Taxation

Federal Disaster Assistance Nonprofit Fairness Act of 2017

United States · United States Congress · 11 May 2017

Federal Disaster Assistance Nonprofit Fairness Act of 2017 This bill amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to include community centers, including tax-exempt houses of worship, as "private nonprofit facilities" for purposes of disaster relief and emergency assistance eligibility under such Act. A church, synagogue, mosque, temple, or other house of worship, and a private nonprofit facility operated by a religious organization, are eligible for federal contributions for the repair, restoration, and replacement of facilities damaged or destroyed by a major disaster, without regard to the religious character of the facility or the primary religious use of the facility. This bill is applicable to the provision of assistance in response to a major disaster or emergency declared on or after October 28, 2012.

Offshore WIND Act

United States · United States Congress · 11 May 2017

Offshore Wind Incentives for New Development Act or the Offshore WIND Act This bill amends the Internal Revenue Code to expand the tax credit for investment in energy property to include a qualified offshore wind property with construction that begins before January 1, 2026. A "qualified offshore wind property" is a facility that: (1) uses wind to produce electricity; and (2) is located in the inland navigable waters of the United States including the Great Lakes, or in the coastal waters of the United States, including the territorial seas of the United States, the exclusive economic zone of the United States, and the outer Continental Shelf of the United States. The term excludes certain small wind energy property that uses a small wind turbine to generate electricity.

Water and Agriculture Tax Reform Act of 2017

United States · United States Congress · 10 May 2017

Water and Agriculture Tax Reform Act of 201 7 This bill amends the Internal Revenue Code to permit tax-exempt mutual ditch or irrigation companies to earn income from dispositions of certain real property and stock interests without affecting their tax-exempt status, but requires that such income be used to pay the costs of operations, maintenance, and capital improvements of such a company. The bill also establishes a rule regarding the organizational governance of mutual ditch or irrigation companies. Where state law provides that such a company may be organized in a manner that permits voting on a basis that is pro rata to share ownership on corporate governance matters, an organization's qualification as a mutual ditch or irrigation company must be determined without taking into account whether its member shareholders have one vote on corporate governance matters per share held in the corporation.

STATE, FOREIGN OPERATIONS, AND RELATED PROGRAMS APPROPRIATIONS FOR FISCAL YEAR 2018

United States · United States Senate · 9 May 2017

Vested Employee Pension Benefit Protection Act

United States · United States Congress · 9 May 2017

Vested Employee Pension Benefit Protection Act This bill amends the Internal Revenue Code to allow employees in the building and construction industry who have attained age 55 and are not separated from employment to make distributions from certain tax-exempt multiemployer pension plans if they were participants in such plan on or before April 30, 2013.

Electronic Signature Standards Act of 2017

United States · United States Congress · 9 May 2017

Electronic Signature Standards Act of 2017 This bill amends the Internal Revenue Code to require the Internal Revenue Service to publish guidance to establish uniform standards and procedures for the acceptance of practitioner signatures in digital or other electronic form for the purposes of: (1) disclosures of tax returns and return information to a designee of the taxpayer, and (2) any power of attorney executed by the taxpayer.

LEAP Act

United States · United States Congress · 8 May 2017

Leveraging and Energizing America's Apprenticeship Programs Act or the LEAP Act This bill amends the Internal Revenue Code to allow employers a business-related tax credit of $1,500 for hiring an apprenticeship employee who has not attained age 25 at the close of the taxable year or $1,000 for an apprenticeship employee who has attained age 25. The bill allows such credit for no more than two taxable years with respect to any apprenticeship employee. An "apprenticeship employee" is an employee who is employed in an officially-recognized apprenticeable occupation pursuant to an apprentice agreement registered with the Office of Apprenticeship of the Employment and Training Administration of the Department of Labor or a state apprenticeship agency. The Office of Management and Budget must coordinate with federal departments and independent agencies to: (1) determine which government publications could be available on government websites and no longer printed, (2) devise a strategy to reduce overall government printing costs over the 10-year period beginning with FY2016, (3) establish government-wide guidelines on employee printing, and (4) issue guidelines for publicly disclosing information about the publication of government documents.

Clean Energy for America Act

United States · United States Congress · 8 May 2017

Clean Energy for America Act This bill amends the Internal Revenue Code to modify or replace several existing energy-related tax incentives to provide consolidated tax deductions and credits for the production of or investment in clean electricity, the production of clean transportation fuels, and energy efficient homes and commercial buildings. The new tax incentives are technology-neutral and the amounts of the credits or deductions vary based on the levels of carbon emissions for the incentives for electricity and fuels or energy efficiency in the case of the incentives for energy efficient homes and commercial buildings. The bill also establishes tax credits for certain bonds issued by a governmental body, a public power provider, or a cooperative electric company for facilities producing clean electricity or clean transportation fuels. The bill phases out the new tax incentives when annual greenhouse gas emissions in the United States have been reduced by at least 35%. In order to provide for a transition period for the new tax incentives, the bill temporarily extends several existing energy-related tax provisions. With respect to the existing qualifying advanced energy project credit, the Department of the Treasury must establish an additional qualifying advanced energy project program to consider and award certifications for qualified investments eligible for credits.

MILITARY CONSTRUCTION, VETERANS AFFAIRS, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2018

United States · United States Senate · 4 May 2017

Western Area Power Administration Transparency Act

United States · United States Congress · 4 May 2017

Western Area Power Administration Transparency Act This bill directs the Western Area Power Administration (WAPA) to establish a pilot project to provide increased transparency for its customers. WAPA must publicly display on its website specific information dating back to FY2008, including rates charged by power systems to customers for power and transmission services, the amount of capacity or energy sold by power systems, and a detailed accounting at the functional and budget activity level of all its expenditures and capital costs by region and for the headquarters office. Additionally, WAPA must annually update the information it provides on the website, including the changes it publishes, the reasons for the changes, and the amount of the unobligated balances it retains at the end of the prior fiscal year within each marketing area and at headquarters. The pilot project shall terminate in seven years.

VETERAN Act

United States · United States Congress · 4 May 2017

Veterans Equal Treatment Ensures Relief and Access Now Act or the VETERAN Act This bill amends the Internal Revenue Code to specify that, for the purpose of determining eligibility for the premium assistance tax credit, an individual may not be treated as eligible for coverage under certain Department of Veterans Affairs health insurance programs unless the individual is enrolled in the program. The bill applies to the premium assistance credit under current law beginning after 2017 and, if the American Health Care Act of 2017 is enacted, the modified premium assistance credit that would take effect under that bill after 2019. (Under current law, the premium assistance tax credit is a refundable tax credit provided to eligible individuals and families to subsidize the purchase of health insurance plans through an exchange established under the Patient Protection and Affordable Care Act. Individuals eligible for minimum essential health coverage from certain sources other than the individual insurance market are not eligible for the credit.)

Keeping America's Pension Promises Act

United States · United States Congress · 4 May 2017

Keeping America's Pension Promises Act This bill repeals the elimination of the pension anti-cutback provisions under the Multiemployer Pension Reform Act of 2014. The anti-cutback provisions prohibit reductions in pension benefits to participants in multiemployer pension plans. The bill amends the Employee Retirement Income Security Act of 1974 (ERISA), with respect to partitions of eligible multiemployer plans, to modify the procedures and allow plan sponsors to petition the Pension Benefit Guaranty Corporation (PBGC) for a partition of additional financially-troubled pension plans. The PBGC must establish a legacy fund to cover the administrative and benefit costs resulting from a partition. The Department of the Treasury must transfer amounts to the fund that are equal to the increase in revenues as a result of specified provisions of this bill that amend the Internal Revenue Code. The provisions amend the Internal Revenue Code to impose a .03% excise tax on certain trading transactions with respect to securities. The bill amends the federal bankruptcy code to assign first claim priority to pension obligations under ERISA.

To amend the Internal Revenue Code of 1986 to include fuel cells using electromechanical processes for purposes of the energy tax credit.

United States · United States Congress · 4 May 2017

This bill amends the Internal Revenue Code, with respect to the tax credit for investments in energy property, to make qualified fuel cell property (certain fuel cell power plants) that uses an electromechanical process or includes a linear generator assembly eligible for the credit.

Private Foundation Excise Tax Simplification Act of 2017

United States · United States Congress · 4 May 2017

Private Foundation Excise Tax Simplification Act of 2017 This bill amends the Internal Revenue Code to: (1) reduce from 2% to 1% the excise tax rate on the net investment income of tax-exempt private foundations, and (2) repeal the 1% reduction in such tax rate for private foundations that meet certain distribution requirements. The bill also excludes the budgetary effects of this bill from PAYGO scorecards maintained pursuant to the Statutory Pay-As-You-Go Act of 2010.

American Renewable Fuel and Job Creation Act of 2017

United States · United States Congress · 4 May 2017

American Renewable Fuel and Job Creation Act of 2017 This bill amends the Internal Revenue Code to modify and extend: (1) the income tax credit for biodiesel and renewable diesel used as fuel, and (2) the excise tax credit for biodiesel fuel mixtures. The bill: (1) makes the credits available to domestic producers of the fuels rather than the policy under current law of providing a mixture credit to the blender of the fuel, (2) increases the income tax credit for certain small biodiesel producers, and (3) extends the credits through 2020.

Save for Success Act

United States · United States Congress · 4 May 2017

Save for Success Act This bill amends the Internal Revenue Code, with respect to the American Opportunity Tax Credit for qualified tuition and related expenses, to: (1) permit up to $250 of the credit per year to be used for college savings contributions that are taken into account before tuition and fees, (2) direct the Departments of the Treasury and Education to jointly establish a pilot program to make periodic payments of the credit as educational expenses for a student are incurred during the taxable year, and (3) direct Treasury to establish a taxpayer awareness program to inform the public of the availability of the credit.

Department of Defense Waste Reduction Act

United States · United States Congress · 4 May 2017

Department of Defense Waste Reduction Act This bill prohibits the appropriation to the Department of Defense (DOD) of supplemental funds for FY2017 or funds for FY2018 if the total for such fiscal year exceeds the amount authorized to be appropriated for DOD by the National Defense Authorization Act for FY 2017, unless: (1) DOD certifies to the congressional defense committees that it has evaluated and is implementing each recommendation for DOD cost savings contained in the Defense Business Board study titled "Transforming Department of Defense's Core Business Processes for Revolutionary Change"; or (2) if DOD is unable to make such certification, it submits a report explaining why it is not implementing any such recommendation and 30 days elapse following the report's submission.

Assuring Contracting Equity Act of 2017

United States · United States Congress · 4 May 2017

Assuring Contracting Equity Act of 2017 This bill increases from: (1) 23% to 25% the government-wide small business procurement contract goal, (2) 5% to 10% the government-wide procurement goal for small disadvantaged businesses and women-owned businesses, and (3) 3% to 6% the government-wide procurement goal for service-disabled veteran-owned small businesses and HUBZone (Historically Underutilized Business Zone) small businesses. The number of categories is limited for which a small business may qualify under such goals. The Small Business Administration (SBA) must include in its annual report to the President and Congress on these goals the percentage of participation by small businesses for the total value of all prime contracts and subcontracts awards for a fiscal year, including the value of each contract awarded. The SBA must consult with the heads of other federal agencies to develop and implement standards for procurement officers to take into consideration the past compliance of potential contractors with small business subcontracting goals when making contract awards.

Assuring Contracting Equity Act of 2017

United States · United States Congress · 4 May 2017

Assuring Contracting Equity Act of 2017 This bill increases from: (1) 23% to 25% the government-wide small business procurement contract goal, (2) 5% to 10% the government-wide procurement goal for small disadvantaged businesses and women-owned businesses, and (3) 3% to 6% the government-wide procurement goal for service-disabled veteran-owned small businesses and HUBZone (Historically Underutilized Business Zone) small businesses. The number of categories is limited for which a small business may qualify under such goals. The Small Business Administration (SBA) must include in its annual report to the President and Congress on these goals the percentage of participation by small businesses for the total value of all prime contracts and subcontracts awards for a fiscal year, including the value of each contract awarded. The SBA must consult with the heads of other federal agencies to develop and implement standards for procurement officers to take into consideration the past compliance of potential contractors with small business subcontracting goals when making contract awards.

Veteran Small Business Export Promotion Act

United States · United States Congress · 4 May 2017

Veteran Small Business Export Promotion Act This bill amends the Small Business Act to prohibit the Small Business Administration (SBA) from assessing a guarantee fee in connection with a loan made to a veteran or spouse of a veteran beginning the first fiscal year after enactment of this bill under the SBA's Export Working Capital, International Trade, or Export Express programs. If the President's budget for the upcoming fiscal year includes a cost for such a program that is above zero, this prohibition shall not apply to loans made during such upcoming fiscal year.

Dynamic Glass Act

United States · United States Congress · 4 May 2017

Dynamic Glass Act This bill amends the Internal Revenue Code to specify that the use of electrochromic glass qualifies for the tax credit for investment in energy property. (Electrochromic glass is able to switch from clear to dark using a switch, sensor, timer, or similar controls.)

Segal AmeriCorps Education Award Enhancement Act of 2017

United States · United States Congress · 4 May 2017

Segal AmeriCorps Education Award Enhancement Act of 2017 This bill amends the Internal Revenue Code to exclude from gross income any AmeriCorps educational awards provided under the National and Community Service Act of 1990.

FAILURES OF FISCAL MANAGEMENT: A VIEW FROM THE COMPTROLLER GENERAL

United States · United States House of Representatives · 3 May 2017

DEPARTMENT OF DEFENSE APPROPRIATIONS FOR FISCAL YEAR 2018

United States · United States Senate · 3 May 2017

Small Business Relief and Job Creation Act

United States · United States Congress · 3 May 2017

Small Business Relief and Job Creation Act This bill amends the Internal Revenue Code to allow small business employers whose gross receipts in the preceding taxable year did not exceed $20 million or who did not employ more than 100 full-time employees during the preceding taxable year a work opportunity tax credit for hiring unemployed individuals as full-time employees (at least 30 hours per week for 35 or more calendar weeks in the taxable year) during 2018 or 2019. The bill doubles the rate of such credit for employers located in counties with unemployment rates that exceed the national rate of unemployment.

United States Library Trust Fund Act

United States · United States Congress · 3 May 2017

United States Library Trust Fund Act This bill amends the Internal Revenue Code to: (1) establish in the Treasury the United States Library Trust Fund, and (2) allow taxpayers to designate a portion of any tax overpayment (not less than $1) to the fund. The bill also authorizes public libraries or public school libraries to receive grants from the fund.

SERVE Act

United States · United States Congress · 3 May 2017

Seeking an End to Restrictions on Votive Employees Act or the SERVE Act This bill amends the Internal Revenue Code to specify that a retirement income account provided by a church or a convention or association of churches may cover: (1) a duly ordained, commissioned, or licensed minister of a church in the exercise of his ministry, regardless of the source of his compensation; (2) an employee of a tax-exempt organization, whether a civil law corporation or otherwise, that is controlled by or associated with a church or a convention or association of churches; and (3) certain employees who have been separated from service with a church, a convention or association of churches, or an organization described above.

Capital Access for Small Business Banks Act

United States · United States Congress · 3 May 2017

Capital Access for Small Business Banks Act This bill amends the Internal Revenue Code to allow a bank or a depository institution holding company which is an S corporation to: (1) have 500 shareholders (the current limit is 100 shareholders), and (2) issue qualified preferred bank stock. The bill makes a distribution of qualified preferred bank stock to a shareholder includible in the gross income of the shareholder and allows the bank or holding company to deduct the amount of such distribution.

501(c)(4) Reform Act of 2017

United States · United States Congress · 3 May 2017

501(c)(4) Reform Act of 201 7 This bill amends the Internal Revenue Code, with respect to the tax exemption under section 501(c)(4) for social welfare organizations and local associations of employees, to prohibit such entities from participating or intervening (including the publishing or distributing of statements) in any political campaign on behalf of, or in opposition to, any candidate for public office.

Military Spouse Hiring Act

United States · United States Congress · 3 May 2017

Military Spouse Hiring Act This bill amends the Internal Revenue Code to expand the Work Opportunity Tax Credit (WOTC) to include the hiring of a qualified military spouse. (The WOTC permits employers who hire individuals who are members of a targeted group such as qualified veterans, ex-felons, or long-term unemployment recipients to claim a tax credit equal to a portion of the wages paid to those individuals.) A "qualified military spouse" is any individual who is certified by the designated local agency as being (as of the hiring date) a spouse of a member of the Armed Forces.

Faith in Health Savings Accounts Act of 2017

United States · United States Congress · 3 May 2017

Faith in Health Savings Accounts Act of 2017 This bill amends the Internal Revenue Code to treat membership in a tax-exempt health care sharing ministry as coverage under a high deductible health plan for purposes of the tax deduction for contributions to a health savings account.

Putting Main Street FIRST Act

United States · United States Congress · 3 May 2017

Putting Main Street FIRST Act or the Putting Main Street FIRST: Finishing Irresponsible Reckless Speculative Trading Act This bill amends the Internal Revenue Code to impose a .03% excise tax on the purchase of a security if: (1) such purchase occurs on, or is subject to the rules of, a qualified board or exchange located in the United States; or (2) the purchaser or seller is a U.S. person. A "security" includes: (1) any share of stock in a corporation, (2) any partnership or beneficial ownership interest in a partnership or trust; (3) any note, bond, debenture, or other evidence of indebtedness; and (4) derivatives that meet specified criteria. The tax applies to transactions with respect to a derivative if: (1) the derivative is traded on, or is subject to the rules of, a qualified board or exchange located in the United States; or (2) any party with rights under the derivative is a U.S. person. The bill exempts from such tax: (1) initial issues of securities; and (2) any note, bond, debenture, or other evidence of indebtedness which is traded on or is subject to the rules of, a qualified board or exchange located in the United States, and has a fixed maturity of not more than 100 days. The tax applies to transactions by a controlled foreign corporation and must be paid by its U.S. shareholders. The bill allows an offset against such tax for contributions to certain tax-favored savings accounts.

Providing for consideration of the bill (H.R. 2192) to amend the Public Health Service Act to eliminate the non-application of certain State waiver provisions to Members of Congress and congressional staff, and providing for further consideration of the bill (H.R. 1628) to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2017.

United States · United States Congress · 3 May 2017

Sets forth the rule for consideration of the bill (H.R. 2192) to amend the Public Health Service Act to eliminate the non-application of certain State waiver provisions to Members of Congress and congressional staff, and providing for further consideration of the bill (H.R. 1628) to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2017.

Agricultural Worker Program Act of 2017

United States · United States Congress · 3 May 2017

Agricultural Worker Program Act of 2017 This bill authorizes the Department of Homeland Security (DHS) to confer blue card status upon an alien who: (1) has performed specified periods of U.S. agricultural employment or is a qualifying alien's spouse or child, (2) has been physically present in the United States for a qualifying period, (3) applied for such status during the application period, (4) is not ineligible under specified grounds for such status, (5) has passed security and law enforcement clearances, and (6) has paid the required fees and penalties. Blue card status is limited to eight years. A blue card alien (individual) may: (1) work in the United States, and (2) travel from and return to the United States, including commuting to the United States from a foreign residence. DHS shall adjust an individual's blue card status to lawful permanent resident status if the individual: (1) performs a specified period of qualifying agricultural employment, (2) applies before the expiration of his or her blue card status, and (3) pays a required fine and satisfies any federal tax liability. The bill also provides for status adjustment of such an individual's qualifying spouse and child. The bill enumerates: (1) grounds for revocation of blue card status or denial of permanent resident status, (2) protections for aliens apprehended before or during the application period or in removal proceedings, and (3) employer protections. Such an individual: (1) is ineligible for any federal means-tested benefit, and (2) may correct certain social security records. DHS shall report to Congress, after six months and annually for the next eight years, on the blue card program.

Know Conflicts Act of 2017

United States · United States Congress · 3 May 2017

Know Conflicts Act of 2017 This bill amends the Federal Funding Accountability and Transparency Act of 2006 to define: "active financial conflict of interest" to mean any potential source of conflict that constitutes a financial interest in or liability owed to an entity reported as receiving a federal award under such Act; "covered person" to mean the President, Vice President, spouse of the President or Vice President, and a dependent child of the President or Vice President; and "potential source of conflict" to mean any financial interest or liability held by a covered person that is not a financial interest held by a widely held investment fund and that is included in a covered person's financial disclosure report required to be filed under such Act, or that is otherwise identified by the Office of Government Ethics as a potential source of conflict. The Office of Management and Budget must ensure that its publicly accessible website on federal awards includes information indicating whether an award has resulted in the existence of one or more active financial conflicts of interest. The Bureau of the Fiscal Service of the Department of the Treasury must annually submit to Congress a report that includes a comprehensive accounting of all new or ongoing active conflicts of interest.

Carried Interest Fairness Act of 2017

United States · United States Congress · 3 May 2017

Carried Interest Fairness Act of 201 7 This bill amends the Internal Revenue Code to: (1) set forth a special rule for the inclusion in gross income of partnership interests transferred in connection with the performance of services, (2) treat as ordinary income the net capital gain with respect to an investment services partnership interest except to the extent such gain is attributable to a partner's qualified capital interest, (3) exempt income from investment services partnership interests from treatment as qualifying income of a publicly traded partnership, (4) exempt certain family partnerships from the application of this bill; (5) increase the penalty for underpayments of tax resulting from failure to treat income from an investment services partnership interest as ordinary income, and (6) include income and loss from an investment services partnership interest for purposes of determining net earnings from self-employment and applicable self-employment taxes. The bill defines "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership about investing in, purchasing, or selling specified assets; (2) managing, acquiring, or disposing of specified assets; or (3) arranging financing with respect to acquiring specified assets.

Gigabit Opportunity Act

United States · United States Congress · 3 May 2017

Gigabit Opportunity Act This bill amends the Internal Revenue Code to authorize the designation of qualified gigabit opportunity zones in low-income communities and to provide tax incentives for investments in the zones. Governors may submit nominations for a limited number of qualified gigabit opportunity zones in low-income communities to the Department of the Treasury for certification and designation. Governors must give particular consideration to areas that: are facing obstacles to economic development due to a lack of geographic broadband coverage or speed; are the focus of mutually reinforcing state, local, or private economic development initiatives; are poised for economic growth that requires access to high speed broadband for commercial purposes; and represent the areas of a state where such service would result in the highest return on investment. For eligible taxpayers that sell certain broadband services, the bill allows: (1) deferrals, reductions, or exemptions from taxes on capital gains invested in certain property used to provide broadband services in a zone (depending on how long the property is held), and (2) immediate expensing of the costs of the property. The bill also allows tax-exempt private activity bonds to be used for certain broadband projects in the zones. Within one year of enactment of this bill, the Federal Communications Commission must publish a Uniform Model Broadband Deployment Act containing laws for the state regulation of the deployment of broadband services. Qualified zones must adopt either the Act or laws comparable to the Act.

MILITARY CONSTRUCTION, VETERANS AFFAIRS, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2018

United States · United States Senate · 2 May 2017

FEDERAL PAYMENTS TO LOCAL GOVERNMENTS PROVIDED THROUGH THE SECURE RURAL SCHOOLS AND COMMUNITY SELF-DETERMINATION ACT AND THE PAYMENT IN LIEU OF TAXES PROGRAMS AND THE NEED TO PROVIDE GREATER FISCAL CERTAINTY FOR RESOURCE-DEPENDENT COMMUNITIES WITH TAX-EXEMPT FEDERAL LANDS

United States · United States Senate · 2 May 2017

Advancing CCUS Technology Act

United States · United States Congress · 2 May 2017

Advancing CCUS Technology Act This bill amends the Energy Policy Act of 2005 to direct the Department of Energy (DOE) to carry out research and develop technology to improve the conversion, use, and storage of carbon dioxide from fossil fuels. It also revises the program of research and commercial application for coal and power systems to require DOE, during each fiscal year after FY2017, to identify cost and performance goals for technologies allowing large-scale demonstration and the continued cost-competitive commercial use of coal. DOE must annually evaluate and make recommendations regarding any project it has entered into with a public or private entity to develop carbon capture, utilization, and sequestration technologies. DOE must report to Congress, within two years and every three years thereafter, regarding the project evaluations it has conducted and the progress it has made in advancing carbon capture, utilization, and sequestration technologies.

PARTNER Act

United States · United States Congress · 2 May 2017

Partnerships to Advance Revolutionary Technology and Novel Entrepreneurial Research Act or the PARTNER Act This bill amends the Internal Revenue Code to exempt from the definition of "passive activity," for purposes of the passive loss tax rules, any qualified research activity carried on by a high technology research small business pass-thru entity. The bill defines "high technology research small business pass-thru entity" as any domestic pass-thru entity if: (1) more than 75% of the entity's expenditures are paid or incurred in connection with qualified research that involves a process of experimentation conducted by the entity, or (2) more than 50% of the entity's expenditures constitute qualified research expenses. A high technology research entity is a small business if such entity has 250 or fewer full-time employees. The entity may not have aggregate gross assets in excess of $150 million at any time during the taxable year.

Carried Interest Fairness Act of 2017

United States · United States Congress · 2 May 2017

Carried Interest Fairness Act of 201 7 This bill amends the Internal Revenue Code to: (1) set forth a special rule for the inclusion in gross income of partnership interests transferred in connection with the performance of services, (2) treat as ordinary income the net capital gain with respect to an investment services partnership interest except to the extent such gain is attributable to a partner's qualified capital interest, (3) exempt income from investment services partnership interests from treatment as qualifying income of a publicly traded partnership, (4) exempt certain family partnerships from the application of this bill; (5) increase the penalty for underpayments of tax resulting from failure to treat income from an investment services partnership interest as ordinary income, and (6) include income and loss from an investment services partnership interest for purposes of determining net earnings from self-employment and applicable self-employment taxes. The bill defines "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership about investing in, purchasing, or selling specified assets; (2) managing, acquiring, or disposing of specified assets; or (3) arranging financing with respect to acquiring specified assets.

LEO Fair Retirement Act of 2017

United States · United States Congress · 2 May 2017

LEO Fair Retirement Act of 2017 This bill provides that for purposes of computing the annuity of a federal law enforcement officer (LEO) under the Civil Service Retirement System and the Federal Employees Retirement System, any premium pay earned by such LEO in excess of limitations imposed on such pay shall be included in the LEO's average pay, contingent on the payment of a specified lump sum by the LEO to the Office of Personnel Management. The bill makes postal inspectors eligible for availability pay (i.e., premium pay paid to LEOs who are criminal investigators). The bill allows a nonrefundable tax credit for certain lump-sum payments of uncompensated law enforcement premium pay.

To amend the Internal Revenue Code of 1986 for purposes of the tax on private foundation excess business holdings to treat as outstanding any employee-owned stock purchased by a business enterprise pursuant to certain employee stock ownership retirement plans.

United States · United States Congress · 2 May 2017

This bill amends the Internal Revenue Code to exclude certain purchases of employee-owned stock from being considered as outstanding voting stock for the purpose of the tax on excess business holdings of a private foundation in a business enterprise. The bill applies to any voting stock that is: (1) not readily tradable on an established securities market; (2) purchased by the business enterprise on or after January 1, 2005, from a stock bonus or profit sharing plan in which employees of the business enterprise participate, in connection with a distribution from the plan; and (3) held by the business enterprise as treasury stock, cancelled, or retired.

Supermarket Tax Credit for Underserved Areas Act

United States · United States Congress · 2 May 2017

Supermarket Tax Credit for Underserved Areas Act This bill amends the Internal Revenue Code to: (1) increase the rate of the rehabilitation tax credit for a supermarket building placed in service after December 31, 2017, and before January 1, 2020, in an underserved area (i.e., any enterprise community or empowerment zone and any renewal community); (2) increase by $1,000 the limit on wages eligible for the work opportunity tax credit for employees of a supermarket located in an underserved area; and (3) allow a business-related tax credit for 15% of the gross receipts from the retail sale of locally grown fresh fruits and vegetables in a supermarket in an underserved area.

Modernization of Derivatives Tax Act of 2017

United States · United States Congress · 2 May 2017

Modernization of Derivatives Tax Act of 2017 This bill amends the Internal Revenue Code to modify the tax treatment of derivatives. A "derivative" is any contract (including any option, forward contract, futures contract, short position, swap, or similar contract) the value of which, or any payment or other transfer with respect to which, is (directly or indirectly) determined by reference to another specified item. The bill modifies the tax treatment of derivatives to: (1) require mark to market treatment (treating the contracts as if they had been terminated or transferred at fair market value at the end of the year) for derivatives not terminated or transferred during the year, (2) require gains and losses to be taxed at ordinary tax rates and sourced to the taxpayer's country of residence, and (3) revise the reporting requirements and tax rules that apply to taxpayers that use derivatives to hedge capital assets. The bill includes several exceptions for: certain real property; hedging transactions; securities lending, sale-repurchase, and similar financing transactions; options received in connection with the performance of services; insurance contracts, annuities, and endowments; derivatives with respect to stock of members of the same worldwide affiliated group; and commodities used in the normal course or trade of business.

Making additional supplemental appropriations for disaster relief requirements for the fiscal year ending September 30, 2018, and for other purposes.

United States · United States Congress · 1 May 2017

Bankruptcy Judgeship Act of 2017 This bill amends the federal judicial code to: convert certain temporary bankruptcy judges to permanent bankruptcy judges and authorize the appointment of additional bankruptcy judges in Delaware and Michigan; convert temporary bankruptcy judges to permanent bankruptcy judges in specified judicial districts in Florida, Maryland, Nevada, North Carolina, Puerto Rico, and Virginia; and authorize the appointment of an additional bankruptcy judge in the middle district of Florida. The bill increases the quarterly fee payable to the U.S. trustee by chapter 11 (reorganization) debtors whose disbursements equal or exceed $1 million in a fiscal year unless the balance in the United States Trustee System Fund exceeds $200 million.

Main Street Revival Act of 2017

United States · United States Congress · 1 May 2017

Main Street Revival Act of 2017 This bill amends the Internal Revenue Code to allow a specified small business to pay its first-year employment taxes in four equal installments. The bill defines "specified small business" as any HUBZone business (a business operating in a historically underutilized business zone as defined by the Small Business Act) that is not reasonably expected to employ more than 25 full-time employees in its first year of operation.

HOME Act

United States · United States Congress · 28 April 2017

Housing Opportunities Made Easier Act or the HOME Act This bill amends the Truth in Lending Act to deem mortgage appraisal services donated by a fee appraiser to an organization that is eligible to receive tax-deductible charitable contributions to be customary and reasonable.

Taxpayer Exposure Mitigation Act of 2017

United States · United States Congress · 28 April 2017

Taxpayer Exposure Mitigation Act of 2017 This bill amends the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973 to limit the required purchase of flood insurance in certain circumstances to only residential properties (currently, the requirement applies to all types of property). It also requires the Federal Emergency Management Agency (FEMA) to annually transfer a portion of the risk from the National Flood Insurance Program (NFIP) to private reinsurance or capital markets. The amount of transferred risk must be based on a probable maximum loss target for NFIP established by FEMA each fiscal year. The Biggert-Waters Flood Insurance Reform Act of 2012 is amended to require the Technical Mapping Advisory Council to develop: (1) standards for local and state governments to use for mapping flood risks and developing alternative flood insurance rate maps, and (2) certification procedures to use such alternative maps under the NFIP to replace FEMA maps that have not been updated or reissued in 36 months.