SUMMARY AS OF:
7/29/1999--Introduced.
TABLE OF CONTENTS:
- Title I: Tax Relief for Families
- Title II: Tax Relief for Businesses
- Title III: Educational Opportunities
- Title IV: Tax Relief for Retirement Savings
- Title V: Incentive for Affordable Housing
- Title VI: Incentives for Health Care and Long-Term Care
Common Sense Family Tax Relief Act of 1999 - Title I: Tax Relief for
Families - Amends the Internal Revenue Code to make the basic standard
deduction on a joint return twice that of the deduction on a single return.
(Sec. 102) Revises the dependent care tax credit to: (1) amend applicable
credit percentages; (2) provide an inflation adjustment; (3) allow a minimum
credit for stay at-home parents with a dependent under one year old; and (4)
permit a residency-based test rather than a household maintenance-based test
under certain circumstances.
(Sec. 103) Allows a tax credit for employers who provide qualified day care
centers for their employees.
(Sec. 104) Reduces individual capital gain tax rates.
(Sec. 105) Applies capital gain tax rates to capital gains of designated
settlement funds.
Title II: Tax Relief for Businesses - Amends the Code to make the
research credit permanent.
(Sec. 202 ) Eliminates the limitation on the estate tax deduction for
family-owned business interests.
Title III: Educational Opportunities - Amends the Code to eliminate
the 60-month limit on student loan interest deductibility.
(Sec. 302) Establishes an employer tax credit for information technology
training program expenses.
(Sec. 303) States that aggregate tax credits shall not exceed the sum of
regular tax liability and minimum tax liability. Eliminates the reduction of the
child tax credit for taxpayers subject to the alternative minimum tax.
Title IV: Tax Relief for Retirement Savings - Amends the Code to
increase annual individual retirement account (IRA) deductible contributions.
(Sec. 402) Amends the Social Security Act to revise the monthly exempt amount
for purposes of the social security earnings test.
Title V: Incentive for Affordable Housing - Amends the Code to
increase the State low-income housing credit ceiling.
Title VI: Incentives for Health Care and Long-Term Care - Amends the
Code to allow the deduction of 100 percent of health insurance costs for
self-employed individuals.
(Sec. 602) Provides a credit for taxpayers with long-term care needs.