United States · United States Congress · 12 October 2018
Never Forget the Heroes: Permanent Authorization of the September 11th Victim Compensation Fund Act This bill funds through FY2090 the September 11th Victim Compensation Fund of 2001. Additionally, the bill modifies the Victim Compensation Fund (VCF): to allow claims to be filed until October 2089, to require VCF policies and procedures to be reassessed at least once every five years (currently, at least once annually), to require claimants to be paid for the amount by which a claim was reduced on the basis of insufficient funding, to remove the cap on noneconomic damages in special circumstances, and to adjust the annual limit on economic loss compensation for inflation.
United States · United States Congress · 5 October 2018
Designates the facility of the United States Postal Service located at 200 Israel Road Southeast in Tumwater, Washington, as the "Eva G. Hewitt Post Office."
United States · United States Congress · 28 September 2018
Expresses support for the designation of a National Secure Your Load Day to honor the lives of those that have been impacted by unsecure loads and road debris.
United States · United States Congress · 10 September 2018
Protecting Family and Small Business Tax Cuts Act of 2018 This bill amends the Internal Revenue Code to make permanent several tax provisions that were enacted in 2017 and are scheduled to expire at the end of 2025. The bill makes permanent provisions that: reduce individual tax rates, modify the taxation of the unearned income of children, allow a deduction for qualified business income of pass-through entities, increase the standard deduction, increase and modify the child tax credit, increase the limitation for certain charitable contributions, allow additional contributions to ABLE accounts (tax-favored accounts designed to enable individuals with disabilities to save for and pay for disability-related expenses), allow certain members of the Armed Forces in the Sinai Peninsula of Egypt to receive combat zone tax benefits, exclude from gross income discharges of student loan debt due to the death or disability of the student, repeal the deduction for personal exemptions, limit individual deductions for state and local taxes, limit the mortgage interest deduction, double the estate and gift tax exemption amount, increase the alternative minimum tax exemption amount for individuals, and repeal or limit several other deductions and exclusions. The bill also: extends through 2020 the reduction in the adjusted gross income threshold for the medical expense deduction, modifies the capital gains tax brackets, and modifies tax filing requirements for married taxpayers.
United States · United States Congress · 10 September 2018
Family Savings Act of 2018 This bill modifies the requirements for employer-provided retirement plans and tax-favored savings accounts. With respect to employer-provided retirement plans, the bill modifies requirements regarding: multiple employer and pooled employer plans, nonelective contributions to 401(k) plans, loans, the portability of lifetime income investments, the treatment of custodial accounts upon termination of section 403(b) plans, retirement income accounts for church-controlled organizations, required minimum distributions, retirement plan contributions picked up by government employers for new or existing employees, elective deferrals by members of the Ready Reserve of a reserve component of the Armed Forces, and nondiscrimination rules. The bill modifies requirements for other tax-favored savings account to: treat taxable non-tuition fellowship and stipend payments as compensation for the purpose of an Individual Retirement Account (IRA), repeal the maximum age for traditional IRA contributions, allow individuals to establish tax-favored universal savings accounts, expand the purposes for which qualified tuition programs (commonly known as 529 plans) may be used, and allow certain penalty-free withdrawals from retirement plans if a child is born or adopted.
United States · United States Congress · 10 September 2018
American Innovation Act of 2018 This bill consolidates and expands the existing tax deductions for start-up expenditures and organizational expenditures of taxpayers beginning an active trade or business. For the year in which an active trade or business begins, the bill allows a single deduction equal to the lesser of (1) the aggregate amount of start-up and organizational expenditures paid or incurred in connection with the active trade or business, or (2) $20,000, reduced (but not below zero) by the amount by which the aggregate amount exceeds $120,000. The $20,000 and $120,000 limits must be adjusted for inflation after 2019. The bill also allows a start-up business to use net operating loss carryforwards, net operating losses, and unused general business tax credits after an ownership change without being subject to certain limitations required under current law.
United States · United States Congress · 3 August 2018
PEPFAR Extension Act of 2018 This bill amends the United States Leadership Against HIV/AIDS, Tuberculosis, and Malaria Act of 2003 to extend certain provisions related to the U.S. President's Emergency Plan for AIDS Relief (PEPFAR), a U.S. governmental initiative addressing the global HIV/AIDS epidemic. Specifically, the bill extends through FY2023 provisions that: require the Inspectors General of the Department of State and the U.S. Agency for Global Media, jointly with the Department of Health and Human Services and the U.S. Agency for International Development, to coordinate and conduct oversight of PEPFAR programs; limit U.S. contributions to the Global Fund to Fight AIDS, Tuberculosis and Malaria to 33% of funds contributed from all sources; require that certain fund contributions be withheld under specified circumstances; and require that at least half of the PEPFAR budget be allocated for specified HIV/AIDS treatment and care. The bill also extends through FY2024 annual reporting requirements relating to HIV/AIDS treatment providers and costs.
United States · United States Congress · 26 July 2018
Designates the facility of the United States Postal Service located at 4301 Northeast 4th Street in Renton, Washington, as the "James Marshall 'Jimi' Hendrix Post Office Building."
United States · United States Congress · 26 July 2018
Medicare Secondary Payer and Workers' Compensation Settlement Agreements Act of 2018 This bill alters provisions relating to Medicare secondary payer rules with respect to workers' compensation settlement arrangements. Among other things, the bill provides that a Medicare set-aside fulfills secondary payer obligations if the set-aside is included in the arrangement and meets certain other criteria.
United States · United States Congress · 25 July 2018
Restore Our Parks and Public Lands Act This bill establishes the National Park Service and Public Lands Legacy Restoration Fund and requires 50% of all energy development revenues for FY2019-FY2023 to be deposited into such fund. Amounts deposited in the fund must not exceed $1.3 billion for any fiscal year and must be used for meeting high-priority deferred maintenance needs of the National Park Service.
United States · United States Congress · 16 July 2018
Save Community Newspaper Act of 2018 This bill allows community newspapers to elect to apply certain alternative minimum funding standards for single-employer defined benefit pension plans that meet specified requirements. "A community newspaper" is a newspaper that primarily serves a metropolitan statistical area with a population of at least 100,000.
United States · United States Congress · 28 June 2018
Efficient Drug Disposal Act of 2018 This bill amends the Clean Air Act to exempt certain solid waste incinerators from performance standards, including emission requirements. Specifically, incinerators used by federal, state, and local law enforcement agencies to destroy contraband or household pharmaceuticals are exempt from these requirements.
United States · United States Congress · 21 June 2018
Family Reunification Act This bill directs the Department of Homeland Security (DHS) to ensure that each unaccompanied alien child removed by a federal official or employee from the custody of a parent or legal guardian at or near a port of entry or within 100 miles of the border be reunited with the parent or legal guardian at the earliest possible date unless: a state court terminates the rights of a parent or legal guardian, determines that it is in the child's best interests to be removed from the parent or legal guardian, or makes any similar determination that is authorized under state law; a state or county child welfare official determines that it is in the child's best interests to be removed from his or her parent or legal guardian because the child is in danger of abuse or neglect from the parent or legal guardian; or DHS requires continued separation because the child is a trafficking victim or is at significant risk of becoming a trafficking victim, there is a strong likelihood that the adult is not the child's parent or legal guardian, or the child is in danger of abuse or neglect from the parent or legal guardian.
United States · United States Congress · 19 June 2018
Guarantee Access to Arts and Music Education Act of 2018 or the GAAME Act of 2018 This bill amends the Elementary and Secondary Education Act of 1965 to specify that Title I funds (which support the instructional needs of students from low-income families) may be used for arts and music programs.
United States · United States Congress · 15 June 2018
Tribal Social Security Fairness Act of 2018 This bill directs the Social Security Administration, at the request of an Indian tribe, to enter into an agreement with the tribe for the purpose of extending Old Age, Survivors, and Disability Insurance benefits under Social Security to tribal council members. In addition, the bill allows tribal council members to receive Social Security credit for taxes paid prior to the establishment of the agreement, if the taxes were timely paid in good faith and not subsequently refunded.
United States · United States Congress · 13 June 2018
Improving Social Security's Service to Victims of Identity Theft Act This bill requires the Social Security Administration to provide a single point of contact for any individual requesting a new Social Security account number due to theft, breach, or fraudulent activity. The single point of contact must track the individual's case to completion and coordinate with other specialized units to resolve case issues as quickly as possible.
United States · United States Congress · 16 May 2018
Preserving Welfare for Needs Not Weed Act This bill requires state Temporary Assistance for Needy Families (TANF) programs to maintain policies preventing assistance under the TANF program from being used at an establishment that offers marijuana for sale.
United States · United States Congress · 15 May 2018
Securing the International Mail Against Opioids Act of 2018 This bill establishes requirements related to U.S. Postal Service (USPS) international mail shipments. Among other requirements, the bill requires USPS to gather advanced data on its shipments and share such information with U.S. Customs and Border Protection and assesses a fee on on overseas inbound express mail.
United States · United States Congress · 15 May 2018
Removing Onerous Obstacles in the Tax code for Mainstreet Businesses Act of 2018 or the ROOT for Mainstreet Businesses Act of 2018 This bill amends the Internal Revenue Code to exclude from personal holding company income certain rents and royalties that are derived in the active conduct of a trade or business and are not received from a related person.
United States · United States Congress · 7 May 2018
Afghan Allies Protection Amendments Act of 2018 This bill amends the Afghan Allies Protection Act of 2009 to authorize, in addition to any unused visas in prior fiscal years, up to 4,000 visas in FY2019 for the Afghan special immigrant visa program. That program provides special immigrant visa status for Afghans (and certain family members) who are threatened because of their work as translators, interpreters, or support staff for the U.S. government or its Armed Forces in Afghanistan. The bill also requires that the period of employment for Afghans eligible for the special visa end by December 31, 2021, and that Afghans seeking special immigrant status must apply to the Chief of Mission in Afghanistan by that same date.
United States · United States Congress · 13 April 2018
Designates the facility of the United States Postal Service located at 4801 West Van Giesen Street in West Richland, Washington, as the "Sergeant Dietrich Schmieman Post Office Building."
United States · United States Congress · 12 April 2018
Stephen Michael Gleason Congressional Gold Medal Act This bill directs the Speaker of the House of Representatives and the President pro tempore of the Senate to arrange for the award of a Congressional Gold Medal to Stephen Michael Gleason.
United States · United States Congress · 20 March 2018
Runaway and Homeless Youth and Trafficking Prevention Act of 2018 This bill reauthorizes through FY2023 and revises the Runaway and Homeless Youth Act.
United States · United States Congress · 5 March 2018
Supports the efforts of the United Bid Committee to bring the 2026 Federation Internationale de Football Association (FIFA) World Cup competition to Canada, Mexico, and the United States.
United States · United States Congress · 27 February 2018
Better Utilization of Investments Leading to Development Act of 2018 or the BUILD Act of 2018 This bill establishes the United States International Development Finance Corporation to facilitate the participation of private sector capital and skills in the economic development of countries with low- or lower-middle-income economies and countries transitioning from nonmarket to market economies in order to complement U.S. assistance and foreign policy objectives. The corporation may: (1) make loans or loan guarantees, (2) as a minority investor acquire equity or financial interests in entities, (3) provide insurance or reinsurance to private sector entities and qualifying sovereign entities, (4) provide technical assistance, (5) administer special projects, (6) establish enterprise funds, (7) issue obligations, and (8) charge service fees. The corporation shall terminate after seven years. The corporation shall not provide assistance to: (1) a country whose government has repeatedly supported acts of international terrorism, or (2) a private sector entity that is engaged in monopolistic practices. The bill prescribes transitional provisions, including transferring to the corporation the functions, personnel, assets, and liabilities of the Overseas Private Investment Corporation (which is subsequently terminated) and specified elements of the U.S. Agency for International Development.
United States · United States Congress · 27 February 2018
Global Food Security Reauthorization Act of 2018 This bill amends the Global Food Security Act of 2016 to revise policy objectives and to: (1) extend through FY2021 the program to carry out those portions of the global food security strategy that relate to the Department of State and the U.S. Agency for International Development, and (2) expand requirements for reporting by the President regarding strategy implementation. The Foreign Assistance Act of 1961 is amended to extend through FY2021 the assistance program for international disaster relief and rehabilitation, including the set-aside for the emergency food security program.
United States · United States Congress · 8 February 2018
This bill extends the Generalized System of Preferences (a U.S. trade preference program that provides duty-free access to imports on products from certain developing countries) through 2020. The Trade Act of 1974 is amended to modify the deadline for the review process for the competitive needs limitation. (The competitive need limitation terminates duty-free treatment with respect to articles from a beneficiary developing country if certain import limits are exceeded.) The Consolidated Omnibus Budget Reconciliation Act of 1985 is amended to extend through June 21, 2026, the authority for customs user fees for the processing of merchandise formally entered or released into the United States.
United States · United States Congress · 7 February 2018
Amy, Vicky, and Andy Child Pornography Victim Assistance Act of 2018 This bill amends the federal criminal code to modify procedures for determining the amount of mandatory restitution in child pornography cases. Additionally, the bill amends the Victims of Crime Act of 1984: to direct courts to impose additional assessments on persons convicted of child pornography offenses; and to establish a Child Pornography Victims Reserve, within the Crime Victims Fund, where the additional assessments must be deposited.
United States · United States Congress · 19 January 2018
Justice Served Act of 2018 This bill amends the DNA Analysis Backlog Elimination Act of 2000 to add, as a purpose area under the Debbie Smith DNA Backlog Grant Program, increasing the capacity of prosecutors to address the backlog of violent crime cases involving suspects identified through DNA evidence. The Department of Justice (DOJ) must allocate a specified percentage of grant funds for such purpose, subject to limitations. Additionally, of amounts made available over FY2019-FY2022 for a DNA analysis and capacity enhancement program and for other forensic activities, DOJ must allocate at least 5% for grants to prosecute cold cases involving violent crime, where suspects have been identified through DNA evidence.
United States · United States Congress · 16 January 2018
Uniting and Securing America Act of 2018 or the USA Act of 2018 This bill provides conditional permanent resident status for an alien meeting specified requirements, including having entered the United States when younger than 18 years old and residing in the United States since December 31, 2013. An individual may apply to have such conditional basis removed after meeting specified eligibility requirements. The Department of Homeland Security (DHS) shall cancel the removal of, and adjust to the status of an alien lawfully admitted for permanent residence on a conditional basis, an individual who was granted Deferred Action for Childhood Arrivals (DACA) status, unless such individual has engaged in disqualifying conduct. The bill repeals provisions that deny an unlawful alien eligibility for higher education benefits on the basis of residence within a state unless a U.S. citizen or national is eligible for such benefits without regard to whether such citizen or national is such a resident. DHS shall: (1) deploy the most practical and effective technology available in order to achieve situational awareness and operational control along the U.S. border; (2) submit to Congress a comprehensive southern border strategy to achieve border control; and (3) begin eradicating the carrizo cane plant and salt cedar along the Rio Grande River. DHS may construct new ports of entry along the northern and southern borders. The bill establishes Operation Stonegarden in DHS to provide border security grants to law enforcement agencies in border or maritime border states that are involved in U.S. Customs and Border Protection operations DHS shall establish a two-year grant program to improve emergency communications in the southern border region for individuals who are at risk of violence and lack cellular and LTE network service. The number of immigration judges is increased. The President shall designate a senior official to coordinate federal and international efforts to strengthen citizen security, the rule of law, and economic prosperity in Central America.
United States · United States Congress · 21 December 2017
National Law Enforcement Museum Commemorative Coin Act This bill directs the Department of the Treasury to mint and issue up to 50,000 $5 gold coins, 400,000 $1 silver coins, and 750,000 half-dollar clad coins that are emblematic of the National Law Enforcement Museum in Washington, DC, and the service and sacrifice of law enforcement officers throughout the history of the United States. All sales of such coins shall include specified surcharges, which shall be distributed to the National Law Enforcement Officers Memorial Fund, Inc., for educational and outreach programs and exhibits.
United States · United States Congress · 20 December 2017
Puppy Protection Act of 2017 This bill amends the Animal Welfare Act to require the Department of Agriculture to expand standards that govern the humane handling, care, treatment, and transportation of animals to include new requirements for commercial dog dealers. Specifically, the standards must require dog dealers to provide to dogs: (1) adequate housing, exercise, and veterinary care; (2) appropriate and nutritious food; (3) continuous access to potable water; and (4) meaningful socialization with humans and compatible dogs for at least 30 minutes each day. The standards must also include requirements for breeders to use safe breeding practices and make all reasonable efforts to find humane placement for retired breeding dogs.
United States · United States Congress · 20 December 2017
Welfare of Our Friends Act of 2017 or the WOOF! Act This bill amends the Animal Welfare Act to prohibit the Department of Agriculture (USDA) from licensing a dealer of dogs whose previous licenses have been suspended or revoked in the last 10 years if the license is for operating a facility that the dealer previously used. Further, USDA may not issue or renew a license to: (1) the dog dealer's immediate family members, (2) a person who resides at the same address as the dog dealer, or (3) certain legal entities if such dealer holds an ownership interest in the entity.
United States · United States Congress · 19 December 2017
This bill extends the time period for new technology add-on payments, as well as for transitional pass-through payments for certain medical devices, drugs, and biologicals, under Medicare.
United States · United States Congress · 18 December 2017
Ensuring Equal Access to Treatments Act of 2017 This bill modifies provisions related to Medicare coverage and payment for new drugs, devices, and technology, including with respect to the new-technology add-on program.
United States · United States Congress · 14 December 2017
Recovering America's Wildlife Act This bill amends the Pittman-Robertson Wildlife Restoration Act to direct the Department of the Treasury to transfer, beginning in FY2018, revenues from energy and mineral development on federal lands totaling $1.3 billion to the Wildlife Conservation and Restoration Subaccount of the Federal Aid to Wildlife Restoration Fund, to be available without further appropriation. The bill revises the requirements governing how the funds from the subaccount may be used, including by requiring funds to be used to develop, revise, and implement state wildlife conservation strategies. The bill expands the allowable uses of the subaccount, including by allowing funds to be used for managing invasive and nuisance species and for law enforcement activities that are directly related to the conservation of species of the greatest conservation need. Funds apportioned from the subaccount may not be conditioned upon the provision of public access to private lands, waters, or holdings. The bill specifies what types of funds and donations states may use to meet matching fund requirements. The bill revises the formula used to determine how funds are distributed to states.
United States · United States Congress · 13 December 2017
Small businesses Add Value for Employees Act of 2017 or the SAVE Act of 201 7 This bill amends the Internal Revenue Code to modify the requirements for employer-established individual retirement accounts (IRAs) and pension plans. With respect to SIMPLE (Savings Incentive Match Plan for Employees) IRAs, the bill: repeals restrictions on rollovers to retirement plans, allows employers to terminate the plan at any time during the year, repeals the increased penalty on early distributions, and allows additional contributions. The bill also: establishes automatic deferral IRAs to permit the automatic enrollment of employees earning at least $5,000 for the preceding year, establishes secure deferral arrangements for automatically enrolling employees at a rate of at least 6% of pay with annual increases and specified matching contributions, allows small employers a tax credit for the cost of adopting safe harbor requirements for automatic contribution arrangements, allows unused benefits in a flexible spending arrangement to be transferred to a retirement or deferred compensation plan, increases the tax credit for small employer pension plan startup costs, and establishes multiple small employer retirement plans that provide for automatic employee contributions. The Department of the Treasury must: (1) modify requirements for the timing of notices to participants in automatic contribution pension plans, and (2) develop specified financial educational materials. The bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to: (1) exempt IRAs that permit payroll deductions from additional pension plan requirements, (2) require disclosures relating to lifetime income from pension plans and annuities, and (3) set forth safe harbor criteria for the selection of an annuity contract and an insurer.
United States · United States Congress · 5 December 2017
Strengthening Protections for Social Security Beneficiaries Act of 2017 This bill requires the Social Security Administration (SSA) to make annual grants to each state's protection and advocacy system for the purpose of conducting reviews of representative payees under the Supplemental Security Income (SSI) program and the Old Age, Survivors, and Disability Insurance (OASDI) program. The SSA must also conduct periodic onsite reviews of individual and organizational payees. The bill lessens certain monitoring requirements with respect to specified family members who are serving as representative payees. The bill provides for advance designation of representative payees. In general, an individual who has been convicted of a felony, or of an attempt or a conspiracy to commit a felony, may not serve as a representative payee. An individual who has a representative payee may not also serve as a representative payee. The SSA must report to specified congressional committees on certain issues related to representative payment with respect to SSI and OASDI benefits. The SSA must: (1) enter into agreements with each state for the purpose of sharing information to identify represented minor beneficiaries who are in foster care; and (2) determine the appropriate representative payee for any represented minor beneficiary who has entered foster care, exited foster care, or changed foster care placement in a given month. The bill modifies provisions related to overpayment liability with respect to a represented minor beneficiary in foster care. The Government Accountability Office must report to specified congressional committees on certain issues related to represented minor beneficiaries in foster care.
United States · United States Congress · 28 November 2017
Directs the Committee on House Administration to issue regulations requiring Members, officers, and employees of the House of Representatives to complete a training program on workplace rights and responsibilities, including anti-discrimination and anti-harassment training, during each congressional session. Requires Members, officers, or employees to certify completion of such training within 90 days after a congressional session begins or within 90 days after beginning service during a session. (Sets forth a special rule requiring such training to be completed within 180 days after the beginning of the second session of the 115th Congress.) Directs the committee to issue regulations requiring that each House employing office post in a prominent location in its office and in each Member's congressional district office a statement of rights and protections provided to House employees under the Congressional Accountability Act of 1995, including procedures for responding to and adjudicating allegations of violations of such rights and protections.
United States · United States Congress · 17 November 2017
This bill requires the Department of the Air Force to establish a program under which a qualified wounded warrior who faces retirement or separation from the Armed Forces for physical disability may continue, in lieu of such retirement or separation, to serve as a remotely piloted aircraft pilot or remotely piloted aircraft sensor operator.
United States · United States Congress · 16 November 2017
Bureau of Reclamation and Bureau of Indian Affairs Water Project Streamlining Act This bill accelerates the Department of Interior's review, including environmental review, of feasibility studies for water projects for the reclamation of arid lands under the Reclamation Act of 1902 (project studies). Each future project study must have a maximum federal cost of $3 million. The bill exempts certain surface water projects, water recycling projects, and water supply projects from specified provisions of the Water Infrastructure Improvements for the Nation Act. The bill authorizes the Equus Beds Division of the Wichita Project, the Musselshell-Judith Rural Water System, the Shasta Lake Water Resources Investigation, and Phase III of the Yakima River Basin Water Enhancement Project. The bill establishes a process for Interior to deauthorize certain reclamation programs or projects for which no funds were obligated during the current fiscal year or the last five preceding fiscal years.
United States · United States Congress · 14 November 2017
This bill nullifies a rule finalized by the Centers for Medicare & Medicaid Services on November 13, 2017, that modifies payment under Medicare for certain drugs purchased through the 340B discount program.
United States · United States Congress · 9 November 2017
Miscellaneous Tariff Bill Act of 2017 This bill amends the Harmonized Tariff Schedule of the United States (HTS) to: (1) repeal expired reductions in rates of duty for specified chemicals and other items; and (2) provide for duty suspensions and reductions through December 31, 2020, for specified chemicals and other items.
United States · United States Congress · 6 November 2017
Building Our Largest Dementia Infrastructure for Alzheimer's Act or the BOLD Infrastructure for Alzheimer's Act This bill requires the Department of Health and Human Services to award cooperative agreements to state and local health departments to expand activities related to Alzheimer's disease, including activities involving early detection, support for caregivers, and public awareness.
United States · United States Congress · 2 November 2017
Congressional Education About Sexual harassment Eradication Resolution or the CEASE Resolution Amends Rule XXIII (Code of Official Conduct) of the Rules of the House of Representatives to require each Member, Delegate, Resident Commissioner, officer, and employee of the House of Representatives to: (1) complete the Office of Compliance's program of sexual harassment prevention and response training in employment annually; and (2) certify to the House Committee on Ethics by January 31 of each year that the individual has completed the program in the previous year. Requires each current Member, Delegate, Resident Commissioner, officer, and employee to meet such training and certification requirement not later than the earlier of 120 days after the adoption of this resolution or December 31, 2018. Requires each new Member, Delegate, Resident Commissioner, officer, and employee to certify completion of such program within 60 days after beginning service. Considers failure to meet such requirement a violation of Rule XXIII. Expresses the sense of the House that the Office of Compliance should: update, as specified, its program of sexual harassment prevention and response training in employment; and consult with the Workplaces Respond to Domestic and Sexual Violence: A National Resource Center in updating and implementing such program.
United States · United States Congress · 2 November 2017
Tax Cuts and Jobs Act This bill amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. With respect to individuals, the bill: replaces the seven existing tax brackets (10%, 15%, 25%, 28%, 33%, 35%, and 39.6%) with four brackets (12%, 25%, 35%, and 39.6%), increases the standard deduction, repeals the deduction for personal exemptions, establishes a 25% maximum rate on the business income of individuals, increases the child tax credit and establishes a new family tax credit, repeals the overall limitation on certain itemized deductions, limits the mortgage interest deduction for debt incurred after November 2, 2017, to mortgages of up to $500,000 (currently $1 million), repeals the deduction for state and local income or sales taxes not paid or accrued in a trade or business, repeals the deduction for medical expenses, consolidates and repeals several education-related deductions and credits, repeals the alternative minimum tax, and repeals the estate and generation-skipping transfer taxes in six years. For businesses, the bill: reduces the corporate tax rate from a maximum of 35% to a flat 20% rate (25% for personal services corporations), allows increased expensing of the costs of certain property, limits the deductibility of net interest expenses to 30% of the business's adjusted taxable income, repeals the work opportunity tax credit, terminates the exclusion for interest on private activity bonds, modifies or repeals various energy-related deductions and credits, modifies the taxation of foreign income, and imposes an excise tax on certain payments from domestic corporations to related foreign corporations. The bill also repeals or modifies several additional credits and deductions for individuals and businesses.
United States · United States Congress · 12 October 2017
Removing Onerous Obstacles in the Tax code for Mainstreet Businesses Act or the ROOT for Mainstreet Businesses Act This bill amends the Internal Revenue Code to modify the tax treatment of personal holding companies. The bill excludes from the definition of "personal holding company" a corporation with greater than 50% stock ownership held by nonresident alien individuals with no effectively connected income under tax provisions regarding expatriation to avoid tax or the taxation of nonresident alien individuals. The bill also excludes from personal holding company income certain rents and royalties that are derived in the active conduct of a trade or business and are not received from a related person.