H.R. 1939 · 108th Congress
Individual Tax Simplification Act of 2003
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
NealSponsor8 cosponsors · 7 D, 1 R
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Individual Tax Simplification Act of 2003 - Amends the Internal Revenue Code to revise provisions concerning nonrefundable personal credits to provide that the aggregate amount of such credits allowed shall not exceed the amount of normal taxes and surtaxes.
What it does: CRS summary · Introduced in House · May 1, 2003
Replaces the current three ranges for phaseout of the adoption, child, and Hope and Lifetime Learning tax credits with a single, uniform phaseout of such credits.
Mandates a deduction from gross income of 38 percent of a net capital gain for any taxable year for a taxpayer other than a corporation.
Repeals the overall limitation on itemized deductions, the phaseout of personal exemptions, and the alternative minimum tax on individuals.
Establishes an additional income tax, if the adjusted gross income of an individual exceeds specified thresholds, at a rate estimated by the Secretary of the Treasury which will result in the Individual Tax Simplification Act of 2001 being revenue neutral over the first 10 years after its enactment.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Individual Tax Simplification Act of 2003
Latest action (May 1, 2003): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: May 1, 2003
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.