HR 4997 · 108th Congress 2003–2005, ended

Fiscally Responsible Family Tax Relief Act of 2004

Introduced Jul 22, 2004 Originated House Sponsor Charles W. Stenholm D-TX

Fact sheet Spreadsheet

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.

  1. IntroducedJul 22, 2004
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. 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.

SeatCosponsorSigned on
D-CAAdam B. SchiffOriginalJul 22, 2004
D-FLAllen BoydOriginalJul 22, 2004
D-INBaron P. HillOriginalJul 22, 2004
D-KYBen ChandlerOriginalJul 22, 2004
D-MNCollin C. PetersonOriginalJul 22, 2004
D-GADavid ScottOriginalJul 22, 2004
D-CADennis A. CardozaOriginalJul 22, 2004
D-KSDennis MooreOriginalJul 22, 2004
D-NDEarl PomeroyOriginalJul 22, 2004
D-HIEd CaseOriginalJul 22, 2004
D-CAEllen O. TauscherOriginalJul 22, 2004
D-MSGene TaylorOriginalJul 22, 2004
D-TNHarold E. Ford Jr.OriginalJul 22, 2004
D-CAJane HarmanOriginalJul 22, 2004
D-TNJim CooperOriginalJul 22, 2004
D-TXJim TurnerOriginalJul 22, 2004
D-CAJoe BacaOriginalJul 22, 2004
D-TNJohn S. TannerOriginalJul 22, 2004
D-KYKen LucasOriginalJul 22, 2004
D-IALeonard L. BoswellOriginalJul 22, 2004
D-TNLincoln DavisOriginalJul 22, 2004
D-CALoretta SanchezOriginalJul 22, 2004
D-ARMarion BerryOriginalJul 22, 2004
D-TXMax SandlinOriginalJul 22, 2004
D-MEMichael H. MichaudOriginalJul 22, 2004
D-NCMike McIntyreOriginalJul 22, 2004
D-ARMike RossOriginalJul 22, 2004
D-CAMike ThompsonOriginalJul 22, 2004
D-ALRobert E. (Bud) Cramer Jr.OriginalJul 22, 2004
R-LARodney AlexanderOriginalJul 22, 2004
D-GASanford D. Bishop, Jr.OriginalJul 22, 2004
D-SDStephanie Herseth SandlinOriginalJul 22, 2004
D-NYSteve IsraelOriginalJul 22, 2004
D-PATim HoldenOriginalJul 22, 2004

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
HouseWays and Means Committee
Referred Jul 22, 2004

Actions 2

Everything that happened, newest first.

  1. Jul 22, 2004Introduced in House
  2. Jul 22, 2004Referred to the House Committee on Ways and Means.

Titles 2

Every title it has carried, official and short, at each stage.

Official Title as Introduced
To amend the Internal Revenue Code of 1986 to provide tax relief for middle income taxpayers, and for other purposes.
Short Titles as Introduced
Fiscally Responsible Family Tax Relief Act of 2004

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

Text 1

Each version as it was printed, newest first.

  1. Jul 22, 2004Introduced in House

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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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.