| Committee/Subcommittee: | Activity: | |
| Senate Finance | Referral | |
| Bill: | Relationship: |
| H.R.2020 | Identical bill identified by CRS |
***NONE***
| Sen Feinstein, Dianne - 5/27/1999 |
TABLE OF CONTENTS:
Tax Relief for Working Americans Act of 1999 - Title I: Marriage Penalty Relief - Amends the Internal Revenue Code to set the basic standard deduction for married individuals at twice the deduction for unmarried individuals.
Title II: Adjustment of Social Security Earning Limit - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to increase, for any taxable year ending after 1999 and before 2001, the monthly exempt amount for individuals who have attained retirement age.
Title III: Incentives for Health and Long-Term Care Coverage - Provides a limited credit for the insurance costs of health and long-term care coverage for previously uninsured individuals and individuals with COBRA continuation coverage.
Phases-in a deduction for the health insurance and long-term insurance costs of employees and the self-employed.
Allows a limited credit for taxpayers with long-term care needs.
Title IV: Expansion of Dependent Care Credit - Increases the percentage of employment-related expenses allowed as a credit. Establishes a limited credit for certain stay-at-home parents.
Title V: Alternative Minimum Tax Relief - Provides that the aggregate amount of credits allowed under subpart A (Nonrefundable Personal Credits) of part IV (Credits Against Tax) of the Code shall not exceed the sum of a taxpayer's regular tax liability and the alternative minimum tax.
Provides that income averaging for farmers shall not increase alternative minimum tax liability.
Title VI: Elimination of 60-Month limit on Student Loan Interest Deduction - Eliminates the 60-month limit on the student loan interest deduction.
Title VII: Increase in Low-Income Housing Credit State Ceiling - Increases, and links to the cost-of-living adjustment, the State low-income housing credit ceiling.
Title VIII: Farm and Ranch Risk Management Accounts - Allows an individual engaged in an eligible farming (or ranching) business a deduction (in computing adjusted gross income) for any taxable year of up to 20 percent of taxable income attributable to the eligible farming business which was paid in cash by the taxpayer to a Farm and Ranch Risk Management Account (FARRM Account).
Includes distributions from a FARRM account in the taxpayer's gross income, and subjects to a special ten percent surtax any distributions not made within five years of contribution. Establishes a tax on excess contributions, but exempts the taxpayer from the tax on certain prohibited transactions.
Title IX: Incentives for Urban Revitalization and Open Space - Expands the areas eligible for the expensing of environmental remediation costs from qualified contamination sites within targeted areas only to qualified contamination sites anywhere within the United States.
Sets forth provisions concerning the donation of capital gain real property for qualified conservation purposes.
Title X: Extension of Expiring Provisions - Permanently extends the: (1) credit for increasing research activities; (2) work opportunity credit; and (3) subpart F exemption for active income financing.
Modifies the placed-in-service rules for qualified facilities producing electricity from certain renewable sources. Makes the credit allowed for such production inapplicable to electricity sold to utilities under certain contracts.