Summary: Alternative Minimum Tax Relief Act of 2008 - Amends the Internal Revenue Code to extend through 2008 for individual taxpayers: (1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liability; and (2) the increased alternative minimum tax (AMT) exemption amounts.Increases the alternative minimum tax (AMT) refundable credit amount for individuals who have long-term unused minimum tax credits from prior taxable years. Abates any underpayment of tax attributable to the application of special AMT rules for the treatment of incentive stock options.

alternative minimum tax relief act amends internal revenue code extend individual taxpayers offset nonrefundable personal tax credits regular alternative minimum tax amt liability increased alternative minimum tax amt exemption amounts increases alternative minimum tax amt refundable credit individuals long term unused minimum tax credits prior taxable years underpayment tax attributable application special amt rules treatment incentive stock options


Summary: Amends Internal Revenue Code provisions relating to the tax deduction for dividends received by a U.S. corporation from a controlled foreign corporation to: (1) extend the applicability of such provisions to taxable years beginning after FY2007; and (2) reduce such deduction for corporations that do not maintain certain employment levels.

amends internal revenue code provisions relating tax deduction dividends received corporation controlled foreign corporation extend applicability provisions taxable years beginning fy2007 reduce deduction corporations maintain certain employment levels


Summary: Evacuees Tax Relief Act of 2008 - Amends the Internal Revenue Code to allow individual taxpayers to elect either a tax credit or tax deduction for up to $5,000 of their voluntary or mandatory evacuation expenses due to a disaster.

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


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

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


Summary: Charity Enhancement Act of 2008 - Amends the Internal Revenue Code to modify rules and definitions relating to the excise tax on distributions from donor advised funds (charitable funds in which a donor has, or reasonably expects to have, advisory privileges with respect to the distribution or investment of amounts held in such funds by reason of his or her status as a donor). Excludes from the definition of "donor advised fund" charitable funds that receive contributions or are advised solely by one or more public charities or governmental entities. Exempts certain scholarship distributions from the tax on distributions from donor advised funds.Repeals the requirement of a written acknowledgment by a supporting organization (a charitable organization that maintains one or more donor advised funds) that it has exclusive legal control over assets contributed to it. Exempts certain compensation and benefits paid to substantial contributors by supporting organizations from treatment as excess benefits.Exempts certain supporting organizations established before January 1, 1970, from applicable holdings and payout requirements.Treats contributions to tax-exempt organizations by Indian tribal governments in the same manner as contributions by states for purposes of determining the classification of an organization as a public charity or private foundation. Requires certain tax-exempt organizations that file at least five tax returns annually with the Internal Revenue Service (IRS) to use electronic filing.Extends the bad check penalty to payments of tax by commercially acceptable means (e.g., electronic payments).

charity enhancement act amends internal revenue code modify rules definitions relating excise tax distributions donor advised funds charitable funds donor reasonably expects advisory privileges respect distribution investment amounts held funds reason status donor excludes definition donor advised fund charitable funds receive contributions advised solely public charities governmental entities exempts certain scholarship distributions tax distributions donor advised funds repeals requirement written acknowledgment supporting organization charitable organization maintains donor advised funds exclusive legal control assets contributed exempts certain compensation benefits paid substantial contributors supporting organizations treatment excess benefits exempts certain supporting organizations established january applicable holdings requirements treats contributions tax exempt organizations indian tribal governments manner contributions states purposes determining classification organization public charity private foundation requires certain tax exempt organizations file tax returns annually internal_revenue_service irs use electronic filing extends bad check penalty payments tax commercially acceptable means electronic payments


Summary: Middle Class Investor Relief Act - Amends the Internal Revenue Code to increase to $20,000 the limitation on the amount of losses from the sale or exchange of capital assets that an individual taxpayer may deduct in a taxable year.

middle class investor relief_act_-_amends internal revenue code increase limitation losses sale exchange capital assets individual taxpayer deduct taxable year


Summary: Amends the Internal Revenue Code to allow an individual taxpayer an exclusion from gross income of the gain from the sale or exchange of up to two residences (other than a principal residence) acquired after December 31, 2007, and before January 1, 2013. Limits the amount of such exclusion to $250,000 ($500,000 for married taxpayers filing a joint return). Allows a $500,000 exclusion amount for a surviving spouse who sells a residence within two years of the death of a spouse.

amends internal revenue code allow individual taxpayer exclusion gross income gain sale exchange residences principal residence acquired december january limits exclusion married taxpayers filing joint return allows exclusion surviving spouse sells residence years death spouse


Summary: Temporary Tax Relief Act of 2008 - Amends the Internal Revenue Code to extend through 2009: (1) the tax deductions for state and local sales taxes, qualified tuition and related expenses, and certain expenses of elementary and secondary school teachers; (2) the exemption from withholding of tax of interest-related and short-term capital gain dividends received from a regulated investment company (RIC) and the special rule for RIC stock held in the estate of nonresidents; (3) tax-free distributions from individual retirement plans for charitable purposes; (4) the inclusion of an RIC within the definition of "qualified investment entity" for income tax purposes; and (5) the additional standard tax deduction for real property taxes. Extends through 2009 certain business-related tax provisions, including: (1) the tax credits for increasing research activities, Indian employment, railroad track maintenance, and the new markets tax credit; (2) accelerated depreciation for qualified leasehold and restaurant improvements, for motorsports racing track facilities, and for business property on Indian reservations; (3) expensing of environmental remediation and film and television production costs; (4) the tax deduction for income attributable to domestic production activities in Puerto Rico; (5) special rules for related controlled foreign corporations and for the tax treatment of certain payments to tax-exempt organizations by a controlled subsidiary; (6) issuance authority for qualified zone academy bonds; (7) tax incentives for investment in the District of Columbia; (8) the economic development credit for American Samoa; (9) the expanded tax deductions for charitable contributions of food and book inventories by noncorporate taxpayers; (10) the tax deduction for contributions of computer technology and equipment for educational purposes; (11) the special rule for reductions in the basis of S corporation stock for charitable contributions; (12) work opportunity tax credit eligibility for Hurricane Katrina employees (through August 28, 2009); (13) the subpart F income exemption for active financing income; and (14) the increase in alcohol excise taxes payable to Puerto Rico and the Virgin Islands.Makes permanent the authority of the Internal Revenue Service (IRS) to: (1) disclose tax return information related to terrorist activities; and (2) conduct undercover operations.Lowers in 2008 (from $10,000 to $8,500) the earned income threshold amount for determining the refundable portion of the child tax credit.Modifies certain provisions relating to the tax deduction for domestic film and television productions.Exempts from the excise tax on bows and arrows certain arrow shafts. Modifies the standards for imposing penalties on tax return preparers for understatements of tax.Modifies provisions of the Secure Rural Schools and Community Self-Determination Act of 2000 and authorizes appropriations for such Act. Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008 - Amends the Employee Retirement Income Security Act of 1974 (ERISA), the Public Health Service Act, and the Internal Revenue Code to require a group health plan that provides both medical and surgical benefits and mental health or substance use disorder benefits to ensure parity in the provision of such benefits.Extends through 2009 the 0.2% Federal Unemployment Tax Act (FUTA) surtax.Increases and extends through 2017 the Oil Spill Liability Trust Fund financing rate. Requires the inclusion in gross income for income tax purposes of employee compensation deferred under a nonqualified deferred compensation plan of certain foreign entities when there is no substantial risk of forfeiture of the rights to such compensation. Delays until 2018 the application of special rules for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit. Amends the Tax Increase Prevention and Reconciliation Act of 2005 to increase the estimated tax payment due in the third quarter of 2012 for corporations with assets of at least $1 billion.

temporary tax relief act amends internal revenue code extend tax deductions state local sales taxes qualified tuition related expenses certain expenses elementary secondary school teachers exemption withholding tax interest related short term capital gain dividends received regulated investment company ric special rule ric stock held estate nonresidents tax free distributions individual retirement plans charitable purposes inclusion ric definition qualified investment entity income tax purposes additional standard tax deduction real property taxes extends certain business related tax provisions including tax credits increasing research activities indian employment railroad track maintenance new markets tax credit accelerated depreciation qualified leasehold restaurant improvements motorsports racing track facilities business property indian reservations expensing environmental remediation film television production costs tax deduction income attributable domestic production activities puerto_rico special rules related controlled foreign corporations tax treatment certain payments tax exempt organizations controlled subsidiary issuance authority qualified zone academy bonds tax incentives investment district_of_columbia economic development credit american_samoa expanded tax deductions charitable contributions food book inventories noncorporate taxpayers tax deduction contributions computer technology equipment educational purposes special rule reductions basis corporation stock charitable contributions work opportunity tax credit eligibility hurricane katrina employees august subpart income exemption active financing income increase alcohol excise taxes payable puerto_rico virgin_islands makes permanent authority internal_revenue_service irs disclose tax return information related terrorist activities conduct undercover operations lowers earned income threshold determining refundable portion child tax credit modifies certain provisions relating tax deduction domestic film television productions exempts excise tax bows arrows certain arrow shafts modifies standards imposing penalties tax return preparers understatements tax modifies provisions secure_rural_schools community self determination act authorizes appropriations act equity act amends employee retirement income security act erisa public_health_service_act internal revenue code require group health plan provides medical surgical benefits mental health substance use disorder benefits ensure parity provision benefits extends federal unemployment tax act futa surtax increases extends oil_spill_liability_trust_fund financing rate requires inclusion gross income income tax purposes employee compensation deferred nonqualified deferred compensation plan certain foreign entities substantial risk forfeiture rights compensation delays application special rules worldwide allocation interest purposes computing limitation foreign tax credit amends tax_increase_prevention_and_reconciliation_act increase estimated tax payment quarter corporations assets billion


Summary: Middle Class Dependent Care Fairness Act of 2008 - Amends the Internal Revenue Code to eliminate the mandatory reduction in the rate of the tax credit for household and dependent care services for taxpayers whose adjusted gross incomes exceed $15,000.

middle class dependent care fairness act amends internal revenue code eliminate mandatory reduction rate tax credit household dependent care services taxpayers adjusted gross incomes exceed


Summary: Reliable Economic Stabilization, Capital Utilization, and Enterprise Reform Act of 2008 - Amends the Internal Revenue Code to: (1) exclude from gross income gain from the sale of certain residential or commercial mortgages and related securities issued on or before March 14, 2008, and acquired before January 1, 2010; (2) extend the carryback period for net operating losses to five years; (3) provide an increased dividends received tax deduction for corporations with overseas operations that make investments in the United States; and (4) treat gain or loss from the sale of certain preferred stock in the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) as ordinary income or loss.Repeals the Community Reinvestment Act.Requires the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) to establish a net worth certificate program to provide capital to assist insured banks in resolving solvency problems. Government-Sponsored Enterprises Free Market Reform Act of 2008- Requires the Director of the Federal Housing Finance Agency (FHFA) to: (1) terminate the conservatorship of Fannie Mae and the Freddie Mac, jointly defined as the enterprise, if the Director determines that the enterprise is financially viable; or (2) immediately appoint FHFA as receiver of the enterprise if it is found not financially viable. Limits the amount of mortgage assets the enterprise may own after the termination of its conservatorship. Requires the Director to establish mandatory minimum capital levels for the enterprise.Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to repeal provisions governing enterprise authority to purchase and sell certain insured and conventional mortgages and to engage in certain lending activities.Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to repeal the new housing price index.Amends the Housing and Economic Recovery Act of 2008 to repeal certain conforming loan limits.Imposes requirements for the renewal of the enterprise's charter if it becomes financially sound and for winding down its operations and dissolving the enterprise otherwise.

reliable economic stabilization capital utilization enterprise reform act amends internal revenue code exclude gross income gain sale certain residential commercial mortgages related securities issued march acquired january extend carryback period net operating losses years provide increased dividends received tax deduction corporations overseas operations investments united_states treat gain loss sale certain preferred stock federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac ordinary income loss repeals community reinvestment act requires board_of_directors federal_deposit_insurance_corporation fdic establish net worth certificate program provide capital assist insured banks resolving solvency problems requires director federal_housing_finance_agency fhfa terminate conservatorship fannie_mae freddie_mac jointly defined enterprise director determines enterprise financially viable immediately appoint fhfa receiver enterprise found financially viable limits mortgage assets enterprise termination conservatorship requires director establish mandatory minimum capital levels enterprise amends federal_national_mortgage_association charter act federal_home_loan_mortgage_corporation_act repeal provisions governing enterprise authority purchase sell certain insured conventional mortgages engage certain lending activities amends federal_housing_enterprises_financial_safety soundness act repeal new housing price index amends housing_and_economic_recovery_act repeal certain conforming loan limits imposes requirements renewal enterprise charter financially sound winding operations enterprise


Summary: Amends the Internal Revenue Code to exclude from gross income gain from the sale or exchange of a qualified mortgage or mortgage-related security held for more than one year. Defines "qualified mortgage or mortgage-related security" as any residential or commercial mortgage (or any security, obligation, or other instrument that is based on or related to such a mortgage) that was originated or issued on or before March 14, 2008, and was acquired by the taxpayer after the enactment of this Act and before January 1, 2009.

amends internal revenue code exclude gross income gain sale exchange qualified mortgage mortgage related security held year defines qualified mortgage mortgage related security residential commercial mortgage security obligation instrument based related mortgage originated issued march acquired taxpayer enactment act january


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

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


Summary: Amends the Internal Revenue Code to: (1) increase and make permanent the expensing allowance for depreciable business assets; and (2) allow a tax deduction, up to $10,000, for the purchase of a motor vehicle manufactured in the United States. Terminates such tax deduction after 2010.

amends internal revenue code increase permanent expensing allowance depreciable business assets allow tax deduction purchase motor vehicle manufactured united_states terminates tax deduction


Summary: State and Local Sales Tax Deduction Expansion Act of 2008 - Amends the Internal Revenue Code to allow all individual taxpayers a tax deduction for state and local general sales taxes (current law allows taxpayers an election to deduct either state and local income taxes or sales taxes).

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


Summary: Amends the Internal Revenue Code to: (1) reduce to 0% the employment tax on employers, employees, and self-employed individuals during the first two months of 2009; and (2) exclude from gross income any wage and self-employment income earned during the first two months of 2009.Amends the Emergency Economic Stabilization Act of 2008 to repeal procedures for authorizing the Secretary of the Treasury to obligate additional amounts under the Troubled Asset Relief Program (TARP).Requires the Secretary to: (1) estimate the impact of this Act on the income and balances of the social security trust funds; and (2) transfer amounts from the Treasury to such trust funds if there is any reduction in the income and balances of such trust funds resulting from this Act. Terminates the authority of the Secretary under the Emergency Economic Stabilization Act of 2008 to purchase troubled assets or any preferred or other stock or equity in any financial institution.

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


Summary: Directs the Secretary of the Treasury to reduce the federal tax refund of any taxpayer who owes a past-due, legally enforceable tax obligation to a local government by the amount of such obligation. Requires notice to the taxpayer of the refund reduction. Amends the Internal Revenue Code to permit disclosure of taxpayer information to agencies of states requesting refund offsets for tax debts owed to local governments.

directs secretary treasury reduce federal tax refund taxpayer owes past legally enforceable tax obligation local government obligation requires notice taxpayer refund reduction amends internal revenue code permit disclosure taxpayer information agencies states requesting refund offsets tax debts owed local governments


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

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


Summary: Taxpayer Relief Act of 2008 - Reduces for 2008 income tax purposes: (1) the taxable income of a taxpayer by $125,000 ($250,000 in the case of a joint return); and (2) the rate of tax on taxable income in excess of $125,000 by 5%.

taxpayer relief act reduces income tax purposes taxable income taxpayer case joint return rate tax taxable income excess


Summary: Taxpayer Holiday Act for 2009 - Excludes up to $125,000 ($250,000 in the case of a joint return) of wages or self-employment income earned in the first six months of the first taxable year beginning in 2009 from federal income and employment taxation. Reduces income tax rates on taxable income exceeding $125,000 ($250,000 in the case of a joint return).

taxpayer holiday act excludes case joint return wages self employment income earned months taxable year beginning federal income employment taxation reduces income tax rates taxable income exceeding case joint return


Summary: Invest in America Act - Repeals the general termination date (i.e., December 31, 2010) of the Economic Growth and Tax Relief Reconciliation Act of 2001 (thus making provisions of that Act that reduce income tax rates and repeal the estate and gift tax permanent).Repeals the termination date in the Jobs Growth Tax Relief Reconciliation Act of 2003 applicable to the reduction in taxes on dividends and capital gains. Amends the Internal Revenue Code to make permanent: (1) the tax credit for increasing research activities; (2) the increased expensing allowance for small business assets; and (3) the tax deduction for certain expenses of elementary and secondary school teachers. Repeals the alternative minimum tax on individuals after 2006.Expresses the sense of the Senate that the Committee on Finance should report legislation before December 31, 2007, to simplify the federal income tax system, without raising tax rates.

invest america act repeals general termination date december economic_growth_and_tax_relief_reconciliation_act making provisions act reduce income tax rates repeal estate gift tax termination date jobs growth tax relief reconciliation act applicable reduction taxes dividends capital gains amends internal revenue code permanent tax credit increasing research activities increased expensing allowance small business assets tax deduction certain expenses elementary secondary school teachers repeals alternative minimum tax individuals sense senate report legislation december simplify federal income tax system raising tax rates


Summary: Individual Alternative Minimum Tax Repeal Act of 2007 - Amends the Internal Revenue Code to repeal the alternative minimum tax on individuals.

individual alternative minimum tax repeal act amends internal revenue code repeal alternative minimum tax individuals


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: 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: 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.Repeals provisions of the Tax Increase Prevention and Reconciliation Act of 2005 which extended reductions in capital gains and dividend tax rates through 2010.

amends internal revenue code increase exemption alternative minimum tax individual taxpayers extend allowance certain nonrefundable tax credits alternative minimum tax liability repeals provisions tax_increase_prevention_and_reconciliation_act extended reductions capital gains dividend tax rates


Summary: Amends the Internal Revenue Code to allow a surviving spouse to exclude from gross income up to $500,000 of the gain from the sale or exchange of a principal residence owned jointly with a deceased spouse if the sale or exchange occurs within two years of the death of the spouse and other ownership and use requirements have been met.

amends internal revenue code allow surviving spouse exclude gross income gain sale exchange principal residence owned jointly deceased spouse sale exchange occurs years death spouse ownership use requirements met


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

amends internal revenue code permanent tax deduction state local general sales taxes


Summary: Permanent Internet Tax Freedom 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.

permanent internet tax freedom act amends internet tax freedom act permanent ban state local taxation internet access multiple discriminatory taxes electronic commerce


Summary: Permanent Marriage Penalty Relief 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.

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


Summary: Working Family Child Assistance Act - Amends the Internal Revenue Code to repeal the annual inflation adjustment applicable to the $10,000 income threshold required to qualify for the refundable portion of the child tax credit.

repeal annual inflation adjustment applicable income threshold required qualify refundable portion child tax credit


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: Business Relief and Incentives for Small Entrepreneurs Act of 2007 or the Business RAISE Act - Amends the Internal Revenue Code to: (1) allow accelerated depreciation (i.e., 15-year recovery period) of qualified retail improvement property (defined as any improvement to the interior portion of any nonresidential building used in the trade or business of selling retail goods or services to the general public) placed in service before January 1, 2008; (2) allow new improvements to restaurant property to qualify for accelerated depreciation; and (3) expand the eligibility of certain disabled veterans for employment under the work opportunity tax credit.

business relief incentives small entrepreneurs act business raise act amends internal revenue code allow accelerated depreciation year recovery period qualified retail improvement property defined improvement interior portion nonresidential building trade business selling retail goods services general public placed service january allow new improvements restaurant property qualify accelerated depreciation expand eligibility certain disabled veterans employment work opportunity tax credit


Summary: Art and Collectibles Capital Gains Tax Treatment Parity Act - Amends the Internal Revenue Code to: (1) eliminate the 28-percent capital gains tax rate for collectibles, thus allowing gain from the sale of collectibles (including art works) to be taxed at the 15-percent tax rate applicable to other investment property; (2) allow the creator of a literary, musical, artistic, or scholarly property a fair market value tax deduction for the donation of such property to a tax-exempt organization, if properly appraised and donated no sooner than 18 months after its creation.

art parity act amends internal revenue code eliminate percent capital gains tax rate collectibles allowing gain sale collectibles including art works taxed percent tax rate applicable investment property allow literary musical artistic scholarly property fair market value tax deduction donation property tax exempt organization properly appraised donated sooner months creation


Summary: Timber Tax Act of 2007 - Amends the Internal Revenue Code to allow a tax deduction (available to taxpayers whether or not they itemize deductions) for up to 60% of gains from certain sales or exchanges of timber.

timber tax act amends internal revenue code allow tax deduction available taxpayers itemize deductions gains certain sales exchanges timber


Summary: 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). Increases criminal sanctions and monetary penalties for: (1) underpayments or overpayments of tax due to fraud; (2) attempts to evade or defeat tax; (3) willful failure to file tax returns, supply information, or pay tax; and (4) fraud and false statements.

amends internal revenue code provide volunteers use automobiles benefit charitable organization exclude gross income reimbursements automobile operating expenses level business employees cents mile increases criminal sanctions monetary penalties underpayments overpayments tax fraud attempts evade defeat tax willful failure file tax returns supply information pay tax fraud false statements


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: 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: Motorsports Fairness and Permanency Act of 2007 - Amends the Internal Revenue Code to make permanent the classification, for depreciation purposes, of any motorsports entertainment complex as seven year property.

motorsports fairness permanency_act amends internal revenue code permanent classification depreciation purposes motorsports entertainment complex seven year property


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: Reduce Wasteful Tax Forms Act of 2007 - Amends the Internal Revenue Code to extend until February 15 the annual deadline for reporting certain investment income to the Internal Revenue Service.

amends internal revenue code extend february annual deadline reporting certain investment income internal_revenue_service


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: National Priorities Act of 2007 - Rescinds after 2008 income tax reductions enacted under the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003 for taxpayers with gross incomes in 2008 of over $400,000. Reduces funding for the Department of Defense by $60 billion in FY2008. Authorizes the Secretary of Defense to make reductions by eliminating waste, fraud, and abuse, and weapon systems and other programs determined to be no longer a national security priority. Exempts from such reductions the needs of military personnel, including pay increases and health care. Dedicates increases in revenues resulting from this Act to: (1) various programs for health care, education, energy conservation, and affordable housing; (2) increasing the earned income credit; and (3) reducing the federal deficit.

national priorities act rescinds income tax reductions enacted economic_growth_and_tax_relief_reconciliation_act jobs_and_growth_tax_relief_reconciliation_act taxpayers gross incomes reduces funding department_of_defense billion fy2008 authorizes secretary defense reductions eliminating waste fraud abuse weapon systems programs determined longer national security priority exempts reductions needs military personnel including pay increases health care dedicates increases revenues resulting act programs health care education energy conservation affordable housing increasing earned income credit reducing federal deficit


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: Short Line Railroad Investment Act of 2007 - Amends the Internal Revenue Code to: (1) increase the allowable amount of the railroad track maintenance tax credit; (2) extend such credit through 2010; and (3) allow such credit against alternative minimum tax liabilities.

short line railroad investment act amends internal revenue code increase allowable railroad track maintenance tax credit extend credit allow credit alternative minimum tax liabilities


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: 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: 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: Amends the Internal Revenue Code to to extend until December 31, 2016, the designation period for certain tax-favored empowerment zones.

amends internal revenue code extend december designation period certain tax favored empowerment zones


Summary: Public Service Academy Act of 2007 - Establishes in the Department of Homeland Security a U.S. Public Service Academy for the instruction in and preparation for public service of selected individuals. Sets forth provisions relating to: (1) key personnel positions and faculty and departments; (2) student qualifications and requirements for admission; (3) procedures for the appointment of students to the Academy by Members of Congress and the President; (4) curriculum standards; and (5) study abroad requirements.Requires each Academy student to sign an agreement with respect to length of public service. Imposes tuition and cost repayment requirements for Academy students who fail to graduate or accept or complete assigned public service. Establishes a Board of Visitors to inquire into the efficiency and effectiveness of the operations of the Academy.Requires the tuition of each Academy student to be fully subsidized. Provides for public (80%) and private funding for the Academy.

public service academy act establishes department_of_homeland_security instruction preparation public service selected individuals sets forth provisions relating key personnel positions faculty departments student qualifications requirements admission procedures appointment students academy members congress president curriculum standards study abroad requirements requires academy student sign agreement respect length public service imposes tuition cost repayment requirements academy students fail graduate accept complete assigned public service establishes board_of_visitors inquire efficiency effectiveness operations academy requires tuition academy student fully subsidized provides public private funding academy


Summary: Amends title XVI (Supplemental Security Income) (SSI) of the Social Security Act to provide that the value of certain funeral and burial arrangements involving an irrevocable trust whose named beneficiary is the funeral provider are not to be considered, under the SSI program, as resources available to the individual.

amends title xvi supplemental security income ssi social security act provide value certain funeral burial arrangements involving irrevocable trust named beneficiary funeral provider considered ssi program resources available individual


Summary: Disabled Veterans Fairness Act - Eliminates a $3 per round trip deductible charged by the Secretary of Veterans Affairs in connection with the veterans beneficiary travel program (a program authorizing a travel allowance or reimbursement for beneficiaries providing transportation for veterans to obtain medical care). Directs the Secretary, in determining the amount of such allowance or reimbursement, to use the mileage reimbursement rates for the use of privately owned vehicles by government employees traveling on official business.

disabled veterans fairness act eliminates round trip deductible charged secretary veterans_affairs connection veterans beneficiary travel program program authorizing travel allowance reimbursement beneficiaries providing transportation veterans obtain medical care directs secretary determining allowance reimbursement use mileage reimbursement rates use privately owned vehicles government employees traveling official business


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

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


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: Retirement Security for Life Act of 2007 - Amends the Internal Revenue Code to allow an exclusion from gross income for 50 percent of the amount otherwise includible in gross income as guaranteed payments from certain annuity or life insurance contracts. Limits the amount of such exclusion to $20,000 in any taxable year. Provides for an inflation adjustment of the $20,000 limitation beginning in 2009.

retirement security life act amends internal revenue code allow exclusion gross income percent includible gross income guaranteed payments certain annuity life insurance contracts limits exclusion taxable year provides inflation adjustment limitation beginning


Summary: Fair Tax Act of 2007 - Repeals the income tax, employment tax, and estate and gift tax. Redesignates the Internal Revenue Code of 1986 as the Internal Revenue Code of 2007. Imposes a national sales tax on the use or consumption in the United States of taxable property or services. Sets the sales tax rate at 23% in 2009, with adjustments to the rate in subsequent years. Allows exemptions from the tax for property or services purchased for business, export, or investment purposes and for state government functions. Sets forth rules relating to: (1) the collection and remittance of the sales tax; and (2) credits and refunds. Allows families a sales tax rebate.Grants states the primary authority for the collection of sales tax revenues and the remittance of such revenues to the Treasury. Sets forth administrative provisions relating to: (1) the filing of monthly reports and payments of tax; (2) accounting methods; (3) registration of sellers of goods and services responsible for reporting sales; (4) penalties for noncompliance; and (5) collections, appeals, and taxpayer rights. Directs the Secretary of the Treasury to allocate sales tax revenues among: (1) the general revenue; (2) the old-age and survivors insurance trust fund; (3) the disability insurance trust fund; (4) the hospital insurance trust fund; and (5) the federal supplementary medical insurance trust fund. Prohibits the funding of the Internal Revenue Service (IRS) after FY 2011. Establishes in the Department of the Treasury: (1) an Excise Tax Bureau to administer excise taxes not administered by the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF); and (2) a Sales Tax Bureau to administer the national sales tax.

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


Summary: Tax Simplification Act of 2007 - Amends the Internal Revenue Code to replace the marginal income tax rates with a single rate of 19 percent (17 percent after December 31, 2009) on individual taxable income. Redefines "taxable income" to mean the amount by which wages, retirement distributions, and unemployment compensation exceed the standard deduction. Increases the basic standard deduction and includes an additional standard deduction for dependents. Includes in taxable income the taxable income of each dependent child under the age of 14. Replaces the current tax on corporations with a tax on every person engaged in a business activity equal to 19 percent (17 percent after December 31, 2009) of the business taxable income of such person. Makes the person engaged in the business activity liable for the tax, whether or not such person is an individual, a partnership, or a corporation. Imposes a tax of 19 percent (17 percent after December 31, 2009) on the value of excludable compensation provided during the year by an employer for the benefit of employees. Makes the employer liable for the tax. Repeals pension plan rules relating to : (1) non-discrimination; (2) contribution limits; and (3) restrictions on distributions. Revises rules relating to transfers of excess pension assets. Repeals: (1) the alternative minimum tax; (2) all income tax credits; (3) estate, gift, and generation-skipping transfer taxes; and (4) income tax provisions, except certain provisions relating to retirement distributions and tax-exempt organizations. Declares it not in order in the House of Representatives or the Senate, unless waived or suspended by a three-fifths vote, to consider any legislation that increases or adds an income tax rate, reduces the standard deduction, or provides any exclusion, deduction, credit, or other benefit that reduces federal revenues.

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


Summary: Free Internet Filing Act - Directs the Secretary of the Treasury to enable individual taxpayers to file their income tax returns directly through the Internal Revenue Service website without the use of any intermediary.

free internet filing act directs secretary treasury enable individual taxpayers file income tax returns directly internal_revenue_service website use intermediary


Summary: Flat Tax Act of 2007 - Replaces the income tax with a flat tax of 20 percent of taxable earned income of individual taxpayers. Defines "taxable earned income" as the excess of earned income (wages, salaries, professional fees) over a standard deduction, a deduction for cash charitable contributions, and a deduction for home mortgage interest. Sets forth definitions and special rules for surviving spouses, heads of household, and dependents.Imposes a flat tax of 20 percent on business taxable income. Defines "business taxable income" as gross active income (other than investment income) reduced by: (1) the cost of business inputs (cost of specified goods, services, travel, and entertainment expenditures); (2) employee compensation; and (3) the cost of personal and real property used in business activities. Disallows a deduction from gross active business income for purchases of goods and services provided to employees or owners and certain lobbying and political expenditures.Repeals: (1) estate, gift, and generation-skipping transfer taxes; (2) financing of presidential election campaigns provisions; and (3) coal industry health benefits provisions.

flat tax act replaces income tax flat tax percent taxable earned income individual taxpayers defines taxable earned income excess earned income wages salaries professional fees standard deduction deduction cash charitable contributions deduction home mortgage interest sets forth definitions special rules surviving spouses heads household dependents imposes flat tax percent business taxable income defines business taxable income gross active income investment income reduced cost business inputs cost specified goods services travel entertainment expenditures employee compensation cost personal real property business activities disallows deduction gross active business income purchases goods services provided employees owners certain lobbying political expenditures repeals estate gift generation skipping transfer taxes financing presidential election campaigns provisions coal industry health benefits provisions


Summary: Fair Flat Tax Act of 2007 - Amends the Internal Revenue Code with respect to individual taxpayers to: (1) reduce to three (15, 25, and 35%) the number of income tax brackets for married and single taxpayers; (2) repeal tax rate reductions for capital gains and dividend income; (3) allow a health care standard deduction and increase the basic standard tax deduction; (4) allow a refundable tax credit for state and local income, sales, and real and personal property taxes; (5) revise the earned income and child tax credits for taxpayers with no children; (6) repeal the alternative minimum tax for individual taxpayers; and (7) repeal certain tax credits, deductions, and exclusions after 2007. Imposes a flat tax of 35 percent on corporate taxable income. Allows a limited tax deduction for use of a corporate aircraft. Terminates certain preferential tax provisions for domestic and foreign corporations and large oil companies.Increases or imposes new penalties for understatements of tax, failure to report tax information, and failure to file tax returns or pay tax. Sets forth rules for the application of the economic substance doctrine to transactions with tax significance. Imposes penalties for underpayments of tax due to transactions lacking economic substance.Denies a tax deduction for payment of punitive damages.Terminates this Act after 2012.

fair flat tax act amends internal revenue code respect individual taxpayers reduce number income tax brackets married single taxpayers repeal tax rate reductions capital gains dividend income allow health care standard deduction increase basic standard tax deduction allow refundable tax credit state local income sales real personal property taxes revise earned income child tax credits taxpayers children repeal alternative minimum tax individual taxpayers repeal certain tax credits deductions exclusions imposes flat tax percent corporate taxable income allows limited tax deduction use corporate aircraft terminates certain preferential tax provisions domestic foreign corporations large oil companies increases imposes new penalties understatements tax failure report tax information failure file tax returns pay tax sets forth rules application economic substance doctrine transactions tax significance imposes penalties underpayments tax transactions lacking economic substance denies tax deduction payment punitive damages terminates act


Summary: Tax Lien Simplification Act - Amends the Internal Revenue Code to revise procedures for the filing of federal tax liens. Direct the Secretary of the Treasury to establish and maintain a federal tax lien registry, in lieu of filing tax liens in local jurisdictions, which would be accessible to and searchable by the public through the Internet at no cost. Establishes the priority of a federal tax lien based upon the date and time of the filing of a notice of lien in the federal tax lien registry. Reduces the period for releasing satisfied or unenforceable tax liens from 30 to 10 days.

tax lien simplification act amends internal revenue code revise procedures filing federal tax liens direct secretary treasury establish maintain federal tax lien registry lieu filing tax liens local jurisdictions accessible searchable public internet cost establishes priority federal tax lien based date time filing notice lien federal tax lien registry reduces period releasing satisfied unenforceable tax liens days


Summary: Legal Services Benefit Act of 2007 - Amends the Internal Revenue Code to restore, increase, and make permanent the exclusion from gross income for amounts received under qualified group legal services plans.

legal services benefit act amends internal revenue code restore increase permanent exclusion gross income amounts received qualified group legal services plans


Summary: Taxpayer Abuse Prevention Act - Amends the Internal Revenue Code to provide that advance payments of the earned income tax credit are not transferable or assignable or subject to the claims of any creditors, except outstanding claims of the federal government.Prohibits: (1) the collection of a debt from a debtor's federal tax refund by means of a refund anticipation loan; and (2) mandatory arbitration as a condition of providing a refund anticipation loan.Terminates the Department of the Treasury Debt Indicator Program. Excludes tax returns that have been filed subject to a refund anticipation loan from any determination of whether goals for electronic filing of tax returns have been met.Allows earned income tax credit benefits to be paid through electronic transfer accounts. Directs the Secretary of the Treasury to: (1) develop and implement a program to encourage the greater use of the advance earned income tax credit; and (2) enter into cooperative agreements with federally insured depository institutions to provide low- and moderate-income taxpayers with the option of establishing low-cost direct deposit accounts using appropriate tax forms.

taxpayer abuse prevention act amends internal revenue code provide advance payments earned income tax credit transferable assignable subject claims creditors outstanding claims federal government prohibits collection debt debtor federal tax refund means refund anticipation loan mandatory arbitration condition providing refund anticipation loan terminates department treasury debt indicator program excludes tax returns filed subject refund anticipation loan determination goals electronic filing tax returns met allows earned income tax credit benefits paid electronic transfer accounts directs secretary treasury develop implement program encourage greater use advance earned income tax credit enter cooperative agreements federally insured depository institutions provide low- moderate income taxpayers option establishing low cost direct deposit accounts appropriate tax forms


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

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


Summary: Tax Depreciation, Modernization, and Simplification Act of 2007 - Amends the Internal Revenue Code to: (1) authorize the Secretary of the Treasury to modify or create new class lives for depreciable business assets that reasonably reflect anticipated useful life and decline in value; (2) eliminate the mid-quarter accounting convention for determining depreciation; (3) allow an election to consolidate, in a mass asset account, the accounting of depreciable properties that each cost less than $10,000; and (4) extend permanently the $100,000 expensing allowance for depreciable business assets.

tax depreciation modernization simplification act amends internal revenue code authorize secretary treasury modify create new class lives depreciable business assets reasonably reflect anticipated useful life decline value eliminate mid quarter accounting convention determining depreciation allow election consolidate mass asset account accounting depreciable properties cost extend permanently expensing allowance depreciable business assets


Summary: Taxpayer Protection and Assistance Act of 2007 - Amends the Internal Revenue Code to authorize the Secretary of the Treasury to: (1) make grants for tax return preparation clinics for low-income taxpayers; (2) allow enrolled agents licensed to practice before the Internal Revenue Service (IRS) to use designation of "EA" or "E.A."; (3) regulate and test paid income tax preparers; (4) contract for the development or administration of examinations for paid income tax preparers; (5) require the registration of refund anticipation loan facilitators; and (6) award demonstration project grants to assist low-income taxpayers without bank accounts to obtain such accounts with federally-insured depository institutions.Establishes in the IRS the Office of Professional Responsibility to administer the regulation of paid income tax preparers. Requires such Office to make public any sanctions imposed on such preparers.Requires refund anticipation loan facilitators to make specified disclosures to taxpayers about refund loan transactions.Grants the National Taxpayer Advocate authority to issue taxpayer assistance orders in cases involving closing agreements and compromises.Grants the Secretary authority to consider all facts and circumstances involving a taxpayer in evaluating an offer in compromise of tax liability.

assistance act amends internal revenue code authorize secretary treasury grants tax return preparation clinics low income taxpayers allow enrolled agents licensed practice internal_revenue_service irs use designation regulate test paid income tax preparers contract development administration examinations paid income tax preparers require registration refund anticipation loan facilitators award demonstration project grants assist low income taxpayers bank accounts obtain accounts federally insured depository institutions establishes irs administer regulation paid income tax preparers requires office public sanctions imposed preparers requires refund anticipation loan facilitators specified disclosures taxpayers refund loan transactions authority issue taxpayer assistance orders cases involving closing agreements compromises grants secretary authority consider facts circumstances involving taxpayer evaluating offer compromise tax liability


Summary: Reimbursing Our American Drivers (ROAD) Act of 2007 - Increases to 60 cents per mile, for the period after December 31, 2006, and before January 1, 2008: (1) the standard mileage rate for calculating the tax deduction for business, medical, and moving use of an automobile; and (2) the standard mileage rate for reimbursement of federal employee automobile expenses. Increases from 14 to 30 cents per mile the standard mileage rate for purposes of computing the tax deduction for the use of a passenger automobile for charitable purposes.

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


Summary: 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 include in foreign base company income, for purposes of determining the foreign trade income of controlled foreign corporations, imported property income. Defines "imported property income" as, with certain exceptions, income attributable to property manufactured outside of the United States and imported for sale into the United States. Provides for a separate application of limitations on the foreign tax credit for imported property income.

amends internal revenue code include foreign base company income purposes determining foreign trade income controlled foreign corporations imported property income defines imported property income certain exceptions income attributable property manufactured outside united_states imported sale united_states provides separate application limitations foreign tax credit imported property income


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

amends internal revenue code direct secretary treasury receiving notice state judicial agency named person owes past legally enforceable state judicial debt pay debt tax refund person


Summary: 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: Smart Buildings Act - Amends the Internal Revenue Code to allow a 20-year depreciation recovery period, calculated on a straight line basis, for property that is part of a heating, ventilation, air conditioning, or refrigeration system, or which replaces one or more components of such a system, if such system or such replacement component: (1) exceeds by at least 10 percent the applicable minimum performance standard under the National Appliance Energy Conservation Act of 1987, the Energy Policy Act of 2005, or the American Society of Heating, Refrigerating and Air-Conditioning Engineers Standard 90.1; (2) is placed in service before January 1, 2012; and (3) is installed in nonresidential or residential rental buildings.

smart buildings act amends internal revenue code allow year depreciation recovery period calculated straight line basis property heating ventilation air conditioning refrigeration system replaces components system system replacement component exceeds percent applicable minimum performance standard energy policy act standard placed service january installed nonresidential residential rental buildings


Summary: ITFA Extension Act of 2007 - Amends the Internet Tax Freedom Act to extend until November 1, 2011: (1) the ban on state and local taxation of Internet access and on multiple or discriminatory taxes on electronic commerce; and (2) provisions allowing states with Internet tax laws enacted prior to the ban to continue enforcing such laws.

extension act amends internet tax freedom act extend november ban state local taxation internet access multiple discriminatory taxes electronic commerce provisions allowing states internet tax laws enacted prior ban continue enforcing laws


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: Recycling Investment Saves Energy or the RISE Act - Amends the Internal Revenue Code to allow: (1) a first-year tax deduction of 50% of the adjusted basis of qualified reuse and recycling property; and (2) tax-exempt bond financing for recycling facilities. Defines "qualified reuse and recycling property" as property placed in service after December 31, 2006, which has a useful life of at least five years and which is used exclusively to collect, distribute, or recycle certain scrap materials.

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


Summary: Refinery Investment Tax Assistance Act of 2007 - Amends the Internal Revenue Code to allow: (1) for the expensing of the entire cost of certain liquid fuels refinery property (currently, only 50% of such cost can be expensed); and (2) a five-year recovery period for the depreciation of certain petroleum refining property.

amends internal revenue code allow expensing entire cost certain liquid fuels refinery property currently cost year recovery period depreciation certain petroleum refining property


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: Business Activity Tax Simplification Act of 2007 - Expands the federal prohibition against state taxation of interstate commerce to: (1) include taxation of out-of-state transactions involving all forms of property, including intangible personal property and services (currently, only sales of tangible personal property are protected); and (2) prohibit state taxation of an out-of-state entity unless such entity has a physical presence in the taxing state. Sets forth criteria for determining that a person has a physical presence in a state.

business activity tax simplification act expands federal prohibition state taxation interstate commerce include taxation state transactions involving forms property including intangible personal property services currently sales tangible personal property protected prohibit state taxation state entity entity physical presence taxing state sets forth criteria determining person physical presence state


Summary: Small Business Payroll Protection Act of 2007 - Amends the Internal Revenue Code to require the Secretary of the Treasury to establish a registration system for payroll tax deposit agents (defined as any person that provides payroll processing or tax filing and deposit service to one or more employers). Requires such agents to: (1) submit a bond or to submit to quarterly third-party certifications; (2) make certain disclosures to their clients concerning liability for payment of employment taxes; and (3) pay penalties for failing to collect or pay over employment taxes or for attempting to evade or defeat payment of such taxes.Requires the Secretary of the Treasury to: (1) issue a notice of confirmation of any address change for an employer making employment tax payments; and (2) send such notice to both the employer's former and new address.

amends internal revenue code require secretary treasury establish registration system payroll tax deposit agents defined person provides payroll processing tax filing deposit service employers requires agents submit bond submit quarterly party certifications certain disclosures clients concerning liability payment employment taxes pay penalties failing collect pay employment taxes attempting evade defeat payment taxes requires secretary treasury issue notice confirmation address change employer making employment tax payments send notice employer new address


Summary: Amends the Internal Revenue Code to increase the excise tax rate on small cigars to $19.50 per thousand (the same rate as for small cigarettes).

amends internal revenue code increase excise tax rate small cigars rate small cigarettes


Summary: Saving Families First Alternative Minimum Tax Relief Act of 2007 - Amends the Internal Revenue Code to allow: (1) the tax deduction for personal exemptions in determining the alternative minimum taxable income of individual taxpayers; and (2) an inflation adjustment for alternative minimum tax exemption and phaseout amounts for individual taxpayers beginning after 2007.

saving families alternative minimum tax relief act amends internal revenue code allow tax deduction personal exemptions determining alternative minimum taxable income individual taxpayers inflation adjustment alternative minimum tax exemption phaseout amounts individual taxpayers beginning


Summary: AMT Penalty Protection Act of 2007 - Amends the Internal Revenue Code to exempt taxpayers who did no owe alternative minimum tax in a preceding taxable year from penalties for failure to pay estimated tax on alternative minimum tax liabilities for the current taxable year.

amt penalty protection act amends internal revenue code exempt taxpayers owe alternative minimum tax preceding taxable year penalties failure pay estimated tax alternative minimum tax liabilities current taxable year


Summary: Patriot Employers Act - Amends the Internal Revenue Code to allow a taxpayer certified as a Patriot employer by the Secretary of the Treasury a tax credit for one percent of such employer's taxable income. Defines a "Patriot employer" as any taxpayer who: (1) maintains its headquarters in the United States; (2) pays at least 60% of the health care premiums of its employees; (3) observes a policy requiring neutrality in employee organizing drives; (4) maintains or increases the number of its full-time workers in the United States relative to its full-time workers outside of the United States; (5) provides full differential salary and insurance benefits for all National Guard and Reserve employees called to active duty; and (6) provides its employees with a certain level of compensation and retirement benefits.

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


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

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


Summary: 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: 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: Homeowner Tax Fairness 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.

homeowner tax fairness act amends internal revenue code allow additional standard tax deduction available taxpayers itemize state local real property taxes


Summary: Farmer Tax Fairness Act of 2007 - Amends the Internal Revenue Code and title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to revise the optional method of computing the net earnings of self-employed individuals for purposes of determining social security benefit eligibility. Replaces the numerical formula for determining benefit eligibility with an indexed calculation based on a lower limit (the amount required under the Social Security Act for a quarter of coverage) and an upper limit (150 percent of the lower limit).

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


Summary: 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: Permanent Internet Tax Freedom 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.

permanent internet tax freedom act amends internet tax freedom act permanent ban state local taxation internet access multiple discriminatory taxes electronic commerce


Summary: Local Officials Tax Relief Act of 2007 - Amends the Internal Revenue Code and Title II (Old Age, Survivors, and Disability Insurance) of the Social Security Act to exempt from social security taxes remuneration paid to any elected or appointed member of any general governing board, commission, or committee of any political subdivision of a state if such remuneration is not more than $1,300 and is paid for service performed on or after January 1, 2008.

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


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

amends internal revenue code permanent tax deduction state local general sales taxes


Summary: Youth Exchange Support Act of 2007- Amends the Internal Revenue Code to: (1) increase, from $50 to $200 per month, the tax deduction for the expenses of certain students living in a taxpayer's household; and (2) provide an inflation adjustment, beginning in 2009, for such amount.

amends_the_internal_revenue_code increase month tax deduction expenses certain students living taxpayer household provide inflation adjustment beginning


Summary: Amends the Internal Revenue Code to extend through 2009 the exemption from tax penalties for premature distributions from retirement plans made for charitable purposes.

amends internal revenue code extend exemption tax penalties premature distributions retirement plans charitable purposes


Summary: AMT Repeal and Tax Freedom Act - Amends the Internal Revenue Code to repeal the alternative minimum tax for individual taxpayers after 2006.Exempts individual taxpayers who had no alternative minimum tax liability in the taxable year preceding 2006 from estimated income tax penalties for taxable years beginning in 2006.Makes permanent reductions in income tax rates enacted by the Economic Growth and Tax Relief and Reconciliation Act of 2001 and capital gains and dividends tax rates enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

amt repeal tax freedom act amends internal revenue code repeal alternative minimum tax individual taxpayers individual taxpayers alternative minimum tax liability taxable year preceding estimated income tax penalties taxable years beginning permanent reductions income tax rates enacted capital gains dividends tax rates enacted jobs_and_growth_tax_relief_reconciliation_act


Summary: Property Tax Fairness Act of 2007 - Amends the Internal Revenue Code to: (1) allow an additional standard tax deduction in 2007 or 2008 (available to taxpayers who do not itemize) for state and local real property taxes; and (2) include within the reporting requirements of investment brokers the adjusted basis of any security owned by customers of such brokers.

property tax fairness act amends internal revenue code allow additional standard tax deduction available taxpayers itemize state local real property taxes include reporting requirements investment brokers adjusted basis security owned customers brokers


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

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


Summary: Amends the Internal Revenue Code 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: Amends Internal Revenue Code provisions relating to taxation of U.S. shareholders of controlled foreign corporations to: (1) exclude from foreign personal holding company income rents and royalties attributable to computer software that is leased or licensed for use outside the United States and that was developed or marketed by a controlled foreign corporation or related person; (2) increase to $5 million (currently, $1 million) the de minimis dollar amount for determinations of foreign base company income; (3) permanently extend the look-thru rule for for the tax treatment of income received or accrued from a controlled foreign corporation; and (4) permanently extend the exemption from foreign personal holding company income for active financing income (income from insurance, banking, financing, or similar businesses) earned on business operations overseas.

amends internal revenue code provisions relating taxation shareholders controlled foreign corporations exclude foreign personal holding company income rents royalties attributable computer software leased licensed use outside united_states developed marketed controlled foreign corporation related person increase million currently million minimis dollar determinations foreign base company income permanently extend look rule tax treatment income received accrued controlled foreign corporation permanently extend exemption foreign personal holding company income active financing income income insurance banking financing similar businesses earned business operations overseas


Summary: 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.

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: 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: AMT Equity Act of 2007 - Amends the Internal Revenue Code to extend through 2007: (1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liability; and (2) the increased AMT exemption amounts. Repeals, for taxable years beginning in 2007, the AMT for individual taxpayers whose adjusted gross income does not exceed $100,000 ($200,000 in the case of a joint return). Imposes, for taxable years beginning in 2007, a graduated increase in capital gains tax rates for any individual taxpayer whose adjusted gross income exceeds $1 million ($2 million in the case of a joint return). Exempts such a taxpayer from any estimated tax penalties resulting from an increase in capital gains tax rates in 2007.

amt equity act amends internal revenue code extend offset nonrefundable personal tax credits regular alternative minimum tax amt liability increased amt exemption amounts repeals taxable years beginning amt individual taxpayers adjusted gross income exceed case joint return imposes taxable years beginning graduated increase capital gains tax rates individual taxpayer adjusted gross income exceeds million million case joint return exempts taxpayer estimated tax penalties resulting increase capital gains tax rates