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Contents
INTRODUCTION AND SUMMARY
GRASSLEY-BAUCUS REQUEST LETTER
I. TAX PROCEDURE AND ADMINISTRATION.............
A. Impose Withholding on Certain Payments Made by Government Entities..
B. Require Partial Payments with Submission of Offers-in-Compromise......
C. Clarify Standards of Scrutiny for Certain Transactions with Characteristics of
Tax Shelters
II. INDIVIDUAL INCOME TAX........
B.
A. Provide Uniform Treatment for Dependent Care Benefits (secs. 21 and 129)..
Combine Hope and Lifetime Learning Credits and the Above-the-Line Deduction
for Higher Education Expenses (secs. 25A and 222) ...
C. Repeal Exclusion for Qualified Tuition Reductions (sec. 117(d))
D. Deny Refundable Child Credit When Section 911 Exclusion is Elected (sec. 24)........... 47
E. Repeal the Deduction for Interest on Home Equity Indebtedness (sec. 163).
52
F.
Limit the Exclusion for Rental Value of a Residence Rented for Fewer Than
15 Days (sec. 280A).......................................
57
G. Extend Pro-Rata Basis Allocation Requirement to All Part-Gift, Part-Sale
A. Provide Consistent FICA Treatment of Salary Reduction Amounts (sec. 3121(a))................... 71
B. Conform Calculation of FICA Taxes and SECA Taxes (sec. 1402(a)(12)) .
74
C.
Extend Medicare Payroll Tax to All State and Local Government Employees
(sec. 3121(u)(2))
80
D.
Modify FICA Tax Exception for Students (secs. 3121(b)(10) and 3306(c)(10)) ............. 83
E. Apply Employment Taxes to Sales Incentive Payments Made by Manufacturers
(secs. 3121, 3306, and 3401) ...........
91
F. Modify Determination of Amounts Subject to Employment or Self-Employment
Tax for Partners and S Corporation Shareholders (sec. 1402)...
95
IV. PENSIONS AND EMPLOYEE BENEFITS...
105
A.
Conform Definition of Qualified Medical Expenses (secs. 105, 106, 213, 220,
and 223) .............
Limit Deduction for Personal Use of Company Aircraft and Other Entertainment
Expenses (sec. 274(e))..
109