Taxation

DEPARTMENT OF DEFENSE APPROPRIATIONS FOR FISCAL YEAR 2022

United States · United States Senate · 18 May 2021

Providing for consideration of the bill (H.R. 3233) to establish the National Commission to Investigate the January 6 Attack on the United States Capitol Complex, and for other purposes; and providing for consideration of the bill (H.R. 3237) making emergency supplemental appropriations for the fiscal year ending September 30, 2021, and for other purposes..

United States · United States Congress · 18 May 2021

Sets forth the rule for consideration of the bill (H.R. 3233) to establish the National Commission to Investigate the January 6 Attack on the United States Capitol Complex, and for other purposes; and providing for consideration of the bill (H.R. 3237) making emergency supplemental appropriations for the fiscal year ending September 30, 2021.

America Wins Act

United States · United States Congress · 18 May 2021

America Wins Act This bill imposes an excise tax on the carbon dioxide content of coal, petroleum and petroleum products, and natural gas sold by the manufacturer, producer, or importer and requires the revenues to be used for infrastructure, an energy refund program to provide payments to certain low-income households, and other purposes. Refunds or credits for the tax must be issued for carbon substances that are (1) not emitted due to use as a feedstock or through carbon capture and sequestration, or (2) previously taxed carbon substances used to make another taxable carbon substance. The bill includes border adjustment provisions that require certain fees, credits, or refunds for carbon-intensive goods that are exported or imported. The bill also establishes a Build America Trust Fund and appropriates to the fund amounts equal to the increase in revenues attributable to the tax. Specified amounts of the funds must be used, without further appropriation, for infrastructure related to transportation, water, broadband, education, health care, housing, and energy. Specified portions of the funds must also be used for providing assistance to workers and communities reliant on industries that primarily produce taxable carbon substances or carbon-intensive goods, providing assistance to individuals and communities disproportionately impacted by climate change and greenhouse gas pollutants as well as groups underrepresented in the energy sector, an energy refund program to provide payments to certain low-income households, and a refundable tax credit for households that meet specified income requirements.

MADE in The Americas Act

United States · United States Congress · 18 May 2021

Manufacturing Abilities Determine Economies in The Americas Act or the MADE in The Americas Act This bill establishes certain manufacturing incentives to increase trade between the United States and other countries in the Western Hemisphere. Specifically, the bill requires the President to develop a strategy to reduce reliance on concentrated supply chains for covered articles (including those essential to U.S. critical infrastructure) and protect against any threats from countries of concern relating to supply chains for these articles. Additionally, the bill establishes within the Executive Office of the President the Manufacturing Security and Resilience Council. The functions of the council include (1) implementing the President's strategy, (2) establishing and maintaining a database of information on manufacturing companies that manufacture a covered article or maintain facilities that may be converted to manufacture covered articles during an emergency, and (3) establishing and carrying out a manufacturing resilience grant program. An eligible manufacturing company may use grant funds to relocate manufacturing facilities and operations out of a country of concern into the United States or another country in the Western Hemisphere. The bill authorizes the President to provide duty-free treatment to any eligible article from any beneficiary Western Hemisphere country. This treatment shall apply to any article (1) that is the growth, product, or manufacture of a beneficiary Western Hemisphere country; and (2) that is needed to support the critical infrastructure of the United States. The bill also includes certain tax incentives, including by establishing an American security product tax credit.

Close the Double Subsidy Loophole for Electric Vehicles Act

United States · United States Congress · 18 May 2021

Close the Double Subsidy Loophole for Electric Vehicles Act This bill reduces the allowable amount of the tax credit for a new qualified plug-in electric drive motor vehicle by any subsidy made available by the state in which the vehicle is registered and was placed in service.

No Subsidies for Government Purchases of Electric Vehicles Act

United States · United States Congress · 18 May 2021

No Subsidies for Government Purchases of Electric Vehicles Act This bill disallows a tax credit for qualified plug-in electric drive motor vehicles that are sold to the federal government or a state government.

Incentivize Residential Energy Efficiency Act of 2021

United States · United States Congress · 18 May 2021

Incentivize Residential Energy Efficiency Act of 2021 This bill permanently extends the tax credit for nonbusiness energy property, which applies to certain expenditures for energy-efficient improvements or residential energy property expenditures.

Federal Home Loan Banks’ Mission Implementation Act

United States · United States Congress · 18 May 2021

Federal Home Loan Banks' Mission Implementation Act This bill generally expands the ability of Federal Home Loan Banks (FHLBs) to provide advances and grants for activities related to small businesses, affordable housing, and community development. The 11 regional FHLBs serve as government-sponsored enterprises to support mortgage lending and related community investment through advances to member financial institutions. These advances are secured by assets such as mortgages and other loans. Specifically, the bill allows FHLBs to provide advances that are secured by (1) loans guaranteed by the Small Business Administration, and (2) certain loans made in response to the economic impact of the COVID-19 pandemic and guaranteed or insured by the federal government. The bill also expands the availability of advances to certain community development financial institutions and credit unions. It also gives the Federal Housing Finance Agency discretion in setting the average asset maximum for certain community financial institutions to qualify for an advance. However, this maximum must not be more than $10 billion. Currently, a community financial institution must have less than $1 billion in average total assets to qualify. Furthermore, the bill exempts from taxation for two years after the conclusion of the COVID-19 emergency period certain municipal bonds guaranteed by an FHLB. The bill also increases the percentage of earnings FHLBs must annually contribute to the Affordable Housing Program and sets aside a specified percentage to benefit tribes under this program.

Credit for Caring Act of 2021

United States · United States Congress · 18 May 2021

Credit for Caring Act of 2021 This bill allows an eligible caregiver a tax credit of up to $5,000 for 30% of the cost of long-term care expenses that exceed $2,000 in a taxable year. The bill defines eligible caregiver as an individual who has earned income for the taxable year in excess of $7,500 and pays or incurs expenses for providing care to a spouse or other dependent relative with long-term care needs.

CEO Accountability and Responsibility Act

United States · United States Congress · 18 May 2021

CEO Accountability and Responsibility Act This bill increases the corporate income tax rate for publicly traded corporations that pay their chief executive officers or highest paid employees more than 100 times the median compensation of all their U.S. employees or that increase the number of contracted or foreign employees. The bill also requires an executive agency, in the evaluation of bids or proposals for federal contracts, to give preference to a bidder that has a compensation ratio of highly paid to all employees of less than 50 to 1 in the previous calendar year.

Federal Home Loan Banks' Mission Implementation Act

United States · United States Congress · 18 May 2021

Federal Home Loan Banks' Mission Implementation Act This bill generally expands the ability of Federal Home Loan Banks (FHLBs) to provide advances and grants for activities related to small businesses, affordable housing, and community development. The 11 regional FHLBs serve as government-sponsored enterprises to support mortgage lending and related community investment through advances to member financial institutions. These advances are secured by assets such as mortgages and other loans. Specifically, the bill allows FHLBs to provide advances that are secured by (1) loans guaranteed by the Small Business Administration, and (2) certain loans made in response to the economic impact of the COVID-19 pandemic and guaranteed or insured by the federal government. The bill also expands the availability of advances to certain community development financial institutions and credit unions. It also gives the Federal Housing Finance Agency discretion in setting the average asset maximum for certain community financial institutions to qualify for an advance. However, this maximum must not be more than $10 billion. Currently, a community financial institution must have less than $1 billion in average total assets to qualify. Furthermore, the bill exempts from taxation for two years after the conclusion of the COVID-19 emergency period certain municipal bonds guaranteed by an FHLB. The bill also increases the percentage of earnings FHLBs must annually contribute to the Affordable Housing Program and sets aside a specified percentage to benefit tribes under this program.

Rural Jobs Act

United States · United States Congress · 18 May 2021

Rural Jobs Act This bill allocates an additional $500 million in 2022 and 2023 for new markets tax credit investments in the Rural Jobs Zone (an area comprised of low-income communities with populations not greater than 50,000 that are not adjacent to an urbanized area). The bill also requires that at least 25% of such investments be made in areas that are persistent poverty counties, high migration rural counties, or both.

Rural Broadband Financing Flexibility Act

United States · United States Congress · 18 May 2021

Rural Broadband Financing Flexibility Act This bill provides tax incentives for investment in broadband, particularly in rural areas. Specifically, the bill allows issuance of private activity bonds for financing qualified broadband projects, issuers of broadband infrastructure bonds a credit for interest payments under such bonds, and a 10% investment tax credit for qualified broadband projects. The bill defines qualified broadband project as any project that (1) is designed to provide broadband service solely to one or more areas that are rural areas and in which more than 50% of residential households do not have access to fixed, terrestrial broadband service that delivers at least 25 megabits per second downstream and at least 3 megabits service upstream, and (2) results in gigabit capable internet access to certain residential and commercial locations.

Credit for Caring Act of 2021

United States · United States Congress · 18 May 2021

Credit for Caring Act of 2021 This bill allows an eligible caregiver a tax credit of up to $5,000 for 30% of the cost of long-term care expenses that exceed $2,000 in a taxable year. The bill defines eligible caregiver as an individual who has earned income for the taxable year in excess of $7,500 and pays or incurs expenses for providing care to a spouse or other dependent relative with long-term care needs.

Supporting the Foundation for the National Institutes of Health and the Reagan-Udall Foundation for the Food and Drug Administration Act

United States · United States Congress · 17 May 2021

Supporting the Foundation for the National Institutes of Health and the Reagan-Udall Foundation for the Food and Drug Administration Act This bill increases the amount of funds each fiscal year that the Food and Drug Administration (FDA) must transfer to the Reagan-Udall Foundation for the FDA and that the National Institutes of Health (NIH) must transfer to the Foundation for the NIH. Specifically, it requires each agency to increase the amount transferred to its respective foundation (1) from a minimum of $500,000 to a minimum of $1,250,000, and (2) from a maximum of $1,250,000 to a maximum of $5,000,000.

Filer Voter Act

United States · United States Congress · 17 May 2021

Tax Filer Voter Registration Act or the Filer Voter Act This bill treats certain tax return preparers as voter registration agencies. Specifically, the bill requires tax return preparers who prepare at least 100 individual tax returns in a taxable year to provide voter registration application forms to their customers. The form must be made available by (1) displaying copies of the form in the preparer's office for customers who receive in-person services, and (2) providing a hyperlink to the form for customers who receive online services. The bill also outlines the responsibilities of the Department of the Treasury to enable certified volunteer tax preparers to meet the requirements of the bill.

Biodiesel, Renewable Diesel, and Alternative Fuels Extension Act of 2021

United States · United States Congress · 17 May 2021

Biodiesel, Renewable Diesel, and Alternative Fuels Extension Act of 2021 This bill extends and modifies the tax credits for biodiesel, renewable diesel, and alternative fuels. The bill extends through 2025 (1) the income tax credit for biodiesel and renewable diesel used as fuel, (2) the excise tax credit for biodiesel mixtures, (3) the excise tax credit for alternative fuels, (4) the excise tax credit for alternative fuel mixtures, and (5) the payments that are equivalent to the excise tax credits for biodiesel mixtures and alternative fuels. Beginning in 2023, the bill phases down the credits for biodiesel, biodiesel mixtures, alternative fuels, and alternative fuel mixtures by reducing the credits by specified amounts.

To amend the Internal Revenue Code of 1986 to apply the mailbox rule to certain payments made through the Electronic Federal Tax Payment System.

United States · United States Congress · 17 May 2021

This bill provides that tax payments made through the Electronic Federal Tax Payment System of the Department of the Treasury that are required to be made within a prescribed period or on or before a prescribed date shall be treated as made on the last day of either such prescribed period or on such prescribed date. The bill thus generally applies the mailbox rule (also known as the posting rule) to such payments which provides that payments are considered made on the date they are postmarked.

Safe Harbor for Taxpayers with Forked Assets Act of 2021

United States · United States Congress · 17 May 2021

Safe Harbor for Taxpayers with Forked Assets Act of 2021 This bill excludes from gross income, for income tax purposes, any amount received as forked convertible virtual currency. It also establishes a safe harbor period during which certain penalties and additional taxes applicable to a taxpayer who receives a forked convertible virtual currency are suspended until the Internal Revenue Service issues regulations or guidance, or legislation is enacted, that addresses specified issues related to the tax treatment of such currency.

Expressing the sense of Congress that a carbon tax would be detrimental to the United States economy.

United States · United States Congress · 17 May 2021

This concurrent resolution expresses the sense of Congress that a carbon tax would be detrimental to American families and businesses and is not in the best interest of the United States.

PUMP Act of 2021

United States · United States Congress · 17 May 2021

Pausing Unrelenting Markups on Petroleum Act of 2021 or the PUMP Act of 2021 This bill suspends the excise tax on gasoline other than aviation gasoline during a specified holiday period. The bill defines holiday period as the period beginning on the enactment date of this bill and ending on the latest of (1) the first date after enactment on which the public health emergency declared for COVID-19 is no longer in effect, or (2) 180 days after enactment.

Middle Class Savings Act

United States · United States Congress · 17 May 2021

Middle Class Savings Act This bill modifies the tax brackets that apply to taxes on capital gains. The bill aligns the thresholds with the brackets for the regular income tax rates enacted in P.L. 115-97 (commonly known as the Tax Cuts and Jobs Act).

SMART Act

United States · United States Congress · 17 May 2021

Simplified, Manageable, And Responsible Tax Act or the SMART Act This bill replaces the marginal income tax rates in the Internal Revenue Code with a single rate of 17% on individual taxable income. The bill redefines taxable income to mean the amount by which wages, retirement distributions, and unemployment compensation exceed the standard deduction. It also increases the basic standard deduction, includes an additional standard deduction for dependents, and includes the taxable income of each dependent child under the age of 14 in an individual's taxable income. The bill revises the tax on corporations to (1) replace it with a tax on every person engaged in a business activity equal to 17% of the business taxable income of such person; and (2) make the person engaged in the business activity liable for the tax, whether or not such person is an individual, a partnership, or a corporation. The bill imposes on employers a 17% tax on the value of excludable compensation provided during the year to employees. With respect to pension rules, the bill (1) repeals rules relating to non-discrimination, contribution limits, and restrictions on distributions; and (2) revises rules relating to transfers of excess pension assets. The bill also repeals the alternative minimum tax; all income tax credits; estate, gift, and generation-skipping transfer taxes; and income tax provisions, except certain provisions relating to retirement distributions and tax-exempt organizations. The bill prohibits Congress from considering legislation to make specified changes to tax policy unless Congress waives or suspends the prohibition with a three-fifths vote.

A bill to amend the Internal Revenue Code of 1986 to include certain over-the-counter dietary supplement products as qualified medical expenses.

United States · United States Congress · 17 May 2021

This bill expands the tax deduction for qualified medical expenses to include dietary supplement products. The bill defines dietary supplement products as nutritional products with labelling relating to their effects on bodily functions. The bill also allows payments from certain tax-preferred spending and reimbursement accounts for dietary supplement products.

Small Business Taxpayer Bill of Rights Act of 2021

United States · United States Congress · 17 May 2021

Small Business Taxpayer Bill of Rights Act of 2021 This bill modifies various tax enforcement procedures and requirements that affect small businesses and other taxpayers. The bill modifies requirements regarding awarding costs and fees to small businesses for administrative and court proceedings, the amounts of damages and penalties that are allowed for violating various tax laws, dispute resolution and appeal procedures, enforcing liens against principal residences, terminating Internal Revenue Service (IRS) employees for misconduct, reviews by the Department of the Treasury Inspector General for Tax Administration, and the release of an IRS levy due to economic hardship for business taxpayers. The bill also allows a tax deduction for a portion of a taxpayer's expenses for certain audits, prohibits ex parte communications between officers in the IRS Independent Office of Appeals and other IRS employees with respect to matters pending before the officers, establishes a 10-year term for the National Taxpayer Advocate, and repeals the requirement to submit a partial payment with an offer-in-compromise to settle a tax liability.

HEAL for Immigrant Families Act of 2021

United States · United States Congress · 17 May 2021

Health Equity and Access under the Law for Immigrant Women and Families Act of 2021 or the HEAL Immigrant Women and Families Act of 20 21 This bill extends Medicaid and Children's Health Insurance Program coverage to individuals lawfully present in the United States who otherwise meet eligibility requirements. Individuals granted federally authorized presence also are required to maintain minimum essential health insurance coverage and are eligible for health insurance exchanges, reduced cost sharing, premium subsidies, and premium tax credits.

Paying a Fair Share Act of 2021

United States · United States Congress · 17 May 2021

Paying a Fair Share Act of 2021 This bill requires an individual taxpayer whose adjusted gross income exceeds $1 million (high-income taxpayer) to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax). The amount of the tax is the excess (if any) of the tentative fair share tax over the excess of (1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (2) certain tax credits. The bill provides for a phase-in of such tax and requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2021. The bill also expresses the sense of the Senate that Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the tax system, and makes sure that the wealthiest taxpayers pay a fair share of taxes.

Stop EITC and CTC Seizures Act

United States · United States Congress · 14 May 2021

Stop EITC and CTC Seizures Act This bill prohibits the Department of the Treasury from reducing a taxpayer's tax refund for student loan debt to the extent that such reduction would cause the refund to be less than the sum of the earned income tax credit and the child tax credit.

BTU Act of 2021

United States · United States Congress · 14 May 2021

Biomass Thermal Utilization Act of 2021 or the BTU Act of 2021 This bill expands the 30% energy tax credit to include open-loop biomass heating property and extends the residential energy efficient property tax credit for five years. The bill defines open-loop biomass heating property as any property that uses open-loop biomass to produce thermal energy in the form of heat, hot water, hot air, or steam and is used for space heating, air conditioning, domestic hot water, or industrial process heat, but does not include any boiler or furnace unless they operate at thermal output efficiencies of at least 75% and are installed indoors.

Student Loan Marriage Penalty Elimination Act of 2021

United States · United States Congress · 13 May 2021

Student Loan Marriage Penalty Elimination Act of 2021 This bill allows married couples filing a joint tax return to apply the $2,500 limitation on the tax deduction for student loan interest separately to each spouse.

EIDL Oversight Act of 2021

United States · United States Congress · 13 May 2021

EIDL Oversight Act of 2021 This bill establishes oversight requirements for economic injury disaster loans and advances made on those loans. Such requirements include directing the Small Business Administration (SBA) to (1) ensure that loan and advance proceeds are deposited in a legitimate account of a borrower, (2) ensure that any modification of a request for a loan or an advance is reviewed by an SBA employee, and (3) verify the legitimacy of loan or advance applicants through tax returns or other documentation.

Renewable Energy Investment Act

United States · United States Congress · 13 May 2021

Renewable Energy Investment Act This bill allows taxpayers, including certain pass-thru entities such as partnerships and S corporations, to elect to receive tax excludable payments in lieu of amounts attributable to the tax credits for energy property and for electricity produced from certain renewable resources.

Estate Tax Rate Reduction Act

United States · United States Congress · 13 May 2021

Estate Tax Rate Reduction Act This bill reduces the rate for the tax on estates, gifts, and generation-skipping transfers to 20%. (Under current law, the highest rate is 40%.) The bill also exempts the budgetary effects of the tax reduction from the Pay-As-You-Go (PAYGO) rules established by the Statutory Pay-As-You-Go Act of 2010 and the FY2018 congressional budget resolution.

To amend the Internal Revenue Code of 1986 to create parity for unmarried individuals and heads of household with respect to the temporary 2021 income phaseouts in the child tax credit.

United States · United States Congress · 13 May 2021

This bill increases the applicable threshold amount for heads of household in 2021 to $150,000 for purposes of the income phaseout in the child tax credit (thus making it equal to the threshold amount for married individuals filing joint tax returns).

National Defense Authorization Act for Fiscal Year 2022

United States · United States Congress · 13 May 2021

This bill redesignates the Pulse Memorial located at 1912 South Orange Avenue in Orlando, Florida, as the "National Pulse Memorial."

Putting First Responders First Act

United States · United States Congress · 13 May 2021

Putting First Responders First Act This bill modifies the requirements for calculating taxable income to allow first responders to exclude from gross income certain service-connected disability payments received as part of a pension or annuity after reaching the age of retirement. The bill applies to law enforcement officers, employees in fire protection activities, and individuals who provide out-of-hospital emergency medical care.

Sustainable Aviation Fuel Act

United States · United States Congress · 13 May 2021

Sustainable Aviation Fuel Act This bill establishes targets and standards for reducing greenhouse gas emissions from airplane flights and provides incentives for the production and use of sustainable aviation fuel. Specifically, this bill establishes a national goal to achieve a net 35% reduction in greenhouse gas emissions from flights by 2035 and net zero emissions by 2050. The Environmental Protection Agency (EPA) must establish a low carbon fuel standard for aviation fuels. Under the standard, the EPA must set annual targets in order to reduce certain greenhouse gas emissions associated with aviation fuel by at least (1) 20% by 2030, and (2) 50% by 2050. Beginning in FY2023, the Department of Defense must make a bulk purchase of an amount of sustainable aviation fuel that is not less than 10% of the total amount of aviation fuel procured for operational purposes. Additionally, the Department of Transportation must implement a program that offers grants and cost-sharing agreements for projects to produce, transport, blend, or store sustainable aviation fuel. The projects must be located in the United States. Finally, the bill provides tax credits for the production of sustainable aviation fuel.

Estate Tax Rate Reduction Act

United States · United States Congress · 13 May 2021

Estate Tax Rate Reduction Act This bill reduces the rate for the tax on estates, gifts, and generation-skipping transfers to 20%. (Under current law, the highest rate is 40%.) The bill also exempts the budgetary effects of the tax reduction from the Pay-As-You-Go (PAYGO) rules established by the Statutory Pay-As-You-Go Act of 2010 and the FY2018 congressional budget resolution.

Dynamic Glass Act

United States · United States Congress · 13 May 2021

Dynamic Glass Act This bill includes electrochromic glass as energy property for purposes of the 30% energy tax credit. The bill defines electrochromic glass as glass that uses electricity to change its light transmittance properties to heat or cool a structure, but only with respect to property whose construction begins before January 1, 2024.

DEPARTMENT OF DEFENSE AUTHORIZATION REQUEST FOR FISCAL YEAR 2022 AND THE FUTURE YEARS DEFENSE PROGRAM

United States · United States Senate · 12 May 2021

DEPARTMENT OF DEFENSE AUTHORIZATION REQUEST FOR FISCAL YEAR 2022 AND THE FUTURE YEARS DEFENSE PROGRAM

United States · United States Senate · 12 May 2021

THE FISCAL YEAR 2022 HHS BUDGET

United States · United States House of Representatives · 12 May 2021

PEAKER Act of 2021

United States · United States Congress · 12 May 2021

Promoting Energy Alternatives is Key to Emission Reductions Act of 2021 or the PEAKER Act of 2021 This bill addresses the emissions from peaker plants and provides financial incentives for renewable energy to reduce the need for peaker plants. Peaker plants are defined as fossil fuel-fired power plants or units of power plants that are run primarily to meet peak electricity demand. In other words, peaker plants are run where there is above average energy demand, such as during extremely hot or cold weather. The bill establishes an additional investment tax credit for renewable energy generation and battery storage to replace the need for peaker plants in disadvantaged communities. In addition, the Department of Energy (DOE) must establish a grant program to provide up to $1 billion annually through FY2032 to eligible entities for clean energy projects. Specifically, grants must be awarded to assist eligible entities in carrying out (1) projects associated with the construction, installation, or acquisition of qualifying renewable energy facilities and qualifying energy storage facilities; or (2) community energy proposals or community energy studies to reduce or replace the need for peaker plants. Entities that are eligible to receive grants include state or local governments, nonprofit organizations, community-owned energy generation facilities or energy storage facilities located in disadvantaged communities, community-based energy cooperatives, or certain partnerships. DOE must also assess and report on the location of each peaker plant, the quantity and type of pollution each plant is producing, and related data as specified by the bill.

HEAL for Immigrant Families Act of 2021

United States · United States Congress · 12 May 2021

Health Equity and Access under the Law for Immigrant Women and Families Act of 2021 or the HEAL Immigrant Women and Families Act of 20 21 This bill extends Medicaid and Children's Health Insurance Program coverage to individuals lawfully present in the United States who otherwise meet eligibility requirements. Individuals granted federally authorized presence also are required to maintain minimum essential health insurance coverage and are eligible for health insurance exchanges, reduced cost sharing, premium subsidies, and premium tax credits.

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 · 12 May 2021

This bill excludes certain purchases of employee-owned stock from being considered as outstanding voting stock for the purpose of the excise 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 an employee stock ownership 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.

To amend the Internal Revenue Code of 1986 to provide relief for taxpayers that were victims of identity theft to commit unemployment insurance fraud.

United States · United States Congress · 12 May 2021

This bill requires the Internal Revenue Service, in collaboration with the Department of Labor, in taxable years beginning in 2020 or 2021, to implement a process to hold harmless taxpayers who are identified as having unreported income if those taxpayers believe they are victims of identity theft, or that fraudulent unemployments benefits were claimed in their name; and require states to report the amount of fraudulent unemployment benefits that are excluded as income from Form 1099-G's issued by the state due to suspected or confirmed fraud.

Tax Parity for U.S. Mutual Funds Act of 2021

United States · United States Congress · 12 May 2021

Tax Parity for U.S. Mutual Funds Act of 2021 This bill establishes international regulated investment companies (IRICs) and specifies rules for the taxation of such companies. An IRIC is a regulated investment company (i.e., a mutual fund) that has all of its outstanding stock held by foreign shareholders, including nonresident alien individuals (and their foreign estates) and qualified foreign pension funds, and meets other specified requirements.

Carried Interest Fairness Act of 2021

United States · United States Congress · 12 May 2021

Carried Interest Fairness Act of 2021 This bill modifies the tax treatment of carried interest, which is compensation that is typically received by a partner of a private equity or hedge fund and is based on a share of the fund's profits. (Under current law, carried interest is taxed as investment income rather than at ordinary income tax rates.) This bill includes provisions that set forth a special rule for the inclusion in gross income of partnership interests transferred in connection with the performance of services, 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, exempt income from investment services partnership interests from treatment as qualifying income of a publicly traded partnership, exempt certain family partnerships from the application of this bill, increase the penalty for underpayments of tax resulting from failure to treat income from an investment services partnership interest as ordinary income, and 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.

Common Sense Cannabis Reform for Veterans, Small Businesses, and Medical Professionals Act

United States · United States Congress · 11 May 2021

Common Sense Cannabis Reform for Veterans, Small Businesses, and Medical Professionals Act This bill removes federal restrictions on, and creates new protections for, marijuana-related conduct and activities that are authorized by state or tribal law. Among other things, the bill does the following: removes marijuana from the list of scheduled substances under the Controlled Substances Act and eliminates criminal penalties for an individual who manufactures, distributes, or possesses marijuana; directs the Food and Drug Administration and the Alcohol and Tobacco Tax and Trade Bureau of the Department of the Treasury to issue rules to regulate marijuana that are similar to the federal rules regulating alcohol; creates protections for depository institutions that provide financial services to marijuana-related businesses; creates protections for veterans who use, possess, or transport medical marijuana; and requires the National Institutes of Health to study and report on the effects of medical marijuana on individuals who are impaired or in pain and the relationship between state-approved treatment programs involving medical marijuana, access to such programs, and a reduction in opioid abuse.

Interstate Rail Compacts Advancement Act of 2021

United States · United States Congress · 11 May 2021

Interstate Rail Compacts Advancement Act of 2021 This bill establishes a grant program and makes other changes to support interstate rail compacts with improving and enhancing intercity passenger rail transportation systems. The Department of Transportation (DOT) must award up to 10 matching grants each fiscal year to interstate rail compacts or commissions for administrative costs related to the compact. In awarding the grants, DOT must consider (1) the amount of funding from and participation of railroads and other stakeholders, (2) whether the compact seeks to restore routes formerly operated by Amtrak, and (3) other factors. Additionally, DOT must give preference to compacts that are initiating, restoring, or enhancing intercity rail passenger transportation. Further, DOT must publish on its website a list of interstate rail compacts, as well as annuallly updated information for the public about how states may establish compacts. The bill also repeals a prohibition on the use of funds made available for Amtrak to carry out interstate rail compacts.