Date: May 8, 2007
House Passes H.R. 1677, the Taxpayer Protection Act of 2007
On April 17, 2007 by a vote of 407 to 7, the House passed H.R. 1677, the Taxpayer Protection Act of 2007. The bill was sent to the Senate where it awaits action. The House-passed bill contains the following provisions of interest:
Section 2 – Family Business Tax Simplification- Net Earnings from Self-employment
• Would amend section 211(a) of the Social Security Act to:
• Require, for the purpose of determining net earnings from self-employment, each spouse's share of income or loss from a qualified joint venture be taken into account just as it would be for Federal income tax purposes under the provision.
• Permit a qualified joint venture whose only members are a husband and wife filing a joint return not to be treated as a partnership. Instead, all items of income, gain, loss, deduction and credit would be divided between the spouses in accordance with their respective interest in the venture.
This provision would be effective with taxable years beginning after December 31, 2006.
Section 8 – Prohibition on Misuse of Department of the Treasury Names and Symbols
• Would amend section 333 of title 31 U.S.C. to expand the prohibitions against the misuse of Department of the Treasury names and symbols to the use of such names and symbols on an Internet domain address.
This provision would be effective with violations occurring after the date of enactment.