| Home > 106th Congressional Bills > H.R. 4182 (ih) To amend the Fair Labor Standards Act of 1938 to clarify the treatment of stock options under the Act. [Introduced in House] ...
H.R. 4182 (ih) To amend the Fair Labor Standards Act of 1938 to clarify the treatment of stock options under the Act. [Introduced in House] ...
108th CONGRESS 2d Session H. R. 4181 To amend the Internal Revenue Code of 1986 to permanently extend the increased standard deduction, and the 15-percent individual income tax rate bracket expansion, for married taxpayers filing joint returns. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES April 21, 2004 Mr. Gerlach (for himself, Mr. Weller, Mr. Hastings of Washington, Mr. Greenwood, Mr. Vitter, Mr. Simmons, Mr. Cantor, Mr. Hensarling, Mr. Shimkus, Mr. Toomey, Mrs. Miller of Michigan, Mr. Doolittle, Mr. Cox, Mrs. Kelly, Mr. Murphy, Mr. Bartlett of Maryland, Mr. Shuster, Mr. Crenshaw, Mr. Rohrabacher, Mr. Burr, Mr. Forbes, Mr. Keller, Mr. Gillmor, Mr. Schrock, Mr. Hayworth, Mr. Herger, Mr. McInnis, Ms. Dunn, Mr. Rogers of Alabama, Mr. Ryun of Kansas, Mr. Brady of Texas, Mr. Hayes, Mr. Ballenger, Mr. Souder, Mr. Smith of Texas, Mr. Gibbons, Mr. Istook, Mr. Otter, Mrs. Johnson of Connecticut, Mr. Wicker, Mr. Shaw, Mr. Crane, Mr. Graves, Mr. Wilson of South Carolina, Ms. Pryce of Ohio, Mr. Tiberi, Mrs. Jo Ann Davis of Virginia, Mr. Barrett of South Carolina, Mr. English, Mr. Pickering, Mr. Chocola, Mr. Porter, Mr. Hall, Mr. Terry, Mr. Rehberg, and Mr. Sweeney) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to permanently extend the increased standard deduction, and the 15-percent individual income tax rate bracket expansion, for married taxpayers filing joint returns. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. EXTENSION OF INCREASED STANDARD DEDUCTION FOR MARRIED TAXPAYERS FILING JOINT RETURNS. (a) In General.--Paragraph (2) of section 63(c) of the Internal Revenue Code of 1986 (relating to basic standard deduction) is amended to read as follows: ``(2) Basic standard deduction.--For purposes of paragraph (1), the basic standard deduction is-- ``(A) 200 percent of the dollar amount in effect under subparagraph (C) for the taxable year in the case of-- ``(i) a joint return, or ``(ii) a surviving spouse (as defined in section 2(a)), ``(B) $4,400 in the case of a head of household (as defined in section 2(b)), or ``(C) $3,000 in any other case.''. (b) Conforming Amendments.-- (1) Section 63(c)(4) of such Code is amended by striking ``(2)(D)'' each place it occurs and inserting ``(2)(C)''. (2) Section 63(c) of such Code is amended by striking paragraph (7). (c) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2004. SEC. 2. EXTENSION OF 15-PERCENT INDIVIDUAL INCOME TAX RATE BRACKET EXPANSION FOR MARRIED TAXPAYERS FILING JOINT RETURNS. (a) In General.--Paragraph (8) of section 1(f) of the Internal Revenue Code of 1986 (relating to phaseout of marriage penalty in 15- percent bracket) is amended to read as follows: ``(8) Elimination of marriage penalty in 15-percent bracket.--With respect to taxable years beginning after December 31, 2004, in prescribing the tables under paragraph (1)-- ``(A) the maximum taxable income in the 15 percent rate bracket in the table contained in subsection (a) (and the minimum taxable income in the next higher taxable income bracket in such table) shall be 200 percent of the maximum taxable income in the 15-percent rate bracket in the table contained in subsection (c) (after any other adjustment under this subsection), and ``(B) the comparable taxable income amounts in the table contained in subsection (d) shall be \1/2\ of the amounts determined under subparagraph (A).''. (b) Conforming Amendment.--The heading for subsection (f) of section 1 of such Code is amended by striking ``Phaseout'' and inserting ``Elimination''. (c) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2004. SEC. 3. REPEAL OF SUNSET. Title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 shall not apply to the amendments made by sections 301 and 302 of such Act. <all>
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