Tax Reform Act of 2014
Latest action. Sponsor introductory remarks on measure. (continuing resolutionA stopgap law funding the government at existing levels when the annual appropriations bills are not done by October 1.Read the full definition (opens a new tab) E1800-1801)
Tax Reform Act of 2014 - Title I: Tax Reform for Individuals - Subtitle A: Individual Income Tax Rate Reform - Revises individual income tax rates to establish three tax brackets (10%, 25%, and 35%). Allows individual taxpayers a deduction from gross income for 40% of adjusted net capital gain.
Subtitle B: Simplification of Tax Benefits for Families - Establishes a single standard deduction of $22,000 for married couples filing jointly and $11,000 for single filers. Allows single filers with at least one qualifying child an additional deduction of $5,500, whether or not they itemize deductions. Requires a phaseout of the standard deduction amounts based on adjusted gross income.
Increases the amount of the child tax credit. Requires taxpayers who claim the refundable portion of the child tax credit to provide their social security numbers on their tax returns.
Modifies the earned income tax credit to provide for a refund of employment and self-employment taxes.
Repeals the deduction for personal exemptions after 2014.
Subtitle C: Simplification of Education Incentives - Replaces the Hope Scholarship and Lifetime Learning tax credits and the tax deduction for tuition and qualified expenses with a new American Opportunity Tax Credit that allows a 100% tax credit for the first $2,000 of certain higher education expenses and a 25% tax credit for the next $2,000 of such expenses.
Expands the tax exclusion for Pell Grants to allow the use of excludible grant funds for any purpose. Repeals specified deductions and exclusions of expenses for educational purposes.
Subtitle D: Repeal of Certain Credits for Individuals - Repeals specified tax credits for individuals, including the tax credits for employment-related dependent care expenses, adoption expenses, nonbusiness and residential energy efficiency improvements, investment in qualified electric vehicles and alternative vehicles and refueling property, plug-in electric drive vehicles, health insurance costs, and the tax credit for first-time homebuyers.
Subtitle E: Deductions, Exclusions, and Certain Other Provisions - Revises the tax exclusion of gain from the sale of a principal residence to require a taxpayer to have used the residence as a principal residence for five of the previous eight years. Limits the use of such exclusion to once every five years.
The summary continues for 67 more paragraphs. Read it in full on Congress.gov
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on December 10, 2014. It describes the bill, it is not the legal text.
Sponsor introductory remarks on measure. (CR E1800-1801)
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The record's latest action, on December 12, 2014: Sponsor introductory remarks on measure. (CR E1800-1801)
How likely is it to become law?
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In the 113th Congress (2013-14), 296 of the 9,091 bills and joint resolutions introduced became law, about 3.3 percent. That count covers every measure at every stage, including the many that never left committee.
This one has no outstanding steps listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
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Who is behind it?
DAVE CAMP (R-MI) introduced it on December 10, 2014. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on December 10, 2014, 4292 days ago. The most recent recorded action was 4290 days ago, on December 12, 2014.
Measures do not carry over. Anything the 113th Congress has not finished by January 3, 2015 dies when the term ends, and has to be introduced again from the start in the next Congress.
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Vote history
- HouseSponsor introductory remarks on measure. (CR E1800-1801)
- SenateNot stated in the latest action
- PresidentNot stated in the latest action