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Bill > HR206
US HR206
US HR206To amend the Internal Revenue Code of 1986 to prevent pending tax increases, and for other purposes.
summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
112th Congress
Bill Summary
Makes permanent: (1) the Economic Growth and Tax Relief Reconciliation Act of 2001; and (2) the reductions in tax rates for dividend and capital gain income enacted by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Amends the Internal Revenue Code to make permanent: (1) the tax deductions for state and local sales taxes and for tuition and related expenses; and (2) the increased expensing allowance (i.e., $125,000) for depreciable business assets, including computer software.
AI Summary
This bill aims to prevent upcoming tax increases by making several key tax provisions permanent. Specifically, it would make permanent the tax changes enacted by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the reduced tax rates on dividends and capital gains established by the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA). Additionally, the bill would permanently allow taxpayers to deduct state and local sales taxes, as well as tuition and related educational expenses. It also increases the amount businesses can immediately deduct for purchasing depreciable assets, such as computer software, to $125,000, with the phase-out for this deduction beginning at $500,000, and includes provisions for these amounts to be adjusted for inflation in future years.
Committee Categories
Budget and Finance
Sponsors (31)
Roscoe Bartlett (R),
Joe Barton (R),
Paul Broun (R),
Michael Burgess (R),
Dan Burton (R),
Jason Chaffetz (R),
Mike Coffman (R),
Rick Crawford (R),
Jeff Duncan (R),
Virginia Foxx (R),
Scott Garrett (R),
Tim Huelskamp (R),
Duncan Hunter (R),
Bill Johnson (R),
Steve King (R),
Doug Lamborn (R),
Bob Latta (R),
Kenny Marchant (R),
Michael McCaul (R),
Tom McClintock (R),
Howard McKeon (R),
David McKinley (R),
Cathy McMorris Rodgers (R),
Jeff Miller (R),
Randy Neugebauer (R),
Ron Paul (R),
Ted Poe (R),
James Renacci (R),
Mike Simpson (R),
Cliff Stearns (R),
Tim Walberg (R),
Last Action
Referred to the House Committee on Ways and Means. (on 01/06/2011)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/112th-congress/house-bill/206/all-info |
| BillText | http://gpo.gov/fdsys/pkg/BILLS-112hr206ih/pdf/BILLS-112hr206ih.pdf |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-112hr206ih/pdf/BILLS-112hr206ih.pdf.pdf |
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