Small Business Tax Fairness Act 2000

Small Business Tax Fairness Act 2000

News story posted in Legislative on 15 March 2000| comments
audience: National Publication | last updated: 18 May 2011
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Summary

The House has passed H.R. 3832, the "Small Business Tax Fairness Act 2000," which includes a provision to reduce the top estate tax rate of 55% to 50% by 2002 and reduce all rates by one percentage point per year in 2003 and 2004. In addition, the bill will repeal the 5% "bubble tax" on estates. The Bill also proposes to repeal subsection (a) of section 536 of the Ticket to Work and Work Incentives Improvement Act of 1999, relating to the modification of installment method and repeal of installment method for accrual method taxpayers. Notably absent from H.R. 3832 were provisions allowing (i) nonitemizers to claim a charitable income tax deduction and (ii) IRA rollovers to charities, as has been previously proposed.

PGDC SUMMARY:

The House has passed H.R. 3832, the "Small Business Tax Fairness Act 2000," which includes a provision to reduce the top estate tax rate of 55% to 50% by 2002 and reduce all rates by one percentage point per year in 2003 and 2004. In addition, the bill will repeal the 5% "bubble tax" on estates. The Bill also proposes to repeal subsection (a) of section 536 of the Ticket to Work and Work Incentives Improvement Act of 1999, relating to the modification of installment method and repeal of installment method for accrual method taxpayers. Notably absent from H.R. 3832 were provisions allowing (i) nonitemizers to claim a charitable income tax deduction and (ii) IRA rollovers to charities, as has been previously proposed.

FULL TEXT:

Click on the link below to download the full text of this Alert in Adobe Acrobat PDF format.

H.R. 3832     (Adobe Acrobat PDF - 399k)

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