Key Votes
S Amdt 527 - Family Tax Relief Amendment - Key Vote
National Key Votes
Stages
Family
Issues
Stage Details
Amendment - Amendment Rejected (Senate) (38-61) - June 26, 1997 (Key vote)
Title: Family Tax Relief Amendment
Vote Smart's Synopsis:
Vote to pass an amendment to provide tax cuts for family savings, create a refundable child tax credit, and provide tax incentives for education and training, among other purposes.
Highlights:
- Allocates a child credit for each taxable year of either $350 or $500 if the amount is put into a KIDSAVE account.
- Makes available a Hope Scholarship Credit for certain individuals enrolled in higher education.
- Allows a deduction on the amount of interest paid by the taxpayer on any qualified education loan under $2,500 for each taxable year.
- Requires the trustee of a KIDSAVE account to make reports about contributions, distributions, and other such information to the Secretary of the Treasury and to the account holder.
- Allows a deduction amount equal to 30 percent of the taxpayer's qualified 3-year gain if a taxpayer has a net capital gain.
- Creates a tax credit for first-time homebuyers in the District of Columbia.
- Adjusts the minimum tax exemption amounts for taxpayers other than corporations.
- Adds welfare-to-work incentives such as modifying the amount of wages taken into account.
- Allocates $750 million for each calendar year from 1998-2002 for national school construction.
Sponsors
- Thomas A. 'Tom' Daschle (SD - ) (Out Of Office)
Co-sponsors
- Jeff Bingaman (NM - D) (Out Of Office)
- Barbara Boxer (CA - D)
- Joseph Maxwell 'Max' Cleland (GA - ) (Out Of Office)
- Kent Conrad (ND - D) (Out Of Office)
- Christopher J. 'Chris' Dodd (CT - D) (Out Of Office)
- Richard J. 'Dick' Durbin (IL - D)
- Wendell H. Ford (KY - D) (Out Of Office)
- Thomas 'Tom' Harkin (IA - D)
- Timothy Peter 'Tim' Johnson (SD - D)
- Edward M. 'Ted' Kennedy Sr. (MA - D) (Out Of Office)
- John Forbes Kerry (MA - D) (Out Of Office)
- Mary L. Landrieu (LA - D)
- Frank R. Lautenberg (NJ - D) (Out Of Office)
- Carl Levin (MI - D)
- Barbara A. Mikulski (MD - D)
- Paul D. Wellstone (MN - D) (Out Of Office)
