A bill to amend the Internal Revenue Code of 1986 to allow an above-the-line deduction from certain expenses in connection with the determination, collection, or refund of any tax.

Amends the Internal Revenue Code to permit a deduction from adjusted gross income of up to $500, whether a taxpayer itemizes or not, for certain expenses in connection with the determination, collection, or refund of any tax.

[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 2429 Introduced in Senate (IS)]







107th CONGRESS
  2d Session
                                S. 2429

 To amend the Internal Revenue Code of 1986 to allow an above-the-line 
 deduction for certain expenses in connection with the determination, 
                   collection, or refund of any tax.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 30, 2002

Mr. Hutchinson (for himself, Mr. Craig, Mr. Enzi, Mr. Gregg, Mr. Hagel, 
 Mr. Inhofe, and Mr. Smith of New Hampshire) introduced the following 
  bill; which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to allow an above-the-line 
 deduction for certain expenses in connection with the determination, 
                   collection, or refund of any tax.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. ABOVE-THE-LINE DEDUCTION FOR CERTAIN EXPENSES IN CONNECTION 
              WITH THE DETERMINATION, COLLECTION, OR REFUND OF ANY TAX.

    (a) Deduction Allowed Whether or Not Taxpayer Itemizes Other 
Deductions.--Section 62(a) of the Internal Revenue Code of 1986 
(defining adjusted gross income) is amended by inserting after 
paragraph (18) the following new paragraph:
            ``(19) Certain tax expenses.--Unless the taxpayer elects to 
        not have this paragraph apply, the deduction allowed by 
        paragraph (3) of section 212 with respect to so much of the 
        expenses described in such paragraph as does not exceed 
        $500.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to expenses paid or incurred in taxable years beginning after the date 
of the enactment of this Act.
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