Download or read book Permanent Extension of Certain Expiring Tax Provisions written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 1992 with total page 884 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Expired and Expiring Temporary Tax Provisions Tax Extenders written by Congressional Research Congressional Research Service and published by CreateSpace. This book was released on 2014-11-06 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dozens of temporary tax provisions expired at the end of 2013, and several other temporary tax provisions are scheduled to expire at the end of 2014. Most of the provisions that expired at the end of 2013 have been part of past temporary tax extension legislation. Most recently, many temporary tax provisions were extended as part of the American Taxpayer Relief Act (ATRA; P.L. 112-240). Collectively, temporary tax provisions that are regularly extended by Congress-often for one to two years-rather than being allowed to expire as scheduled are often referred to as "tax extenders." The 113th Congress has considered legislation that would extend selected expired or expiring tax provisions. The Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act (S. 2260), which would extend most expired and soon-to-expire tax provisions through 2015, was reported by the Senate Finance Committee on April 28, 2014. The act subsequently became an amendment to H.R. 3474 which did not advance in the Senate, as a motion to end debate on H.R. 3474 was voted down on May 15, 2014. In contrast to the Senate, the House has voted to permanently extend certain expired tax provisions as part of the Jobs for America Act (H.R. 4), which passed the House on September 18, 2014. Several expired charitable-related provisions would be made permanent as part of the America Gives More Act of 2014 (H.R. 4719), which passed the House on July 17, 2014. The President's FY2015 Budget identifies several expiring provisions that should be permanently extended (and in some cases substantially modified), including the research and experimentation (R&D) tax credit, enhanced expensing for small businesses, the renewable energy production tax credit (PTC), and the new markets tax credit (NMTC). Several other expired provisions would be temporarily extended. The President's FY2015 Budget also assumes that the American Opportunity Tax Credit (AOTC), the earned income tax credit (EITC) expansions, and the child tax credit (CTC) expansions, that were extended through 2017 as part of ARTA, are made permanent. There are several reasons why Congress may choose to enact tax provisions on a temporary basis. Enacting provisions on a temporary basis provides legislators with an opportunity to evaluate the effectiveness of tax policies prior to expiration or extension. Temporary tax provisions may also be used to provide temporary economic stimulus or disaster relief. Congress may also choose to enact tax provisions on a temporary rather than permanent basis due to budgetary considerations, as the foregone revenue from a temporary provision will generally be less than if it was permanent. The provisions that expired at the end of 2013 are diverse in purpose, including provisions for individuals, businesses, the charitable sector, energy, community assistance, and disaster relief. Among the individual provisions that expired are deductions for teachers' out-of-pocket expenses, state and local sales taxes, qualified tuition and related expenses, and mortgage insurance premiums. On the business side, under current law, the R&D tax credit, the WOTC, the active financing exceptions under Subpart F, and increased expensing and bonus depreciation allowances will not be available for taxpayers after 2013. Expired charitable provisions include the enhanced deduction for contributions of food inventory and provisions allowing for tax-free distributions from retirement accounts for charitable purposes. The renewable energy production tax credit (PTC) expired at the end of 2013, along with a number of other incentives for energy efficiency and renewable and alternative fuels. The new markets tax credit, a community assistance program, also expired at the end of 2013.

Download or read book Selected Recently Expired Business Tax Provisions Tax Extenders written by Congressional Research Congressional Research Service and published by CreateSpace. This book was released on 2014-11-06 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 113th Congress has considered legislation that would extend selected expired or expiring tax provisions. The Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act (S. 2260), which would extend most expired and soon-to-expire tax provisions (commonly referred to as "tax extenders") through 2015, was reported by the Senate Finance Committee on April 28, 2014. The act subsequently became an amendment to H.R. 3474 which did not advance in the Senate, as a motion to end debate on H.R. 3474 was voted down on May 15, 2014. In contrast to the Senate, the House has voted to permanently extend certain expired tax provisions as part of the Jobs for America Act (H.R. 4), which passed the House on September 18, 2014. This report briefly summarizes and discusses the economic impact of selected business-related tax provisions that expired at the end of 2013 and are being considered for extension.

Download or read book Expiring Tax Provisions written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 2005 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Certain Expiring Tax Provisions written by United States. Congress. House. Committee on Ways and Means. Subcommittee on Select Revenue Measures and published by . This book was released on 2013 with total page 1244 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Expiring Tax Provisions written by United States. Congress. House. Committee on Ways and Means. Subcommittee on Oversight and published by . This book was released on 1996 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book An Overview of the Tax Provisions in the American Taxpayer Relief Act Of 2012 written by Margot L. Crandall-hollick and published by Createspace Independent Pub. This book was released on 2013-02-12 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: On December 31, 2012, a variety of temporary tax provisions which were part of the “fiscal cliff” expired. Two days later, the American Taxpayer Relief Act of 2012 (ATRA; P.L. 112-240) retroactively extended, and in certain cases modified, many of these provisions. The short time period between the expiration of these provisions and the enactment on January 2 of ATRA retroactively meant that from the perspective of all but upper-income taxpayers, income taxes remained unchanged between 2012 and 2013 (i.e., the amount of income tax withheld from their paycheck and the availability of certain tax deductions, credits, and exclusions remained unchanged). This report provides an overview of the tax provisions (Titles I-IV and Title X of P.L. 112-240) included in the “fiscal cliff deal,” including: the permanent extension and modification of the 2001 and 2003 tax cuts, often referred to collectively as the “Bush-era tax cuts”; the temporary extension of certain tax provisions originally included as part of the American Recovery and Reinvestment Act (ARRA; P.L. 111-5), often referred to as the “2009 tax cuts”; the permanent extension of the alternative minimum tax (AMT) patch; the temporary extension of a variety of other temporary expiring provisions for individuals, businesses, and energy often referred to as “tax extenders”; and the expansion of in-plan conversions of traditional employer-sponsored retirement accounts (like 401(k) plans) to employer-sponsored Roth accounts (like Roth 401(k) plans). ATRA did not extend the payroll tax cut. The payroll tax cut—temporarily enacted for 2011 and 2012—reduced Social Security taxes from 6.2% to 4.2% for employees and from 12.4% to 10.4% for the self-employed on the first $110,100 of wages in 2012. In addition, P.L. 112-240 did not change another component of the fiscal cliff, namely new taxes primarily related to Medicare and enacted as part of the Affordable Care Act (ACA; P.L. 111-148, as amended), which went into effect at the beginning of 2013. The Joint Committee on Taxation (JCT) estimates that the tax provisions of ATRA (Titles I-IV and Title X) would reduce revenues by $3.9 trillion over the 10-year budgetary window from 2013 to 2022 in comparison to the official current law baseline. (The official current law baseline was an estimate of future revenue if all temporary tax provisions had expired as originally scheduled.) Of this $3.9 trillion, $1.5 trillion (39%) is a result of permanently extending certain income tax provisions of the 2001 and 2003 tax cuts, $369.1 billion (9%) is a result of permanently extending and modifying estate tax provisions, $134.2 billion (3%) is a result of temporarily extending 2009 tax cut provisions, $1.8 trillion (46%) is a result of permanently extending the AMT patch, and $76.3 billion (2%) is a result of temporarily extending certain temporary expiring provisions and “tax extenders.” In contrast, using a current policy baseline which estimates future revenues if all temporary tax provisions (excluding the payroll tax cut) had been extended, the Administration has stated that these tax provisions would raise revenues by $618 billion. ATRA includes other non-tax provisions, including those related to budget sequestration, emergency unemployment benefits, and Medicare.

Download or read book General Explanation of Tax Legislation Enacted in written by and published by Government Printing Office. This book was released on 2005 with total page 652 pages. Available in PDF, EPUB and Kindle. Book excerpt: JCS-5-05. Joint Committee Print. Provides an explanation of tax legislation enacted in the 108th Congress. Arranged in chronological order by the date each piece of legislation was signed into law. This document, prepared by the staff of the Joint Committee on Taxation in consultation with the staffs of the House Committee on Ways and Means and the Senate Committee on Finance, provides an explanation of tax legislation enacted in the 108th Congress. The explanation follows the chronological order of the tax legislation as signed into law. For each provision, the document includes a description of present law, explanation of the provision, and effective date. Present law describes the law in effect immediately prior to enactment. It does not reflect changes to the law made by the provision or subsequent to the enactment of the provision. For many provisions, the reasons for change are also included. In some instances, provisions included in legislation enacted in the 108th Congress were not reported out of committee before enactment. For example, in some cases, the provisions enacted were included in bills that went directly to the House and Senate floors. As a result, the legislative history of such provisions does not include the reasons for change normally included in a committee report. In the case of such provisions, no reasons for change are included with the explanation of the provision in this document. In some cases, there is no legislative history for enacted provisions. For such provisions, this document includes a description of present law, explanation of the provision, and effective date, as prepared by the staff of the Joint Committee on Taxation. In some cases, contemporaneous technical explanations of certain bills were prepared and published by the staff of the Joint Committee. In those cases, this document follows the technical explanations. Section references are to the Internal Revenue Code unless otherwise indicated.

Download or read book U S Tax Guide for Aliens written by and published by . This book was released on 1998 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Energy Tax Provisions written by United States. Congress. Joint Committee on Taxation and published by . This book was released on 1977 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Tax Withholding and Estimated Tax written by and published by . This book was released on 1999 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book United States Code written by United States and published by . This book was released on 2012 with total page 1216 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.

Download or read book Tax policy and disaster recovery written by Molly F. Sherlock and published by . This book was released on 2018* with total page 2 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Farmer s Tax Guide written by and published by . This book was released on 1997 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Medical and Dental Expenses written by and published by . This book was released on 1991 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The American Opportunity Tax Credit written by Margot Crandall-Hollick and published by Createspace Independent Publishing Platform. This book was released on 2012-07-28 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The American Opportunity Tax Credit (AOTC)-enacted on a temporary basis by the American Recovery and Reinvestment Act (ARRA; P.L. 111-5) and extended through the end of 2012 by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (P.L. 111-312)-is a partially refundable tax credit that provides financial assistance to taxpayers who are attending college, or whose children are attending college. The credit, worth up to $2,500 per student, can be claimed for a student's first four years of post-secondary education. In addition, 40% of the credit (up to $1,000) can be received as a refund by taxpayers with little or no tax liability. The credit phases out for taxpayers with income between $80,000 and $90,000 ($160,000 and $180,000 for married couples filing jointly) and is hence unavailable to taxpayers with income above $90,000 ($180,000 for married couples filing jointly). There are a variety of other eligibility requirements associated with the AOTC, including the type of degree the student is pursuing, the number of courses the student is taking, and the type of expenses which qualify. Prior to the enactment of the AOTC, there were two permanent education tax credits, the Hope Credit and the Lifetime Learning Credit. The AOTC temporarily replaced the Hope Credit from 2009 through the end of 2012 (the Lifetime Learning Credit remains unchanged). A comparison of these two credits indicates that the AOTC is both larger-on a per capita and aggregate basis-and more widely available in comparison to the Hope Credit. Data from the Internal Revenue Service (IRS) indicates that enactment of the AOTC contributed to a more than doubling of the amount of education credits claimed by taxpayers. Education tax credits were intended to provide federal financial assistance to students from middle-income families, who may not benefit from other forms of traditional student aid, like Pell Grants. The enactment of the AOTC reflected a desire to continue to provide substantial financial assistance to students from middle-income families, while also expanding the credit to certain lower- and upper-income students. A distributional analysis of the AOTC highlights that this benefit is targeted to the middle class, with more than half (53%) of the estimated $16 billion of AOTCs in 2009 going to taxpayers with income between $30,000 and $100,000. One of the primary goals of education tax credits, including the AOTC, is to increase college attendance. Studies analyzing the impact education tax incentives have had on college attendance are mixed. Recent research that has focused broadly on education tax incentives that lower tuition costs and have been in effect for several years, including the Hope and Lifetime Learning Credits, found that while these credits did increase attendance by approximately 7%, 93% of recipients of these benefits would have attended college in their absence. Even though the AOTC differs from the Hope Credit in key ways, there are a variety of factors that suggest this provision may also have a limited impact on increasing college attendance. In addition, a recent report from the Treasury Department's Inspector General for Tax Administration (TIGTA) identified several compliance issues with the AOTC. There are a variety of policy options Congress may consider regarding the AOTC, including extending the credit, extending a modified AOTC, or repealing the Hope and Lifetime Credits and extending a modified AOTC that includes provisions included in these credits. Alternatively, Congress may want to examine alternative ways to reduce the cost of higher education.