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 Collection: Congressional Research Service Reports
Disaster Tax Relief for the Midwest

Disaster Tax Relief for the Midwest

Date: August 20, 2008
Creator: Lunder, Erika
Description: The Midwestern Disaster Tax Relief Act of 2008 is intended to assist with the recovery from the severe weather that affected the Midwest during the summer of 2008. The Jobs, Energy, Families, and Disaster Relief Act of 2008 includes some similar provisions, but these are not limited to the Midwest disaster. The disaster relief in the three bills is similar to that provided to assist with the recovery from the 2005 hurricanes and the 2007 Kansas tornadoes. This report broadly discusses the disaster relief provisions in other relevant legislation.
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The Foreign Tax Credit's Interest Allocation Rules

The Foreign Tax Credit's Interest Allocation Rules

Date: August 20, 2008
Creator: Gravelle, Jane G. & Marples, Donald J.
Description: This report discusses the foreign tax credit's interest allocation rules, which alleviate the double-taxation that would result if U.S. investors' overseas income were to be taxed by both the United States and a foreign country.
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An Introduction to the Design of the Low-Income Housing Tax Credit

An Introduction to the Design of the Low-Income Housing Tax Credit

Date: August 22, 2008
Creator: Keightley, Mark P.
Description: This report discusses the Low-Income Housing Tax Credit (LIHTC), which is a federal provision that reduces the income tax liability of taxpayers claiming the credit. These taxpayers are typically investors in real estate development projects that have traded cash for the tax credits to support the production of affordable housing. The credit is intended to lower the financing costs of housing developments so that the rental prices of units can be lower than market rates, and thus, presumably, affordable.
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Research and Experimentation Tax Credit: Current Status and Selected Issues for Congress

Research and Experimentation Tax Credit: Current Status and Selected Issues for Congress

Date: October 6, 2008
Creator: Guenther, Gary
Description: This report examines the current status of the credit, summarizes its legislative history, discusses some key policy issues it raises, and describes legislation in the 110th Congress to modify or extend it.
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Taxation of Unemployment Benefits

Taxation of Unemployment Benefits

Date: October 14, 2008
Creator: Whittaker, Julie M.
Description: Unemployment compensation (UC) benefits have been fully subject to the federal income tax since the passage of the Tax Reform Act of 1986 (P.L. 99-514). Individuals who receive UC benefits during a year may elect to have the federal (and in some cases state) income tax withheld from their benefits. H.R. 6844 would provide a two-year suspension of the taxation of UC benefits. This report provides an overview of the taxation of UC benefits and legislation related to taxing UC benefits.
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An Introduction to the Design of the Low-Income Housing Tax Credit

An Introduction to the Design of the Low-Income Housing Tax Credit

Date: October 15, 2008
Creator: Keightley, Mark P.
Description: This report discusses the Low-Income Housing Tax Credit (LIHTC), which is a federal provision that reduces the income tax liability of taxpayers claiming the credit. These taxpayers are typically investors in real estate development projects that have traded cash for the tax credits to support the production of affordable housing. The credit is intended to lower the financing costs of housing developments so that the rental prices of units can be lower than market rates, and thus, presumably, affordable.
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Federal Farm Promotion ("Check-off") Programs

Federal Farm Promotion ("Check-off") Programs

Date: October 20, 2008
Creator: Becker, Geoffrey S.
Description: The U.S. Supreme Court in 2005 affirmed the constitutionality of the so-called beef check-off program, one of the 18 generic promotion programs for agricultural products that are now active nationally. Supporters view check-offs as economically beneficial self-help activities that need minimal government involvement or taxpayer funding. Producers, handlers, and/or importers are required to pay an assessment, usually deducted from revenue at time of sale - thus the name check-off. However, some farmers contend they are being "taxed" for advertising and related activities they would not underwrite voluntarily. The Supreme Court's decision to uphold the beef check-off is considered significant for the future of the other programs, although the Court left open the possibility of additional challenges.
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Individual Retirement Accounts and 401(k) Plans: Early Withdrawals and Required Distributions

Individual Retirement Accounts and 401(k) Plans: Early Withdrawals and Required Distributions

Date: October 27, 2008
Creator: Purcell, Patrick
Description: This report summarizes the provisions of law that govern the taxes applicable to pre-retirement distributions from retirement accounts, and the situations in which distributions must be taken from a plan in order to avoid a tax penalty.
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The Tax Exclusion for Employer-Provided Health Insurance: Policy Issues Regarding the Repeal Debate

The Tax Exclusion for Employer-Provided Health Insurance: Policy Issues Regarding the Repeal Debate

Date: November 21, 2008
Creator: Lyke, Bob
Description: Employer-provided health insurance is excluded from the determination of employees' federal income taxes, resulting in significant tax savings for many workers. The federal income tax exclusion -- the focus of this report -- is criticized for several reasons. These arguments about the exclusion merit careful consideration as Congress is starting to debate broad health care reform for the first time in 15 years. This report discusses this issue at length, including advantages and disadvantages to keeping the income tax inclusion as Congress undergoes the health policy reform process.
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The Foreign Tax Credit's Interest Allocation Rules

The Foreign Tax Credit's Interest Allocation Rules

Date: January 28, 2009
Creator: Gravelle, Jane G. & Marples, Donald J.
Description: This report discusses the "worldwide" allocation of interest rule, which was a provision of the American Jobs Creation Act of 2004 (P.L. 108-357; the Jobs Act). The provision relates to the taxation of multi-national corporations and allows more generous rules for multinationals to use in allocating interest expense for purposes of the U.S. foreign tax credit.
Contributing Partner: UNT Libraries Government Documents Department