S 896
107th Congress
Senate
Taxation
Accounting
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Restoring Earnings to Lift Individuals and Empower Families (RELIEF) Act of 2001
Everywhere this bill has been
4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 16, 2001
Placed on Senate Legislative Calendar under General Orders. Calendar No. 43.
May 16, 2001
Committee on Finance. Original measure reported to Senate by Senator Grassley. Without written report.
May 16, 2001
Introduced in Senate
May 15, 2001
Committee on Finance ordered to be reported an original measure.
Plain-English summary
Restoring Earnings To Lift Individuals and Empower Families (RELIEF) Act of 2001 - Amends the Internal Revenue Code to, among other things: (1) provide for lower income tax rates; (2) increase the income required before beginning the phase out of itemized deductions; (3) repeal the personal exemption phase out; (4) increase the child tax credit; (5) provide for the equalization of tax rates for those filing jointly and those filing singly (provides "marriage penalty" relief); (6) increase assistance to education through tax revisions such as increasing contributions allowed to education IRAs, excluding certain scholarship amounts from income, and providing special treatment for bonds used to finance educational facilities; (7) repeal the estate and generation skipping transfer taxes; (8) reduce the gift tax rate; (9) increase pension and IRA contribution limits and benefits; and (10) increase the alternative minimum tax exemption.
What's happening now
Placed on Senate Legislative Calendar under General Orders. Calendar No. 43.
Committees of jurisdiction
1