annuity or unitrust, a pooled income fund, and a charitable gift annuity); and (4) allow distributions to a split-interest entity to be made when the account beneficiary attains age 59-1/2 (otherwise, age 70-1/2 for IRA distributions to a charitable organization).

public good ira rollover act amends internal revenue code revise tax exclusion distributions individual retirement accounts iras charitable purposes exclusion permanent eliminate cap exclusion permit tax free distributions iras split interest entity charitable remainder annuity pooled income fund charitable gift annuity allow distributions split interest entity account beneficiary attains age age ira distributions charitable organization


Summary: Amends the Internal Revenue Code to reduce from 10 to 5 years the period during which the built-in gains of an S corporation are subject to tax and to make such reduction permanent.

amends internal revenue code reduce years period built gains corporation subject tax reduction permanent