U.S. Congress - H.R.3056 Tax Collection Responsibility Act of 2007
H.R.3056 - Tax Collection Responsibility Act of 2007
To amend the Internal Revenue Code of 1986 to repeal the authority of the Internal Revenue Service to use private debt collection companies, to delay implementation of withholding taxes on government contractors, to revise the tax rules on expatriation, and for other purposes. view all titles (4)
All Bill Titles
- Short: Tax Collection Responsibility Act of 2007 as reported to house.
- Short: Tax Collection Responsibility Act of 2007 as passed house.
- Short: Tax Collection Responsibility Act of 2007 as introduced.
- Official: To amend the Internal Revenue Code of 1986 to repeal the authority of the Internal Revenue Service to use private debt collection companies, to delay implementation of withholding taxes on government contractors, to revise the tax rules on expatriation, and for other purposes. as introduced.
This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.
|
|
|
|
|
|
|
|
Latest Action Oct 15, 2007Received in the Senate and Read twic... Related Bills (1) & Issues (25)
Official Summary
10/10/2007--Passed House amended. Tax Collection Responsibility Act of 2007 -(Sec. 2)
Repeals the authority of the Internal Revenue Service (IRS) to enter into private debt collection contracts. Exempts contracts entered into before July 18, 2007, if such contracts are not renewed or extended after such date. Nullifies any contract entered into, extended, or renewed on or after July 18, 2007.(Sec. 3)
Delays until 2012 the requirement for federal, state, and local agencies to withhold 3% of payments for goods and services provided to such agencies.Requires the Secretary of the Treasury to report to the House Committee on Ways and Means and the Senate Committee on Finance on issues relating to the administration of the withholding requirement.
(Sec. 4)
Treats income tax returns filed with the U.S. Virgin Islands by an individual claiming to be a bona fide resident of the Virgin Islands during the entire taxable year as filed with the United States for tax administration purposes.(Sec. 5)
Sets forth additional rules for the tax treatment of high-income individuals who relinquish U.S. citizenship or residency to avoid U.S. taxation (expatriates). Treats all property of expatriates as sold for its fair market value on the day before the expatriation date and includes gain (over $600,000) or loss from such sale in the gross income of such expatriates. Allows expatriates to elect to defer payment of any tax resulting from expatriation if adequate security for payment of such tax is given.Requires 30% withholding of tax for certain items of deferred compensation payable to expatriates.
Imposes a separate tax on gifts and bequests from expatriates exceeding $10,000, payable by the recipient of such gift or bequest.
(Sec. 6)
Repeals provisions providing for a 36-month suspension of interest and penalties on tax underpayments for taxpayers who had not been notified of a tax deficiency by the IRS.(Sec. 7)
Increases penalties for failing to file correct information returns, failing to furnish correct payee statements, and failing to comply with other information reporting requirements.(Sec. 8)
Increases to 115.25% the rate for estimated tax payments for certain large corporations in the third quarter of 2012....Read the Rest
Recent News Coverage
View All (23)
|
View Top Rated
Taxpayer advocate renews concerns about private debt collection
Legislation to that effect (HR 3056) passed the House in October and has been referred to the Senate Finance Committee, which many say is likely the end of ...
given irs privatization mess, forget other efforts
14), reported on the actions of the house of representatives in passing a bill (hr 3056), which repealed a 2004 law empowering the internal revenue service ...
"Exit Ticket" Tax An Outrage
The article "Taxing Ourselves to Death" forgets to mention that the Tax Collection Responsibility Act of 2007 (HR 3056) that the House of Representatives ...
Recent Blog Coverage
View All (134)
|
View Top Rated
The Truth Test: Hanna slams Arcuri on taxes | NBC-WKTV News ...
HR 3056 â "this bill created a new tax for individuals who renounces their U.S. Citizenships" What they leave out: that those who would renounce their citizenships would then live in the U.S. tax-free without being citizens, ...
When a Liberal Voting Bill hits the hill, Charlie Wilson hides by ...
HR 3056. NV. Bill Passed - House. 10/31/2007. Trade and Globalization Act of 2007 HR 3920. NV. Bill Passed - House (264 - 157). 10/16/2007. Reporter's Source Confidentiality Guidelines HR 2102. NV. Bill Passed - House (398 - 21) ...
Leave the US? Doors closing.
"Individuals expatriating from the United States will face a high tax price when attempting to take their assets with them under legislation (HR 3056) approved 23-18 by the House Ways and Means Committee July 18. ...
Bill's Views
- Today: 4
- Past Seven Days: 20
- All-Time: 2,137
-%
Users Support Bill
in favor / opposed-
Share This Bill
More Share via Email
