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H.R.2734 - Tax Increase Prevention Act of 2007
To make the Economic Growth and Tax Relief Reconciliation Act of 2001 and certain other tax benefits permanent law.
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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
SECTION 1. SHORT TITLE.
SEC. 2. TAX RELIEF MADE PERMANENT.
(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
SEC. 3. SENSE OF THE CONGRESS REGARDING SIMPLIFYING THE FEDERAL INCOME TAX SYSTEM.
(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
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