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Shown Here: Introduced in House (06/14/2007)
110th CONGRESS 1st Session
H. R. 2734
To make the Economic Growth and Tax Relief Reconciliation
Act of 2001 and certain other tax benefits permanent law.
IN THE HOUSE OF REPRESENTATIVES
June 14, 2007
Mr. Walberg (for
himself, Mr. Aderholt,
Mr. Akin, Mrs. Bachmann, Mr.
Barrett of South Carolina, Mr.
Bartlett of Maryland, Mr.
Bilbray, Mr. Bilirakis,
Mr. Bishop of Utah,
Mrs. Blackburn,
Mr. Blunt,
Mr. Boozman,
Mr. Brady of Texas,
Mr. Buchanan,
Mr. Burton of Indiana,
Mr. Camp of Michigan,
Mr. Campbell of California,
Mr. Cantor,
Mr. Carter,
Mr. Chabot,
Mr. Cole of Oklahoma,
Mr. Conaway,
Mrs. Cubin,
Mr. Culberson,
Mr. David Davis of Tennessee,
Mr. Davis of Kentucky,
Mr. Mario Diaz-Balart of Florida,
Mrs. Drake,
Mr. Duncan,
Ms. Fallin,
Mr. Feeney,
Mr. Flake,
Mr. Forbes,
Mr. Fortuño,
Mr. Franks of Arizona,
Ms. Foxx, Mr. Gallegly, Mr.
Garrett of New Jersey, Mr.
Gingrey, Mr. Gohmert,
Mr. Goodlatte,
Mr. Heller of Nevada,
Mr. Hensarling,
Mr. Hoekstra,
Mr. Jones of North Carolina,
Mr. Jordan of Ohio,
Mr. King of Iowa,
Mr. Kingston,
Mr. Kline of Minnesota,
Mr. Knollenberg,
Mr. Lamborn,
Mr. Lewis of California,
Mr. Linder,
Mr. Mack, Mr. Manzullo, Mr.
McCarthy of California, Mr. McCaul of
Texas, Mr. McHenry,
Mr. Gary G. Miller of California,
Mrs. Myrick,
Mr. Neugebauer,
Mr. Paul, Mr. Pence, Mr.
Pearce, Mr. Pitts,
Mr. Poe, Mr. Price of Georgia,
Mr. Radanovich,
Mr. Rogers of Michigan,
Mr. Roskam,
Mr. Ryan of Wisconsin,
Mr. Sali, Mr. Sensenbrenner, Mr. Sessions, Mr.
Shadegg, Mr. Simpson,
Mr. Smith of Nebraska,
Mr. Souder,
Mr. Wamp, Mr. Weldon of Florida,
Mr. Wilson of South Carolina, and
Mr. Lincoln Diaz-Balart of Florida)
introduced the following bill; which was referred to the
Committee on Ways and
Means
A BILL
To make the Economic Growth and Tax Relief Reconciliation
Act of 2001 and certain other tax benefits permanent law.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1.Short title.
This Act may be cited as the
“Tax Increase Prevention Act of
2007”.
SEC. 2. Tax relief made
permanent.
(a) Economic
growth and tax relief reconciliation act of 2001.—Title
IX of the Economic Growth and Tax Relief Reconciliation Act of
2001 is hereby repealed.
(b) Income tax rates
on dividends and net capital gain.—Section 303 of the Jobs and
Growth Tax Relief Reconciliation Act of 2003 is hereby
repealed.
(c) Deduction for
state and local sales taxes.—Paragraph (5) of section 164(b) of
the Internal Revenue Code of 1986 is amended by striking
subparagraph (I).
(d) Deduction for
tuition and related expenses.—Section 222 of such Code is amended by
striking subsection (e).
(e) Increased
expensing for small business.—
(1) DOLLAR
LIMITATION.—Paragraph (1) of
section 179(b) of such Code (relating to dollar limitation) is amended by
striking “$25,000 ($125,000 in the case of taxable years beginning after
2006 and before 2011)” and inserting “$125,000”.
(2) INCREASE IN
QUALIFYING INVESTMENT AT WHICH PHASEOUT BEGINS.—Paragraph (2) of
section 179(b) of such Code (relating to reduction in limitation) is amended by
striking “$200,000 ($500,000 in the case of taxable years beginning after
2006 and before 2011)” and inserting “$500,000”.
(3) INFLATION
ADJUSTMENTS.—Section 179(b)(5)(A) of such Code (relating to
inflation adjustments) is amended by striking “and before
2011”.
(4) REVOCATION OF
ELECTION.—Section 179(c)(2) of such Code (relating to election
irrevocable) is amended by striking “and before 2011”.
(5) COMPUTER
SOFTWARE.—Clause (ii) of
section 179(d)(1)(A) of such Code is amended by striking “and before
2011”.
(f) Research
credit.—
(1) IN
GENERAL.—Section 41 of such Code is amended by striking subsection
(h) (relating to termination).
(2) CONFORMING
AMENDMENT.—Paragraph (1) of
section 45C(b) of such Code is amended by striking subparagraph (D).
(3) EFFECTIVE
DATE.—The amendments made by this subsection shall apply to
amounts paid or incurred after December 31, 2007.
(g) Effective
date.—Except as provided in subsection (f), the amendments made by
this section shall take effect on the date of the enactment of this Act.
SEC. 3. Sense of the
congress regarding simplifying the federal income tax system.
(a) Findings.—The Congress finds that—
(1) the average time
burden for all taxpayers filing a Form 1040 Federal income tax return is 30
hours,
(2) more than 6 in 10
Americans now hire someone to help prepare their tax returns every year,
and
(3) the hundreds of
billions of dollars spent each year complying with the Federal tax system could
be used more efficiently by families and businesses to grow the Nation's
economy and create jobs.
(b) Sense of
congress.—It is the sense of the House of Representatives that the
Committee on Ways and Means should report legislation on or before December 31,
2008, to simplify the Federal income tax system, ensuring that the system is
equitable, economically efficient, simple, transparent and administrable,
without raising tax rates.