HR 5323
107th Congress
House
Taxation
Aliens
Business income tax
Commerce
Corporation taxes
Dividend tax
Dividends
Finance and Financial Sector
Immigration
Income tax
Minimum tax
Personal income tax
Preferred stocks
Tax credits
Tax deductions
Investor Protection, Market Stabilization, and Tax Fairness Restoration Act of 2002
Introduced: September 4, 2002
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 4, 2002
Referred to the House Committee on Ways and Means.
Sep 4, 2002
Introduced in House
Plain-English summary
Investor Protection, Market Stabilization, and Tax Fairness Restoration Act of 2002 - Amends the Internal Revenue Code to allow a tax credit for a taxpayer other than a corporation in an amount equal to the shareholder credits determined with respect to dividends received from domestic corporations. Sets a maximum amount for the credit. Prohibits the allotting of credit in certain instances to nonresident aliens.
Provides criteria for calculating a shareholder credit for a dividend. Classifies any shareholder credit determined under this Act as a tax paid by the relevant corporation.
Includes a taxpayer's shareholder credits in gross income.
Permits a corporation to deduct 100 percent of the amount received as dividends from a domestic corporation (presently the Code allows a deduction of 70 percent or 100 percent, depending on the type of dividend). Increases, from 70 to 100 percent, the amount a corporation is allowed to deduct with respect to dividends on certain preferred stock.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1