Summary: PILT and Refuge Revenue Sharing Permanent Funding Act - Provides permanent funding for the following programs: (1) Bureau of Land Management Payment in Lieu of Taxes (PILT); and (2) the U.S. Fish and Wildlife Service's refuge revenue sharing program.

pilt sharing permanent funding act provides permanent funding following programs pilt fish wildlife service refuge revenue sharing program


Summary: Bonus Depreciation Extension Act of 2007 - Amends the Internal Revenue Code to extend, for two additional years, special depreciation allowances (bonus depreciation) for: (1) certain investment property acquired after September 10, 2001 (30 percent depreciation property); (2) certain investment property acquired after May 5, 2003 (50 percent depreciation property); and (3) New York Liberty Zone property.

bonus depreciation extension act amends internal revenue code extend additional years special depreciation allowances bonus depreciation certain investment property acquired september percent depreciation property certain investment property acquired percent depreciation property new york liberty zone property


Summary: Rural Communities Investment Act of 2007 - Amends the Internal Revenue Code to exclude from gross income interest received by a bank or savings association insured under the Federal Deposit Insurance Act on a loan acquired to purchase or improve rural housing and secured by rural housing or by a leasehold mortgage on such housing. Defines "rural housing" as any single family principal residence located in a rural area.

amends internal revenue code exclude gross income interest received bank savings association insured federal_deposit_insurance_act loan acquired purchase improve rural housing secured rural housing leasehold mortgage housing defines rural housing single family principal residence located rural area


Summary: Marriage Tax Penalty Permanent Elimination Act of 2007 - Makes provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 that eliminate the marriage penalty in the standard deduction, the 15-percent tax bracket, and the earned income tax credit, permanent.

elimination act makes provisions economic_growth_and_tax_relief_reconciliation_act eliminate marriage penalty standard deduction percent tax bracket earned income tax credit permanent


Summary: Charity Care for the Uninsured Act of 2007 - Amends the Internal Revenue Code to allow physicians a tax credit for providing charity medical care. Provides for a credit amount of between $1,000 and $2,000, depending upon the hours of charity care provided.

charity care uninsured act amends internal revenue code allow physicians tax credit providing charity medical care provides credit depending hours charity care provided


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

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


Summary: Internet Consumer Protection Act of 2007 - 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. Repeals provisions permitting states with Internet tax laws enacted prior to the ban on Internet taxes to continue enforcing such laws.

internet consumer protection act amends internet tax freedom act permanent ban state local taxation internet access multiple discriminatory taxes electronic commerce repeals provisions permitting states internet tax laws enacted prior ban internet taxes continue enforcing laws


Summary: Stealth Tax Relief Extension Act of 2007 - Amends the Internal Revenue Code to: (1) increase the exemption from the alternative minimum tax for individual taxpayers in 2007; and (2) extend through 2007 the allowance of certain nonrefundable tax credits against alternative minimum tax liability.

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


Summary: REIT Investment Diversification and Empowerment Act of 2007 - Amends Internal Revenue Code provisions relating to real estate investment trusts (REITs) to: (1) treat passive foreign exchange gains attributable to overseas real estate investment as qualifying REIT income; (2) increase from 20 to 25% the the maximum value of a REIT's total assets thay may be represented by securities of one or more taxable REIT subsidiaries; (3) revise safe harbor rules for the excise tax penalty on certain REIT sales activities; (4) treat rental payments made by a health care facility to a REIT as qualifying REIT income; and (5) treat income from, and interests in, foreign-qualified REITs as qualifying REIT income and assets.

2007_-_amends_internal_revenue code provisions relating real estate investment trusts reits treat passive foreign exchange gains attributable overseas real estate investment qualifying reit income increase maximum value reit total assets represented securities taxable reit subsidiaries revise safe harbor rules excise tax penalty certain reit sales activities treat rental payments health care facility reit qualifying reit income treat income interests foreign qualified reits qualifying reit income assets


Summary: Amends the Internal Revenue Code to allow tax-free exchanges of shares in certain mutual ditch, reservoir, or irrigation companies.

amends internal revenue code allow tax free exchanges shares certain mutual ditch reservoir irrigation companies


Summary: 527 Transparency Act of 2007 - Amends the Internal Revenue Code to revise disclosure requirements for tax-exempt political organizations (527 organizations) to require monthly reporting of contributions and expenditures. Imposes a penalty tax on political organizations that fail to meet disclosure requirements. Denies a gift tax exclusion for donations to political organizations that fail to meet disclosure requirements.Requires political organizations to file disclosure reports simultaneously with the Secretary of the Treasury and the Federal Election Commission (FEC).

transparency act amends internal revenue code revise disclosure requirements tax exempt political organizations organizations require monthly reporting contributions expenditures imposes penalty tax political organizations fail meet disclosure requirements denies gift tax exclusion donations political organizations fail meet disclosure requirements requires political organizations file disclosure reports simultaneously secretary treasury federal_election_commission fec


Summary: Amends the Internal Revenue Code to impose an excise tax penalty on contributions received by a tax-exempt charitable organization used to relocate donated property contrary to the intent of the donor of such property. Allows an exemption from such penalty if a court determines that the relocation is the only viable alternative to preserve and protect the property.

amends internal revenue code impose excise tax penalty contributions received tax exempt charitable organization relocate donated property contrary intent donor property allows exemption penalty court determines relocation viable alternative preserve protect property


Summary: Expensing Property Expands our Nation's Strong Economy Act of 2007 or the EXPENSE Act of 2007 - Amends the Internal Revenue Code to: (1) repeal the limitations on the expensing of depreciable business assets; and (2) allow taxpers to elect a two-year recovery period for depreciable property.

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


Summary: Capital Gains Inflation Relief Act of 2007 - Amends the Internal Revenue Code to allow an inflation adjustment based upon the gross domestic product deflator to the adjusted basis of certain assets (including C corporation common stock and tangible property used in a trade or business) held by a taxpayer for more than three years for purposes of determining gain or loss on the sale or other disposition of such assets.Sets forth rules for applying such inflation adjustment to short sales, regulated investment companies and real estate investment trusts, partnerships and other pass-thru entities, and dispositions of assets between related persons.

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


Summary: Telecommuters Tax Fairness Act of 2007 - Prohibits a state from imposing an income tax on the compensation of a nonresident individual for any period in which such individual is not physically present in or working in such state or from deeming such nonresident individual to be present in or working in such state on the grounds that: (1) such individual is present at or working at home for convenience; or (2) such individual's work at home fails any convenience of the employer test or any similar test.

tax fairness act prohibits state imposing income tax compensation nonresident individual period individual physically present working state deeming nonresident individual present working state grounds individual present working home convenience individual work home fails convenience employer test similar test


Summary: Corporate AMT Repeal - Amends the Internal Revenue Code to eliminate the alternative minimum tax on corporations for taxable years beginning after 2006.

corporate amt repeal amends internal revenue code eliminate alternative minimum tax corporations taxable years beginning


Summary: Individual AMT Repeal Act of 2007 - Amends the Internal Revenue Code to eliminate the alternative minimum tax on individual taxpayers for taxable years beginning after 2006.

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


Summary: Amends the Internal Revenue Code to increase the child tax credit for the first year a child is claimed as a qualifying child. Renders the general terminating date of the Economic Growth and Tax Relief Reconciliation Act of 2001 (i.e., December 31, 2010) inapplicable to amendments made to the child tax credit by that Act.

amends internal revenue code increase child tax credit year child claimed qualifying child renders general terminating date economic_growth_and_tax_relief_reconciliation_act december inapplicable amendments child tax credit act


Summary: Public Good IRA Rollover Act of 2007 - Amends the Internal Revenue Code to exclude from gross income distributions from individual retirement accounts for certain charitable purposes.

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


Summary: Family Farm Preservation Act of 2007 - Amends the Internal Revenue Code to exclude from gross income gain from the sale or exchange of qualified farmland development rights to a tax-exempt conservation organization. Defines "qualified farmland development rights" as a restriction limiting farmland to use as a farm for farming purposes or for exclusively conservation purposes.

amends internal revenue code exclude gross income gain sale exchange qualified farmland development rights tax exempt conservation organization defines qualified farmland development rights restriction limiting farmland use farm farming purposes exclusively conservation purposes


Summary: Commuter Benefits Equity Act of 2007 - Amends the Internal Revenue Code to equalize and increase to $200, with a modified cost-of-living adjustment, the tax exclusion for both transportation and parking fringe benefits. Extends such benefits to federal employees.

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


Summary: Citizen Involvement in Campaigns Act of 2007- Amends the Internal Revenue Code to allow: (1) a $200 tax credit ($400 for joint returns) for contributions to a candidate for federal elective public office or to the national committee of a national political party; and (2) a tax deduction (available to taxpayers who do not itemize deductions) for such political contributions up to $600 ($1,200 for joint returns).

campaigns act amends_the_internal_revenue_code allow tax credit joint returns contributions candidate federal elective public office national committee national political party tax deduction available taxpayers itemize deductions political contributions joint returns


Summary: Amends the Internal Revenue Code, with respect to taxation of U.S. shareholders of controlled foreign corporations, to permanently extend the subpart F exemption (which excludes such income from the shareholder's foreign personal holding company income) for active financing (insurance, banking, financing, or similar businesses) income earned on business operations overseas.

amends internal revenue code respect taxation shareholders controlled foreign corporations permanently extend subpart exemption excludes income shareholder foreign personal holding company income active financing insurance banking financing similar businesses income earned business operations overseas


Summary: Death Tax Repeal Act of 2007 - Repeals the federal estate, gift, and generation-skipping transfer taxes.

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


Summary: Amends the Internal Revenue Code to reduce from $18 to $9 (its pre-1991 level) the per-barrel tax on beer.

amends internal revenue code reduce pre-1991 level barrel tax beer


Summary: Federal Land Compensation Act - Provides for the phasing-in of permanent funding for the following programs: (1) Bureau of Land Management Payment in Lieu of Taxes (PILT); and (2) the U.S. Fish and Wildlife Service's refuge revenue sharing program.

phasing permanent funding following programs pilt fish wildlife service refuge revenue sharing program


Summary: Amends the Internal Revenue Code to deny preferential tax rates (5 to 15%) for dividends paid by a foreign corporation if: (1) such dividends are allowed as a tax deduction or credit under the tax laws of the country in which such foreign corporation is established; (2) such foreign corporation is not treated as a corporation, is exempt from taxation, or is a passive foreign investment company under the laws of its foreign country; or (3) such dividends are paid with respect to an instrument which is not treated as stock under the tax laws of the foreign country from which such dividends are paid. Revises the definition of "qualified foreign corporation" for purposes of qualifying dividends paid by such a corporation for preferential tax rates to require such corporations be created or organized in a foreign country that has a comprehensive tax system (as determined by the Secretary of the Treasury).

amends internal revenue code deny preferential tax rates dividends paid foreign corporation dividends allowed tax deduction credit tax laws country foreign corporation established foreign corporation treated corporation exempt taxation passive foreign investment company laws foreign country dividends paid respect instrument treated stock tax laws foreign country dividends paid revises definition qualified foreign corporation purposes qualifying dividends paid corporation preferential tax rates require corporations created organized foreign country comprehensive tax system determined secretary treasury


Summary: Agriculture Education Freedom Act - Amends the Internal Revenue Code to exclude from the gross income of an individual any gain from the sale of any animal raised and sold by such individual as part of his or her participation in the 4-H program under the Cooperative State Research, Education, and Extension Service of the Department of Agriculture, the Future Farmers of America, any tax-exempt similar organization, or any program of a tax-exempt educational organization.

agriculture education freedom act amends internal revenue code exclude gross income individual gain sale animal raised sold individual participation program tax exempt similar organization program tax exempt educational organization


Summary: Catastrophe Savings Accounts Act of 2007 - Amends the Internal Revenue Code to create tax-exempt catastrophe savings accounts (CSAs). Allows tax-free distributions from CSAs to pay expenses resulting from a presidentially declared major disaster. Limits CSA balances to: (1) $2,000 (for individuals with homeowner insurance deductibles of not more than $1,000); and (2) the lesser of $15,000 or twice a homeowner's insurance deductible (for individuals with deductibles of more than $1,000).

amends internal revenue code create tax exempt catastrophe savings accounts allows tax free distributions pay expenses resulting presidentially declared major disaster limits csa balances individuals homeowner insurance deductibles lesser twice homeowner insurance deductible individuals deductibles


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

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


Summary: Charitable Driving Tax Relief Act of 2007 - Amends the Internal Revenue Code to provide that volunteers who use their automobiles for the benefit of a charitable organization may exclude from their gross income reimbursements for their automobile operating expenses at the same level as business employees (i.e., 48.5 cents per mile in 2007).

charitable driving tax relief act amends internal revenue code provide volunteers use automobiles benefit charitable organization exclude gross income reimbursements automobile operating expenses level business employees cents mile


Summary: Cool and Efficient Buildings Act - Amends the Internal Revenue Code to allow a 20-year depreciation recovery period, calculated on a straight line basis, for heating, ventilation, air conditioning, or commercial refrigeration systems installed in nonresidential buildings.

cool efficient buildings act amends internal revenue code allow year depreciation recovery period calculated straight line basis heating ventilation air conditioning commercial refrigeration systems installed nonresidential buildings


Summary: Amends the Internal Revenue Code to increase (from 110% to 110.1%) the estimated tax payment safe harbor percentage for determining the amount of estimated tax payable by individual taxpayers whose adjusted gross income for the preceding taxable year exceeds $5 million.

amends internal revenue code increase estimated tax payment safe harbor percentage determining estimated tax payable individual taxpayers adjusted gross income preceding taxable year exceeds million


Summary: Amends the Internal Revenue Code to allow, between January 1, 2008, and December 31, 2017, a tax credit to certain domestic corporations engaged in business activities and asset sales within American Samoa.

amends internal revenue code allow january december tax credit certain domestic corporations engaged business activities asset sales american_samoa


Summary: American Marriage Tax Relief Act of 2007 - Amends the Internal Revenue Code to increase the exemption amount for the alternative minimum tax on individuals and to provide for an annual inflation adjustment to such increased amount after 2006.

amends internal revenue code increase exemption alternative minimum tax individuals provide annual inflation adjustment increased


Summary: Save the Family Farm and Ranch Act of 2007 - Amends the Internal Revenue Code to exclude from the gross estate of a decedent the value of farmland used by an heir of the decedent for farming purposes. Imposes a recapture tax on an heir who disposes of such farmland after the decedent's death or who ceases to use it for farming purposes.

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


Summary: Timber Revitalization and Economic Enhancement (TREE) Act of 2007 - Amends the Internal Revenue Code to: (1) allow a tax deduction for 60% of qualified timber gains; (2) exempt deductible timber gains from the excise tax on the undistributed income of real estate investment trusts (REITs); (3) provide for the treatment of timber gains as qualifying REIT income and for mineral royalty income as qualifying income for timber REITs; and (4) provide special rules relating to income limitations and prohibited transactions for timber REITs.

timber revitalization economic enhancement tree act amends internal revenue code allow tax deduction qualified timber gains exempt deductible timber gains excise tax undistributed income real estate investment trusts reits provide treatment timber gains qualifying reit income mineral royalty income qualifying income timber reits provide special rules relating income limitations prohibited transactions timber reits


Summary: AMT Middle Class Fairness Act of 2007 - Amends Internal Revenue Code provisions relating to the alternative minimum tax (AMT) on individuals to: (1) allow a deduction from such tax for state and local taxes; and (2) adjust the AMT exemption amounts for inflation after 2006.

amt middle class fairness act 2007_-_amends_internal_revenue code provisions relating alternative minimum tax amt individuals allow deduction tax state local taxes adjust amt exemption amounts inflation


Summary: Personal Philanthropy Account Act of 2007 - Amends the Internal Revenue Code to allow a tax deduction (whether or not the taxpayer itemizes deductions) for cash contributions to a personal philanthropy account. Defines "personal philanthropy account" as a tax-exempt trust created to make distributions for charitable purposes. Sets forth rules providing for employer contributions to such accounts, default charitable distributions in the event of an account holder's death, and minimum annual distributions.Allows an exclusion from the gross income of an employee for contributions made by an employer to the employee's personal philanthropy account.

personal account act amends internal revenue code allow tax deduction taxpayer itemizes deductions cash contributions personal account defines personal account tax exempt trust created distributions charitable purposes sets forth rules providing employer contributions accounts default charitable distributions event account holder death minimum annual distributions allows exclusion gross income employee contributions employer employee personal account


Summary: Leasehold Improvement Depreciation Act of 2007 - Amends the Internal Revenue Code to: (1) make permanent the accelerated depreciation of qualified leasehold improvement property (i.e., a 15-year recovery period); and (2) modify the rule for determining the adjustment to earnings and profits for depreciation of such property.

leasehold improvement depreciation act amends internal revenue code permanent accelerated depreciation qualified leasehold improvement property year recovery period modify rule determining adjustment earnings profits depreciation property


Summary: Amends the Internal Revenue Code to increase the standard mileage rate for the tax deduction for the charitable use of passenger automobiles from 14 cents per mile to the standard mileage rate prescribed by the Secretary of the Treasury for business purposes (48.5 cents per mile in 2007).

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


Summary: New Markets Tax Credit Extension Act of 2007 - Amends the Internal Revenue Code to: (1) extend the new markets tax credit through 2013; and (2) provide for an inflation adjustment to the limitation amount for such credit after 2008.

new_markets_tax_credit_extension_act amends internal revenue code extend new markets tax credit provide inflation adjustment limitation credit


Summary: Amends the Internal Revenue Code to allow bonds guaranteed by any federal home loan bank to be treated as tax-exempt state or local bonds (thus excluding interest on such bonds from gross income).

amends internal revenue code allow bonds guaranteed federal home loan bank treated tax exempt state local bonds excluding interest bonds gross income


Summary: Comprehensive Transform America Transaction Fee Act of 2007 - Directs the Secretary of the Treasury to conduct an in-depth study on the implementation of a transaction fee in the United States to replace all existing federal taxes. Sets forth guidelines for such study, including: (1) an identification of the transactions to which such fee would apply; (2) exclusions from such fee; (3) the rate of such fee; (4) potential uses for revenue from such fee; (5) progressivity standards; and (6) general matters, including point of liability for such fee and responsibility for collection. Requires the Secretary to report to Congress on the results of such study within one year after the enactment of this Act with a comprehensive analysis of various aspects of the transaction fee, including revenue generation, impact on the national economy, and implementation.

comprehensive transform america transaction fee act directs secretary treasury conduct depth study implementation transaction fee united_states replace existing federal taxes sets forth guidelines study including identification transactions fee apply exclusions fee rate fee potential uses revenue fee standards general matters including point liability fee responsibility collection requires secretary report congress results study year enactment act comprehensive analysis aspects transaction fee including revenue generation impact national economy implementation


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

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


Summary: Kids Invest and Develop Savings Act of 2007 - Amends the Internal Revenue Code to: (1) increase the allowable amount of the tax credit for retirement savings; (2) expand eligibility for such credit to taxpayers with adjusted gross incomes up to $95,000 ($150,000 for joint returns); (3) establish tax-exempt Roth individual retirement accounts (IRAs) for individuals under the age of 25; and (4) allow a tax credit for contributions to such IRAs.

amends internal revenue code increase allowable tax credit retirement savings expand eligibility credit taxpayers adjusted gross incomes joint returns establish tax exempt roth individual retirement accounts iras individuals age allow tax credit contributions iras


Summary: AMT Rate Reduction Act of 2007 - Amends the Internal Revenue Code to reduce to 24% the rate of the tentative alternative minimum tax for noncorporate taxpayers.

amt rate reduction act amends internal revenue code reduce rate tentative alternative minimum tax noncorporate taxpayers


Summary: Amends the Internal Revenue Code to allow a five-year depreciation recovery period for certain farming business machinery or equipment placed in service before January 1, 2010.

amends internal revenue code allow year depreciation recovery period certain farming business machinery equipment placed service january


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

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


Summary: Amends the Internal Revenue Code to allow the tax deduction for state and local income and property taxes as an adjustment in computing alternative minium taxable income.

amends internal revenue code allow tax deduction state local income property taxes adjustment computing alternative taxable income


Summary: Veterans' Employment Transition Support Act of 2007 or the VETS Act of 2007 - Amends the Internal Revenue Code to allow employers a general business tax credit for hiring certain veterans certified by designated local agencies as having served on active duty (other than for training) in the Armed Forces for a period of more than 180 days or having been discharged or released from active duty for a service-connected disability. Sets the amount of such credit at 40% of the first-year wages of such veterans and increases the percentage of such credit for disabled veterans based upon their disability ratings.

vets act amends internal revenue code allow employers general business tax credit hiring certain veterans certified designated local agencies having served active duty training days having discharged released active duty service connected disability sets credit year wages veterans increases percentage credit disabled veterans based disability ratings


Summary: Abusive Tax Shelter Shutdown and Taxpayer Accountability Act of 2007 - Amends the Internal Revenue Code to revise or add provisions relating to tax shelter activity, including provisions to: (1) define "economic substance" for purposes of evaluating tax shelter transactions; (2) increase penalties for large entities and high net-worth individuals for failure to disclose certain tax shelter transactions; (3) impose penalties for understatements of tax due to transactions lacking economic substance; (4) deny material tax advisors a claim of privilege as to the identity of a client; (5) revise standards for the penalty for understatement of tax liability by income tax return preparers and increase the penalties for such understatements; (6) revise and increase the penalties for frivolous tax submissions; (7) deny a tax deduction for interest on underpayments of tax due to nondisclosed reportable transactions and transactions lacking economic substance; (8) expand the authority of the Secretary of the Treasury to disallow certain tax benefits arising from the acquisition of corporate stock; (9) modify certain passive loss rules for controlled foreign corporations; and (10) provide a rule for the reduction in basis of corporate stock for which certain extraordinary dividends are received.

taxpayer accountability act amends internal revenue code revise add provisions relating tax shelter activity including provisions define economic substance purposes evaluating tax shelter transactions increase penalties large entities high net worth individuals failure disclose certain tax shelter transactions impose penalties understatements tax transactions lacking economic substance deny material tax advisors claim privilege identity client revise standards penalty understatement tax liability income tax return preparers increase penalties understatements revise increase penalties frivolous tax submissions deny tax deduction interest underpayments tax reportable transactions transactions lacking economic substance expand authority secretary treasury disallow certain tax benefits arising acquisition corporate stock modify certain passive loss rules controlled foreign corporations provide rule reduction basis corporate stock certain extraordinary dividends received


Summary: Death Tax Repeal Permanency Act of 2007 - Makes the repeal of the estate and generation-skipping transfer taxes under the Economic Growth and Tax Reconciliation Act of 2001 permanent (under the Act, those taxes would be reinstated after December 31, 2010).

makes repeal estate generation skipping transfer taxes economic growth tax reconciliation act permanent act taxes reinstated december


Summary: Amends the Internal Revenue Code to provide for the tax treatment of a charitable remainder pet trust as a charitable remainder annuity trust. Defines "charitable remainder pet trust" as a trust which pays a specified annual amount (for a maximum term of 20 years) for the care of domesticated companion animals living at the time of creation of the trust.

amends internal revenue code provide tax treatment charitable remainder pet trust charitable remainder annuity trust defines charitable remainder pet trust trust pays specified annual maximum term years care domesticated companion animals living time creation trust


Summary: Amends the Internal Revenue Code to increase the income tax deduction for business meals and entertainment expenses from 50 to 75% of such expenses in calendar year 2007 and 80% in 2008 and thereafter.

amends internal revenue code increase income tax deduction business meals entertainment expenses expenses calendar year


Summary: Children's Hope Act of 2007 - Amends the Internal Revenue Code to allow a tax credit of up to $100 ($200 for joint returns) for charitable contributions to an education investment organization that disburses 90% of its contributions to provide grants to students for elementary and secondary education expenses, if at least 50% of such disbursements go to students who qualify for free or reduced-cost school lunches. Requires a taxpayer claiming such credit, as a condition of eligibility to receive it, to first claim a state qualified scholarship tax credit.

children hope act amends internal revenue code allow tax credit joint returns charitable contributions education investment organization contributions provide grants students elementary secondary education expenses disbursements students qualify free reduced cost school lunches requires taxpayer claiming credit condition eligibility receive claim state qualified scholarship tax credit


Summary: Amends the Internal Revenue Code to revise the definition of "passenger automobile" for purposes of the limitation on depreciation for luxury automobiles to mean any four-wheeled vehicle which is: (1) primarily designed or used to carry passengers over public streets, roads, or highways; and (2) rated at 14,000 pounds unloaded gross vehicle weight or less. Adds an exemption from such definition for certain vehicles with open cargo areas which are designed for more than nine individuals in seating rearward of the driver's seat.

amends internal revenue code revise definition passenger automobile purposes limitation depreciation luxury automobiles mean wheeled vehicle primarily designed carry passengers public streets roads highways rated pounds unloaded gross vehicle weight adds exemption definition certain vehicles open cargo areas designed individuals seating driver seat


Summary: Retirement Savings for Working Americans Act - Amends Internal Revenue Code provisions relating to the tax credit for retirement savings contributions (saver's credit) to: (1) require the Secretary of the Treasury to deposit saver's credit amounts directly into the designated retirement account of the taxpayer; (2) expand income eligibility levels for the saver's credit; (3) allow taxpayers that contribute to a qualified tuition program or a Coverdell education savings account to claim such contributions as retirement savings contributions; and (4) adjust the saver's credit maximum contribution amount for inflation beginning after 2007.

retirement savings provisions relating tax credit retirement savings contributions saver credit require secretary treasury deposit saver credit amounts directly designated retirement account taxpayer expand income eligibility levels saver credit allow taxpayers contribute qualified tuition program coverdell education savings account claim contributions retirement savings contributions adjust saver credit maximum contribution inflation beginning


Summary: Tax Increase Prevention Act of 2007 - Repeals the general termination date of the Economic Growth and Tax Relief Reconciliation Act of 2001 (i.e., December 31, 2010), thus making the tax reductions enacted by that Act permanent. Repeals the termination date for provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 reducing income tax rates on dividends and capital gains.Amends the Internal Revenue Code to make permanent: (1) the tax deduction for state and local sales taxes; (2) the tax deduction for tuition and related expenses; (3) the increased expensing allowance for small business assets and related provisions; and (4) the tax credit for increasing research activities. Expresses the sense of the House of Representatives that the Committee on Ways and Means should report legislation on or before December 31, 2008, to simplify the federal income tax system.

tax increase prevention act repeals general termination date economic_growth_and_tax_relief_reconciliation_act december making tax reductions enacted act permanent repeals termination date provisions jobs_and_growth_tax_relief_reconciliation_act reducing income tax rates dividends capital gains amends internal revenue code permanent tax deduction state local sales taxes tax deduction tuition related expenses increased expensing allowance small business assets related provisions tax credit increasing research activities expresses sense house_of_representatives report legislation december simplify federal income tax system


Summary: Amends the Internal Revenue Code to allow an offset against the alternative minimum tax of alternative motor vehicle tax credit amounts.

amends internal revenue code allow offset alternative minimum tax alternative motor vehicle tax credit amounts


Summary: Generate Retirement Ownership Through Long-Term Holding Act of 2007 - Amends the Internal Revenue Code to provide that no gain shall be recognized on the receipt of a capital gain dividend distributed by a regulated investment company if such dividend is automatically reinvested in additional shares of the company pursuant to a dividend reinvestment plan.

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


Summary: Amends the Internal Revenue Code to treat as ordinary income (i.e., income taxed at regular income tax rates) income received by a partner from an investment services partnership interest. 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 as to the value of specified assets (e.g., real estate, commodities, or options or derivative contracts); (2) advising the partnership about investing in, purchasing, or selling specified assets; (3) managing, acquiring, or disposing of specified assets; or (4) arranging financing with respect to acquiring specified assets.

amends internal revenue code treat ordinary income income taxed regular income tax rates income received partner investment services partnership interest defines investment services partnership interest interest partnership held person provides services partnership advising partnership value specified assets real estate commodities options derivative contracts advising partnership investing purchasing selling specified assets managing acquiring disposing specified assets arranging financing respect acquiring specified assets


Summary: Homeownership Affordability Act of 2007 - Amends the Internal Revenue Code to deem qualified homeowner downpayment assistance as a charitable purpose for income, estate, and gift tax purposes. Defines "qualified homeowner downpayment assistance" as a gift of cash for the purpose of providing any downpayment for the purchase of a principal residence for a taxpayer whose modified adjusted gross income does not exceed $110,000 ($220,000 for joint returns), if: (1) such gift does not exceed 20% of 110 percent of the maximum principal obligation allowable; and (2) the purchase price of such property does not exceed 110 percent of such amount.Denies an income tax deduction to a donor of homeowner downpayment assistance who receives a direct financial benefit in connection with the purchase of a principal residence for which downpayment assistance was provided.Allows a gift tax exclusion for a homeowner downpayment gift.

homeownership affordability act amends internal revenue code deem qualified homeowner downpayment assistance charitable purpose income estate gift tax purposes defines qualified homeowner downpayment assistance gift cash purpose providing downpayment purchase principal residence taxpayer modified adjusted gross income exceed joint returns gift exceed percent maximum principal obligation allowable purchase price property exceed percent denies income tax deduction donor homeowner downpayment assistance receives direct financial benefit connection purchase principal residence downpayment assistance provided allows gift tax exclusion homeowner downpayment gift


Summary: Middle Class Opportunity Act of 2007 - Amends the Internal Revenue Code to: (1) increase the child tax credit for the first year in which a child is claimed as a qualifying child; (2) expand eligibility for the dependent care tax credit and allow such credit for expenses to care for parents (and ancestors of such parents) not residing with the taxpayer; and (3) provide for an increased alternative minimum tax exemption amount through 2008Replaces the Hope and Lifetime Learning tax credits with an expanded education tax credit which provides for a 100% education tax credit for qualified tuition and related expenses (including a certain allowance for books) up to $1,000, 50% for such expenses between $1,000 and $3,000, and 20% of such expense between 3,000 and $5,500. Reduces credit amounts for taxpayers with modified adjusted gross incomes over $70,000 ($140,000 in the case of a joint tax return). Allows an inflation adjustment to credit amounts beginning after 2008.Limits such credit to three eligible students per taxpayer in any taxable year and for four taxable years. Denies such credit for certain part-time students and for students convicted of a felony drug offense. Repeals the tax deduction for qualified tuition and related expenses.

middle class opportunity act amends internal revenue code increase child tax credit year child claimed qualifying child expand eligibility dependent care tax credit allow credit expenses care parents ancestors parents residing taxpayer provide increased alternative minimum tax exemption hope lifetime_learning tax credits expanded education tax credit provides education tax credit qualified tuition related expenses including certain allowance books expenses expense reduces credit amounts taxpayers modified adjusted gross incomes case joint tax return allows inflation adjustment credit amounts beginning credit eligible students taxpayer taxable year taxable years denies credit certain time students students convicted felony drug offense repeals tax deduction qualified tuition related expenses


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

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


Summary: Amends the Internal Revenue Code to allow qualified retail improvement property a 15-year recovery period for purposes of the tax deduction for depreciation. Defines such property as any improvement to an interior portion of a building which is nonresidential real property, if: (1) such portion is open to the general public and is used in the trade or business of selling tangible personal property or services to the general public; and (2) such improvement is placed in service more than three years after the date the building was first placed in service. Excludes specified improvements, including the enlargement of a building, any elevator or escalator, or the internal structural framework of a building.

amends internal revenue code allow qualified retail improvement property year recovery period purposes tax deduction depreciation defines property improvement interior portion building nonresidential real property portion open general public trade business selling tangible personal property services general public improvement placed service years date building placed service excludes specified improvements including enlargement building elevator internal structural framework building


Summary: Amends Internal Revenue Code provisions defining expatriated business entities to exclude any management or administrative activities conducted by such entities in a foreign country in determining expatriate status for income tax purposes.

amends internal revenue code provisions defining business entities exclude management administrative activities conducted entities foreign country determining status income tax purposes


Summary: Tax Relief for All Workers Act of 2007 - Amends the Internal Revenue Code to increase the rate and phaseout amounts of the earned income tax credit for taxpayers with no qualifying children.

tax relief workers act amends internal revenue code increase rate phaseout amounts earned income tax credit taxpayers qualifying children


Summary: Middle Class Tax Relief Act of 2007- Amends the Internal Revenue Code to: (1) allow individual taxpayers with adjusted gross incomes of less than $75,000 ($150,000 for joint returns) a tax credit for 10% of their income tax; (2) eliminate income taxes for individual taxpayers with adjusted gross incomes of less than $12,500 ($25,000 for joint returns); (3) double the child tax credit for individual taxpayers with adjusted gross incomes of less than $75,000 ($150,000 for joint returns); (4) eliminate the alternative minimum tax in 2008 for certain individual taxpayers; and (5) impose an income tax surtax on individual taxpayers with adjusted gross incomes of over $500,000 ($1 million for joint returns).

middle class tax relief act amends_the_internal_revenue_code allow individual taxpayers adjusted gross incomes joint returns tax credit income tax eliminate income taxes individual taxpayers adjusted gross incomes joint returns double child tax credit individual taxpayers adjusted gross incomes joint returns eliminate alternative minimum tax certain individual taxpayers impose income tax surtax individual taxpayers adjusted gross incomes million joint returns


Summary: Small Business Tax Equalization and Compliance Act of 2007 - 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 cosmetologist 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 cosmetologist 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 cosmetologist employees provide income tip information self employed cosmetologists pay taxable year imposes similar reporting requirements individuals rent chairs cosmetologists requires employers provide cosmetologist employees self employed cosmetologists information tax tip reporting obligations employees self employed individuals


Summary: Farmland Relief Act of 2007 - Amends the Internal Revenue Code to double the period allowed to taxpayers for identifying and completing exchanges of like kind property for purposes of the nonrecognition of gain from such exchanges.

amends internal revenue code double period allowed taxpayers identifying completing exchanges like kind property purposes nonrecognition gain exchanges


Summary: Amends the Internal Revenue Code to allow certain support organizations for tax-exempt teaching hospitals to acquire debt secured by income-producing real property used to provide financial support for such hospitals.

amends internal revenue code allow certain support organizations tax exempt teaching hospitals acquire debt secured income producing real property provide financial support hospitals


Summary: Amends the Internal Revenue Code to allow taxpayers to designate on their income tax returns a specified portion (not less than $1) of any income tax overpayment as a contribution to the general fund of the Treasury.

amends internal revenue code allow taxpayers designate income tax returns specified portion income tax overpayment contribution general fund treasury


Summary: Child Tax Credit Preservation Act of 2007 - Makes permanent the increases in the child tax credit enacted by the Economic Growth and Tax Relief Reconciliation Act of 2001, the Jobs and Growth Tax Relief Reconciliation Act of 2003, and the Working Families Tax Relief Act of 2004. Provides for an annual inflation adjustment to child tax credit amounts, beginning in 2007.

makes permanent increases child tax credit enacted economic_growth_and_tax_relief_reconciliation_act jobs growth tax relief reconciliation act provides annual inflation adjustment child tax credit amounts beginning


Summary: Amends the Internal Revenue Code to require the same level of tax withholding for tax deductible payments made between persons who are members of the same foreign controlled group of entities as would be required if such payments were made directly to the foreign parent corporation of such entities.

amends internal revenue code require level tax withholding tax deductible payments persons members foreign controlled group entities required payments directly foreign parent corporation entities


Summary: Capital Gains and Estate Tax Relief Act of 2007 - Makes permanent the reduction in capital gains tax rates (from 20 to 15%) enacted by the Jobs and Growth Tax Relief and Reconciliation Act of 2003.Amends the Internal Revenue Code to: (1) restore the unified credit against gift tax liability; (2) provide for annual increases in the estate tax exclusion amount between 2010 and 2015 and establish a permanent exclusion amount of $5 million for 2015 and thereafter; (3) provide for an inflation adjustment to the estate tax exclusion amount after 2015; (4) reduce estate tax rate brackets; and (5) allow a surviving spouse to use the unused unified estate tax credit of a deceased spouse.

capital gains estate tax relief act makes permanent reduction capital gains tax rates enacted internal revenue code restore unified credit gift tax liability provide annual increases estate tax exclusion establish permanent exclusion million provide inflation adjustment estate tax exclusion reduce estate tax rate brackets allow surviving spouse use unused unified estate tax credit deceased spouse


Summary: Amends title II (Old Age, Survivors, and Disability Insurance) of the Social Security Act to eliminate the time limitation for corrections to wage and self-employment income records.

amends title old age survivors disability_insurance social security act eliminate time limitation corrections wage self employment income records


Summary: Repeals the provision in the Tax Increase Prevention and Reconciliation Act of 2005 which increased from 14 to 18 the age until which the unearned income of children is taxed at their parents' marginal income tax rates (thus restoring the age limit to 14).

repeals provision tax_increase_prevention_and_reconciliation_act increased age unearned income children taxed parents marginal income tax rates restoring age limit


Summary: Amends the Internal Revenue Code to allow attorneys a tax deduction for expenses and court costs which they pay or incur in contingent fee cases.

amends internal revenue code allow attorneys tax deduction expenses court costs pay incur contingent fee cases


Summary: Patriot Corporations of America Act of 2007 - Grants after 2007 a preference to Patriot corporations in the evaluation of bids or proposals for federal contracts. Defines " Patriot corporation" as a corporation which: (1) produces at least 90% of its goods and services in the United States; (2) does not pay its its management-level employees at a rate more than 10,000% of the compensation of its lowest paid employee; (3) conducts at least 50% of its research and development in the United States; (4) contributes at least 5% of its payroll to a portable pension fund for its employees; (5) pays at least 70% of its employees' health insurance costs; (6) maintains a policy of neutrality in employee organizing drives; (7) provides full differential salary and insurance benefits for all National Guard and Reserve employees who are called to active duty; and (8) has not violated federal regulations, including regulations relating to the environment, workplace safety, labor relations, and consumer protections.Amends the Internal Revenue Code to: (1) reduce the income tax rate for Patriot corporations; (2) reclassify foreign corporations created or organized to avoid federal taxation as domestic corporations for income tax purposes; and (3) increase, for the period between January 1, 2007, and December 31, 2010, the income tax rate for individual taxpayers with adjusted gross incomes of $500,000 or more ($1 million or more for joint returns).

grants preference patriot corporations evaluation bids proposals federal contracts defines patriot corporation corporation produces goods services united_states pay management level employees rate compensation lowest paid employee conducts research development united_states contributes payroll portable pension fund employees pays employees health insurance costs maintains policy neutrality employee organizing drives provides differential salary insurance benefits national_guard_and_reserve employees called active duty violated federal regulations including regulations relating environment workplace safety labor relations consumer protections amends internal revenue code reduce income tax rate patriot corporations reclassify foreign corporations created organized avoid federal taxation domestic corporations income tax purposes increase period january december income tax rate individual taxpayers adjusted gross incomes million joint returns


Summary: Virgin Islands Improvement Act of 2007 - Amends the Internal Revenue Code to provide for a reduction of taxes on distributions from certain retirement savings plans designated as being under investment by the Virgin Islands Investment Program for at least 30 years. Defines "Virgin Islands Investment Program" for purposes of this Act as a fund with managed amounts of less than $50 billion. Imposes a 1% annual tax on managed funds to benefit Virgin Island infrastructure development.

virgin islands improvement act amends internal revenue code provide reduction taxes distributions certain retirement savings plans designated investment years defines virgin islands investment program purposes act fund managed amounts billion imposes annual tax managed funds benefit virgin_island infrastructure development


Summary: Sales Tax Fairness and Simplification Act - Grants the consent of Congress to the Streamlined Sales and Use Tax Agreement (Agreement), the multistate agreement for the administration and collection of sales and use taxes adopted on November 12, 2002. Expresses the sense of Congress that the Agreement provides sufficient simplification and uniformity to warrant federal authorizations to states that are parties to it (member states) to require remote sellers (sellers without a physical presence in the taxing state) to collect and remit the sales and use taxes of such states and their local taxing jurisdictions.Authorizes each member state, after 10 states (comprising at least 20% of all states imposing a sales tax) have petitioned for and become member states, to require all sellers, except those sellers with gross remote taxable sales nationwide of less than $5 million, to collect and remit sales and use taxes on remote sales owed to such member state under the terms of the Agreement.Allows any person affected by the Agreement to petition the Governing Board established by the Agreement for a determination of any issue arising under the Agreement. Provides for judicial review of Governing Board determinations by the U.S. Court of Federal Claims. Sets forth minimum simplification requirements for the Agreement.Expresses the sense of Congress that member states should work with each other to prevent double taxation where a foreign country has imposed a transaction tax on a digital good or service

sales tax fairness simplification act grants consent congress streamlined sales use tax agreement agreement multistate agreement administration collection sales use taxes adopted november expresses sense congress agreement provides sufficient simplification uniformity warrant federal authorizations states parties member states require remote sellers sellers physical presence taxing state collect remit sales use taxes states local taxing jurisdictions authorizes member state states comprising states imposing sales tax petitioned member states require sellers sellers gross remote taxable sales nationwide million collect remit sales use taxes remote sales owed member state terms agreement allows person affected agreement petition governing_board established agreement determination issue arising agreement provides judicial review governing_board determinations sets forth minimum simplification requirements agreement expresses sense congress member states work prevent double taxation foreign country imposed transaction tax digital good service


Summary: Hardest Working Americans Tax Relief Act of 2007 - Amends the Internal Revenue Code to allow individual taxpayers an exclusion from gross income for overtime pay.

working americans tax relief act amends internal revenue code allow individual taxpayers exclusion gross income overtime pay


Summary: 1031 Regulation Act of 2007 - Amends the Internal Revenue Code to require the use of a federally insured depository institution or credit union to hold cash to be used in a tax-free exchange of properties to acquire like-kind property.

regulation act amends internal revenue code require use federally insured depository institution credit union hold cash tax free exchange properties acquire like kind property


Summary: Requires the Secretary of the Treasury to enter into an agreement with the Free File Alliance to provide a forms-based software service for all individual taxpayers to electronically prepare and file their federal income tax returns through the Internal Revenue Service (IRS) website, free of charge, for taxable years beginning after 2007.Requires the Free File Alliance to meet certain standards promulgated by the federal government for business responsibility and commerciality of products or services.Prohibits the Secretary from implementing a return-free tax system for taxable years beginning after 2007, unless authorized to do so by an Act of Congress.

requires secretary treasury enter agreement provide forms based software service individual taxpayers electronically prepare file federal income tax returns internal_revenue_service irs website free charge taxable years beginning meet certain standards promulgated federal government business responsibility products services prohibits secretary implementing return free tax system taxable years beginning authorized act congress


Summary: Amends the Internal Revenue Code to increase the unified credit against the estate and gift tax to $5 million after 2009 and to adjust such amount for inflation for estates opened after 2010.Restores previous estate tax and carryover basis provisions temporarily repealed by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Modifies the general termination date of such Act (i.e., December 31, 2010) as it applies to certain EGTRRA estate and gift tax provisions.

amends internal revenue code increase unified credit estate gift tax million adjust inflation estates opened previous estate tax carryover basis provisions temporarily repealed economic_growth_and_tax_relief_reconciliation_act egtrra modifies general termination date act december applies certain egtrra estate gift tax provisions


Summary: Surface Transportation and Taxation Equity Act or STATE Act - Amends the Internal Revenue Code to reduce the federal excise tax on gasoline and special fuels (but not below two cents per gallon) by corresponding increases in fuel taxes imposed by States after March 5, 2007.

state act amends internal revenue code reduce federal excise tax gasoline special fuels cents gallon corresponding increases fuel taxes imposed states march


Summary: Restore American Dream Act of 2007 - Amends the Internal Revenue Code to establish tax-exempt homeownership plans. Allows a tax deduction from gross income for cash contributions to such plans. Defines "homeownership plan" as a trust established for the exclusive purpose of paying the costs (e.g., downpayment, interest, mortgage insurance, closing costs, etc.) of acquiring a principal residence by an individual who has never owned a principal residence. Excludes from gross income distributions from a homeownership plan used to pay the costs of acquiring a principal residence. Sets forth rules governing: (1) transfers of an interest in a plan due to death or divorce; (2) penalties for making distributions from a plan for purposes other than to acquire a principal residence; and (3) employer homeownership plans established for the benefit of their employees.

restore american dream act amends internal revenue code establish tax exempt homeownership plans allows tax deduction gross income cash contributions plans defines homeownership plan trust established exclusive purpose paying costs downpayment interest mortgage insurance closing costs etc acquiring principal residence individual owned principal residence excludes gross income distributions homeownership plan pay costs acquiring principal residence sets forth rules governing transfers interest plan death divorce penalties making distributions plan purposes acquire principal residence employer homeownership plans established benefit employees


Summary: Property Tax Relief Act of 2007 - Amends the Internal Revenue Code to allow state and local real property taxes paid on a principal residence as a deduction from gross income (thus allowing taxpayers who do not itemize their tax deductions to claim such deduction).

property tax relief act amends internal revenue code allow state local real property taxes paid principal residence deduction gross income allowing taxpayers itemize tax deductions claim deduction


Summary: Amends the Internal Revenue Code to allow a tax credit for qualifying biomaterial produced by a taxpayer for business use. Limits the annual amount of such credit to $125 million. Defines "qualifying biomaterial" as a commercial or industrial product produced by chemically or biologically transforming feedstocks at least 75% of which are used to produce organic matter available on a renewable or recurring basis.

amends internal revenue code allow tax credit qualifying produced taxpayer business use limits annual credit million defines qualifying commercial industrial product produced chemically biologically transforming feedstocks produce organic matter available renewable recurring basis


Summary: American Middle Class Tax (AMT) Relief Act of 2007 - Amends the Internal Revenue Code to extend through 2007: (1) the increased alternative minimum tax exemption amounts for individual taxpayers; and (2) the increased amount allowed for certain nonrefundable income tax credits.

american middle class tax amt relief_act amends internal revenue code extend increased alternative minimum tax exemption amounts individual taxpayers increased allowed certain nonrefundable income tax credits


Summary: Middle Class Investor Tax Relief Act of 2007 - Amends the Internal Revenue Code to allow individual taxpayers a deduction from gross income for their net capital gains. Limits the amount of the deduction based upon taxpayer adjusted gross income.

middle class investor tax relief act amends internal revenue code allow individual taxpayers deduction gross income net capital gains limits deduction based taxpayer adjusted gross income


Summary: State Sales Tax Equity Relief Act of 2007 - Amends the Internal Revenue Code to make permanent the taxpayer election to deduct state and local sales taxes in lieu of state and local income taxes.

state sales tax equity relief act amends internal revenue code permanent taxpayer election deduct state local sales taxes lieu state local income taxes


Summary: Charitable Tax Relief Act of 2007 - Amends the Internal Revenue Code to make permanent the exclusion from gross income of distributions from individual retirement accounts made for charitable purposes.

charitable tax relief act amends internal revenue code permanent exclusion gross income distributions individual retirement accounts charitable purposes


Summary: Cost of Government Awareness Act of 2007 - Amends the Internal Revenue Code to: (1) repeal withholding of income tax from wages after December 31, 2007; and (2) require individual taxpayers to make monthly installment payments of income tax.

cost government awareness act amends internal revenue code repeal withholding income tax wages december require individual taxpayers monthly installment payments income tax


Summary: Amends the Internal Revenue Code to make permanent the 15-year recovery period for purposes of the tax deduction for depreciation of qualified restaurant property. Revises the term "qualified restaurant property" to include existing buildings as well as improvements to buildings.

amends internal revenue code permanent year recovery period purposes tax deduction depreciation qualified restaurant property revises term qualified restaurant property include existing buildings improvements buildings


Summary: Promoting Charitable Actions Act of 2007 - Amends the Internal Revenue Code to extend through 2011 the expansion of the tax deduction for charitable contributions of food inventory to taxpayers other than C corporations.

promoting charitable actions act amends internal revenue code extend expansion tax deduction charitable contributions food inventory taxpayers corporations


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

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


Summary: Internet Tax Freedom Act Amendments Act of 2007 - Amends the Internet Tax Freedom Act to extend until November 1, 2014, the moratorium on state and local taxation of Internet access and electronic commerce (moratorium) and the exemption from such moratorium for states with previously enacted Internet tax laws (grandfathering provisions). Redefines, effective November 1, 2003, "Internet access" to prevent certain states from claiming an expanded exemption under the Internet Tax Nondiscrimination Act from the moratorium. Delays the application of such redefinition until June 30, 2008, for a state or local tax on Internet access that is: (1) generally imposed and actually enforced on telecommunication services; or (2) the subject of litigation instituted in a state court prior to July 1, 2007. Expands the term "Internet access" to include related communication services (e.g., emails and instant messaging). Redefines "telecommunications" to include unregulated non-utility telecommunications (e.g., cable services). Provides for a specific exception to the moratorium for certain state business taxes enacted between June 20, 2005, and before November 1, 2007, that do not discriminate against providers of communication services, Internet access, or telecommunications.Repeals the exception from the moratorium for taxing Voice over Internet Protocol (VoIP).Renders inapplicable the grandfather provisions of the Internet Tax Freedom Act for states that repealed or nullified their tax laws on Internet access more than 24 months prior to the enactment of this Act. Makes the amendments made by this Act effective November 1, 2007.

internet tax freedom act amendments act amends internet tax freedom act extend november moratorium state local taxation internet access electronic commerce moratorium exemption moratorium states previously enacted internet tax laws provisions redefines effective november internet access prevent certain states claiming expanded exemption internet tax nondiscrimination act moratorium delays application june state local tax internet access generally imposed actually enforced telecommunication services subject litigation instituted state court prior july expands term internet access include related communication services instant messaging redefines telecommunications include unregulated non utility telecommunications cable services provides specific exception moratorium certain state business taxes enacted june november discriminate providers communication services internet access telecommunications repeals exception moratorium taxing voice internet protocol inapplicable grandfather provisions internet tax freedom act states repealed nullified tax laws internet access months prior enactment act makes amendments act effective november


Summary: Extension of Vital Tax Policy Act of 2007 - Amends the Internal Revenue Code to extend through 2008 the taxpayer election to deduct state and local sales taxes in lieu of state and local income taxes.

extension vital tax policy act amends internal revenue code extend taxpayer election deduct state local sales taxes lieu state local income taxes


Summary: American Competitiveness Tax Act of 2007 - Amends the Internal Revenue Code to allow business taxpayers with net operating losses in prior taxable years to claim a full tax deduction for income attributable to domestic production activities.

amends internal revenue code allow business taxpayers net operating losses prior taxable years claim tax deduction income attributable domestic production activities


Summary: Alternative Minimum Tax Reform Act of 2007 - Amends the Internal Revenue Code to allow corporate taxpayers to offset alternative minimum tax liabilities with long-term unused minimum tax credits and increased net operating loss allowances.

alternative minimum tax reform act amends internal revenue code allow corporate taxpayers offset alternative minimum tax liabilities long term unused minimum tax credits increased net operating loss allowances


Summary: American Family Farm and Ranchland Protection Act - Amends the Internal Revenue Code to increase to $5 million the limitation on the estate tax exclusion for land subject to a qualified conservation easement and to increase the percentage of the value of such land that is excludable.

increase million limitation estate tax exclusion land subject qualified conservation easement increase percentage value land excludable


Summary: Healthy Workforce Act of 2007 - Amends the Internal Revenue Code to allow employers a 50% tax credit for the costs of providing employees with a qualified wellness program. Defines "qualified wellness program" as a program that is certified by the Secretary of Health and Human Services and that consists of a health awareness and education component, a behavioral change component, and a supportive environment component. Terminates such credit after 2017. Requires the Secretary of the Treasury to institute an outreach program to inform businesses about the availability of such wellness program tax credit.

amends internal revenue code allow employers tax credit costs providing employees qualified wellness program defines qualified wellness program program certified secretary health_and_human_services consists health awareness education component behavioral change component supportive environment component terminates credit requires secretary treasury institute outreach program inform businesses availability wellness program tax credit


Summary: Property Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) allow state and local real property taxes paid on a principal residence as a deduction from gross income (thus allowing taxpayers who do not itemize their tax deductions to claim such deduction); and (2) exclude such deduction from the calculation of alternative minimum taxable income for purposes of the alternative minimum tax on individuals.

property tax relief act amends internal revenue code allow state local real property taxes paid principal residence deduction gross income allowing taxpayers itemize tax deductions claim deduction exclude deduction calculation alternative minimum taxable income purposes alternative minimum tax individuals


Summary: Amends the Internal Revenue Code to extend through 2013 the tax rule exempting dividends, interest, rents, and royalties received or accrued from certain controlled foreign corporations by a related entity from treatment as foreign holding company income (thus permitting tax deferral of such income).

amends internal revenue code extend tax rule exempting dividends interest rents royalties received accrued certain controlled foreign corporations related entity treatment foreign holding company income permitting tax deferral income


Summary: Combat Pay Tax Flexibility Act of 2007 - Amends the Internal Revenue Code to make permanent the taxpayer election to include combat zone compensation as earned income for purposes of calculating the earned income tax credit.

amends internal revenue code permanent taxpayer election include combat zone compensation earned income purposes calculating earned income tax credit


Summary: Qualified Personal Service Corporations Clarification Act of 2007 - Amends the Internal Revenue Code to modify the criteria for determining whether a corporation is a qualified personal service corporation. Includes within the definition of qualified personal service corporation a qualifying corporation substantially all of whose stock is held by certain former employees (thus permitting such corporation to use the cash method of accounting).

amends internal revenue code modify criteria determining corporation qualified personal service corporation includes definition qualified personal service corporation qualifying corporation substantially stock held certain employees permitting corporation use cash method accounting


Summary: Taxpayer Choice Act of 2007 - Amends the Internal Revenue Code to: (1) repeal the alternative minimum tax on individual taxpayers after 2006; and (2) allow taxpayers to elect an alternative income tax system.Makes permanent the capital gains and dividends rate reductions enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2001.

taxpayer choice act amends internal revenue code repeal alternative minimum tax individual taxpayers allow taxpayers elect alternative income tax system makes permanent capital gains dividends rate reductions enacted jobs_and_growth_tax_relief_reconciliation_act


Summary: Family Tax Relief Act of 2007 - Amends the Internal Revenue Code to increase the maximum amount of the child tax credit from $1,000 to $1,200. Makes permanent amendments to such credit made by the Economic Growth and Tax Relief Reconciliation Act of 2001 relating to offset against the alternative minimum tax, refundability, and inflation adjustment.

family tax relief act amends internal revenue code increase maximum child tax credit makes permanent amendments credit economic_growth_and_tax_relief_reconciliation_act relating offset alternative minimum tax refundability inflation adjustment


Summary: New Employment for Workers & Job Opportunities for Business Strength Act of 2007 or the NEW JOBS Act of 2007 - Amends the Internal Revenue Code to increase by $500 million in 2008 the new markets tax credit limitation amount that is allocable among qualified community development entities for investments in or loans to businesses that hire trade adjustment assistance (TAA) recipients or that meet other TAA requirements.

new jobs act amends internal revenue code increase million new markets tax credit limitation allocable qualified community development entities investments loans businesses hire trade adjustment assistance taa recipients meet taa requirements


Summary: AMT Credit Fairness and Relief Act of 2007 - Amends the Internal Revenue Code to: (1) increase the alternative minimum tax (AMT) refundable credit amount for individuals who have long-term unused minimum tax credits from prior taxable years; and (2) abate any underpayment of tax attributable to the application of special AMT rules for the treatment of incentive stock options.

amt relief_act amends internal revenue code increase alternative minimum tax amt refundable credit individuals long term unused minimum tax credits prior taxable years abate underpayment tax attributable application special amt rules treatment incentive stock options


Summary: Promotion of Artistic Giving Act of 2007 - Amends the Internal Revenue Code to: (1) extend the deadline for completing the charitable contribution of a gift; (2) provide for a valuation standard for gifts in excess of $1 million; and (3) repeal certain valuation rules for subsequent and fractional gifts.

amends internal revenue code extend deadline completing charitable contribution gift provide valuation standard gifts excess million repeal certain valuation rules subsequent fractional gifts


Summary: Restore U.S. Manufacturing Act of 2007 - Amends the Internal Revenue Code to allow a 100% tax deduction for qualified manufacturing activities income. Defines "qualified manufacturing activities income" as the excess of domestic manufacturing gross receipts over the cost of goods sold, and other expenses, losses, or deductions, properly allocable to such receipts.

restore manufacturing act amends internal revenue code allow tax deduction qualified manufacturing activities income defines qualified manufacturing activities income excess domestic manufacturing gross receipts cost goods sold expenses losses deductions properly allocable receipts


Summary: Middle Class Tax Relief Act of 2007 - Amends the Internal Revenue Code to make permanent the tax deductions for: (1) state and local general sales taxes; (2) mortgage insurance premiums; and (3) qualified tuition and related expenses. Makes permanent provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 that increased dollar limitations on the tax credit for household and dependent care expenses.

middle class tax relief act amends internal revenue code permanent tax deductions state local general sales taxes mortgage insurance premiums qualified tuition related expenses makes permanent provisions economic_growth_and_tax_relief_reconciliation_act increased dollar limitations tax credit household dependent care expenses


Summary: Offshore Deferred Compensation Reform Act of 2007 - Amends the Internal Revenue Code to require the inclusion in gross income for income tax purposes of employee compensation deferred under a nonqualified deferred compensation plan of a nonqualified foreign corporation when there is no substantial risk of forfeiture of the rights to such compensation. Defines "nonqualified foreign corporation" as any foreign corporation unless substantially all of its income is: (1) effectively connected with a trade or business in the United States; or (2) subject to an income tax imposed by a foreign country that has a comprehensive tax treaty with the United States.

amends internal revenue code require inclusion gross income income tax purposes employee compensation deferred nonqualified deferred compensation plan nonqualified foreign corporation substantial risk forfeiture rights compensation defines nonqualified foreign corporation foreign corporation substantially income effectively connected trade business united_states subject income tax imposed foreign country comprehensive tax treaty united_states


Summary: Amends the Internal Revenue Code to repeal the prohibition on producing distilled spirits in specified locations, including dwelling houses, sheds, yards, and enclosed areas connected with any dwelling house.

amends internal revenue code repeal prohibition producing distilled spirits specified locations including dwelling houses yards enclosed areas connected dwelling house


Summary: Amends the Internal Revenue Code to: (1) exclude participations and residuals from the dollar limitation on the taxpayer election to expense qualified film and television production costs; (2) allow amortization of costs ineligible for expensing; and (3) make such expensing election permanent.

amends internal revenue code exclude residuals dollar limitation taxpayer election expense qualified film television production costs allow amortization costs ineligible expensing expensing election permanent


Summary: Homeowners Property Tax Relief Act of 2007 - Amends the Internal Revenue Code to allow the deduction of state and local real and personal property taxes in calculating the alternative minimum taxable income of individual taxpayers.

amends internal revenue code allow deduction state local real personal property taxes calculating alternative minimum taxable income individual taxpayers


Summary: Tax Reduction and Reform Act of 2007 - Amends Internal Revenue Code provisions relating to individual income tax rates, the alternative minimum tax, partnerships and corporations and extends certain expiring tax credits, deductions, and other tax incentives.Increases and modifies: (1) the standard tax deduction for individual taxpayers; and (2) the earned income and child tax credits. Extends the increased alternative minimum tax exemptions for individual taxpayers through 2007. Repeals such tax after 2007. Imposes limitations on the itemized deductions and exemptions of taxpayers with adjusted gross incomes in excess of $250,000.Treats partnership income earned for providing investment management services (i.e., carried interest) as ordinary income.Extends through 2008 various expiring tax provisions primarily affecting individual taxpayers, including: (1) the tax deductions for state and local sales taxes, for qualified tuition and related expenses, for qualified conservation contributions, for certain expenses of elementary and secondary school teachers, and for mortgage insurance premiums; (2) tax-free distributions from individual retirement accounts for charitable purposes; (3) the taxpayer election to include combat pay as earned income for purposes of the earned income tax credit; (4) special rules for qualified mortgage bonds to finance home purchases by veterans; and (5) tax-free distributions from retirement plans for individuals called to active military service. Extends through 2008 various expiring tax provisions primarily affecting businesses, including: (1) the tax credits for increasing research expenses, for hiring workers on Indian reservations, for investment in new markets, and for railroad track maintenance; (2) accelerated depreciation for qualified leasehold and restaurant improvements, for motorsports entertainment complexes, and for business property on Indian reservations; (3) expensing allowances for environmental remediation costs; (4) tax deductions for contributions of food and book inventories and for computer equipment for educational purposes; and (5) tax incentives for investment in the District of Columbia and American Samoa.Extends through 2008 authorities for: (1) issuing qualified zone academy bonds; (2) making disclosures of tax information to facilitate student loan repayments, for combating terrorist activities, and for veterans programs purposes; and (3) Internal Revenue Service (IRS) undercover operations.Reduces the top marginal income tax rate for corporations from 35 to 30.5% and the tax deduction for dividends received by corporations. Repeals various provisions relating to corporate taxation, including the tax deduction for income attributable to domestic production activities, the LIFO and the lower of cost or market accounting methods, interest allocation rules for U.S. corporations with foreign assets, and special rules relating to domestic international sales corporations. Makes permanent the increased expensing allowance ($125,000) for small business assets. Increases the amortization period for goodwill and other intangibles from 15 to 20 years. Sets forth rules for the application of the economic substance doctrine to tax transactions. Imposes enhanced penalties for underpayments of tax due to transactions lacking in economic substance.

tax reduction reform act 2007_-_amends_internal_revenue code provisions relating individual income tax rates alternative minimum tax partnerships corporations extends certain expiring tax credits deductions tax incentives increases modifies standard tax deduction individual taxpayers earned income child tax credits extends increased alternative minimum tax exemptions individual taxpayers repeals tax imposes limitations itemized deductions exemptions taxpayers adjusted gross incomes excess partnership income earned providing investment management services carried interest ordinary income extends expiring tax provisions primarily affecting individual taxpayers including tax deductions state local sales taxes qualified tuition related expenses qualified conservation contributions certain expenses elementary secondary school teachers mortgage insurance premiums tax free distributions individual retirement accounts charitable purposes taxpayer election include combat pay earned income purposes earned income tax credit special rules qualified mortgage bonds finance home purchases veterans tax free distributions retirement plans individuals called active military service extends expiring tax provisions primarily affecting businesses including tax credits increasing research expenses hiring workers indian reservations investment new markets railroad track maintenance accelerated depreciation qualified leasehold restaurant improvements motorsports entertainment complexes business property indian reservations expensing allowances environmental remediation costs tax deductions contributions food book inventories computer equipment educational purposes tax incentives investment district_of_columbia american_samoa extends authorities issuing qualified zone academy bonds making disclosures tax information facilitate student loan repayments combating terrorist activities veterans programs purposes internal_revenue_service irs undercover operations reduces marginal income tax rate corporations tax deduction dividends received corporations repeals provisions relating corporate taxation including tax deduction income attributable domestic production activities lifo lower cost market accounting methods interest allocation rules corporations foreign assets special rules relating domestic international sales corporations makes permanent increased expensing allowance small business assets increases amortization period goodwill years sets forth rules application economic substance doctrine tax transactions imposes enhanced penalties underpayments tax transactions lacking economic substance


Summary: Amends the Internal Revenue Code to make permanent the special rule allowing a tax deduction for charitable contributions of food inventories by business taxpayers (other than C corporations).

amends internal revenue code permanent special rule allowing tax deduction charitable contributions food inventories business taxpayers corporations


Summary: Tax Increase Prevention Act of 2007 - Amends the Internal Revenue Code to extend through 2007 for individual taxpayers: (1) the increased alternative minimum tax (AMT) exemption amounts; and (2) the offset of nonrefundable personal tax credits against regular and AMT liability.

tax increase prevention act amends internal revenue code extend individual taxpayers increased alternative minimum tax amt exemption amounts offset nonrefundable personal tax credits regular amt liability


Summary: Universal Homeowners' Tax Relief Act of 2007 - Amends the Internal Revenue Code to allow an additional standard tax deduction (available to taxpayers who do not itemize) for state and local real property taxes paid before January 1, 2011.

universal homeowners tax relief act amends internal revenue code allow additional standard tax deduction available taxpayers itemize state local real property taxes paid january