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S.14 - Invest in America Act
A bill to repeal the sunset on certain tax rates and other incentives and to repeal the individual alternative minimum tax, and for other purposes.
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April 17, 2007
Mr. KYL (for himself, Mr. MCCONNELL, Mr. GRASSLEY, Mr. LOTT, Mr. ENSIGN, Mr. HATCH, Mr. THOMAS, Mr. SMITH, Mr. BUNNING, Mr. CRAPO, Mr. ROBERTS, Mr. DEMINT, Mr. ALEXANDER, Mr. MARTINEZ, Mr. CHAMBLISS, Mr. BROWNBACK, Mr. CRAIG, Mr. ALLARD, Mr. GRAHAM, Mr. ENZI, Mr. INHOFE, Mr. BURR, and Mr. COBURN) introduced the following bill; which was read twice and referred to the Committee on FinanceCommentsClose CommentsPermalink
SECTION 1. SHORT TITLE.
SEC. 2. REPEAL OF EGTRRA SUNSET.
SEC. 3. PERMANENT REDUCTIONS IN INDIVIDUAL CAPITAL GAINS AND DIVIDENDS TAX RATES.
SEC. 4. PERMANENT EXTENSION OF RESEARCH CREDIT.
SEC. 5. PERMANENT EXTENSION OF EXPENSING FOR SMALL BUSINESSES.
(a) Dollar Limitation- Paragraph (1) of section 179(b) of the Internal Revenue Code of 1986 is amended by striking `$25,000 ($100,000 in the case of taxable years beginning after 2002 and before 2010)' and inserting `$100,000'.CommentsClose CommentsPermalink
(b) Reduction in Limitation- Paragraph (2) of section 179(b) of the Internal Revenue Code of 1986 is amended by striking `$200,000 ($400,000 in the case of taxable years beginning after 2002 and before 2010)' and inserting `$400,000'.CommentsClose CommentsPermalink
SEC. 6. PERMANENT EXTENSION OF ABOVE-THE-LINE DEDUCTION FOR CERTAIN EXPENSES OF ELEMENTARY AND SECONDARY SCHOOL TEACHERS.
Subparagraph (D) of section 62(a)(2) of the Internal Revenue Code of 1986 is amended by striking `In the case of taxable years beginning during 2002, 2003, 2004, 2005, 2006, or 2007, the deductions' and inserting `The deductions'.CommentsClose CommentsPermalink
SEC. 7. REPEAL OF INDIVIDUAL ALTERNATIVE MINIMUM TAX.
(a) In General- Section 55(a) of the Internal Revenue Code of 1986 (relating to alternative minimum tax imposed) is amended by adding at the end the following new flush sentence:CommentsClose CommentsPermalink
(b) Modification of Limitation on Use of Credit for Prior Year Minimum Tax Liability- Subsection (c) of section 53 of the Internal Revenue Code of 1986 (relating to credit for prior year minimum tax liability) is amended to read as follows:CommentsClose CommentsPermalink
`(2) TAXABLE YEARS BEGINNING AFTER 2006- In the case of any taxable year beginning after 2006, the credit allowable under subsection (a) to a taxpayer other than a corporation for any taxable year shall not exceed 90 percent of the regular tax liability of the taxpayer for such taxable year reduced by the sum of the credits allowable under subparts A, B, D, E, and F of this part.'.CommentsClose CommentsPermalink
SEC. 8. SENSE OF THE SENATE REGARDING SIMPLIFICATION OF 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 the Senate- It is the sense of the Senate that the Committee on Finance of the Senate should report legislation before December 31, 2007, 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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