0
0
0
Tax Reduction Act of 2001
1/17/2023, 12:18 AM
Congressional 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.
Read the Full Bill
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, 2001
Bipartisan 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 accounts
- Cost of living adjustments
- Custody of children
- Dividends
- Divorce
- Divorcees
- Earned income tax credit
- Economics and Public Finance
- 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
- Minimum tax
- Old age, survivors and disability insurance
- Personal income tax
- Poor
- Separation (Law)
- Social Welfare
- Social security finance
- State taxation
- Tax credits
- Tax cuts
- Tax deductions
- Tax exemption
- Tax rates
- Tax refunds
- Tax returns
- Valuation
- Widowers
- Widows
- Women
Alternate Title(s) of Bill HR 1264
Tax Reduction Act of 2001
To 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 2001
Comments
Sponsors and Cosponsors of HR 1264
Latest Bills
HONOR Act
Bill S 327March 11, 2026
Making further consolidated appropriations for the fiscal year ending September 30, 2026, and for other purposes.
Bill HR 7147March 11, 2026
A bill to prohibit the Department of Homeland Security from constructing, acquiring, renovating, or operating any new processing site or detention center without providing a mechanism for public comments regarding such activity, entering into a signed, written agreement with appropriate State and local officials, and providing Congress with advance notice of such activity.
Bill S 3894March 11, 2026
A bill to amend title 10, United States Code, to authorize representatives of veterans service organizations to participate in presentations to promote certain benefits available to veterans during preseparation counseling under the Transition Assistance Program of the Department of Defense, and for other purposes.
Bill S 3938March 11, 2026
A bill to amend the Elementary and Secondary Education Act of 1965 to expand access to school-wide arts and music programs, and for other purposes.
Bill S 4018March 11, 2026
A bill to allow States to require payment of State fees related to boating as a condition for issuance of a vessel number and to collect such fees in conjunction with other fees related to vessel numbering.
Bill S 3985March 11, 2026
A bill to restore competition in the meatpacking industry by reducing excessive concentration and market power and ultimately reduce prices for American consumers, and for other purposes.
Bill S 4007March 11, 2026
A resolution requesting information on the Republic of Guatemala's human rights practices pursuant to section 502B(c) of the Foreign Assistance Act of 1961.
Bill SRES 636March 11, 2026
A bill to amend the Internal Revenue Code of 1986 to increase the standard deduction, and for other purposes.
Bill S 4042March 11, 2026
A bill to amend the Internal Revenue Code of 1986 to allow charitable rollovers from individual retirement accounts to donor advised funds.
Bill S 3975March 11, 2026
Economic Growth and Tax Relief Reconciliation Act of 2001
Bill HR 1836January 16, 2023