Summary: H.R.5257 — 109th Congress (2005-2006)All Information (Except Text)

There is one summary for H.R.5257. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (05/02/2006)

Tax Cut for the Rest of Us Act of 2006 - Amends the Internal Revenue Code to allow individual taxpayers who do not itemize tax deductions a $2,000 refundable tax credit, adjusted for inflation. Allows additional credit amounts of $2,000 for the taxpayer's spouse and $1,000 for each qualified dependent. Requires the basic standard deduction and the personal exemption amount for a taxpayer allowed such credit to be zero for that taxable year. Disallows such credit to an individual for whom a taxpayer is allowed a deduction as a dependent.