H.R.4198 - Child Support Security Act105th Congress (1997-1998)
|Sponsor:||Rep. Weller, Jerry [R-IL-11] (Introduced 07/14/1998)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 07/14/1998 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.4198 — 105th Congress (1997-1998)All Information (Except Text)
Introduced in House (07/14/1998)
Child Support Security Act - Amends the Internal Revenue Code relating to discharge of indebtedness income to provide that any taxable unpaid child support payments of a taxpayer for any taxable year shall be treated as amounts includible in the taxpayer's gross income by reason of the discharge of the taxpayer's indebtedness. Sets forth notice guidelines.
Allows an eligible taxpayer with respect to whom child support payments remain unpaid during the taxable year a deduction of up to $5,000 equal to the amount of payments remaining unpaid. Limits such deductions to taxpayers with adjusted gross incomes under $50,000 and unpaid child support payments of $500 or more.
Requires that net revenues received in the Treasury pursuant to this Act be applied solely to the retirement of outstanding Federal debt obligations and not be obligated or expended for any other purpose.