Congressional Research Service Reports - 834 Matching Results
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- Recently Expired Community Assistance Related Tax Provisions ("Tax Extenders"): In Brief
- This report briefly summarizes four community assistance-related tax provisions included in the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act, which are the New Markets Tax Credit, Empowerment Zone Tax Incentives, allocation of bond limitations for Qualified Zone Academy Bonds, and the American Samoa Economic Development Credit. The EXPIRE Act would extend each of these provisions for two years (through 2015). A discussion of their economic impact and related extension bills in the 113th Congress is also included.
- The Bush Tax Cuts and the Economy
- The George W. Bush Administration enacted a series of tax cuts through the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003. This report examines these tax cuts within the context of the current and long-term economic environment.
- Tax Havens: International Tax Avoidance and Evasion
- The first section of this report reviews what countries might be considered tax havens, including a discussion of the Organization for Economic Development and Cooperation (OECD) initiatives and lists. The next two sections discuss, in turn, the corporate profit-shifting mechanisms and evidence on the existence and magnitude of profit shifting activity. The following two sections provide the same analysis for individual tax evasion. The report concludes with overviews of alternative policy options and a summary of specific legislative proposals.
- PILT (Payments in Lieu of Taxes): Somewhat Simplified
- This report explains Payments in Lieu of Taxes (PILT), with an analysis of the five major factors affecting the calculation of a payment to a given county. It also describes the effects of recent legislative changes to PILT.
- The Bush Tax Cuts and the Economy
- This report examines the Bush tax cuts within the context of the current and long-term economic and budgetary environment.
- Tax Deductible Expenses: The BP Case
- Following the release of BP's second quarter earning statement, which showed a $10 billion reduction in tax liability for oil-spill-related cleanup and expenses, media headlines have generated public concern, and in some cases outrage, over these tax savings. Further, the ability of BP to realize these tax savings has generated a number of inquiries as to how and why BP is entitled to this reduction in tax liability. This report discusses the nature of BP's $10 billion "credit" and the nature of corporate tax deductions.
- Federal Proposals to Tax Marijuana: An Economic Analysis
- This report focuses solely on issues surrounding a potential federal marijuana tax. First, it provides a brief overview of marijuana production. Second, it presents possible justifications for taxes and, in some cases, estimates the level of tax suggested by that rationale. Third, it analyzes possible marijuana tax designs. The report also discusses various tax administration and enforcement issues, such as labeling and tracking.
- U.S. International Corporate Taxation: Basic Concepts and Policy Issues
- This report provides a general introduction to the basic concepts and issues relevant to the U.S. international corporate tax system. The explanations provided in this report emphasize the underlying concepts of the international tax system and are intended to be as simplified as possible.
- Tax Credit Bonds: Overview and Analysis
- Almost all state and local governments sell bonds to finance public projects and certain qualified private activities. Most of the bonds issued are tax-exempt bonds because the interest payments are not included in the bondholder's (purchaser's) federal taxable income. In contrast, Tax Credit Bonds (TCBs) are a type of bond that offers the holder a federal tax credit instead of interest. This report explains the tax credit mechanism and describes the market for the bonds.
- The Earned Income Tax Credit (EITC): An Overview
- The Earned Income Tax Credit (EITC) is a refundable tax credit available to eligible workers earning relatively low wages. This report provides an overview of the EITC, first discussing eligibility requirements for the credit, followed by how the credit is computed and paid. The report then provides data on the growth of the EITC since it was first enacted in 1975. Finally the report concludes with data on the EITC claimed on 2012 tax returns, examining EITC claims by number of qualifying children, income level, tax filing status, and location of residence.
- Federal Deductibility of State and Local Taxes
- This report provides a brief history of deductible state and local taxes, and discusses deduction for real estate property taxes, deductions for income, sales, and use taxes. The report also discusses policy alternatives and current legislation.
- Dynamic Scoring
- This report explains dynamic scoring, including the types of effects incorporated and the types of models used, as well as what groups conduct or have conducted macroeconomic analysis of tax changes.
- PILT (Payments in Lieu of Taxes): Somewhat Simplified
- This report explains Payments in Lieu of Taxes (PILT), with an analysis of the five major factors affecting the calculation of a payment to a given county. It also describes the effects of certain legislative changes to PILT in recent years.
- Tax Havens: International Tax Avoidance and Evasion
- The first section of this report reviews what countries might be considered tax havens, including a discussion of the Organization for Economic Development and Cooperation (OECD) initiatives and lists. The next two sections discuss, in turn, the corporate profit-shifting mechanisms and evidence on the existence and magnitude of profit-shifting activity. The following two sections provide the same analysis for individual tax evasion. The report concludes with overviews of alternative policy options, a summary of legislation enacted in the 111th Congress, and a summary of specific legislative proposals.
- Addressing the Long-Run Budget Deficit: A Comparison of Approaches
- The growth of the national debt, which is considered unsustainable under current policies, continues to be one of the central issues of domestic federal policy making. On August 2, 2011, Congress adopted, and the President signed, the Budget Control Act (BCA; P.L. 112-25), which might be viewed as an initial step in addressing long-run debt issues. This report examines alternative approaches to reducing the deficit, relating to the immediate issues arising from the BCA and the extended tax cuts as well as to ongoing, longer-term decisions about how to bring the debt under control. It focuses on the trade-offs between limiting the provision of defense and domestic public goods, reducing transfers to persons including entitlements for the elderly and those with low income, reducing support for state and local governments, and raising taxes. Using projections of the debt and deficit, it also addresses how limiting reliance on one source of deficit reduction creates pressure on other sources.
- Tax Options for Financing Health Care Reform
- This report reviews the revenue raisers proposed to fund health care reform. Other financing proposals are presented including those made by the Obama Administration and those introduced in earlier congressional work. The final sections discuss other proposals suggested by the round-table discussion participants.
- Tax Provisions that Expired in 2014 ("Tax Extenders")
- This report provides a broad overview of the tax extenders that retroactively extend expired tax provisions, including the Tax Increase Prevention Act of 2014, which made tax provisions that had expired at the end of 2013 available to taxpayers for the 2014 tax year.
- Tax Reform: An Overview of Proposals in the 111th Congress
- This report primarily covers fundamental tax reform by discussing background and proposals for review during the 111th Congress. It includes sections about fundamental tax reform, the relationship between income and consumption, what should be taxed, types of broad-based consumption taxes, international comparisons, other types of fundamental tax reform, legislative proposals and other legislation, and sections looking at other specific kinds of taxation.
- Research Tax Credit: Current Law and Policy Issues for the 114th Congress
- This report describes the current status of the research tax credit, summarizes its legislative history, discusses policy issues it raises, and describes legislation to modify and extend it.
- Distribution of Small Business Ownership and Income by Individual Tax Rates and Selected Policy Issues
- This report examines how small business owners may be affected by tax increases by exploring what is known about the share of small business owners and of small business income that is subject to the top two marginal income tax rates.
- Energy Tax Incentives: Measuring Value Across Different Types of Energy Resources
- This report presents a comparison of the cost of tax incentives associated with fossil and renewable energy resources, relative to amount of energy produced using each type of resource. The report also reviews other analyses that compare the cost of energy tax incentives relative to production, across different types of energy technologies.
- Tax-Preferred College Savings Plans: An Introduction to 529 Plans
- This report provides an overview of the mechanics of 529 plans and examines the specific tax advantages of these plans for those families saving for college.
- Harbor Maintenance Trust Fund Expenditures
- This report reviews the legislative history of the Harbor Maintenance Tax (HMT) and legal challenges to it, discusses the advantages and disadvantages of alternative funding mechanisms, and describes the commercial context of current dredging activity.
- The Rum Excise Tax Cover-Over: Legislative History and Current Issues
- This report provides a history and analysis of the rum cover-over program and current legislative efforts to modify the program. The congressional debate on this legislation could also lead to debate on the broader issue of the cover-over program more generally.
- Business Investment and Employment Tax Incentives to Stimulate the Economy
- This report discusses the merit of various business tax incentives and their effectiveness in providing fiscal stimulus during the recession. The two most common measures to provide business tax incentives for new investment are investment tax credits and accelerated deductions for depreciation.
- Charitable Contributions for Haiti's Earthquake Victims
- This report discusses the Haiti Assistance Income Tax Incentive Act (HAITI Act; H.R. 4462), a bill passed on January 20, 2010 to accelerate the income tax benefits for charitable cash contributions for the relief of earthquake victims.
- An Economic Analysis of the Homebuyer Tax Credit
- This report provides an economic analysis of the homebuyer tax credit. Data suggest that home prices in general may be stabilizing and that the home inventory is beginning to return to a more normal level. Given the close proximity of these improvements to when the homebuyer tax credit was enacted by the Housing and Economic Recovery Act of 2008 and first modified by the American Recovery and Reinvestment Act of 2009, one could argue that the tax credit was the cause of these improvements.
- Net Operating Losses: Proposed Extension of Carryback Period
- This report explains the current law regarding the tax treatment of net operating losses (NOLs). In addition, this report highlights a number of policy considerations relating to the extension of the NOL carryback period.
- The Internet Tax Freedom Act: In Brief
- This report discusses the Internet Tax Freedom Act (ITFA; P.L. 105-277), which enacted in 1998, implemented a three-year moratorium preventing state and local governments from taxing Internet access, or imposing multiple or discriminatory taxes on electronic commerce.
- The Role of Federal Gasoline Excise Taxes in Public Policy
- This report examines the effects of the federal excise tax on gasoline and analyzes the positive and negative effects of the tax. The report also evaluates the incentive structure that a higher gasoline tax would likely create, and examines a revised version of the tax, a variable gasoline tax.
- Federal Taxation of the Drug Industry and Its Effects on New Drug Development
- This report examines the impact of federal taxation on the incentive to invest in new drug development. More specifically, it looks at the provisions in current tax law that affect the performance of the drug industry, compares the industry's federal tax burden with that of other major industries, and assesses the effect of federal taxation on the incentive to invest in new drug development.
- Retirement Savings and Household Wealth in 2007
- This report discusses various issues that impact the retirement income of Americans. About half of all workers in the United States participate in an employer-sponsored retirement plan of some kind, a proportion that has remained relatively stable over the past thirty years. Because the majority of assets held in retirement accounts are invested in stocks, trends in stock prices have a significant impact on households' retirement account balances.
- Tax Reform in the 114th Congress: An Overview of Proposals
- This report provides background information regarding tax reform and discusses ways to make the U.S. tax system simpler, fairer, and more efficient.
- Business Tax Issues in 2009
- This report discusses the tax climate for businesses, while economic stimulus proposals dominate the congressional debate. During 2009, it is anticipated that congressional deliberations will once again turn towards the extension of several expiring business tax provisions, energy taxation, tax shelters, and international taxation, while continuing to examine opportunities to stimulate the economy.
- Tax Provisions that Expired in 2014 ("Tax Extenders")
- This report provides a broad overview of tax extenders -- a collective of temporary tax provisions for which measures have regularly extended the provisions when expired or expiring. Fifty-two temporary tax provisions expired at the end of 2014.
- The Foreign Tax Credit's Interest Allocation Rules
- 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.
- Selected Recently Expired Individual Tax Provisions ("Tax Extenders"): In Brief
- This report briefly summarizes and discusses four items categorized as individual tax provisions that are regularly extended for one or two years (tax extenders). These items include deductions for elementary and secondary school teachers, deductions for state and local taxes, deductions for tuition and related expenses, and exclusions for employer-provided transit and parking benefits.
- Corporate Tax Reform: Issues for Congress
- This report provides an overview of corporate tax issues and discusses potential reforms in the context of these issues, with particular attention to some of the recent research concerning large behavioral responses and their implications for revenue and distribution.
- Tax Reform: An Overview of Proposals in the 111th Congress
- This report examines three main categories of tax reform: fundamental tax reform, tax reform based on the elimination of the individual alternative minimum tax (AMT), and proposals for reforming the corporate income tax in the 111th Congress.
- The First-Time Homebuyer Tax Credit: An Economic Analysis
- This report analyzes the ability of the first-time homebuyer tax credit to stimulate home buying and stabilize home prices. It includes information about current economic conditions, the tax credit with an economic analysis, marginal first-time home buyers, the cost of home ownership, the influence of the economy, and information about policy options and specific ways to adjust the tax credit.
- PILT (Payments in Lieu of Taxes): Somewhat Simplified
- This report explains Payments in Lieu of Taxes (PILT), with an analysis of the five major factors affecting the calculation of a payment to a given county. It also describes the effects of recent legislative changes to PILT.
- The Federal Tax Treatment of Married Same- Sex Couples
- This report provides an overview of the federal tax treatment of same-sex married couples, with a focus on the federal income tax.
- The Excise Tax on High-Cost Employer-Sponsored Health Insurance: Estimated Economic and Market Effects
- This report examines several issues: it evaluates the potential of the Cadillac tax to affect health insurance coverage (and, therefore, the health market), and examines the expected incidence (burden) of the tax--that is, which group will pay the price of the tax.
- The Excise Tax on High-Cost Employer-Sponsored Health Coverage: Background and Economic Analysis
- This report gives a brief description of the excise tax on high-cost employer-sponsored coverage, commonly referred to as the Cadillac tax, including the legislative origins of the tax and an analysis of the revenue effects of the tax. It also analyzes the Cadillac tax using standard economic criteria of efficiency, equity, and administrative simplicity as well as an analysis of health insurance premium data to provide insights into what share of health insurance plans could exceed the Cadillac tax threshold and how the threshold could affect more health plans over time.
- Tax-Exempt Organizations: Political Activity Restrictions and Disclosure Requirements
- This report examines the limitations that the Internal Revenue Code places on political activity -- including lobbying and campaign intervention -- by tax-exempt organizations.
- Tax Expenditures and the Federal Budget
- This report discusses tax expenditures, the federal budget and the reform of the federal tax system and provides tax expenditure analysis. The perception that the federal tax system is too complex and unfair could lead to public support for tax reform. Past efforts to reform the federal tax system have included policies to rein in the use and expense of tax expenditures--the special deductions, exclusions, exemptions, and credits resulting in revenue losses.
- The Foreign Tax Credit's Interest Allocation Rules
- 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.
- Individual Retirement Accounts and 401(k) Plans: Early Withdrawals and Required Distributions
- 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.
- The Internet Tax Freedom Act: In Brief
- This report discusses the Internet Tax Freedom Act (ITFA; P.L. 105-277), which enacted in 1998, implemented a three-year moratorium preventing state and local governments from taxing Internet access, or imposing multiple or discriminatory taxes on electronic commerce.
- Individual Retirement Accounts: A Fact Sheet
- This report discusses general information about individual retirement accounts (IRAs), established by the Employee Retirement Income Security Act of 1974 (P.L. 93-406) to promote retirement saving; the accounts were limited at first to workers (and spouses) who lacked employer pension coverage.