Legislation proposed in a series of six bills by U.S. Rep. Nick Lampson (D-Stafford) would extend tax relief set to expire later this year for teachers, armed forces personnel and other middle-class individuals.Got get'm Nick!
The proposals rolled out Monday include:
The America's Heroes Tax Relief Act would permanently allow military personnel called up for active duty to withdraw from 401(k) or 403(b) annuities without tax penalties.
The America's Teachers Tax Relief Act would make permanent a deduction for out-of-pocket expenses for classroom supplies set to expire at the end of 2007 for elementary and secondary school teachers.
The State Sales Tax Equity Relief Act would make permanent a current provision that allows taxpayers to deduct state and local general sales tax from their federal income tax.
The Smart Energy Tax Relief Act would make permanent tax credits for production and sale of bio-fuels and alternative fuels and encourages the development of future sources of energy. The bill also extends the tax credit for energy-efficient appliances used by Americans every day.
The package also includes a new proposal, the Middle-Class Investor Tax Relief Act. It would raise the salary cap for capital gains and dividend tax exemption for individuals who make less than $30,000 a year to $100,000 in gross adjusted income per year, and boost the cap for married couples who make less than $60,000 to $200,000 per year.
Friday, September 28, 2007
Nick Lampson proposes six bills to extend tax relief
From TX-22 U.S. Rep. :