There is one summary for this bill. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/11/1999)

TABLE OF CONTENTS:

Title I: Family Relief

Subtitle A: Tax Relief

Subtitle B: Relief from Social Security Earning Test

Title II: Business Relief

Title III: Savings and Investment

Title IV: Education

Lifetime Tax Relief Act of 1999 - Title I: Family Relief - Subtitle A: Tax Relief - Amends the Internal Revenue Code (IRC) to: (1) set the basic standard deduction for married individuals at twice the deduction for unmarried individuals; (2) increase the personal exemption from $2,000 to $3,500; (3) reduce individual income taxes by increasing the amounts of income subject to tax at the 15 percent rate; and (4) fully allow nonrefundable personal credits against regular tax liability during 1999 and 2000 (currently, 1998).

Subtitle B: Relief From Social Security Earning Test - Eliminates the earnings test for individuals of retirement age.

Title II: Business Relief - Provides for the phaseout of subtitle B (Estate and Gift Taxes) of the IRC with the total repeal of such subtitle being effective January 1, 2010.

Makes permanent the: (1) research credit; (2) work opportunity credit; and (3) subpart F (relating to special rule for income derived in the active conduct of banking, financing, or similar businesses) exemption for active financing income.

Provides for the deduction of 100 percent of the health insurance costs of self-employed individuals.

Increases from 50 to 100 percent the amount of gain excluded from the sale certain small business stock. Reduces from five to three years the holding period applicable to such a sale. Makes such exclusion available to corporations. Makes the stock of larger businesses eligible. Doubles the annual limitation on incentive stock options.

Title III: Savings and Investment - Excludes from the gross income of an individual up to $1,000 of net capital gain.

Increases the maximum amount of the IRA deduction to $3,000.

Doubles the elective deferral limit if an employee's spouse is not participating in elective deferral plans.

Title IV: Education - Set forth provisions concerning: (1) financing school construction; (2) the exclusion from income of education distributions from qualified tuition programs; and (3) coverage of private tuition programs.