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 Country: United States
 Collection: Congressional Research Service Reports
Residential Energy Tax Credits: Overview and Analysis

Residential Energy Tax Credits: Overview and Analysis

Date: September 25, 2012
Creator: Crandall-Hollick, Margot L. & Sherlock, Molly F.
Description: This report explores one policy option for promoting residential energy efficiency: tax credits. It begins by providing an overview of the current residential energy-efficiency tax credits. The report then goes on to provide an economic rationale for residential energy-efficiency tax incentives, introducing the concept of "market failures" and "market barriers" which may lead to suboptimal or "economically inefficient" investment in energy-efficiency technologies. The final sections of this report provide an economic analysis of the primary tax incentives for residential energy efficiency and briefly review various policy options.
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Section 179 and Bonus Depreciation Expensing Allowances: Current Law, Legislative Proposals in the 112th Congress, and Economic Effects

Section 179 and Bonus Depreciation Expensing Allowances: Current Law, Legislative Proposals in the 112th Congress, and Economic Effects

Date: September 10, 2012
Creator: Guenther, Gary
Description: This report examines the current status, legislative history, and economic effects of the two expensing allowances (Section 179 and Bonus Depreciation Allowance) and also discusses initiatives in the 112th Congress to modify them. Expensing is the most accelerated form of depreciation for tax purposes. Section 179 of the Internal Revenue Code (IRC) allows a taxpayer to expense up to $125,000 of the total cost of new and used qualified depreciable assets it buys and places in service in 2012, within certain limits. In addition, Section 168(k) generally allows taxpayers to expense half the cost of qualified assets bought and placed in service in 2012.
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An Overview and Comparison of Senate Proposals to Extend the “Bush Tax Cuts”: S. 3412 and S. 3413

An Overview and Comparison of Senate Proposals to Extend the “Bush Tax Cuts”: S. 3412 and S. 3413

Date: July 25, 2012
Creator: Crandall-Hollick, Margot L.
Description: This report provides an overview of the Bush tax cuts, followed by brief summaries of the Reid and Hatch proposals, respectively. Revenue loss estimates of certain provisions of these bills are also included, as well as a brief summary of H.R. 8. In addition, detailed summary tables comparing the Reid and Hatch proposals—to each other and to current law—are provided. Finally, this report concludes with a brief overview of the current policy debate surrounding the partial or full extension of the Bush tax cuts.
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Constitutionality of Retroactive Tax Legislation

Constitutionality of Retroactive Tax Legislation

Date: October 25, 2012
Creator: Lunder, Erika K.; Meltz, Robert & Thomas, Kenneth R.
Description: Report that examines the constitutional provisions that might be implicated by retroactive tax legislation, including legislation that seems intended to punish past behavior.
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State and Local Sales and Use Taxes and Internet Commerce

State and Local Sales and Use Taxes and Internet Commerce

Date: March 9, 2006
Creator: Maguire, Steven
Description: In theory, state sales and use taxes are based on the destination principle, which prescribes that taxes should be paid where the consumption takes place. States are concerned because they anticipate gradually losing more tax revenue as the growth of Internet commerce allows more residents to buy products from vendors located out-of-state and evade use taxes. The size of the revenue loss from Internet commerce and subsequent tax evasion is uncertain. Congress is involved in this issue because commerce conducted by parties in different states over the Internet falls under the Commerce Clause of the Constitution. The degree of congressional involvement is an open question.
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An Overview of Tax Provisions Expiring in 2012

An Overview of Tax Provisions Expiring in 2012

Date: April 17, 2012
Creator: Crandall-Hollick, Margot L.
Description: A number of tax provisions either expired in 2011 or are scheduled to expire at the end of this 2012. As Congress decides whether to extend these provisions, it may consider the estimated revenue losses associated with their extension as well as other factors when evaluating tax policy. In the 112th Congress, Members have yet to consider legislation that would extend all of the provisions discussed in this report, although legislation to extend certain provisions has been considered.
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An Overview of Major Tax Proposals in the President's FY2012 Budget

An Overview of Major Tax Proposals in the President's FY2012 Budget

Date: May 4, 2012
Creator: Keightley, Mark P.
Description: This report provides a broad overview of the provisions included in the President's budget request. The budget groups proposed tax provisions into several general categories. According to the Administration's estimates, the tax proposals in the budget would increase revenues $280 billion over the next 10 years
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Tax Provisions Expiring in 2013 ("Tax Extenders")

Tax Provisions Expiring in 2013 ("Tax Extenders")

Date: November 5, 2013
Creator: Sherlock, Molly F.
Description: This report discusses dozens of temporary tax provisions that are scheduled to expire at the end of 2013 under current law. Most of the provisions set to expire in 2013 have been part of past temporary tax extension legislation.
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Tax Issues and the Gulf of Mexico Oil Spill: Legal Analysis of Payments and Tax Relief Policy Options

Tax Issues and the Gulf of Mexico Oil Spill: Legal Analysis of Payments and Tax Relief Policy Options

Date: October 14, 2010
Creator: Sherlock, Molly F.; Lunder, Erika K. & Liu, Edward C.
Description: This report will briefly discuss existing disaster-related tax provisions and their application to the recent Depewater Horizon oil rig explosion and subsequent oil spill in the Gulf of Mexico. The report then provides an analysis of the tax treatment of the BP payments to the individuals and businesses impacted by the oil spill as well as various policy options for providing tax relief to oil spill victims, highlighting the circumstantial differences between previous natural disasters and the current oil spill. The report concludes with a brief summary of current legislative efforts.
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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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