HR 1926
108th Congress
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Minnesota
Intermediate Sanctions Compensatory Revenue Adjustment Act of 2003 (ISCRAA)
Introduced: May 1, 2003
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 1, 2003
Referred to the House Committee on Ways and Means.
May 1, 2003
Introduced in House
Plain-English summary
Intermediate Sanctions Compensatory Revenue Adjustment Act of 2003 (ISCRAA) - Amends the Internal Revenue Code to impose on the collecting attorney: (1) in each excess fee transaction a tax equal to five percent of such fee; and (2) in any case in which such tax is imposed and the excess fee involved is not corrected within the taxable period, a tax of 200 percent of the excess fee involved.
Defines: (1) collecting attorney; (2) excess fee transaction; and (3) taxable period.
Authorizes Tax Court declaratory judgments with respect to excise taxes on excess fee transactions.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1