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HR 2529 107th Congress House

Individual Tax Simplification Act of 2001

Official title: To amend the Internal Revenue Code of 1986 to provide a revenue-neutral simplification of the individual income tax.

Introduced: July 17, 2001 Introduced by: Neal, Richard E. Democratic · Massachusetts See on congress.gov
Taxation Adopted childrenAdoptionAdoptive parentsCapital gains tax
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Charitable contributionsCollege costsCommerceCost of living adjustmentsCostsDay careDisabledDisabled childrenEconomics and Public FinanceEducationEmployee stock optionsFamiliesFinance and Financial SectorHigher educationIncomeIncome taxIndexing (Economic policy)Labor and EmploymentLawMinimum taxPartnershipsPersonal income taxScholarshipsSmall businessTax creditsTax deductionsTax exemptionTax ratesTax simplificationTrusts and trusteesTuition tax creditsVocational and technical education
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This bill died when the 107th Congress ended
It never became law before the 107th Congress (2001–2002) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 17, 2001
Referred to the House Committee on Ways and Means.
Jul 17, 2001
Sponsor introductory remarks on measure. (CR E1347-1348)
Jul 17, 2001
Introduced in House
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 Latest action July 17, 2001

Referred to the House Committee on Ways and Means.

 Plain-English summary Congressional Research Service
Individual Tax Simplification Act of 2001 - Amends the Internal Revenue Code to revise provisions concerning nonrefundable personal credits to provide that the aggregate amount of such credits allowed shall not exceed the amount of normal taxes and surtaxes.

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.

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.

Repeals the overall limitation on itemized deductions, the phaseout of personal exemptions, and the alternative minimum tax on individuals.

Establishes an additional income tax, if the adjusted gross income of an individual exceeds specified thresholds, at a rate estimated by the Secretary of the Treasury which will result in the Individual Tax Simplification Act of 2001 being revenue neutral over the first 10 years after its enactment.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). H.R. 2529: Individual Tax Simplification Act of 2001. 107th Congress. Open America. https://openamerica.io/bill/107-HR-2529/
MLA
"H.R. 2529: Individual Tax Simplification Act of 2001." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-HR-2529/.
Bluebook (legal)
H.R. 2529, 107th Cong. (2026), https://openamerica.io/bill/107-HR-2529/.
Markdown link
[H.R. 2529: Individual Tax Simplification Act of 2001](https://openamerica.io/bill/107-HR-2529/)
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