Restoring Earnings to Lift Individuals and Empower Families (RELIEF) Act of 2001

11/15/2019, 9:54 PM

Congressional Summary of S 896

Restoring Earnings To Lift Individuals and Empower Families (RELIEF) Act of 2001 - Amends the Internal Revenue Code to, among other things: (1) provide for lower income tax rates; (2) increase the income required before beginning the phase out of itemized deductions; (3) repeal the personal exemption phase out; (4) increase the child tax credit; (5) provide for the equalization of tax rates for those filing jointly and those filing singly (provides "marriage penalty" relief); (6) increase assistance to education through tax revisions such as increasing contributions allowed to education IRAs, excluding certain scholarship amounts from income, and providing special treatment for bonds used to finance educational facilities; (7) repeal the estate and generation skipping transfer taxes; (8) reduce the gift tax rate; (9) increase pension and IRA contribution limits and benefits; and (10) increase the alternative minimum tax exemption.

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Current Status of Bill S 896

Bill S 896 is currently in the status of Bill Introduced since May 16, 2001. Bill S 896 was introduced during Congress 107 and was introduced to the Senate on May 16, 2001.  Bill S 896's most recent activity was Placed on Senate Legislative Calendar under General Orders. Calendar No. 43. as of May 16, 2001

Bipartisan Support of Bill S 896

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 896

Primary Policy Focus

Taxation

Potential Impact Areas

AccountingAdministrative procedureAircraft pilotsAirlinesAlaskaAlien laborAnnuitiesArmed Forces and National SecurityBuilding constructionBusiness income taxCapital gains taxCharitiesChurch schoolsCivil Service pensionsCollege costsCommerceConservation easementsConstruction costsConsumer creditCorporation taxesCost of living adjustmentsDefined benefit pension plansDefined contribution plansDepartment of the TreasuryDisabledDisaster reliefDisastersDividendsDivorceDivorceesEarned income tax creditEconomics and Public FinanceEducationEducation of disabled studentsEducation savings accountsEducational financeElementary and secondary educationElementary schoolsEmergency ManagementEmployee benefit plansEmployee ownershipEnvironmental ProtectionEstate taxEstates (Law)Excise taxExecutive compensationExecutive reorganizationFamiliesFamily enterprisesFinance and Financial SectorFinancial planningFinancial servicesFinancial statementsFoster home careGift taxGovernment Operations and PoliticsGovernment paperworkGovernmental investigationsGraduate educationHealthHealth insuranceHigh schoolsHigher educationHousehold workersHousing and Community DevelopmentHousing financeImmigrationIncome taxIndexing (Economic policy)Indian claimsIndian landsIndigenous peoplesIndividual retirement accountsInheritance taxInsurance premiumsInsurance ratesInterestInternal revenue lawInvestmentsLabor and EmploymentLand transfersLawLife expectancyLimitation of actionsLoansLocal employeesMarried peopleMedical economicsMedical researchMerchant seamenMilitary medicineMinimum taxMinoritiesPartnershipsPension fundsPension portabilityPension trust guaranty insurancePersonal income taxPrivate schoolsPrivatizationProfit sharingPublic Lands and Natural ResourcesPublic health personnelPublic-private partnershipsReal estate appraisalReal estate businessReligionScholarshipsSchool buildingsSecondary educationSmall businessSocial WelfareSpecial educationState employeesState taxationStockholdersStocksStudent aidStudent loan fundsSurvivors' benefitsTax administrationTax auditingTax creditsTax cutsTax deductionsTax exclusionTax exemptionTax penaltiesTax ratesTax refundsTax returnsTax-deferred compensation plansTax-exempt organizationsTax-exempt securitiesTaxation of foreign incomeTaxpayer complianceTransportation and Public WorksTrusts and trusteesTuition tax creditsUser chargesValuationWidowersWidowsWithholding taxWomenWomen's retirement

Alternate Title(s) of Bill S 896

Restoring Earnings to Lift Individuals and Empower Families (RELIEF) Act of 2001Restoring Earnings to Lift Individuals and Empower Families (RELIEF) Act of 2001Tax Cut Reconciliation billRestoring Earnings to Lift Individuals and Empower Families (RELIEF) Act of 2001An original bill to provide for reconciliation pursuant to section 103 of the concurrent resolution on the budget for fiscal year 2002 (H.Con.Res. 83).
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Comments

Sponsors and Cosponsors of S 896

Chuck Grassley
Chuck Grassley
Iowa(Republican)

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