H.R. 4997 · 108th Congress
Fiscally Responsible Family Tax Relief Act of 2004
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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.
34 cosponsors · 34 D
D
Alexander
MB
D
Berry
SB
D
Bishop
LB
D
Boswell
AB
D
Boyd
JB
D
Baca
JC
D
Cooper
BC
D
Cramer
DC
D
Cardoza
EC
D
Case
BC
D
Chandler
LD
D
Davis
HF
D
Ford
JH
D
Harman
TH
D
Holden
BH
D
Hill
SH
D
Herseth Sandlin
SI
D
Israel
KL
D
Lucas
MM
D
McIntyre
DM
D
Moore
MM
D
Michaud
CP
D
Peterson
EP
D
Pomeroy
MR
D
Ross
LS
D
Sanchez
MSD
Sandlin
AS
D
Schiff
DS
D
Scott
JT
D
Tanner
ET
D
Tauscher
GT
D
Taylor
JT
D
Turner
MT
D
Thompson34 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Fiscally Responsible Family Tax Relief Act of 2004 - Amends the Internal Revenue Code to extend through 2005: (1) the $1,000 (per child) child tax credit amount; (2) the increased standard deduction for married taxpayers; and (3) the increased ceilings for the 15 and ten percent tax brackets for married taxpayers.
What it does: CRS summary · Introduced in House · Jul 22, 2004
Fiscally Responsible Family Tax Relief Act of 2004 - Amends the Internal Revenue Code to extend through 2005: (1) the $1,000 (per child) child tax credit amount; (2) the increased standard deduction for married taxpayers; and (3) the increased ceilings for the 15 and ten percent tax brackets for married taxpayers. Eliminates the reduction in the refundability (15 to ten percent) of the child tax credit. Includes combat zone compensation as earned income for purposes of calculating the refundable portion of the child tax credit.
Sets forth a uniform definition of "child" for purposes of applying certain tax provisions, including the dependent care credit, the child tax credit, and the deduction for personal exemption for dependents.
Sets forth rules for the application of the economic substance doctrine. Increases penalties for promoting abusive tax shelter transactions. Proposes new restrictions on tax shelter activities, including increased disclosure requirements, denial of a tax deduction for interest on underpayments attributable to undisclosed tax shelter transactions, and denial of privilege for communications relating to certain tax shelter transactions.
Proposes restrictions on corporate tax shelters, including: (1) a limitation on the transfer or importation by a corporation of built-in losses; (2) the repeal of special rules for Financial Asset Securitization Investment Trusts (FASITS); and (3) expansion of the authority of the Secretary of the Treasury to deny tax benefits related to tax shelter transactions.
Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) to extend the authority for certain customs user fees through September 30, 2013.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Fiscally Responsible Family Tax Relief Act of 2004
Latest action (Jul 22, 2004): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jul 22, 2004
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.