Tax Reduction Act of 2001
1/17/2023, 12:18 AMCongressional Summary of HR 1264
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 (gross estate) valuation rules for certain transfers of nonbusiness assets.
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Current Status of Bill HR 1264
Bill HR 1264 is currently in the status of Bill Introduced since March 28, 2001. Bill HR 1264 was introduced during Congress 107 and was introduced to the House on March 28, 2001. Bill HR 1264's most recent activity was See H.R.1836. as of August 13, 2001Bipartisan Support of Bill HR 1264
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
1Democrat Cosponsors
1Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 1264
Primary Policy Focus
TaxationPotential Impact Areas
Collection of accountsCost of living adjustmentsCustody of childrenDividendsDivorceDivorceesEarned income tax creditEconomics and Public FinanceEstate taxFamiliesFamily enterprisesFinance and Financial SectorGift taxGovernment Operations and PoliticsGovernment trust fundsHealthIncome taxIndexing (Economic policy)InterestInvestmentsLawLimitation of actionsMarried peopleMedicareMinimum taxOld age, survivors and disability insurancePersonal income taxPoorSeparation (Law)Social WelfareSocial security financeState taxationTax creditsTax cutsTax deductionsTax exemptionTax ratesTax refundsTax returnsValuationWidowersWidowsWomenAlternate Title(s) of Bill HR 1264
Tax Reduction Act of 2001To 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.Tax Reduction Act of 2001Comments
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Sponsors and Cosponsors of HR 1264
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