GovTrack’s Bill Summary
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Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
3/29/2001. Amends the Internal Revenue Code to provide that the basic standard deduction on a joint return shall be equal to 200 percent of the dollar amount of an individual who is not married.
Provides a six-year schedule for making, by 2009, the maximum taxable income in the lowest married bracket equal to double the maximum taxable income in the lowest single filer bracket.
Repeals provisions providing for: (1) the reduction in the additional child tax credit for families with three or more children for taxpayers subject to the alternative minimum tax; and (2) the reduction in the earned income credit for taxpayers subject to the alternative minimum tax.
Provides, starting in 2008, for increasing the alternative minimum tax exemption amount on joint returns.
Provides for increases in the earned income credit phaseout amount on a joint return equal to 110 percent of the otherwise applicable amount.
Includes in the definition of the term "earned income," for purposes of the earned income credit, only amounts included in gross income.
(Sec 5) Provides a schedule for increasing the child tax credit to $1,000 by 2006.
Prohibits the child tax credit from exceeding the excess of: (1) the sum of the regular tax liability plus the alternative minimum tax; over (2) the sum of the nonrefundable personal credits (other than the child tax credit) and the foreign tax credit and Puerto Rico and possession tax credit.
Extends the availability of the additional credit for families with three or more children to families with fewer than three children.
States that the amounts transferred to any Social Security Act trust fund shall be determined as if this Act had not been enacted.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.