Fiscally Responsible Family Tax Relief Act of 2004
Latest action · Jul 22, 2004 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 22, 2004
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 34
Members who signed on, in the order they did. All signed on Jul 22, 2004.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Adam B. Schiff | Original | Jul 22, 2004 |
| D-FL | Allen Boyd | Original | Jul 22, 2004 |
| D-IN | Baron P. Hill | Original | Jul 22, 2004 |
| D-KY | Ben Chandler | Original | Jul 22, 2004 |
| D-MN | Collin C. Peterson | Original | Jul 22, 2004 |
| D-GA | David Scott | Original | Jul 22, 2004 |
| D-CA | Dennis A. Cardoza | Original | Jul 22, 2004 |
| D-KS | Dennis Moore | Original | Jul 22, 2004 |
| D-ND | Earl Pomeroy | Original | Jul 22, 2004 |
| D-HI | Ed Case | Original | Jul 22, 2004 |
| D-CA | Ellen O. Tauscher | Original | Jul 22, 2004 |
| D-MS | Gene Taylor | Original | Jul 22, 2004 |
| D-TN | Harold E. Ford Jr. | Original | Jul 22, 2004 |
| D-CA | Jane Harman | Original | Jul 22, 2004 |
| D-TN | Jim Cooper | Original | Jul 22, 2004 |
Actions 2
Everything that happened, newest first.
- Jul 22, 2004Introduced in House
- Jul 22, 2004Referred to the House Committee on Ways and Means.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Accounting
- Administrative procedure
- Administrative remedies
- Armed Forces and National Security
- Business records
- Capital gains tax
- Caregivers
- Civil actions and liability
- Commerce
- Confidential communications
- Congress
- Congressional reporting requirements
- Corporate debt
- Corporate finance
- Corporate mergers
- Corporation taxes
- Customs administration
- Department of the Treasury
- Disabled
- Earned income tax credit
- Economics and Public Finance
- Employers' liability
- Families
- Finance and Financial Sector
- Foreign banks and banking
- Foreign corporations
- Foreign Trade and International Finance
- Government Operations and Politics
- Government paperwork
- Government publicity
- Heads of households
- Income tax
- Information disclosure (Securities law)
- Injunctions
- Interest
- Internal Revenue Service (IRS)
- Investments
- Investors
- Labor and Employment
- Law
- Lawyers
- Leases
- Legal ethics
- Liability (Law)
- Limitation of actions
- Loans
- Losses
- Married people
- Military pay
- Mutual funds
- Partnerships
- Profit
- Securities
- Social Welfare
- Stockholders
- Stocks
- Sunset legislation
- Tax administration
- Tax consultants
- Tax credits
- Tax deductions
- Tax evasion
- Tax exemption
- Tax liens
- Tax penalties
- Tax preparers
- Tax rates
- Tax refunds
- Tax returns
- Tax shelters
- Taxation
- Taxation of foreign income
- Taxpayers
- Trusts and trustees
- User charges
- Valuation
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.