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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.
- 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.