General Explanation of the Tax Legislation Enacted in the 110th Congress

General Explanation of the Tax Legislation Enacted in the 110th Congress
Title:
General Explanation of the Tax Legislation Enacted in the 110th Congress
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Paperback
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Description

Joint Committee Print. JCS-1-09.

This document, prepared by the staff of the Joint Committee on Taxation in consultation with the staffs of the House Committee on Ways and Means and the Senate Committee on Finance, provides an explanation of tax legislation enacted in the 110th Congress. The explanation follows the chronological order of the tax legislation as signed into law.

For each provision, the document includes a description of present law, explanation of the provision, and effective date. Present law describes the law in effect immediately prior to enactment. It does not reflect changes to the law made by the provision or subsequent to the enactment of the provision. For many provisions, the reasons for change are also included. In some instances, provisions included in legislation enacted in the 110th Congress were not reported out of committee before enactment. For example, in some cases, the provisions enacted were included in bills that went directly to the House and Senate floors. As a result, the legislative history of such provisions does not include the reasons for change normally included in a committee report. In the case of such provisions, no reasons for change are included with the explanation of the provision in this document.

In some cases, there is no legislative history for enacted provisions. For such provisions, this document includes a description of present law, explanation of the provision, and effective date, as prepared by the staff of the Joint Committee on Taxation. In some cases, contemporaneous technical explanations of certain bills were prepared and published by the staff of the Joint Committee. In those cases, this document follows the technical explanations. Section references are to the Internal Revenue Code unless otherwise indicated.

 

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Table of Contents

Table of Contents (Summary):

Part One of this document is an explanation of the provisions of the U.S. Troop Readiness, Veterans’ Care, Katrina Recovery, and Iraq Accountability Appropriations Act, 2007 (Pub. L. No. 110–28) relating to tax relief for small business and revenue offsets.

Part Two is an explanation of the provisions of the Energy Independence and Security Act of 2007 (Pub. L. No. 110–140) relating to the extension of the FUTA surtax and the amortization of geological and geophysical expenditures.

Part Three is an explanation of the provisions of the Act to exclude from gross income payments from the Hokie Spirit Memorial Fund to the victims of the tragic event at Virginia Polytechnic Institute & State University (Pub. L. No. 110–141).

Part Four is an explanation of the provisions of the Mortgage Forgiveness Debt Relief Act of 2007 (Pub. L. No. 110–142) to housing tax benefits, tax relief for volunteer firefighters and emergency medical responders, and revenue offsets.

Part Five is an explanation of the provisions relating to the extension of the Airport and Airway Trust Fund excise taxes and expenditure authority (Pub. L. Nos. 110–92, 110–161, 110–190, 110– 253, and 110–330).

Part Six is an explanation of the provisions of the Tax Increase Prevention Act of 2007 (Pub. L. No. 110–166) relating to extension of alternative minimum tax relief.

Part Seven is an explanation of the provisions of the Tax Technical Corrections Act of 2007 (Pub. L. No. 110–172) relating to amendments to recently enacted tax legislation to make technical corrections.

Part Eight is an explanation of the provision of the Act to amend the Internal Revenue Code of 1986 to clarify the term of the Commissioner of Internal Revenue (Pub. L. No. 110–176).

Part Nine is an explanation of the provisions of the Economic Stimulus Act of 2008 (Pub. L. No. 110–185) relating to recovery rebates for individuals and incentives for business investment.

Part Ten is an explanation of the provisions of the Genetic Information Nondiscrimination Act of 2008 (Pub. L. No. 110–233) relating to genetic nondiscrimination in group health plans.

Part Eleven is an explanation of the provisions of the Food, Conservation, and Energy Act of 2008 (Pub. L. Nos. 110–234 and 110– 246) relating to tax benefits for land and species conservation, cellulosic biofuel production, and certain agricultural activities, other tax benefits, and revenue offsets.

Part Twelve is an explanation of the provisions of the Heroes Earnings Assistance and Relief Tax Act of 2008 (Pub. L. No. 110– 245) relating to tax benefits for military, revenue offsets, and parity in the application of certain limits to mental health benefits.

Part Thirteen is an explanation of the provisions of the Housing and Economic Recovery Act of 2008 (Pub. L. No. 110–289) relating to housing tax incentives, real estate investment trust reforms, and revenue offsets.

Part Fourteen is an explanation of the provision of the Hubbard Act (Pub. L. No. 110–317) relating to the repeal of the dollar limitation on contributions to funeral trusts.

Part Fifteen is an explanation of the provision of the Act to amend the Internal Revenue Code of 1986 to restore the Highway Trust Fund balance (Pub. L. No. 110–318).

Part Sixteen is an explanation of the provision of the SSI Extension for Elderly and Disabled Refugees Act (Pub. L. No. 110–328) relating to the collection of unemployment compensation debts resulting from fraud.

Part Seventeen is an explanation of the provisions of the Emergency Economic Stabilization Act of 2008, the Energy Improvement and Extension Act of 2008, and the Tax Extenders and Alternative Minimum Tax Relief Act of 2008 (Pub. L. No. 110–343) relating to the tax treatment of sales or exchanges of certain preferred stock by certain financial institutions, limitations on executive compensation of certain employers, energy production incentives, transportation and domestic fuel security, energy conservation and efficiency, alternative minimum tax relief, extension of certain tax provisions, disaster relief, other tax benefits, and revenue offsets.

Part Eighteen is an explanation of the provision of the Fostering Connections to Success and Increasing Adoptions Act of 2008 (Pub. L. No. 110–351) relating to the clarification of the uniform definition of qualifying child.

Part Nineteen is an explanation of the provision of Michelle’s Law (Pub. L. No. 110–381) relating to group health plan coverage of dependent students on medically necessary leaves of absence.

Part Twenty is an explanation of the provision of the Inmate Tax Fraud Prevention Act of 2008 (Pub. L. No. 110–428) relating to the disclosure of prisoner return information to the Federal Bureau of Prisons.

Part Twenty-One is an explanation of the provisions Worker, Retiree, and Employer Recovery Act of 2008 (Pub. L. No. 110–458) relating to technical corrections of the Pension Protection Act of 2006 (Pub. L. No. 109–280), modifications to the required minimum distribution rules and the minimum funding rules for defined benefit pension plans, and other tax benefits and offsets.

Part Twenty-Two is an explanation of the provisions relating to the extension of custom user fees and the modification of corporate estimated tax payments (Pub. L. Nos. 110–42, 110-52, 110–89, 110–138, 110–191, 110–287, and 110–436).

The Appendix provides the estimated budget effects of tax legislation enacted in the 110th Congress.

The first footnote in each Part gives the legislative history of each of the Acts of the 110th Congress discussed.

Audience

Taxpayers, political scientists, economists, and students and professors studying tax law may be interested in this information.

Product Details

Availability Details:
In Stock
USA Price:
$8.00
International Price:
$11.20
Publisher:
Congress, Joint Committee on Taxation
Key Phrases:
  • Taxation
  • Law and Legislation
Weight:
1.375
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Cover:
Paper
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1
Unit of Issue (Non-US):
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Record Creation Date:
01/12/2009
Last Status Update:
12/19/2018
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