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Calendar No. 484
106th CONGRESS
2d Session
S. 2346
[Report No. 106-253]
To amend the Internal Revenue Code of 1986 to reduce the marriage
penalty by providing for adjustments to the standard deduction, 15-
percent and 28-percent rate brackets, and earned income credit, and for
other
purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 4, 2000
Mr. Roth, from the Committee on Finance, reported the following
original bill; which was read twice and placed on the calendar
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to reduce the marriage
penalty by providing for adjustments to the standard deduction, 15-
percent and 28-percent rate brackets, and earned income credit, and for
other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE, ETC.
(a) Short Title.--This Act may be cited as the ``Marriage Tax
Relief Act of 2000''.
(b) Section 15 Not To Apply.--No amendment made by this Act shall
be treated as a change in a rate of tax for purposes of section 15 of
the Internal Revenue Code of 1986.
SEC. 2. ELIMINATION OF MARRIAGE PENALTY IN STANDARD DEDUCTION.
(a) In General.--Paragraph (2) of section 63(c) of the Internal
Revenue Code of 1986 (relating to standard deduction) is amended--
(1) by striking ``$5,000'' in subparagraph (A) and
inserting ``200 percent of the dollar amount in effect under
subparagraph (C) for the taxable year'';
(2) by adding ``or'' at the end of subparagraph (B);
(3) by striking ``in the case of'' and all that follows in
subparagraph (C) and inserting ``in any other case.''; and
(4) by striking subparagraph (D).
(b) Technical Amendments.--
(1) Subparagraph (B) of section 1(f)(6) of such Code is
amended by striking ``(other than with'' and all that follows
through ``shall be applied'' and inserting ``(other than with
respect to sections 63(c)(4) and 151(d)(4)(A)) shall be
applied''.
(2) Paragraph (4) of section 63(c) of such Code is amended
by adding at the end the following flush sentence:
``The preceding sentence shall not apply to the amount referred
to in paragraph (2)(A).''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2000.
SEC. 3. PHASEOUT OF MARRIAGE PENALTY IN 15-PERCENT AND 28-PERCENT RATE
BRACKETS.
(a) In General.--Subsection (f) of section 1 of the Internal
Revenue Code of 1986 (relating to adjustments in tax tables so that
inflation will not result in tax increases) is amended by adding at the
end the following new paragraph:
``(8) Phaseout of marriage penalty in 15-percent and 28-
percent rate brackets.--
``(A) In general.--With respect to taxable years
beginning after December 31, 2001, in prescribing the
tables under paragraph (1)--
``(i) the maximum taxable income amount in
the 15-percent rate bracket, the minimum and
maximum taxable income amounts in the 28-
percent rate bracket, and the minimum taxable
income amount in the 31-percent rate bracket in
the table contained in subsection (a) shall be
the applicable percentage of the comparable
taxable income amounts in the table contained
in subsection (c) (after any other adjustment
under this subsection), and
``(ii) the comparable taxable income
amounts in the table contained in subsection
(d) shall be \1/2\ of the amounts determined
under clause (i).
``(B) Applicable percentage.--For purposes of
subparagraph (A), the applicable percentage shall be
determined in accordance with the following table:
``For taxable years beginning
The applicable
in calendar year--
percentage is--
2002................................... 170.3
2003................................... 173.8
2004................................... 180.0
2005................................... 183.2
2006................................... 185.0
2007 and thereafter.................... 200.0.
``(C) Rounding.--If any amount determined under
subparagraph (A)(i) is not a multiple of $50, such
amount shall be rounded to the next lowest multiple of
$50.''.
(b) Technical Amendments.--
(1) Subparagraph (A) of section 1(f)(2) of such Code is
amended by inserting ``except as provided in paragraph (8),''
before ``by increasing''.
(2) The heading for subsection (f) of section 1 of such
Code is amended by inserting ``Phaseout of Marriage Penalty in
15-Percent and 28-Percent Rate Brackets;'' before
``Adjustments''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2001.
SEC. 4. MARRIAGE PENALTY RELIEF FOR EARNED INCOME CREDIT.
(a) In General.--Paragraph (2) of section 32(b) of the Internal
Revenue Code of 1986 (relating to percentages and amounts) is amended--
(1) by striking ``Amounts.--The earned'' and inserting
``Amounts.--
``(A) In general.--Subject to subparagraph (B), the
earned''; and
(2) by adding at the end the following new subparagraph:
``(B) Joint returns.--In the case of a joint
return, the phaseout amount determined under
subparagraph (A) shall be increased by $2,500.''.
(b) Inflation Adjustment.--Paragraph (1)(B) of section 32(j) of
such Code (relating to inflation adjustments) is amended to read as
follows:
``(B) the cost-of-living adjustment determined
under section 1(f)(3) for the calendar year in which
the taxable year begins, determined--
``(i) in the case of amounts in subsections
(b)(2)(A) and (i)(1), by substituting `calendar
year 1995' for `calendar year 1992' in
subparagraph (B) thereof, and
``(ii) in the case of the $2,500 amount in
subsection (b)(2)(B), by substituting `calendar
year 2000' for `calendar year 1992' in
subparagraph (B) of such section 1.''.
(c) Rounding.--Section 32(j)(2)(A) of such Code (relating to
rounding) is amended by striking ``subsection (b)(2)'' and inserting
``subsection (b)(2)(A) (after being increased under subparagraph (B)
thereof)''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2000.
SEC. 5. PRESERVE FAMILY TAX CREDITS FROM THE ALTERNATIVE MINIMUM TAX.
(a) In General.--Subsection (a) of section 26 of the Internal
Revenue Code of 1986 (relating to limitation based on tax liability;
definition of tax liability) is amended to read as follows:
``(a) Limitation Based on Amount of Tax.--The aggregate amount of
credits allowed by this subpart for the taxable year shall not exceed
the sum of--
``(1) the taxpayer's regular tax liability for the taxable
year reduced by the foreign tax credit allowable under section
27(a), and
``(2) the tax imposed for the taxable year by section
55(a).''.
(b) Conforming Amendments.--
(1) Subsection (d) of section 24 of such Code is amended by
striking paragraph (2) and by redesignating paragraph (3) as
paragraph (2).
(2) Section 32 of such Code is amended by striking
subsection (h).
(3) Section 904 of such Code is amended by striking
subsection (h) and by redesignating subsections (i), (j), and
(k) as subsections (h), (i), and (j), respectively.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2001.
Calendar No. 484
106th CONGRESS
2d Session
S. 2346
[Report No. 106-253]
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to reduce the marriage
penalty by providing for adjustments to the standard deduction, 15-
percent and 28-percent rate brackets, and earned income credit, and for
other purposes.
_______________________________________________________________________
April 4, 2000
Read twice and placed on the calendar
Pages: 1 Other Popular 106th Congressional Bills Documents:
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