Summary: H.R.3103 — 105th Congress (1997-1998)All Information (Except Text)

There is one summary for H.R.3103. Bill summaries are authored by CRS.

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Introduced in House (01/27/1998)

Family Reinvestment and Shaping Our Future Act - Amends the Internal Revenue Code to increase the standard deduction for joint returns and surviving spouses to twice the amount of such deduction available to single individuals who are not married, head of household, or a surviving spouse.

(Sec. 3) Excludes from gross income up to $200 ($400 joint return) of certain interest and domestic dividends. Sets forth related provisions with respect to: (1) regulated investment companies and real estate investment trusts; (2) trust distributions; and (3) nonresident aliens.

(Sec. 4) Allows a deduction for 100 percent of the health insurance costs of self-employed persons. (Current law provides for a phased-in increase from 40 percent in 1997 to 100 percent in 2007).

(Sec. 5) Allows eligible educational institutions to maintain qualified tuition programs.