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Energy Tax Policy

Description: Omnibus energy legislation (H.R. 4) that is now in conference would expand energy tax incentives significantly. The House passed the bill on August 2, 2001, and the Senate approved its version April 25, 2002. Several energy tax issues are addressed in these bills: 1) tax incentives to increase the supply of oil and gas, and the demand for coal; 2) energy tax issues relating to energy conservation and energy efficiency; 3) energy tax issues relating to alternative fuels; 4) selected issues relating to electricity restructuring; and 5) expiring energy tax provisions.
Date: October 1, 2002
Creator: Lazzari, Salvatore & Holt, Mark
Partner: UNT Libraries Government Documents Department

Tax Treatment of Employer Educational Assistance for the Benefit of Employees

Description: Educational assistance offered by employers to their employees may be exempt from federal income tax under Section 127 and Section 132 of the Internal Revenue Code. Section 127 is the employer educational assistance exclusion; Section 132, the fringe benefit exclusion for working condition benefits (e.g., job-related eduction) among other benefits. Congress established the two tax provisions well before it enacted to her higher education tax benefits meant to assist taxpayers, their spouses, and dependents -- regardless of employment status -- pay current educational expenses incurred while obtaining postsecondary degrees and undertaking lifelong learning.
Date: July 3, 2008
Creator: Levine, Linda
Partner: UNT Libraries Government Documents Department

The Work Opportunity Tax Credit: A Fact Sheet

Description: The 104th Congress replaced the Targeted Jobs Tax Credit (TJTC, 1978-1994) with the Work Opportunity Tax Credit (WOTC) in section 1201 of the Small Business Job Protection Act of 1996 (P.L. 104-188). This document provides basic facts about the WOTC.
Date: April 2, 1998
Creator: Levine, Linda
Partner: UNT Libraries Government Documents Department

The Work Opportunity Tax Credit and the 105th Congress

Description: The Work Opportunity Tax Credit (WOTC) was initiated in the Small Business Job Protection Act of 1996 (P.L. 104-188). It is a temporary measure intended to encourage for-profit employers to hire members of specifically designated groups thought to experience recurring problems in the labor market. This document describes the WOTC and identifies issues for members of the 105th Congress.
Date: May 14, 1998
Creator: Levine, Linda
Partner: UNT Libraries Government Documents Department

The Work Opportunity Tax Credit (WOTC) and the Welfare-to-Work (WtW) Tax Credit

Description: The Work Opportunity Tax Credit and Welfare-to-Work Tax Credit are temporary provisions of the Internal Revenue Code. Since their initiation in the mid-1990s, the Congress has allowed the credits to lapse four of the five times they were up for reauthorization. In each instance, they were reinstated retroactive to their expiration dates as part of large tax-related measures. The employment tax credits never have been addressed independently of broader legislation. This report describes the WOTC and WtW Tax Credit and outlines issues for members of Congress.
Date: September 16, 2005
Creator: Levine, Linda
Partner: UNT Libraries Government Documents Department

Individual Retirement Accounts (IRAs)

Description: Recent changes in the Nation's tax laws have made Individual Retirement Accounts available to many people previously excluded. This report provides general information on IRAs including material explaining these recent changes and their consequences.
Date: June 28, 1983
Creator: Library of Congress. Congressional Research Service.
Partner: UNT Libraries Government Documents Department

The Excise Tax on High-Cost Employer-Sponsored Health Coverage: Background and Economic Analysis

Description: 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.
Date: August 20, 2015
Creator: Lowry, Sean
Partner: UNT Libraries Government Documents Department

Health-Related Tax Expenditures: Overview and Analysis

Description: This report analyzes health-related tax expenditures together at the budget function level, rather than focusing on the size of any single provision. To provide some insights into common questions about health-related expenditures, this report analyzes historical data on health-related tax expenditure estimates published by the Joint Committee on Taxation (JCT).
Date: January 8, 2016
Creator: Lowry, Sean
Partner: UNT Libraries Government Documents Department

Recently Expired Community Assistance Related Tax Provisions ("Tax Extenders"): In Brief

Description: This report briefly summarizes four community assistance-related tax provisions included in the EXPIRE Act, which are (1) the New Markets Tax Credit, (2) Empowerment Zone Tax Incentives, (3) allocation of bond limitations for Qualified Zone Academy Bonds, and (4) the American Samoa Economic Development Credit.
Date: May 22, 2014
Creator: Lowry, Sean
Partner: UNT Libraries Government Documents Department

Recently Expired Community Assistance Related Tax Provisions ("Tax Extenders"): In Brief

Description: 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.
Date: October 21, 2014
Creator: Lowry, Sean
Partner: UNT Libraries Government Documents Department

Tax Deductions for Individuals: A Summary

Description: This report first describes what tax deductions are, how they vary in their effects on reducing taxable income, and how they differ from other provisions (e.g., exclusions or credits). Next, it discusses the rationale for deductions as part of the tax code. The final section of this report includes tables that summarize each individual tax deduction, under current law. Many of these deductions are part of the permanent income tax code.
Date: January 8, 2014
Creator: Lowry, Sean
Partner: UNT Libraries Government Documents Department

Internet Sales and State Taxes: Policy Issues

Description: This report discusses Internet sales, which do not always include sales and use tax. Customers who do not pay sales or use tax to the vendor are typically required to remit the tax to their home state.
Date: December 1, 2016
Creator: Lowry, Sean & Lunder, Erika K.
Partner: UNT Libraries Government Documents Department

Federal Estate, Gift, and Generation-Skipping Taxes: A Description of Current Law

Description: This report contains an explanation of the major provisions of the federal estate, gift, and generation-skipping transfer taxes. The discussion divides the federal estate tax into three components: the gross estate, deductions from the gross estate, and computation of the tax, including allowable tax credits. The federal estate tax is computed through a series of adjustments and modifications of a tax base known as the "gross estate." Certain allowable deductions reduce the gross estate to the "taxable estate," to which is then added the total of all lifetime taxable gifts made by the decedent. The tax rates are applied and, after reduction for certain allowable credits, the amount of tax owed by the estate is reached.
Date: January 5, 2008
Creator: Luckey, John R.
Partner: UNT Libraries Government Documents Department