S Amdt 527 - Family Tax Relief Amendment - National Key Vote


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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.