HR 2734 IHCommentsClose CommentsPermalink

To make the Economic Growth and Tax Relief Reconciliation Act of 2001 and certain other tax benefits permanent law.CommentsClose CommentsPermalink

June 14, 2007

Mr. WALBERG (for himself, Mr. ADERHOLT, Mr. AKIN, Mrs. BACHMANN, Mr. BARRETT of South Carolina, Mr. BARTLETT of Maryland, Mr. BILBRAY, Mr. BILIRAKIS, Mr. BISHOP of Utah, Mrs. BLACKBURN, Mr. BLUNT, Mr. BOOZMAN, Mr. BRADY of Texas, Mr. BUCHANAN, Mr. BURTON of Indiana, Mr. CAMP of Michigan, Mr. CAMPBELL of California, Mr. CANTOR, Mr. CARTER, Mr. CHABOT, Mr. COLE of Oklahoma, Mr. CONAWAY, Mrs. CUBIN, Mr. CULBERSON, Mr. DAVID DAVIS of Tennessee, Mr. DAVIS of Kentucky, Mr. MARIO DIAZ-BALART of Florida, Mrs. DRAKE, Mr. DUNCAN, Ms. FALLIN, Mr. FEENEY, Mr. FLAKE, Mr. FORBES, Mr. FORTUN.AE6O, Mr. FRANKS of Arizona, Ms. FOXX, Mr. GALLEGLY, Mr. GARRETT of New Jersey, Mr. GINGREY, Mr. GOHMERT, Mr. GOODLATTE, Mr. HELLER of Nevada, Mr. HENSARLING, Mr. HOEKSTRA, Mr. JONES of North Carolina, Mr. JORDAN of Ohio, Mr. KING of Iowa, Mr. KINGSTON, Mr. KLINE of Minnesota, Mr. KNOLLENBERG, Mr. LAMBORN, Mr. LEWIS of California, Mr. LINDER, Mr. MACK, Mr. MANZULLO, Mr. MCCARTHY of California, Mr. MCCAUL of Texas, Mr. MCHENRY, Mr. GARY G. MILLER of California, Mrs. MYRICK, Mr. NEUGEBAUER, Mr. PAUL, Mr. PENCE, Mr. PEARCE, Mr. PITTS, Mr. POE, Mr. PRICE of Georgia, Mr. RADANOVICH, Mr. ROGERS of Michigan, Mr. ROSKAM, Mr. RYAN of Wisconsin, Mr. SALI, Mr. SENSENBRENNER, Mr. SESSIONS, Mr. SHADEGG, Mr. SIMPSON, Mr. SMITH of Nebraska, Mr. SOUDER, Mr. WAMP, Mr. WELDON of Florida, Mr. WILSON of South Carolina, and Mr. LINCOLN DIAZ-BALART of Florida) introduced the following bill; which was referred to the Committee on Ways and MeansCommentsClose CommentsPermalink

To make the Economic Growth and Tax Relief Reconciliation Act of 2001 and certain other tax benefits permanent law.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the `Tax Increase Prevention Act of 2007'.CommentsClose CommentsPermalink

SEC. 2. TAX RELIEF MADE PERMANENT.

(a) Economic Growth and Tax Relief Reconciliation Act of 2001- Title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 is hereby repealed.CommentsClose CommentsPermalink





(b) Income Tax Rates on Dividends and Net Capital Gain- Section 303 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 is hereby repealed.CommentsClose CommentsPermalink





(c) Deduction for State and Local Sales Taxes- Paragraph (5) of section 164(b) of the Internal Revenue Code of 1986 is amended by striking subparagraph (I).CommentsClose CommentsPermalink





(d) Deduction for Tuition and Related Expenses- Section 222 of such Code is amended by striking subsection (e).CommentsClose CommentsPermalink





(e) Increased Expensing for Small Business-CommentsClose CommentsPermalink





(1) DOLLAR LIMITATION- Paragraph (1) of section 179(b) of such Code (relating to dollar limitation) is amended by striking `$25,000 ($125,000 in the case of taxable years beginning after 2006 and before 2011)' and inserting `$125,000'.CommentsClose CommentsPermalink





(2) INCREASE IN QUALIFYING INVESTMENT AT WHICH PHASEOUT BEGINS- Paragraph (2) of section 179(b) of such Code (relating to reduction in limitation) is amended by striking `$200,000 ($500,000 in the case of taxable years beginning after 2006 and before 2011)' and inserting `$500,000'.CommentsClose CommentsPermalink





(3) INFLATION ADJUSTMENTS- Section 179(b)(5)(A) of such Code (relating to inflation adjustments) is amended by striking `and before 2011'.CommentsClose CommentsPermalink





(4) REVOCATION OF ELECTION- Section 179(c)(2) of such Code (relating to election irrevocable) is amended by striking `and before 2011'.CommentsClose CommentsPermalink





(5) COMPUTER SOFTWARE- Clause (ii) of section 179(d)(1)(A) of such Code is amended by striking `and before 2011'.CommentsClose CommentsPermalink





(f) Research Credit-CommentsClose CommentsPermalink





(1) IN GENERAL- Section 41 of such Code is amended by striking subsection (h) (relating to termination).CommentsClose CommentsPermalink





(2) CONFORMING AMENDMENT- Paragraph (1) of section 45C(b) of such Code is amended by striking subparagraph (D).CommentsClose CommentsPermalink





(3) EFFECTIVE DATE- The amendments made by this subsection shall apply to amounts paid or incurred after December 31, 2007.CommentsClose CommentsPermalink





(g) Effective Date- Except as provided in subsection (f), the amendments made by this section shall take effect on the date of the enactment of this Act.CommentsClose CommentsPermalink

SEC. 3. SENSE OF THE CONGRESS REGARDING SIMPLIFYING THE FEDERAL INCOME TAX SYSTEM.

(a) Findings- The Congress finds that--CommentsClose CommentsPermalink





(1) the average time burden for all taxpayers filing a Form 1040 Federal income tax return is 30 hours,CommentsClose CommentsPermalink





(2) more than 6 in 10 Americans now hire someone to help prepare their tax returns every year, andCommentsClose CommentsPermalink





(3) the hundreds of billions of dollars spent each year complying with the Federal tax system could be used more efficiently by families and businesses to grow the Nation's economy and create jobs.CommentsClose CommentsPermalink





(b) Sense of Congress- It is the sense of the House of Representatives that the Committee on Ways and Means should report legislation on or before December 31, 2008, to simplify the Federal income tax system, ensuring that the system is equitable, economically efficient, simple, transparent and administrable, without raising tax rates.CommentsClose CommentsPermalink