Bill Summary & Status for the 106th Congress

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S.1379
Sponsor: Sen Domenici, Pete V. (introduced 7/15/1999)
Latest Major Action: 7/15/1999 Referred to Senate committee
Title: A bill to amend the Internal Revenue Code of 1986 to provide broad based tax relief for all taxpaying families, to mitigate the marriage penalty, to expand retirement savings, to phase out gift and estate taxes, and for other purposes.
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TITLE(S):  (italics indicate a title for a portion of a bill)
STATUS: (color indicates Senate actions) (Floor Actions/Congressional Record Page References)
7/15/1999:
Read twice and referred to the Committee on Finance.
COMMITTEE(S):
RELATED BILL DETAILS:

***NONE***

AMENDMENT(S):

***NONE***

COSPONSOR(S):

***NONE***

SUMMARY AS OF:
7/15/1999--Introduced.

TABLE OF CONTENTS:

Share the Surplus Tax Reduction and Simplification Act - Title I: Tax Relief - Amends the Internal Revenue Code (IRC) to: (1) phase-in a reduction of the 15 percent tax rate to 13.5 percent for taxable years 2006 and beyond; (2) expand such bracket and the 28 percent bracket to include more taxpayers (thus, lowering taxes for those included in the expansion); and (3) phase-out and repeal the alternative minimum tax on individuals.

Title II: Saving and Investment Provisions - Provides for the: (1) partial exclusion from gross income of dividends and interest; (2) limited deduction of capital gains for individuals; and (3) increase of the contribution limit and provide cost-of-living adjustments for individual retirement accounts.

Title III: Business Investment Provisions - Repeals the: (1) alternative minimum tax on corporations; and (2) 90 percent limitation on the foreign tax credit.

Increases, by tenfold, the limit on the election to expense certain depreciable business assets.

Title IV: Estate and Gift Tax Relief - Phases-out and repeals subtitle B (Estate and Gift Taxes) of the IRC.

Title V: Research Credit Extension and Modification - Permanently extends and modifies the credit for increasing research activities. Permits a taxpayer to elect an alternative incremental credit. Permits a credit for expenses attributable to a qualified research consortium. Requires the Secretary of the Treasury to provide assistance to small and start-up businesses in complying with requirements for the credit for increasing research activities.

Title VI: Energy Independence - Provides a credit for producing oil and gas from marginal wells.

Provides a ten-year carryback for: (1) unused energy minimum tax credits; (2) losses attributable to oil servicing companies and mineral interests of oil and gas producers. Provides for a waiver of limitations.

Permits a taxpayer to treat geological and geophysical expenses incurred in connection with the exploration for, or development of, oil or gas within the United States as expenses which are not chargeable to capital account.

Title VII: Revenue Provision - Extends the period during which the four year income averaging for conversion of traditional IRAs to Roth IRAs is permitted.