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HR 1420 106th Congress House Taxation Adopted children Adoption Adoptive parents Capital gains tax Charitable contributions College costs Commerce Cost of living adjustments Costs Day care Disabled Disabled children Economics and Public Finance Education Employee stock options Families Finance and Financial Sector Higher education Income

Individual Tax Simplification Act of 1999

Introduced: April 14, 1999 Introduced by: Neal, Richard E. Democratic · Massachusetts See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 14, 1999
Referred to the House Committee on Ways and Means.
Apr 14, 1999
Sponsor introductory remarks on measure. (CR E647-648)
Apr 14, 1999
Introduced in House
 Plain-English summary Congressional Research Service
Individual Tax Simplification Act of 1999 - Title I: Simplification Relating to Nonrefundable Personal Credits - Amends the Internal Revenue Code to repeal the interaction of the alternative minimum tax with the partially refundable child care tax credit.

(Sec. 102) 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.

Title II: Simplification of Capital Gains Tax - 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.

Title III: Repeal of Certain Hidden Marginal Rate Increases; Repeal of Individual Minimum Tax - Subtitle A: Repeals - Repeals the overall limitation on itemized deductions, the phaseout of personal exemptions, and the alternative minimum tax on individuals.

Subtitle B: Revenue Offsets - Establishes an additional income tax on a sliding scale from: (1) one percent for adjusted gross incomes in excess of $120,000 on a joint return; up to (2) 2.08 percent for income greater than $150,000 (where the minimum tax exemption begins to phase out under this Act).

(Sec. 312) Increases the floor on miscellaneous itemized deductions from two percent to four percent for adjusted gross incomes greater than $100,000.

What's happening now April 14, 1999

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1