H.R.4388 - Tax Revision Act of 2005109th Congress (2005-2006)
|Sponsor:||Rep. Thomas, William M. [R-CA-22] (Introduced 11/18/2005)|
|Committees:||House - Ways and Means|
|Latest Action:||12/13/2005 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 327.|
|Major Recorded Votes:||12/07/2005 : Passed House|
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Summary: H.R.4388 — 109th Congress (2005-2006)All Bill Information (Except Text)
Passed House amended (12/07/2005)
Tax Revision Act of 2005 - Amends the Internal Revenue Code to extend through 2006: (1) the taxpayer election to include combat zone compensation as earned income for purposes of computing the earned income tax credit; (2) the increased cover over (payment) to the Treasuries of Puerto Rico and the Virgin Islands of distilled spirit excise tax revenues; (3) the authority for certain Internal Revenue Service (IRS) undercover investigative operations; and (4) the authority for disclosure of tax return information for combined employment tax reporting, for combating terrorist activities, and for student loan repayment.
Allows, through 2006, the tax deduction for income attributable to domestic production activities for taxpayers with income from sources in Puerto Rico.
Amends the Dominican Republic-Central America-United States Free Trade Agreement Implementation Act (CAFTA-DR) to revise formulae for determining the regional value-content of certain import/export goods.