HR 6415 IHCommentsClose CommentsPermalink

To permanently extend the 2001 and 2003 tax relief provisions, and to permanently repeal the estate tax, and to provide permanent AMT relief, and for other purposes.CommentsClose CommentsPermalink

November 17, 2010CommentsClose CommentsPermalink

Mr. PENCE introduced the following bill; which was referred to the Committee on Ways and MeansCommentsClose CommentsPermalink

To permanently extend the 2001 and 2003 tax relief provisions, and to permanently repeal the estate tax, and to provide permanent AMT relief, and for other purposes.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 Relief Certainty Act’.CommentsClose CommentsPermalink

TITLE I--PERMANENT TAX RELIEFCommentsClose CommentsPermalink

SEC. 101. REPEAL OF EGTRRA SUNSET.

(a) In General- Section 901 of the Economic Growth and Tax Relief Reconciliation Act of 2001 is repealed.CommentsClose CommentsPermalink





(b) Sunset Maintained for Expansion of Adoption Benefits Under the Patient Protection and Affordable Care Act- Subsection (c) of section 10909 of the Patient Protection and Affordable Care Act is amended to read as follows:CommentsClose CommentsPermalink





‘(c) Sunset Provision- All provisions of, and amendments made by, this section shall not apply to taxable years beginning after December 31, 2011, and the Internal Revenue Code of 1986 shall be applied and administered to such years as if such provisions and amendments had never been enacted.’.CommentsClose CommentsPermalink

SEC. 102. REPEAL OF JGTRRA SUNSET.

Section 303 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 is repealed.CommentsClose CommentsPermalink

SEC. 103. TECHNICAL AND CONFORMING AMENDMENTS.

The Secretary of the Treasury or the Secretary’s delegate shall not later than 90 days after the date of the enactment of this Act, submit to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate a draft of any technical and conforming changes in the Internal Revenue Code of 1986 which are necessary to reflect throughout such Code the purposes of the provisions of, and amendments made by, this Act.CommentsClose CommentsPermalink

TITLE II--PERMANENT INDIVIDUAL AMT RELIEFCommentsClose CommentsPermalink

SEC. 201. PERMANENT INDIVIDUAL AMT RELIEF.

(a) Modification of Alternative Minimum Tax Exemption Amount-CommentsClose CommentsPermalink





(1) IN GENERAL- Paragraph (1) of section 55(d) of the Internal Revenue Code of 1986 (relating to exemption amount) is amended to read as follows:CommentsClose CommentsPermalink





‘(1) EXEMPTION AMOUNT FOR TAXPAYERS OTHER THAN CORPORATIONS- In the case of a taxpayer other than a corporation, the term ‘exemption amount’ means--CommentsClose CommentsPermalink





‘(A) the dollar amount for taxable years beginning in the calendar year as specified in the table contained in paragraph (4)(A) in the case of--CommentsClose CommentsPermalink





‘(i) a joint return, orCommentsClose CommentsPermalink





‘(ii) a surviving spouse,CommentsClose CommentsPermalink





‘(B) the dollar amount for taxable years beginning in the calendar year as specified in the table contained in paragraph (4)(B) in the case of an individual who--CommentsClose CommentsPermalink





‘(i) is not a married individual, andCommentsClose CommentsPermalink





‘(ii) is not a surviving spouse,CommentsClose CommentsPermalink





‘(C) 50 percent of the dollar amount applicable under paragraph (1)(A) in the case of a married individual who files a separate return, andCommentsClose CommentsPermalink





‘(D) $22,500 in the case of an estate or trust.CommentsClose CommentsPermalink





For purposes of this paragraph, the term ‘surviving spouse’ has the meaning given to such term by section 2(a), and marital status shall be determined under section 7703.’.CommentsClose CommentsPermalink





(2) SPECIFIED EXEMPTION AMOUNTS- Section 55(d) of such Code is amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink





‘(4) SPECIFIED EXEMPTION AMOUNTS-CommentsClose CommentsPermalink





‘(A) TAXPAYERS DESCRIBED IN PARAGRAPH (1)(A)- For purposes of paragraph (1)(A)--CommentsClose CommentsPermalink

-----------------------------------------------------------CommentsClose CommentsPermalink

‘For taxable years beginning in-- The exemption amount is: CommentsClose CommentsPermalink

-----------------------------------------------------------CommentsClose CommentsPermalink

2010                                               $72,450 CommentsClose CommentsPermalink

2011                                               $74,450 CommentsClose CommentsPermalink

2012                                               $78,250 CommentsClose CommentsPermalink

2013                                               $81,450 CommentsClose CommentsPermalink

2014                                               $85,050 CommentsClose CommentsPermalink

2015                                               $88,650 CommentsClose CommentsPermalink

2016                                               $92,650 CommentsClose CommentsPermalink

2017                                               $96,550 CommentsClose CommentsPermalink

2018                                              $100,950 CommentsClose CommentsPermalink

2019                                              $105,150 CommentsClose CommentsPermalink

2020                                             $109,950. CommentsClose CommentsPermalink

-----------------------------------------------------------CommentsClose CommentsPermalink

‘(B) TAXPAYERS DESCRIBED IN PARAGRAPH (1)(B)- For purposes of paragraph (1)(B)--CommentsClose CommentsPermalink

-----------------------------------------------------------CommentsClose CommentsPermalink

‘For taxable years beginning in-- The exemption amount is: CommentsClose CommentsPermalink

-----------------------------------------------------------CommentsClose CommentsPermalink

2010                                               $47,450 CommentsClose CommentsPermalink

2011                                               $48,450 CommentsClose CommentsPermalink

2012                                               $50,350 CommentsClose CommentsPermalink

2013                                               $51,950 CommentsClose CommentsPermalink

2014                                               $53,750 CommentsClose CommentsPermalink

2015                                               $55,550 CommentsClose CommentsPermalink

2016                                               $57,550 CommentsClose CommentsPermalink

2017                                               $59,500 CommentsClose CommentsPermalink

2018                                               $61,700 CommentsClose CommentsPermalink

2019                                               $63,800 CommentsClose CommentsPermalink

2020                                            $66,200.’. CommentsClose CommentsPermalink

-----------------------------------------------------------CommentsClose CommentsPermalink

(b) Alternative Minimum Tax Relief for Nonrefundable Credits-CommentsClose CommentsPermalink





(1) IN GENERAL- Subsection (a) of section 26 of the Internal Revenue Code of 1986 is amended to read as follows:CommentsClose CommentsPermalink





‘(a) Limitation Based on Amount of Tax- The aggregate amount of credits allowed by this subpart for the taxable year shall not exceed the sum of--CommentsClose CommentsPermalink





‘(1) the taxpayer’s regular tax liability for the taxable year reduced by the foreign tax credit allowable under section 27(a), andCommentsClose CommentsPermalink





‘(2) the tax imposed by section 55(a) for the taxable year.’.CommentsClose CommentsPermalink





(2) CONFORMING AMENDMENTS-CommentsClose CommentsPermalink





(A) ADOPTION CREDIT-CommentsClose CommentsPermalink





(i) Section 23(b) of such Code, as in effect on December 31, 2009, is amended by striking paragraph (4).CommentsClose CommentsPermalink





(ii) Section 23(c) of such Code, as in effect on December 31, 2009, is amended by striking paragraphs (1) and (2) and inserting the following:CommentsClose CommentsPermalink





‘(1) IN GENERAL- If the credit allowable under subsection (a) for any taxable year exceeds the limitation imposed by section 26(a) for such taxable year reduced by the sum of the credits allowable under this subpart (other than this section and sections 25D and 1400C), such excess shall be carried to the succeeding taxable year and added to the credit allowable under subsection (a) for such taxable year.’.CommentsClose CommentsPermalink





(iii) Section 23(c) of such Code, as in effect on December 31, 2009 amended by redesignating paragraph (3) as paragraph (2).CommentsClose CommentsPermalink





(B) CHILD TAX CREDIT-CommentsClose CommentsPermalink





(i) Section 24(b) of such Code is amended by striking paragraph (3).CommentsClose CommentsPermalink





(ii) Section 24(d)(1) of such Code is amended--CommentsClose CommentsPermalink





(I) by striking ‘section 26(a)(2) or subsection (b)(3), as the case may be,’ each place it appears in subparagraphs (A) and (B) and inserting ‘section 26(a)’, andCommentsClose CommentsPermalink





(II) by striking ‘section 26(a)(2) or subsection (b)(3), as the case may be’ in the second last sentence and inserting ‘section 26(a)’.CommentsClose CommentsPermalink





(C) CREDIT FOR INTEREST ON CERTAIN HOME MORTGAGES- Section 25(e)(1)(C) of such Code is amended to read as follows:CommentsClose CommentsPermalink





‘(C) APPLICABLE TAX LIMIT- For purposes of this paragraph, the term ‘applicable tax limit’ means the limitation imposed by section 26(a) for the taxable year reduced by the sum of the credits allowable under this subpart (other than this section and sections 23, 25D, and 1400C).’.CommentsClose CommentsPermalink





(D) Savers’ CREDIT- Section 25B of such Code is amended by striking subsection (g).CommentsClose CommentsPermalink





(E) RESIDENTIAL ENERGY EFFICIENT PROPERTY- Section 25D(c) of such Code is amended to read as follows:CommentsClose CommentsPermalink





‘(c) Carryforward of Unused Credit- If the credit allowable under subsection (a) exceeds the limitation imposed by section 26(a) for such taxable year reduced by the sum of the credits allowable under this subpart (other than this section), such excess shall be carried to the succeeding taxable year and added to the credit allowable under subsection (a) for such succeeding taxable year.’.CommentsClose CommentsPermalink





(F) CERTAIN PLUG-IN ELECTRIC VEHICLES- Section 30(c)(2) of such Code is amended to read as follows:CommentsClose CommentsPermalink





‘(2) PERSONAL CREDIT- For purposes of this title, the credit allowed under subsection (a) for any taxable year (determined after application of paragraph (1)) shall be treated as a credit allowable under subpart A for such taxable year.’.CommentsClose CommentsPermalink





(G) ALTERNATIVE MOTOR VEHICLE CREDIT- Section 30B(g)(2) of such Code is amended to read as follows:CommentsClose CommentsPermalink





‘(2) PERSONAL CREDIT- For purposes of this title, the credit allowed under subsection (a) for any taxable year (determined after application of paragraph (1)) shall be treated as a credit allowable under subpart A for such taxable year.’.CommentsClose CommentsPermalink





(H) NEW QUALIFIED PLUG-IN ELECTRIC VEHICLE CREDIT- Section 30D(c)(2) of such Code is amended to read as follows:CommentsClose CommentsPermalink





‘(2) PERSONAL CREDIT- For purposes of this title, the credit allowed under subsection (a) for any taxable year (determined after application of paragraph (1)) shall be treated as a credit allowable under subpart A for such taxable year.’.CommentsClose CommentsPermalink





(I) CROSS REFERENCES- Section 55(c)(3) of such Code is amended by striking ‘26(a), 30C(d)(2),’ and inserting ‘30C(d)(2)’.CommentsClose CommentsPermalink





(J) FOREIGN TAX CREDIT- Section 904 of such Code is amended by striking subsection (i) and by redesignating subsections (j), (k), and (l) as subsections (i), (j), and (k), respectively.CommentsClose CommentsPermalink





(K) FIRST-TIME HOME BUYER CREDIT FOR THE DISTRICT OF COLUMBIA- Section 1400C(d) of such Code is amended to read as follows:CommentsClose CommentsPermalink





‘(d) Carryforward of Unused Credit- If the credit allowable under subsection (a) exceeds the limitation imposed by section 26(a) for such taxable year reduced by the sum of the credits allowable under subpart A of part IV of subchapter A (other than this section and section 25D), such excess shall be carried to the succeeding taxable year and added to the credit allowable under subsection (a) for such taxable year.’.CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2009.CommentsClose CommentsPermalink