Restoring Earnings to Lift Individuals and Empower Families (RELIEF) Act of 2001
Placed on Senate Legislative Calendar under General Orders. Calendar No. 43.
Congressional Research Service
Official summary
Version 00 · Introduced in Senate · May 16, 2001
Restoring Earnings To Lift Individuals and Empower Families (RELIEF) Act of 2001 - Amends the Internal Revenue Code to, among other things: (1) provide for lower income tax rates; (2) increase the income required before beginning the phase out of itemized deductions; (3) repeal the personal exemption phase out; (4) increase the child tax credit; (5) provide for the equalization of tax rates for those filing jointly and those filing singly (provides "marriage penalty" relief); (6) increase assistance to education through tax revisions such as increasing contributions allowed to education IRAs, excluding certain scholarship amounts from income, and providing special treatment for bonds used to finance educational facilities; (7) repeal the estate and generation skipping transfer taxes; (8) reduce the gift tax rate; (9) increase pension and IRA contribution limits and benefits; and (10) increase the alternative minimum tax exemption.
Source last updated: Jan 14, 2025. Consult Congress.gov for the current record.
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