Even without the support of GOP leaders in the Congress, the Chairman of the powerful House Ways and Means Committee unveiled his plans for major individual and business tax reform at the federal level, arguing it is time to streamline the code and promote new economic growth at all levels.
"You're going to hear a lot about one provision or another," said Rep. Dave Camp (R-MI), "but the truth is, people want a simpler and fairer and flatter tax code."
Camp starts by taking the federal tax code from seven different tax brackets down to three, setting them at 10 percent, 25 percent, and then a 35 percent bracket that kicks in for those individuals making more than $400,000 a year and $450,000 for joint income tax filers.
The draft bill weighs in at 979 pages, making it almost impossible to adequately summarize, given the huge number of tax provisions that could be affected by the changes in the code.
"We close a lot of loopholes," Camp said, telling reporters at a news conference that his plan eliminates 228 different sections of the Internal Revenue Code.
On the business side, Camp would use a flat tax rate of 25% for corporations; he argued that would help spur new business growth.
Here are some of the highlights from Camp's plan, known as the "Tax Reform Act of 2014" -
+ The mortgage interest deduction would be phased down from a cap of $1 million to $500,000
+ The child tax credit would be raised to $1,500 and expanded to for single filers of up to $413,750 and joint filers at $627,500. The current phase out is at $75,000 and $110,000.
+ The Camp tax plan repeals the $3,900 deduction for personal exemptions on your tax form; that move would raise $859 billion over 10 years
+ Section 5301 of the Camp bill would repeal the tax-exempt status for professional sports leagues; currently the NFL, NHL, PGA and LPGA take advantage of 501(c)(6) tax-exempt status in the tax code
+ The plan repeals the 'medical device tax' from the Obama health law
+ The bill repeals the Alternative Minimum Tax for both individuals and businesses
+ The plan raises the gas tax for commercial cargo fuel used on inland waterways in the US
+ The Camp bill would raise $86.4 billion over ten years from a tax on large financial institutions
The bill also has a number of provisions that aren't really related to the tax code, but would reform the way the IRS operates.
One would specifically block IRS employees from using personal email accounts for agency business; another places a temporary moratorium on IRS training conferences until changes are made to rein in the costs of such gatherings.
The bill also requires the IRS to develop a new, easy to complete form for those Americans over 65 years of age, Form 1040SR, that would cater to the reporting needs of seniors.
The plan also steps up the penalties for failing to file your taxes on time.
To read the section-by-section review of the tax plan, go here.
To see a detailed revenue review of the changes, look at this document.
And if you just don't want to do that, then you can look through the Table of Contents for the bill below:
TITLE I—TAX REFORM FOR INDIVIDUALS
Subtitle A—Individual Income Tax Rate Reform
Sec. 1001. Simplification of individual income tax rates.
Sec. 1002. Deduction for adjusted net capital gain.
Sec. 1003. Conforming amendments related to simplification of individual income tax rates.
Subtitle B—Simplification of Tax Benefits for Families
Sec. 1101. Standard deduction.
Sec. 1102. Increase and expansion of child tax credit.
Sec. 1103. Modification of earned income tax credit.
Sec. 1104. Repeal of deduction for personal exemptions.
Subtitle C—Simplification of Education Incentives
Sec. 1201. American opportunity tax credit.
Sec. 1202. Expansion of Pell Grant exclusion from gross income.
Sec. 1203. Repeal of exclusion of income from United States savings bonds used to pay higher education tuition and fees.
Sec. 1204. Repeal of deduction for interest on education loans.
Sec. 1205. Repeal of deduction for qualified tuition and related expenses.
Sec. 1206. No new contributions to Coverdell education savings accounts.
Sec. 1207. Repeal of exclusion for discharge of student loan indebtedness.
Sec. 1208. Repeal of exclusion for qualified tuition reductions.
Sec. 1209. Repeal of exclusion for education assistance programs.
Sec. 1210. Repeal of exception to 10-percent penalty for higher education expenses.
Subtitle D—Repeal of Certain Credits for Individuals
Sec. 1301. Repeal of dependent care credit.
Sec. 1302. Repeal of credit for adoption expenses.
Sec. 1303. Repeal of credit for nonbusiness energy property.
Sec. 1304. Repeal of credit for residential energy efficient property.
Sec. 1305. Repeal of credit for qualified electric vehicles.
Sec. 1306. Repeal of alternative motor vehicle credit.
Sec. 1307. Repeal of alternative fuel vehicle refueling property credit.
Sec. 1308. Repeal of credit for new qualified plug-in electric drive motor vehicles.
Sec. 1309. Repeal of credit for health insurance costs of eligible individuals.
Sec. 1310. Repeal of first-time homebuyer credit.
Subtitle E—Deductions, Exclusions, and Certain Other Provisions
Sec. 1401. Exclusion of gain from sale of a principal residence.
Sec. 1402. Mortgage interest.
Sec. 1403. Charitable contributions.
Sec. 1404. Denial of deduction for expenses attributable to the trade or business of being an employee.
Sec. 1405. Repeal of deduction for taxes not paid or accrued in a trade or business.
Sec. 1406. Repeal of deduction for personal casualty losses.
Sec. 1407. Limitation on wagering losses.
Sec. 1408. Repeal of deduction for tax preparation expenses.
Sec. 1409. Repeal of deduction for medical expenses.
Sec. 1410. Repeal of disqualification of expenses for over-the-counter drugs under certain accounts and arrangements.
Sec. 1411. Repeal of deduction for alimony payments and corresponding inclusion in gross income.
Sec. 1412. Repeal of deduction for moving expenses.
Sec. 1413. Termination of deduction and exclusions for contributions to medical savings accounts.
Sec. 1414. Repeal of 2-percent floor on miscellaneous itemized deductions.
Sec. 1415. Repeal of overall limitation on itemized deductions.
Sec. 1416. Deduction for amortizable bond premium allowed in determining adjusted gross income.
Sec. 1417. Repeal of exclusion, etc., for employee achievement awards.
Sec. 1418. Clarification of special rule for certain governmental plans.
Sec. 1419. Limitation on exclusion for employer-provided housing.
Sec. 1420. Fringe benefits.
Sec. 1421. Repeal of exclusion of net unrealized appreciation in employer securities.
Sec. 1422. Consistent basis reporting between estate and person acquiring property from decedent.
Subtitle F—Employment Tax Modifications
Sec. 1501. Modifications of deduction for Social Security taxes in computing net earnings from self-employment.
Sec. 1502. Determination of net earnings from self-employment.
Sec. 1503. Repeal of exemption from FICA taxes for certain foreign workers.
Sec. 1504. Repeal of exemption from FICA taxes for certain students.
Sec. 1505. Override of Treasury guidance providing that certain employer-provided supplemental unemployment benefits are not subject to employment taxes.
Sec. 1506. Certified professional employer organizations.
Subtitle G—Pensions and Retirement
PART 1—INDIVIDUAL RETIREMENT PLANS
Sec. 1601. Elimination of income limits on contributions to Roth IRAs.
Sec. 1602. No new contributions to traditional IRAs.
Sec. 1603. Inflation adjustment for Roth IRA contributions.
Sec. 1604. Repeal of special rule permitting recharacterization of Roth IRA contributions as traditional IRA contributions.
Sec. 1605. Repeal of exception to 10-percent penalty for first home purchases.
PART 2—EMPLOYER-PROVIDED PLANS
Sec. 1611. Termination for new SEPs.
Sec. 1612. Termination for new SIMPLE 401(k)s.
Sec. 1613. Rules related to designated Roth contributions.
Sec. 1614. Modifications of required distribution rules for pension plans.
Sec. 1615. Reduction in minimum age for allowable in-service distributions.
Sec. 1616. Modification of rules governing hardship distributions.
Sec. 1617. Extended rollover period for the rollover of plan loan offset amounts in certain cases.
Sec. 1618. Coordination of contribution limitations for 403(b) plans and governmental 457(b) plans.
Sec. 1619. Application of 10-percent early distribution tax to governmental 457 plans.
Sec. 1620. Inflation adjustments for qualified plan benefit and contribution limitations.
Sec. 1621. Inflation adjustments for qualified plan elective deferral limitations.
Sec. 1622. Inflation adjustments for SIMPLE retirement accounts.
Sec. 1623. Inflation adjustments for catch-up contributions for certain employer plans.
Sec. 1624. Inflation adjustments for governmental and tax-exempt organization plans.
Subtitle H—Certain Provisions Related to Members of Indian Tribes
Sec. 1701. Indian general welfare benefits.
Sec. 1702. Tribal Advisory Committee.
Sec. 1703. Other relief for Indian tribes.
TITLE II—ALTERNATIVE MINIMUM TAX REPEAL
Sec. 2001. Repeal of alternative minimum tax.
TITLE III—BUSINESS TAX REFORM
Subtitle A—Tax Rates
Sec. 3001. 25-percent corporate tax rate.
Subtitle B—Reform of Business-related Exclusions and Deductions
Sec. 3101. Revision of treatment of contributions to capital.
Sec. 3102. Repeal of deduction for local lobbying expenses.
Sec. 3103. Expenditures for repairs in connection with casualty losses.
Sec. 3104. Reform of accelerated cost recovery system.
Sec. 3105. Repeal of amortization of pollution control facilities.
Sec. 3106. Net operating loss deduction.
Sec. 3107. Circulation expenditures.
Sec. 3108. Amortization of research and experimental expenditures.
Sec. 3109. Repeal of deductions for soil and water conservation expenditures and endangered species recovery expenditures.
Sec. 3110. Amortization of certain advertising expenses.
Sec. 3111. Expensing certain depreciable business assets for small business.
Sec. 3112. Repeal of election to expense certain refineries.
Sec. 3113. Repeal of deduction for energy efficient commercial buildings.
Sec. 3114. Repeal of election to expense advanced mine safety equipment.
Sec. 3115. Repeal of deduction for expenditures by farmers for fertilizer, etc.
Sec. 3116. Repeal of special treatment of certain qualified film and television productions.
Sec. 3117. Repeal of special rules for recoveries of damages of antitrust violations, etc.
Sec. 3118. Treatment of reforestation expenditures.
Sec. 3119. 20-year amortization of goodwill and certain other intangibles.
Sec. 3120. Treatment of environmental remediation costs.
Sec. 3121. Repeal of expensing of qualified disaster expenses.
Sec. 3122. Phaseout and repeal of deduction for income attributable to domestic production activities.
Sec. 3123. Unification of deduction for organizational expenditures.
Sec. 3124. Prevention of arbitrage of deductible interest expense and tax-exempt interest income.
Sec. 3125. Prevention of transfer of certain losses from tax indifferent parties.
Sec. 3126. Entertainment, etc. expenses.
Sec. 3127. Repeal of limitation on corporate acquisition indebtedness.
Sec. 3128. Denial of deductions and credits for expenditures in illegal businesses.
Sec. 3129. Limitation on deduction for FDIC premiums.
Sec. 3130. Repeal of percentage depletion.
Sec. 3131. Repeal of passive activity exception for working interests in oil and gas property.
Sec. 3132. Repeal of special rules for gain or loss on timber, coal, or domestic iron ore.
Sec. 3133. Repeal of like-kind exchanges.
Sec. 3134. Restriction on trade or business property treated as similar or related in service to involuntarily converted property in disaster areas.
Sec. 3135. Repeal of rollover of publicly traded securities gain into specialized small business investment companies.
Sec. 3136. Termination of special rules for gain from certain small business stock.
Sec. 3137. Certain self-created property not treated as a capital asset.
Sec. 3138. Repeal of special rule for sale or exchange of patents.
Sec. 3139. Depreciation recapture on gain from disposition of certain depreciable realty.
Sec. 3140. Common deduction conforming amendments.
Subtitle C—Reform of Business Credits
Sec. 3201. Repeal of credit for alcohol, etc., used as fuel.
Sec. 3202. Repeal of credit for biodiesel and renewable diesel used as fuel.
Sec. 3203. Research credit modified and made permanent.
Sec. 3204. Low-income housing tax credit.
Sec. 3205. Repeal of enhanced oil recovery credit.
Sec. 3206. Phaseout and repeal of credit for electricity produced from certain renewable resources.
Sec. 3207. Repeal of Indian employment credit.
Sec. 3208. Repeal of credit for portion of employer Social Security taxes paid with respect to employee cash tips.
Sec. 3209. Repeal of credit for clinical testing expenses for certain drugs for rare diseases or conditions.
Sec. 3210. Repeal of credit for small employer pension plan startup costs.
Sec. 3211. Repeal of employer-provided child care credit.
Sec. 3212. Repeal of railroad track maintenance credit.
Sec. 3213. Repeal of credit for production of low sulfur diesel fuel.
Sec. 3214. Repeal of credit for producing oil and gas from marginal wells.
Sec. 3215. Repeal of credit for production from advanced nuclear power facilities.
Sec. 3216. Repeal of credit for producing fuel from a nonconventional source.
Sec. 3217. Repeal of new energy efficient home credit.
Sec. 3218. Repeal of energy efficient appliance credit.
Sec. 3219. Repeal of mine rescue team training credit.
Sec. 3220. Repeal of agricultural chemicals security credit.
Sec. 3221. Repeal of credit for carbon dioxide sequestration.
Sec. 3222. Repeal of credit for employee health insurance expenses of small employers.
Sec. 3223. Repeal of rehabilitation credit.
Sec. 3224. Repeal of energy credit.
Sec. 3225. Repeal of qualifying advanced coal project credit.
Sec. 3226. Repeal of qualifying gasification project credit.
Sec. 3227. Repeal of qualifying advanced energy project credit.
Sec. 3228. Repeal of qualifying therapeutic discovery project credit.
Sec. 3229. Repeal of work opportunity tax credit.
Sec. 3230. Repeal of deduction for certain unused business credits.
Subtitle D—Accounting Methods
Sec. 3301. Limitation on use of cash method of accounting.
Sec. 3302. Rules for determining whether taxpayer has adopted a method of accounting.
Sec. 3303. Certain special rules for taxable year of inclusion.
Sec. 3304. Installment sales.
Sec. 3305. Repeal of special rule for prepaid subscription income.
Sec. 3306. Repeal of special rule for prepaid dues income of certain membership organizations.
Sec. 3307. Repeal of special rule for magazines, paperbacks, and records returned after close of the taxable year.
Sec. 3308. Modification of rules for long-term contracts.
Sec. 3309. Nuclear decommissioning reserve funds.
Sec. 3310. Repeal of last-in, first-out method of inventory.
Sec. 3311. Repeal of lower of cost or market method of inventory.
Sec. 3312. Modification of rules for capitalization and inclusion in inventory costs of certain expenses.
Sec. 3313. Modification of income forecast method.
Sec. 3314. Repeal of averaging of farm income.
Sec. 3315. Treatment of patent or trademark infringement awards.
Sec. 3316. Repeal of redundant rules with respect to carrying charges.
Sec. 3317. Repeal of recurring item exception for spudding of oil or gas wells.
Subtitle E—Financial Instruments
PART 1—DERIVATIVES AND HEDGES
Sec. 3401. Treatment of certain derivatives.
Sec. 3402. Modification of certain rules related to hedges.
PART 2—TREATMENT OF DEBT INSTRUMENTS
Sec. 3411. Current inclusion in income of market discount.
Sec. 3412. Treatment of certain exchanges of debt instruments.
Sec. 3413. Coordination with rules for inclusion not later than for financial accounting purposes.
Sec. 3414. Rules regarding certain government debt.
PART 3—CERTAIN RULES FOR DETERMINING GAIN AND LOSS
Sec. 3421. Cost basis of specified securities determined without regard to identification.
Sec. 3422. Wash sales by related parties.
Sec. 3423. Nonrecognition for derivative transactions by a corporation with respect to its stock.
PART 4—TAX FAVORED BONDS
Sec. 3431. Termination of private activity bonds.
Sec. 3432. Termination of credit for interest on certain home mortgages.
Sec. 3433. Repeal of advance refunding bonds.
Sec. 3434. Repeal of tax credit bond rules.
Subtitle F—Insurance Reforms
Sec. 3501. Exception to pro rata interest expense disallowance for corporateowned life insurance restricted to 20-percent owners.
Sec. 3502. Net operating losses of life insurance companies.
Sec. 3503. Repeal of small life insurance company deduction.
Sec. 3504. Computation of life insurance tax reserves.
Sec. 3505. Adjustment for change in computing reserves.
Sec. 3506. Modification of rules for life insurance proration for purposes of determining the dividends received deduction.
Sec. 3507. Repeal of special rule for distributions to shareholders from pre-1984 policyholders surplus account.
Sec. 3508. Modification of proration rules for property and casualty insurance companies.
Sec. 3509. Repeal of special treatment of Blue Cross and Blue Shield organizations, etc.
Sec. 3510. Modification of discounting rules for property and casualty insurance companies.
Sec. 3511. Repeal of special estimated tax payments.
Sec. 3512. Capitalization of certain policy acquisition expenses.
Sec. 3513. Tax reporting for life settlement transactions.
Sec. 3514. Clarification of tax basis of life insurance contracts.
Sec. 3515. Exception to transfer for valuable consideration rules.
Subtitle G—Pass-Thru and Certain Other Entities
PART 1—S CORPORATIONS
Sec. 3601. Reduced recognition period for built-in gains made permanent.
Sec. 3602. Modifications to S corporation passive investment income rules.
Sec. 3603. Expansion of qualifying beneficiaries of an electing small business trust.
Sec. 3604. Charitable contribution deduction for electing small business trusts.
Sec. 3605. Permanent rule regarding basis adjustment to stock of S corporations making charitable contributions of property.
Sec. 3606. Extension of time for making S corporation elections.
Sec. 3607. Relocation of C corporation definition.
PART 2—PARTNERSHIPS
Sec. 3611. Repeal of rules relating to guaranteed payments and liquidating distributions.
Sec. 3612. Mandatory adjustments to basis of partnership property in case of
transfer of partnership interests.
Sec. 3613. Mandatory adjustments to basis of undistributed partnership property.
Sec. 3614. Corresponding adjustments to basis of properties held by partnership where partnership basis adjusted.
Sec. 3615. Charitable contributions and foreign taxes taken into account in determining limitation on allowance of partner’s share of loss.
Sec. 3616. Revisions related to unrealized receivables and inventory items.
Sec. 3617. Repeal of time limitation on taxing precontribution gain.
Sec. 3618. Partnership interests created by gift.
Sec. 3619. Repeal of technical termination.
Sec. 3620. Publicly traded partnership exception restricted to mining and natural resources partnerships.
Sec. 3621. Ordinary income treatment in the case of partnership interests held in connection with performance of services.
Sec. 3622. Partnership audits and adjustments.
PART 3—REITS AND RICS
Sec. 3631. Prevention of tax-free spinoffs involving REITs.
Sec. 3632. Extension of period for prevention of REIT election following revocation or termination.
Sec. 3633. Certain short-life property not treated as real property for purposes of REIT provisions.
Sec. 3634. Repeal of special rules for timber held by REITs.
Sec. 3635. Limitation on fixed percentage rent and interest exceptions for REIT income tests.
Sec. 3636. Repeal of preferential dividend rule for publicly offered REITs.
Sec. 3637. Authority for alternative remedies to address certain REIT distribution failures.
Sec. 3638. Limitations on designation of dividends by REITs.
Sec. 3639. Non-REIT earnings and profits required to be distributed by REIT in cash.
Sec. 3640. Debt instruments of publicly offered REITs and mortgages treated as real estate assets.
Sec. 3641. Asset and income test clarification regarding ancillary personal property.
Sec. 3642. Hedging provisions.
Sec. 3643. Modification of REIT earnings and profits calculation to avoid duplicate taxation.
Sec. 3644. Reduction in percentage limitation on assets of REIT which may be taxable REIT subsidiaries.
Sec. 3645. Treatment of certain services provided by taxable REIT subsidiaries.
Sec. 3646. Study relating to taxable REIT subsidiaries.
Sec. 3647. C corporation election to become, or transfer assets to, a RIC or REIT.
Sec. 3648. Interests in RICs and REITs not excluded from definition of United States real property interests.
Sec. 3649. Dividends derived from RICs and REITs ineligible for deduction for United States source portion of dividends from certain foreign corporations.
PART 4—PERSONAL HOLDING COMPANIES
Sec. 3661. Exclusion of dividends from controlled foreign corporations from the definition of personal holding company income for purposes of the personal holding company rules.
Subtitle H—Taxation of Foreign Persons
Sec. 3701. Prevention of avoidance of tax through reinsurance with non-taxed affiliates.
Sec. 3702. Taxation of passenger cruise gross income of foreign corporations and nonresident alien individuals.
Sec. 3703. Restriction on insurance business exception to passive foreign investment company rules.
Sec. 3704. Modification of limitation on earnings stripping.
Sec. 3705. Limitation on treaty benefits for certain deductible payments.
Subtitle I—Provisions Related to Compensation
PART 1—EXECUTIVE COMPENSATION
Sec. 3801. Nonqualified deferred compensation.
Sec. 3802. Modification of limitation on excessive employee remuneration.
Sec. 3803. Excise tax on excess tax-exempt organization executive compensation.
Sec. 3804. Denial of deduction as research expenditure for stock transferred pursuant to an incentive stock option.
PART 2—WORKER CLASSIFICATION
Sec. 3811. Determination of worker classification.
Subtitle J—Zones and Short-Term Regional Benefits
Sec. 3821. Repeal of provisions relating to Empowerment Zones and Enterprise Communities.
Sec. 3822. Repeal of DC Zone provisions.
Sec. 3823. Repeal of provisions relating to renewal communities.
Sec. 3824. Repeal of various short-term regional benefits.
TITLE IV—PARTICIPATION EXEMPTION SYSTEM FOR THE TAXATION OF FOREIGN INCOME
Subtitle A—Establishment of Exemption System
Sec. 4001. Deduction for dividends received by domestic corporations from certain foreign corporations.
Sec. 4002. Limitation on losses with respect to specified 10-percent owned foreign corporations.
Sec. 4003. Treatment of deferred foreign income upon transition to participation exemption system of taxation.
Sec. 4004. Look-thru rule for related controlled foreign corporations made permanent.
Subtitle B—Modifications Related to Foreign Tax Credit System
Sec. 4101. Repeal of section 902 indirect foreign tax credits; determination of section 960 credit on current year basis.
Sec. 4102. Foreign tax credit limitation applied by allocating only directly allocable deductions to foreign source income.
Sec. 4103. Passive category income expanded to include other mobile income.
Sec. 4104. Source of income from sales of inventory determined solely on basis of production activities.
Subtitle C—Rules Related to Passive and Mobile Income
PART 1—MODIFICATION OF SUBPART F PROVISIONS
Sec. 4201. Subpart F income to only include low-taxed foreign income.
Sec. 4202. Foreign base company sales income.
Sec. 4203. Inflation adjustment of de minimis exception for foreign base company income.
Sec. 4204. Active financing exception extended with limitation for low-taxed foreign income.
Sec. 4205. Repeal of inclusion based on withdrawal of previously excluded subpart F income from qualified investment.
PART 2—PREVENTION OF BASE EROSION
Sec. 4211. Foreign intangible income subject to taxation at reduced rate; intangible income treated as subpart F income.
Sec. 4212. Denial of deduction for interest expense of United States shareholders which are members of worldwide affiliated groups with excess domestic indebtedness.
TITLE V—TAX EXEMPT ENTITIES
Subtitle A—Unrelated Business Income Tax
Sec. 5001. Clarification of unrelated business income tax treatment of entities
treated as exempt from taxation under section 501(a).
Sec. 5002. Name and logo royalties treated as unrelated business taxable income.
Sec. 5003. Unrelated business taxable income separately computed for each
trade or business activity.
Sec. 5004. Exclusion of research income limited to publicly available research.
Sec. 5005. Parity of charitable contribution limitation between trusts and corporations.
Sec. 5006. Increased specific deduction.
Sec. 5007. Repeal of exclusion of gain or loss from disposition of distressed
property.
Sec. 5008. Qualified sponsorship payments.
Subtitle B—Penalties
Sec. 5101. Increase in information return penalties.
Sec. 5102. Manager-level accuracy-related penalty on underpayment of unrelated business income tax.
Subtitle C—Excise Taxes
Sec. 5201. Modification of intermediate sanctions.
Sec. 5202. Modification of taxes on self-dealing.
Sec. 5203. Excise tax on failure to distribute within 5 years contribution to donor advised fund.
Sec. 5204. Simplification of excise tax on private foundation investment income.
Sec. 5205. Repeal of exception for private operating foundation failure to distribute income.
Subtitle D—Requirements For Organizations Exempt From Tax
Sec. 5301. Repeal of tax-exempt status for professional sports leagues.
Sec. 5302. Repeal of exemption from tax for certain insurance companies and co-op health insurance issuers.
Sec. 5303. In-State requirement for workmen’s compensation insurance organization.
Sec. 5304. Repeal of Type II and Type III supporting organizations.
TITLE VI—TAX ADMINISTRATION AND COMPLIANCE
Subtitle A—IRS Investigation-Related Reforms
Sec. 6001. Organizations required to notify Secretary of intent to operate as 501(c)(4).
Sec. 6002. Declaratory judgments for 501(c)(4) organizations.
Sec. 6003. Restriction on donation reporting for certain 501(c)(4) organizations.
Sec. 6004. Mandatory electronic filing for annual returns of exempt organizations.
Sec. 6005. Duty to ensure that IRS employees are familiar with and act in accord with certain taxpayer rights.
Sec. 6006. Termination of employment of IRS employees for taking official actions for political purposes.
Sec. 6007. Release of information regarding the status of certain investigations.
Sec. 6008. Review of IRS examination selection procedures.
Sec. 6009. IRS employees prohibited from using personal email accounts for official business.
Sec. 6010. Moratorium on IRS conferences.
Sec. 6011. Applicable standard for determinations of whether an organization is operated exclusively for the promotion of social welfare.
Subtitle B—Taxpayer Protection and Service Reforms
Sec. 6101. Extension of IRS authority to require truncated Social Security numbers on Form W-2.
Sec. 6102. Free electronic filing.
Sec. 6103. Pre-populated returns prohibited.
Sec. 6104. Form 1040SR for seniors.
Sec. 6105. Increased refund and credit threshold for Joint Committee on Taxation review of C corporation return.
Subtitle C—Tax Return Due Date Simplification
Sec. 6201. Due dates for returns of partnerships, S corporations, and C corporations.
Sec. 6202. Modification of due dates by regulation.
Sec. 6203. Corporations permitted statutory automatic 6-month extension of income tax returns.
Subtitle D—Compliance Reforms
Sec. 6301. Penalty for failure to file.
Sec. 6302. Penalty for failure to file correct information returns and provide payee statements.
Sec. 6303. Clarification of 6-year statute of limitations in case of overstatement of basis.
Sec. 6304. Reform of rules related to qualified tax collection contracts.
Sec. 6305. 100 percent continuous levy on payments to Medicare providers and suppliers.
Sec. 6306. Treatment of refundable credits for purposes of certain penalties.
TITLE VII—EXCISE TAXES
Sec. 7001. Repeal of medical device excise tax.
Sec. 7002. Modifications relating to oil spill liability trust fund.
Sec. 7003. Modification relating to inland waterways trust fund financing rate.
Sec. 7004. Excise tax on systemically important financial institutions.
Sec. 7005. Clarification of orphan drug exception to annual fee on branded prescription pharmaceutical manufacturers and importers.
TITLE VIII—DEADWOOD AND TECHNICAL PROVISIONS
Subtitle A—Repeal of Deadwood
Sec. 8001. Repeal of Puerto Rico economic activity credit.
Sec. 8002. Repeal of making work pay credit.
Sec. 8003. General business credit.
Sec. 8004. Environmental tax.
Sec. 8005. Annuities; certain proceeds of endowment and life insurance contracts.
Sec. 8006. Unemployment compensation.
Sec. 8007. Flexible spending arrangements.
Sec. 8008. Certain combat zone compensation of members of the armed forces.
Sec. 8009. Qualified group legal services plans.
Sec. 8010. Certain reduced uniformed services retirement pay.
Sec. 8011. Great plains conservation program.
Sec. 8012. State legislators’ travel expenses away from home.
Sec. 8013. Treble damage payments under the antitrust law.
Sec. 8014. Phase-in of limitation on investment interest.
Sec. 8015. Charitable, etc., contributions and gifts.
Sec. 8016. Amortizable bond premium.
Sec. 8017. Repeal of deduction for clean-fuel vehicles and certain refueling property.
Sec. 8018. Repeal of deduction for capital costs incurred in complying with environmental protection agency sulfur regulations.
Sec. 8019. Activities not engaged in for profit.
Sec. 8020. Dividends received on certain preferred stock; and dividends paid on certain preferred stock of public utilities.
Sec. 8021. Acquisitions made to evade or avoid income tax.
Sec. 8022. Distributions of property.
Sec. 8023. Effect on earnings and profits.
Sec. 8024. Basis to corporations.
Sec. 8025. Tax credit employee stock ownership plans.
Sec. 8026. Employee stock purchase plans.
Sec. 8027. Transition rules.
Sec. 8028. Limitation on deductions for certain farming.
Sec. 8029. Deductions limited to amount at risk.
Sec. 8030. Passive activity losses and credits limited.
Sec. 8031. Adjustments required by changes in method of accounting.
Sec. 8032. Exemption from tax on corporations, certain trusts, etc.
Sec. 8033. Requirements for exemption.
Sec. 8034. Repeal of special treatment for religious broadcasting company.
Sec. 8035. Repeal of exclusion of gain or loss from disposition of brownfield property.
Sec. 8036. Accumulated taxable income.
Sec. 8037. Certain provisions related to depletion.
Sec. 8038. Amounts received by surviving annuitant under joint and survivor annuity contract.
Sec. 8039. Income taxes of members of armed forces on death.
Sec. 8040. Special rules for computing reserves.
Sec. 8041. Insurance company taxable income.
Sec. 8042. Capitalization of certain policy acquisition expenses.
Sec. 8043. Repeal of provision on expatriation to avoid tax.
Sec. 8044. Repeal of certain transition rules on income from sources without United States.
Sec. 8045. Repeal of Puerto Rico and possession tax credit.
Sec. 8046. Basis of property acquired from decedent.
Sec. 8047. Property on which lessee has made improvements.
Sec. 8048. Involuntary conversion.
Sec. 8049. Property acquired during affiliation.
Sec. 8050. Repeal of special holding period rules for certain commodity futures transactions.
Sec. 8051. Holding period of property.
Sec. 8052. Property used in the trade or business and involuntary conversions.
Sec. 8053. Sale of patents.
Sec. 8054. Gain from disposition of farmland.
Sec. 8055. Transition rules related to the treatment of amounts received on retirement or sale or exchange of debt instruments.
Sec. 8056. Certain rules with respect to debt instruments issued before July 2, 1982.
Sec. 8057. Certain rules with respect to stripped bonds purchased before July 2, 1982.
Sec. 8058. Amount and method of adjustment.
Sec. 8059. Old-age, survivors, and disability insurance.
Sec. 8060. Hospital insurance.
Sec. 8061. Ministers, members of religious orders, and christian science practitioners.
Sec. 8062. Affiliated group defined.
Sec. 8063. Credit for state death taxes.
Sec. 8064. Family-owned business interest.
Sec. 8065. Property within the united states.
Sec. 8066. Repeal of deadwood provisions relating to employment taxes.
Sec. 8067. Luxury passenger automobiles.
Sec. 8068. Transportation by air.
Sec. 8069. Taxes on failure to distribute income.
Sec. 8070. Taxes on taxable expenditures.
Sec. 8071. Definitions and special rules.
Sec. 8072. Returns.
Sec. 8073. Information returns.
Sec. 8074. Abatements.
Sec. 8075. Failure by corporation to pay estimated income tax.
Sec. 8076. Repeal of 2008 recovery rebates.
Sec. 8077. Repeal of advance payment of portion of increased child credit for 2003.
Sec. 8078. Repeal of provisions related to COBRA premium assistance.
Sec. 8079. Retirement.
Sec. 8080. Annuities to surviving spouses and dependent children of judges.
Sec. 8081. Merchant marine capital construction funds.
Sec. 8082. Valuation tables.
Sec. 8083. Definition of employee.
Sec. 8084. Effective date.
Subtitle B—Conforming Amendments Related to Multiple Sections
Sec. 8101. Conforming amendments related to multiple sections.
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