Tax Technical Corrections Act of 2007

To amend the Internal Revenue Code of 1986 to make technical corrections, and for other purposes.

12/29/2007--Public Law. (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Tax Technical Corrections Act of 2007 - Makes technical amendments 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 Economic Growth and Tax Relief Reconciliation Act of 2001;
(8) the Tax Relief Extension Act of 1999; and
(9) the Internal Revenue Service Restructuring and Reform Act of 1998. Makes the amendments made by this Act effective as of the effective date of the Acts to which they relate.

(Sec. 2) Revises the formula for calculating the alternative minimum tax (AMT) refundable credit amount.

(Sec. 3) Revises and expands the exclusion from gross income for distributions from individual retirement accounts (IRAs) made for charitable purposes. Revises the basis rule for contributions of appreciated property by an S corporation. Modifies criteria for charitable contributions of property to tax-exempt organizations to require officers of such organizations to certify that the organization's use of such property was substantial. Eliminates special valuation rules for estate and gift tax purposes. Applies certain tax penalties for substantial and gross valuation misstatements to estates and gifts. Provides for the inclusion of capital gains from appreciation in the tax base of private foundation net investment income. Requires the Internal Revenue Service (IRS) to make public certain tax information relating to the unrelated business income of tax-exempt organizations.

(Sec. 4) Revises the tax treatment of dividends, interest, rents, and royalties received by a controlled foreign corporation from a related entity that creates or increases a deficit in subpart F income.
Modifies rules for the foreign tax credit relating to the definition of active business income and the tentative minimum tax on nonexcluded income.

(Sec. 5) Modifies rules for filing excise tax refund claims for alternative fuel mixtures and the definition of alternative fuels relating to hydrogen and carbon resources.

(Sec. 6) Modifies provisions relating to the authority of the Secretary of the Treasury to allocate amounts under the tax credit for production of electricity from nuclear power facilities.
Revises definitions relating to qualified alternative fuel refueling property for purposes of the tax credit for investment in such property.
Limits the type of energy research eligible for the tax credit for increasing research activities. Permits a refund in the amount of the Leaking Underground Storage Tank Trust Fund financing rate of additional taxes imposed from the use of dyed fuel. Makes such financing rate applicable to off-highway business use of gasoline.
(Sec. 7) Removes certain restrictions relating to basis reduction and deductibility for the tax credit for production of low sulfur diesel fuel.
Eliminates the requirement that open-loop biomass be segregated from other waste material in order to be eligible for the tax credit for producing electricity from renewable resources.
Eliminates certain restrictions on tax-exempt use property.
Provides additional rules for the treatment of losses on positions in identified straddles (i.e., offsetting positions in actively traded personal property).

(Sec. 8) Applies certain tax rules relating to deferral limits and social security taxes for Roth IRA contributions.

(Sec. 9) Qualifies certain wind energy facilities placed in service prior to June 30, 1999, for the tax credit for producing electricity from renewable resources.
Revises the definition of "lodging facility" for purposes of tax rules relating to real estate investment trusts (REITs).

(Sec. 10) Authorizes redactions to background documents (to the extent permitted by law) used by the Office of the IRS Chief Counsel to provide tax advice or information.


... morehide bill summary

Sponsor

• Rep. Charles Rangel [D, NY-15]

Committees

• House Ways and Means

Amendments

This bill has no amendments.

Amendments to H.R.4839

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		This Bill Has Become Law
December 19, 2007		December 19, 2007		December 19, 2007		December 29, 2007		December 29, 2007

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All Bill Actions

• Enacted on Dec 29, 2007. Became Public Law No: 110-172.
• Signed on Dec 29, 2007.
• Dec 27, 2007. Presented to President.
• Dec 21, 2007. Presented to President.
• Dec 20, 2007: Message on Senate action sent to the House.
• Passed without objection in the House on Dec 19, 2007. On passage Passed without objection.
• Dec 19, 2007: Mrs. McCarthy (NY) asked unanimous consent to discharge from committee and consider.
• Dec 19, 2007: Considered by unanimous consent.
• Dec 19, 2007: Committee on Ways and Means discharged.
• Dec 19, 2007. Cleared for White House.
• Dec 19, 2007: Received in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent.
• Dec 19, 2007: Referred to the House Committee on Ways and Means.
• Passed by Unanimous Consent in the Senate on Dec 19, 2007. Received in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent.
• Introduced on Dec 19, 2007.

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Related Bills:

• H.R.4195
• S.2374

Related Issue Areas:

• Taxation
• Alternative energy sources
• Biomass energy
• Business
• 45 more
• Capital gains tax
• Charitable contributions
• Commodity tax straddles
• Congress
• Diesel motor
• Dividends
• Electric power production
• Energy
• Energy research
• Estate tax
• Excise tax
• Finance
• Foreign corporations
• Foreign tax credit
• Foundations
• Gasoline
• Gift tax
• Government information
• Hotels, motels, etc.
• Hydrogen
• Income tax
• Individual retirement accounts
• Interest
• Investments
• Legislation
• Minimum tax
• Nuclear power plants
• Pensions
• Public records
• Real estate investment trusts
• Rent
• Research and development tax credit
• Science policy
• Service stations
• Small business
• Sulphur
• Tax administration
• Tax credits
• Tax exclusion
• Tax-exempt organizations
• Trade
• Transportation
• Unrelated business income tax
• Valuation
• Wind power

Data from the Congressional Research Service

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In the News

January 08, 2008 House, Senate pass stand-alone tax technical corrections bill

The House and Senate have passed the Tax Technical Corrections Bill of 2007 (HR 4839) which contains language originally included in a military tax relief ...

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December 20, 2008 Saturday Jim Vance, FAILBlog Hero Photo: December 20, 2008 ...

Related Articles; AG Edwards? Premature? perhaps. … AG Edwards? Go Home Already: Fountains of Youth · President Bush Signs H.R. 4839 and S. 2499 · Photo of the Day: December 14, 2007 ...

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December 06, 2008 Saturday Sign of Times Changing Photo: December 6, 2008 ...

Related Articles; Inside Heather Mitts’s iPod · Schmidt Hammers the New York Times · On knowledge Boards, Scott Van Pelt and Fandom · President Bush Signs H.R. 4839 and S. 2499 · Redskins Fans Show Their Dedication ...

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November 01, 2008 Chris Shays lies about Privatizing Social Security

The truth is, Chris Shays has co-sponsored legislation (HR 4839) that would create private accounts, and he spoke out in favor of privatizing Social Security often, as recently as this summer!In July, Shays said: "I really do.

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