Increases, for individuals, the alternative minimum tax exemption amounts.
Increases the expensing allowance, the phaseout limit, and provides for inflation adjustments.
Excludes a limited amount of dividend income from gross income.
Sets forth rules for use in applying the economic substance doctrine, including defining economic substance.
Establishes and modifies penalties concerning tax shelters.
Revises provisions concerning corporate governance and executive compensation.
Revises IRC expatriation tax provisions.
Revises a variety of provisions, including: (1) establishing a program requiring the payment of IRS user fees; (2) including any vaccine against hepatitis A under the manufacturer's excise tax; (3) permitting the IRS to enter into qualified tax collection contracts; and (4) permitting the amortization of intangibles by sports franchises; (5) increasing the historic rehabilitation credit for certain low-income housing for the elderly; and (6) providing for the reimbursement of emergency health services furnished to undocumented aliens.
Authorizes appropriations, through December 31, 2004, to States for: (1) improving education or job training, health care services, transportation or other infrastructure, and law enforcement or public safety; and (2) maintaining essential government services.
Provides for increased Medicaid payments to States through December 31, 2004.
Revises provisions concerning small business, including provisions concerning: (1) modifying the debt-financed property provisions; and (2) repealing the special occupational taxes on producers and marketers of alcoholic beverages.
Revises provisions concerning agriculture, including provisions concerning: (1) the application of capital gain treatment to outright sales of timber; and (2) patronage dividends of cooperatives.
Sets forth: (1) specified simplification provisions; and (2) sunset provisions.