Tax Reduction Act of 2001

1/16/2023, 2:48 PM
Tax Reduction Act of 2001 - Amends the Internal Revenue Code to: (1) revise the existing 15 percent individual tax rate into a 12 percent and 15 percent rate based upon specified income bracket amounts; (2) revise the alternative minimum tax computation; (3) eliminate the alternative minimum tax-based reductions for the earned income and child tax credits; (4) revise the earned income tax credit with respect to credit percentages and amounts, includible income, phaseouts, and the joint return requirement; and (5) revise the standard deduction for joint filers and surviving spouses to twice the amount for an unmarried single filer.

Revises estate tax provisions to: (1) increase the exemption equivalent of the unified credit; (2) repeal family-owned business interests deduction provisions; (3) repeal provisions providing for a credit for State death taxes and provide for the deduction from an estate's value of State death taxes paid; and (4) set forth valuation rules for certain transfers of nonbusiness assets, and eliminate location requirements with respect to land subject to a qualified conservation easement for gross estate determination purposes.

Congress
107
Number
HR - 1398
Introduced on
2001-04-04
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

4/4/2001
Text
PDF

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

Tax Reduction Act of 2001 - Amends the Internal Revenue Code to: (1) revise the existing 15 percent individual tax rate into a 12 percent and 15 percent rate based upon specified income bracket amounts; (2) revise the alternative minimum tax computation; (3) eliminate the alternative minimum tax-based reductions for the earned income and child tax credits; (4) revise the earned income tax credit with respect to credit percentages and amounts, includible income, phaseouts, and the joint return requirement; and (5) revise the standard deduction for joint filers and surviving spouses to twice the amount for an unmarried single filer.

Revises estate tax provisions to: (1) increase the exemption equivalent of the unified credit; (2) repeal family-owned business interests deduction provisions; (3) repeal provisions providing for a credit for State death taxes and provide for the deduction from an estate's value of State death taxes paid; and (4) set forth valuation rules for certain transfers of nonbusiness assets, and eliminate location requirements with respect to land subject to a qualified conservation easement for gross estate determination purposes.

Alternative Names
Official Title as IntroducedTo amend the Internal Revenue Code of 1986 to provide individual income tax rate reductions, tax relief to families with children, marriage penalty relief, and to immediately eliminate the estate tax for two-thirds of all decedents currently subject to the estate tax.
Policy Areas
Taxation
Potential Impact
Collection of accounts•
Conservation easements•
Cost of living adjustments•
Custody of children•
Dividends•
Divorce•
Divorcees•
Earned income tax credit•
Economics and Public Finance•
Environmental Protection•
Estate tax•
Families•
Family enterprises•
Finance and Financial Sector•
Gift tax•
Government Operations and Politics•
Government trust funds•
Health•
Income tax•
Indexing (Economic policy)•
Interest•
Investments•
Law•
Limitation of actions•
Married people•
Medicare•
Metropolitan areas•
Minimum tax•
National forests•
National parks•
Old age, survivors and disability insurance•
Personal income tax•
Poor•
Public Lands and Natural Resources•
Separation (Law)•
Social Welfare•
Social security finance•
State taxation•
Tax credits•
Tax cuts•
Tax deductions•
Tax exemption•
Tax rates•
Tax refunds•
Tax returns•
Urban affairs•
Valuation•
Widowers•
Widows•
Wilderness areas•
Women

Comments

Related

Member:  Charles B. Rangel
Member:  Sander M. Levin
Member:  David R. Obey
Member:  Gene Green
Member:  Patsy T. Mink
Member:  Ed Pastor
Member:  Thomas M. Barrett
Member:  Michael R. McNulty
Member:  Robert T. Matsui
Member:  David E. Bonior

Recent Activity

Latest Summary11/28/2006
Tax Reduction Act of 2001 - Amends the Internal Revenue Code to: (1) revise the existing 15 percent individual tax rate into a 12 percent and 15 percent rate based upon specified income bracket amounts; (2) revise the alternative minimum tax computat...
Latest Action8/13/2001
See H.R.1836.