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Table of Contents
Beginning
SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE; TABLE OF CONTENTS.
SEC. 2. EXTENSION AND MODIFICATION OF WORK OPPORTUNITY TAX CREDIT.
SEC. 3. EXTENSION AND INCREASE OF EXPENSING FOR SMALL BUSINESS.
SEC. 4. DETERMINATION OF CREDIT FOR CERTAIN TAXES PAID WITH RESPECT TO EMPLOYEE CASH TIPS.
SEC. 5. WAIVER OF INDIVIDUAL AND CORPORATE ALTERNATIVE MINIMUM TAX LIMITS ON WORK OPPORTUNITY CREDIT AND CREDIT FOR TAXES...SEC. 6. FAMILY BUSINESS TAX SIMPLIFICATION.
SEC. 7. DENIAL OF LOWEST CAPITAL GAINS RATE FOR CERTAIN DEPENDENTS.
SEC. 8. SUSPENSION OF CERTAIN PENALTIES AND INTEREST.
SEC. 9. TIME FOR PAYMENT OF CORPORATE ESTIMATED TAXES.
I. SUMMARY AND BACKGROUND
A. PURPOSE AND SUMMARY
PURPOSE
SUMMARY
B. BACKGROUND AND NEED FOR LEGISLATION
C. LEGISLATIVE HISTORY
II. EXPLANATION OF THE BILL
A. EXTENSION AND MODIFICATION OF WORK OPPORTUNITY TAX CREDIT
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
B. INCREASE AND EXTENSION OF EXPENSING FOR SMALL BUSINESS
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
C. TAX CREDIT FOR SOCIAL SECURITY TAXES PAID WITH RESPECT TO EMPLOYEE CASH TIPS
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
D. ALLOW WORK OPPORTUNITY CREDIT AND CREDIT FOR TAXES PAID WITH RESPECT TO EMPLOYEE CASH TIPS AGAINST THE ALTERNATIVE MINIMUM...PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
E. FAMILY BUSINESS TAX SIMPLIFICATION
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
F. DENIAL OF LOWEST CAPITAL GAIN RATE FOR CERTAIN DEPENDENTS
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
G. MODIFICATION OF PROVISION REGARDING SUSPENSION OF INTEREST AND PENALTIES WHERE INTERNAL REVENUE SERVICE FAILS TO CONTACT...PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
H. MODIFICATION TO CORPORATE ESTIMATED TAX PAYMENTS
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
III. VOTES OF THE COMMITTEE
IV. BUDGET EFFECTS OF THE BILL
A. COMMITTEE ESTIMATE OF BUDGETARY EFFECTS
B. STATEMENT REGARDING NEW BUDGET AUTHORITY AND TAX EXPENDITURES BUDGET AUTHORITY
C. COST ESTIMATE PREPARED BY THE CONGRESSIONAL BUDGET OFFICE
D. MACROECONOMIC IMPACT ANALYSIS
E. PAY-GO RULE
V. OTHER MATTERS TO BE DISCUSSED UNDER THE RULES OF THE HOUSE
A. COMMITTEE OVERSIGHT FINDINGS AND RECOMMENDATIONS
B. STATEMENT OF GENERAL PERFORMANCE GOALS AND OBJECTIVES
C. CONSTITUTIONAL AUTHORITY STATEMENT
D. INFORMATION RELATING TO UNFUNDED MANDATES
E. APPLICABILITY OF HOUSE RULE XXI 5(B)
F. TAX COMPLEXITY ANALYSIS
G. LIMITED TAX BENEFITS
VI. CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED
INTERNAL REVENUE CODE OF 1986
Subtitle A--Income Taxes
CHAPTER 1--NORMAL TAXES AND SURTAXES
Subchapter A--Determination of Tax Liability
PART I--TAX ON INDIVIDUALS
SEC. 1. TAX IMPOSED.
PART IV--CREDIT AGAINST TAX
SUBPART D-- BUSINESS RELATED CREDITSS
SEC. 38. GENERAL BUSINESS CREDIT.
SEC. 45B. CREDIT FOR PORTION OF EMPLOYER SOCIAL SECURITY TAXES PAID WITH RESPECT TO EMPLOYEE CASH TIPS.
SUBPART F--RULES FOR COMPUTING WORK OPPPORTUNITY CREDIT
SEC. 51. AMOUNT OF CREDIT.
PART VI--ALTERNATIVE MINIMUM TAX
SEC. 55. ALTERNATIVE MINIMUM TAX IMPOSED.
Subchapter B--Computation of Taxable Income
PART VI--ITEMIZED DEDUCTIONS FOR INDIVIDUALS AND CORPORATIONS
SEC. 179. ELECTION TO EXPENSE CERTAIN DEPRECIABLE BUSINESS ASSETS.
Subchapter K--Partners and Parnerships
PART III--DEFINITIONS
SEC. 761. TERMS DEFINED.
CHAPTER 2--TAX ON SELF-EMPLOYMENT INCOME
SEC. 1402. DEFINITIONS
Subtitle F--Procedure and Administration
CHAPTER 65--ABATEMENTS, CREDITS, AND REFUNDS
Subchapter A--Procedure in General
SEC. 6404. ABATEMENTS.
SECTION 211 OF THE SOCIAL SECURITY ACT
SELF-EMPLOYMENT
NET EARNINGS FROM SELF-EMPLOYMENT
SECTION 401 OF THE TAX INCREASE PREVENTION AND RECONCILIATION ACT OF 2005
SEC. 401. TIME FOR PAYMENT OF CORPORATE ESTIMATED TAXES.
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