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 Decade: 2000-2009
 Year: 2005
 Collection: Congressional Research Service Reports
Estate and Gift Taxes: Economic Issues

Estate and Gift Taxes: Economic Issues

Date: January 3, 2005
Creator: Gravelle, Jane G & Maguire, Steven
Description: The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA, P.L. 107-16) repeals the estate tax in 2010. During the phase-out period, the new law increases the exempt amount to $3.5 million by 2009 ($1.5 million in 2005), lowers the top rate to 45% by 2007 (the top rate in 2005 is 47%), and repeals the federal credit for state death taxes in 2005. The federal gift tax remains though the rate is reduced to the top personal income tax rate (35% in 2005). After repeal of the estate tax, carryover basis replaces step-up in basis for assets transferred at death. The legislation includes an exemption from carryover basis for capital gains of $1.3 million (and an additional $3 million for a surviving spouse). However, the estate tax provision in EGTRRA automatically sunsets December 31, 2010.
Contributing Partner: UNT Libraries Government Documents Department
An Overview of Tax Benefits for Higher Education Expenses

An Overview of Tax Benefits for Higher Education Expenses

Date: January 3, 2005
Creator: Jackson, Pamela J
Description: None
Contributing Partner: UNT Libraries Government Documents Department
Political Organizations Under Section 527 of the Internal Revenue Code

Political Organizations Under Section 527 of the Internal Revenue Code

Date: January 11, 2005
Creator: Lunder, Erika
Description: None
Contributing Partner: UNT Libraries Government Documents Department
Comparison of Tax Incentives of Domestic Manufacturing:  108th Congress

Comparison of Tax Incentives of Domestic Manufacturing: 108th Congress

Date: January 25, 2005
Creator: Gravelle, Jane G
Description: The enacted provision of this legislation (H.R. 4520), following the passage of the Senate’s version (then S. 1637) and the House bill (H.R. 4520) followed the Senate version, which allowed a deduction and would cover unincorporated firms as well as corporations. However, the proposal contained the broader definition of manufacturing in the House bill which included oil and gas extraction, utilities, construction, and electricity. This report discusses the provisions in these two versions of the subsidy as well as some of the issues surrounding alternative methods of providing a manufacturing subsidy.
Contributing Partner: UNT Libraries Government Documents Department
Charitable Contributions of Food Inventory: Proposals for Change

Charitable Contributions of Food Inventory: Proposals for Change

Date: January 31, 2005
Creator: Talley, Louis Alan & Jackson, Pamela J
Description: Early in the 109th Congress, both S. 6, the Family and Community Protection Act of 2005, and S. 94, the Good Samaritan Hunger Relief Tax Incentive Act, have been introduced to encourage gifts of food by businesses for charitable purposes. While current law provides a deduction only to C corporations, these bills would expand the tax break to all business entities. The value of the existing deduction is the corporation’s basis in the donated product plus one half of the amount of appreciation, as long as that amount is less than twice the corporation’s basis in the product.
Contributing Partner: UNT Libraries Government Documents Department
U.S. Taxation of Overseas Investment and Income: Background and Issues in 2005

U.S. Taxation of Overseas Investment and Income: Background and Issues in 2005

Date: January 31, 2005
Creator: Brumbaugh, David L
Description: None
Contributing Partner: UNT Libraries Government Documents Department
Anti-Tax-Shelter and Other Revenue-Raising Tax Proposals Considered in the 108th Congress

Anti-Tax-Shelter and Other Revenue-Raising Tax Proposals Considered in the 108th Congress

Date: February 7, 2005
Creator: Gravelle, Jane G
Description: Several bills introduced in the 108th Congress included revenue-raising provisions, particularly those aimed at tax shelters that are generally used by corporations. In 2003, anti-sheltering provisions were included in several bills. This report is an overview of the revenue-raising provisions in the original reported versions of H.R. 2896 and S. 1637 and the final anti-sheltering bill as enacted.
Contributing Partner: UNT Libraries Government Documents Department
Extending the 2001, 2003, and 2004 Tax Cuts

Extending the 2001, 2003, and 2004 Tax Cuts

Date: March 4, 2005
Creator: Esenwein, Gregg A
Description: This report discusses the Economic Growth and Tax Relief Reconciliation Act of 2001, the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA, and the Working Family Tax Relief Act of 2004 (WFTRA). Since all of the tax reductions provisions of all three of these acts expire at some point in the future, Congress faces the issue of whether to extend and/or make the reductions permanent. Extending these tax reductions, however, is likely to significantly reduce federal revenues in the future.
Contributing Partner: UNT Libraries Government Documents Department
State Corporate Income Taxes: A Description and Analysis

State Corporate Income Taxes: A Description and Analysis

Date: March 9, 2005
Creator: Maguire, Steven
Description: None
Contributing Partner: UNT Libraries Government Documents Department
Overview of the Federal Tax System

Overview of the Federal Tax System

Date: March 10, 2005
Creator: Brumbaugh, David L; Esenwein, Gregg A & Gravelle, Jane G
Description: None
Contributing Partner: UNT Libraries Government Documents Department
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