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HR 2529 107th 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 2001

Introduced: July 17, 2001 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
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
 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.

What's happening now July 17, 2001

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1