Taxation

Save Hotel Jobs Act

United States · United States Congress · 11 May 2021

Save Hotel Jobs Act This bill requires the Department of the Treasury to award grants to hotel owners and operators to assist with payroll costs. Applicants for a grant must provide Treasury with certain assurances, including that (1) the hotel, if in operation, experienced at least a 40% decline in revenue during a three-month period in calendar year 2020 as compared to the corresponding period in 2019; and (2) the hotel owner or operator has a policy to offer employees who have been laid off during the COVID-19 public health emergency any same or similar positions that become available as a result of receiving a grant. All grant funds must be expended during the 270-day period beginning on the date the funds are disbursed. If the hotel owner or operator receives loans through the Paycheck Protection Program, the grant must be reduced by the amount of such loans that are forgiven under the program, including loans received on or before enactment of this bill. For federal tax purposes, the grants are not included as part of the gross income of the hotel owner or operator. The bill also establishes a tax credit equal to 50% of the expenses a hotel owner or operator incurs for qualified personal protective equipment (up to a maximum of $25,000).

Helping to Encourage Real Opportunities (HERO) for Youth Act of 2021

United States · United States Congress · 11 May 2021

Helping to Encourage Real Opportunities (HERO) for Youth Act of 2021 This bill modifies the work opportunity tax credit to (1) change the credit for summer youth employees to a credit for youth employees who will be employed for not more than 20 hours per week during any period between September 16 and April 30 in which the youth employee is attending any secondary school, (2) increase the amount of the credit for youth employees, and (3) expand the credit to include disconnected youth. The bill defines disconnected youth to include any individual who (1) is certified as having attained age 16 but not age 25 on the hiring date; and (2) has self-certified as not having regularly attended any secondary, technical, or post-secondary school during the 6-month period preceding the hiring date, has not been regularly employed during such period, and is not readily employable due to a lack of basic skills. The term also includes individuals who have been certified (1) as having attained age 16 but not age 21 on the hiring date, and (2) as eligible foster children in foster care during the 12-month period ending on the hiring date.

Parity for Non-Traded REITs Act

United States · United States Congress · 11 May 2021

Parity for Non-Traded REITs Act This bill extends exemptions from certain tax and withholding requirement currently allowed to exchange-traded real estate investment trusts (REITs) to publicly-offered, non-traded REITs.

PHIT Act of 2021

United States · United States Congress · 11 May 2021

Personal Health Investment Today Act of 2021 or the PHIT Act of 2021 This bill allows a medical care tax deduction for up to $1,000 ($2,000 for a joint return or a head of household) of qualified sports and fitness expenses per year. The bill defines qualified sports and fitness expenses as amounts paid exclusively for participating in a physical activity, including (1) fitness facility memberships, (2) physical exercise or activity programs, or (3) equipment for a physical exercise or activity program.

RIFLE Act

United States · United States Congress · 11 May 2021

Repealing Illegal Freedom and Liberty Excises Act or the RIFLE Act This bill repeals the excise tax on the transfer of firearms. The bill shall not be construed as placing any regulated firearms under the jurisdiction of the U.S. Consumer Product Safety Commission.

Ivory Tower Tax Act of 2021

United States · United States Congress · 11 May 2021

Ivory Tower Tax Act of 2021 This bill imposes on each specified applicable educational institution an excise tax of 1% of the aggregate fair market value of its assets as of the end of the preceding taxable year. The bill defines specified applicable educational institution as any applicable educational institution, other than a religious institution, whose assets have an aggregate fair market of at least $2.5 billion at the end of the preceding taxable year. The bill also imposes a 30% tax on undistributed excess endowment amounts of an educational institution, unless the failure to distribute such amounts is due to an incorrect valuation of assets that was not willful and was due to reasonable cause. The bill requires the Department of the Treasury to transfer revenues generated by this bill to the Department of Labor to expand apprenticeship opportunities.

Disclosure of Tax Havens and Offshoring Act

United States · United States Congress · 11 May 2021

Disclosure of Tax Havens and Offshoring Act This bill requires certain issuers of securities to annually disclose information related to the tax jurisdiction, income, and assets of their constituent entities on a country-by-country basis.

2021 ESOP Fairness Act

United States · United States Congress · 11 May 2021

2021 ESOP Fairness Act This bill allows certain over-the-counter securities to be treated as publicly traded employer securities for purposes of the diversification requirements for employee stock ownership plans (ESOPs).

Helping to Encourage Real Opportunities (HERO) for Youth Act of 2021

United States · United States Congress · 11 May 2021

Helping to Encourage Real Opportunities (HERO) for Youth Act of 2021 This bill modifies the work opportunity tax credit to (1) change the credit for summer youth employees to a credit for youth employees who will be employed for not more than 20 hours per week during any period between September 16 and April 30 in which the youth employee is attending any secondary school, (2) increase the amount of the credit for youth employees, and (3) expand the credit to include disconnected youth. The bill defines disconnected youth to include any individual who (1) is certified as having attained age 16 but not age 25 on the hiring date; and (2) has self-certified as not having regularly attended any secondary, technical, or post-secondary school during the 6-month period preceding the hiring date, has not been regularly employed during such period, and is not readily employable due to a lack of basic skills. The term also includes individuals who have been certified (1) as having attained age 16 but not age 21 on the hiring date, and (2) as eligible foster children in foster care during the 12-month period ending on the hiring date.

PEAKER Act of 2021

United States · United States Congress · 11 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.

Jobs and Childcare for Military Families Act of 2021

United States · United States Congress · 10 May 2021

Jobs and Childcare for Military Families Act of 2021 This bill allows an employer a work opportunity tax credit for hiring an individual who is certified by a designated local agency as being, as of the hiring date, the spouse or domestic partner of a member of the Armed Forces, and requires the creation of programs for uniformed services families to pay for childcare on a pretax basis. Specifically, an employer may receive a tax credit equal to 40% of a new employee's first-year wages if the employer hires a service member's spouse or domestic partner (as recognized under state law or by the Armed Forces). Currently, a similar tax credit exists for employers who hire certain disadvantaged individuals, including disadvantaged veterans. The bill requires the Department of Defense, the Department of Homeland Security (with respect to the Coast Guard), the Department of Commerce (with respect to officers of the National Oceanic and Atmospheric Administration), and the Department of Health and Human Services (with respect to the Public Health Service) to implement flexible spending arrangements that permit members of the uniformed services to use basic pay and compensation to pay for childcare services for their dependent children on a pretax basis.

Guam Cigarette Tax Enforcement Act

United States · United States Congress · 7 May 2021

Guam Cigarette Tax Enforcement Act This bill extends the existing prohibition on trafficking in contraband cigarettes and contraband smokeless tobacco to Guam.

To establish an exemption from a limitation on the use of certain airport funds for safety projects at a nonhub airport or small hub airport, and for other purposes.

United States · United States Congress · 7 May 2021

This bill authorizes the Department of Transportation to distribute not more than $50 million per fiscal year from its discretionary fund for terminal development projects to bring a nonhub or small hub airport into compliance with airport safety design standards.

Home Office Deduction Act of 2021

United States · United States Congress · 7 May 2021

Home Office Deduction Act of 2021 This bill allows a tax deduction for the trade or business expenses of employees during the period beginning on March 13, 2020, and ending on December 31, 2021.

MARKET CHOICE Act

United States · United States Congress · 7 May 2021

Modernizing America with Rebuilding to Kickstart the Economy of the Twenty-first Century with a Historic Infrastructure-Centered Expansion Act or the MARKET CHOICE Act This bill imposes a tax on the greenhouse gas emissions of fossil fuels, certain industrial processes, and certain product uses. The bill transfers tax revenue to a Rebuilding Infrastructure and Solutions for the Environment Trust Fund (RISE Trust Fund) established by this bill. Specified amounts in the trust fund shall be available for the federal Highway Trust Fund, grants to low-income households, and other specified energy, environmental, infrastructure, and research and development priorities. The bill also eliminates the federal motor vehicle and aviation fuel taxes, modifies the tax credit for carbon capture and storage and the qualifying advanced coal project tax credit, imposes a moratorium on finalizing and enforcing certain Clean Air Act regulations on greenhouse gas emissions, and establishes a National Climate Commission to review policies to reduce greenhouse gas emissions. The moratorium on regulations for limiting greenhouse gas emissions expires in 2035 if specified emission targets are not reached.

Disclosure of Tax Havens and Offshoring Act

United States · United States Congress · 7 May 2021

Disclosure of Tax Havens and Offshoring Act This bill requires certain issuers of securities to annually disclose information related to the tax jurisdiction, income, and assets of their constituent entities on a country-by-country basis.

Resilient Ports Act

United States · United States Congress · 7 May 2021

Resilient Ports Act This bill revises the Port Infrastructure Development Program with respect to port and intermodal improvement grants. Specifically, the bill authorizes the Department of Transportation (DOT) to provide grants for projects that will be used to improve the safety, efficiency, or reliability of emissions mitigation measures directly related to reducing the overall carbon footprint from port operations. Additionally, the bill increases from 18% to 25% the set-aside that DOT must reserve for grants for port projects that request the lesser of (1) 10% of the grant amounts made available for a fiscal year, or (2) $10 million. In selecting projects for funding, the bill requires DOT to give substantial weight to projects that increase the port's resilience to sea-level rise, flooding, and extreme weather events, including events related to climate change.

Jonny Wade Pediatric Cancer Research Act

United States · United States Congress · 7 May 2021

Jonny Wade Pediatric Cancer Research Act This bill terminates (1) the taxpayer election to designate $3 of income tax liability for financing of presidential election campaigns, (2) the Presidential Election Campaign Fund, and (3) the Presidential Primary Matching Payment Account. The Department of the Treasury must transfer the funds remaining in the Presidential Election Campaign Fund to the 10-Year Pediatric Research Initiative Fund. The National Institutes of Health (NIH) must prioritize certain pediatric research that does not replicate existing NIH research activities.

Airline Pilots Retirement Security Act

United States · United States Congress · 7 May 2021

Airline Pilots Retirement Security Act This bill allows catch up contributions to tax-exempt retirement plans for employees subject to a federally-mandated retirement age, in the three years prior to and including such retirement age (e.g., airline pilots). The amount of such contribution is twice the current allowable amount. The bill also modifies the cost-of-living adjustment to the defined contribution plan limit of a tax-exempt employer retirement plan.

Adoption Tax Credit Refundability Act of 2021

United States · United States Congress · 7 May 2021

Adoption Tax Credit Refundability Act of 2021 This bill makes the tax credit for adoption expenses refundable.

FAIR Act

United States · United States Congress · 7 May 2021

Freeing Americans from Interest on Reimbursements Act or the FAIR Act This bill excludes from gross income, for income tax purposes, any interest allowed and paid upon a tax refund amount.

Putting Our First Responders First Act of 2021

United States · United States Congress · 7 May 2021

Putting Our First Responders First Act of 2021 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.

[H.A.S.C. No. 117-27] REVIEWING DEPARTMENT OF DEFENSE STRATEGY, POLICY, AND PROGRAMS FOR COUNTERING WEAPONS OF MASS DESTRUCTION FOR FISCAL YEAR 2022

United States · United States House of Representatives · 4 May 2021

Military Spouse Hiring Act

United States · United States Congress · 4 May 2021

Military Spouse Hiring Act This bill expands 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.

Supporting the Local Radio Freedom Act.

United States · United States Congress · 4 May 2021

This concurrent resolution declares that Congress should not impose any new performance fee, tax, royalty, or other charge relating to the public performance of sound recordings on a local radio station for broadcasting sound recordings over the air, or on any business for such public performance of sound recordings.

HELLPP Act

United States · United States Congress · 4 May 2021

Helping Ensure Life- and Limb-Saving Access to Podiatric Physicians Act or the HELLPP Act This bill adds podiatrists as covered physicians under the Medicaid program. Additionally, the bill revises certain documentation requirements related to Medicare coverage of therapeutic shoes for individuals with diabetes. Finally, the bill subjects payments made to a Medicaid provider or supplier to a continuing levy for federal taxes owed by the provider or supplier.

CAN Act

United States · United States Congress · 4 May 2021

Connect America Now Act or the CAN Act This bill allows an exclusion from gross income, for income tax purposes, of gain from the sale or exchange of the entire interest in a wholly-owned rural incumbent local exchange carrier. A rural incumbent local exchange carrier is a carrier that serves (1) an area where it was required to provide communications services by a specified date to any customer regardless of cost, and (2) an area other than an urbanized area with not fewer than 50,000 people and a core where there are not fewer than 1,000 people per square mile. The bill requires recapture of tax for income from the sale or exchange of stock in a carrier not held for at least one year. The bill allows an investment tax credit for 30% of expenditures to purchase, maintain, or improve property to provide voice telephone service or broadband internet access in rural empowerment zones. The bill increases the volume cap for private activity bonds and allows the use of bond proceeds for infrastructure for broadband internet access service.

VOW to Hire Heroes Extension Act of 2021

United States · United States Congress · 4 May 2021

VOW to Hire Heroes Extension Act of 2021 This bill (1) makes permanent the work opportunity tax credit with respect to qualified veterans, (2) revises tax credit eligibility requirements for documenting the status of veterans and their receipt of unemployment compensation, and (3) extends the payroll tax offset for such credit to certain for-profit employers. The Internal Revenue Service must make annual reports to Congress on the effectiveness and cost-effectiveness of this bill in increasing the employment of veterans. The bill directs the Department of the Treasury to pay to each U.S. possession (i.e., American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, the Commonwealth of Puerto Rico, and the U.S. Virgin Islands) amounts equal to the losses to such possessions due to this bill.

Military Spouses Employment Act

United States · United States Congress · 4 May 2021

Military Spouses Employment Act This bill expands the work opportunity tax credit to include the hiring of a qualified military spouse. (The credit 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 who is serving on a period of extended active duty (in excess of 90 days or for an indefinite period) which includes the hiring date.

Investing in American Workers Act

United States · United States Congress · 4 May 2021

Investing in American Workers Act This bill allows a business-related tax credit for employers who increase worker training expenditures. The credit is equal to 20% of the excess of (1) the qualified training expenditures for the year, over (2) the average of the adjusted qualified training expenditures for the three previous years. If the employer had no qualified training expenditures in any one of the three previous years, the credit is equal to 10% of the adjusted qualified training expenditures for the year. The credit applies to expenditures for the training of non-highly compensated employees (annual compensation does not exceed $82,000). The training must result in the attainment of a recognized postsecondary credential and be provided through an apprenticeship program; a program of training services that is included on a list of eligible training providers that states are required to maintain under the Workforce Innovation and Opportunity Act; a program that is conducted by an area career and technical education school, a community college, or a labor organization; or a program that is sponsored and administered by an employer, industry trade association, industry or sector partnership, or labor organization. Certain small businesses and tax-exempt organizations may apply the credit against payroll taxes, subject to specified limits and requirements. Eligible small businesses may also apply the credit against the alternative minimum tax.

Stop Corporate Inversions Act of 2021

United States · United States Congress · 4 May 2021

Stop Corporate Inversions Act of 2021 This bill revises rules for the taxation of inverted corporations (i.e., U.S. corporations that acquire foreign companies to reincorporate in a foreign jurisdiction with income tax rates lower than the United States). The bill provides that a foreign corporation that acquires the properties of a U.S. corporation or partnership after May 8, 2014, shall be treated as an inverted corporation and thus subject to U.S. taxation if, after such acquisition (1) it holds more than 50% of the stock of the new entity (expanded affiliated group), or (2) the management or control of the new entity occurs primarily within the United States and the new entity has significant domestic business activities.

SAFER Act

United States · United States Congress · 4 May 2021

Savings Access For Escaping and Rebuilding Act of 2021 or the SAFER Act This bill allows penalty-free distributions from tax-exempt retirement plans for domestic abuse victims.

REDUCE Act of 2021

United States · United States Congress · 4 May 2021

Readily Ending Debt Under Corporate Engagement Act of 2021 or the REDUCE Act of 2021 This bill modifies the tax deduction for interest paid on student loans to allow such deduction without any offset for amounts received as employer-provided educational assistance.

To amend the Internal Revenue Code of 1986 to allow retroactive elective deferrals for owners of unincorporated businesses in the case of a plan adopted after the close of the taxable year and before the time for filing the return of tax.

United States · United States Congress · 30 April 2021

This bill allows sole proprietors a retroactive elective deferral under a tax-exempt retirement plan that is adopted after the close of the taxable year and before the time for the filing of the individual's tax return. The elective deferral is treated as made prior to the end of the plan's first plan year. An elective deferral is an amount contributed to certain tax-exempt retirement plans (e.g., 401(k)s, 403(b)s, SIMPLE pension plans and IRAs) by an employer at the employee's election and which, except to the extent they are designated Roth IRA contributions, are excludable from the employee's gross income.

To amend the Internal Revenue Code of 1986 to increase the catch-up contribution limit for retirement plans of participants age 62 through 64.

United States · United States Congress · 30 April 2021

This bill increases the amount of the catch-up contribution available to participants in certain tax-exempt retirement plans who have attained age 62, 63, or 64.

To amend the Internal Revenue Code of 1986 to reduce the retirement plan period of service requirements for long-term, part-time employees.

United States · United States Congress · 30 April 2021

This bill reduces the tax-exempt retirement plan period of service requirement for long-term, part-time employees from 3 to 2 consecutive 12-month periods.

To amend the Internal Revenue Code of 1986 to increase the age for the beginning date for required minimum distributions.

United States · United States Congress · 30 April 2021

This bill increases the age (currently, age 72) at which taxpayers are required to make minimum distributions from tax-exempt retirement plans. For taxpayers who attain age 72 after December 31, 2026, the age is increased to 73; for taxpayers who attain age 73 after December 31, 2032, the age is increased to 75.

SAVE Act of 2021

United States · United States Congress · 30 April 2021

Savings for All Vocations Enhancement Act of 2021 or the SAVE Act of 2021 This bill modifies provisions relating to tax-exempt retirement plans. It (1) allows employers who establish a tax-exempt 403(b) pension plan to participate in a multiple employer plan, (2) allows employers who join an existing pension plan to take the tax credit for small employer pension plans start-up costs, (3) makes certain findings relating to S corporation employee stock ownership plans (ESOPs), (4) reduces the excise tax on certain accumulations in tax-exempt retirement plans and on failures to take required minimum plan distributions, and (5) sets forth a statute of limitations rule for purposes of the excise tax on excess plan contributions and accumulations in connection with an individual retirement plan.

To amend the Internal Revenue Code of 1986 to allow a one-time election for a qualified charitable distribution to a split-interest entity and to inflation adjust the limits for qualified charitable distributions.

United States · United States Congress · 30 April 2021

This bill allows taxpayers an election to make a qualified charitable distribution to a split-interest entity (i.e., a charitable remainder annuity trust, charitable remainder unitrust, or charitable gift annuity funded exclusively by qualified charitable distributions). The aggregate amount of distributions may not exceed $50,000, adjusted for inflation for taxable years beginning after 2022.

Retirement Parity for Student Loans Act of 2021

United States · United States Congress · 30 April 2021

Retirement Parity for Student Loans Act of 2021 This bill allows certain employer-sponsored retirement plans to make matching contributions for an employee's student loan payments as if the loan payments were salary reduction contributions to the retirement plan.

Encouraging Americans to Save Act

United States · United States Congress · 30 April 2021

Encouraging Americans to Save Act This bill sets forth provisions to provide matching payments for retirement savings and Individual Retirement Account (IRA) contributions for individuals who have attained age 18, excluding dependents and full-time students. Specifically, it allows an enhanced 50% tax credit, up to $3,000, for deductible retirement savings contributions and for IRA contributions. The bill also directs the Department of the Treasury to establish a permanent program to be known as the MyRA Program to allow individuals or employers to establish a Roth IRA. Treasury must also take steps to increase public awareness of the benefits of this bill and the MyRA Program in particular.

To direct the Secretary of the Treasury to modify Treasury Regulations relating to insurance-dedicated exchange-traded funds.

United States · United States Congress · 30 April 2021

This bill requires the Department of the Treasury, within five years of the enactment of this bill, to modify its regulations relating to Income Tax; Diversification Requirements for Variable Annuity, Endowment, and Life Insurance Contracts to facilitate the use of exchange-traded funds as investment options under certain variable contracts. An exchange-traded fund means a regulated investment company, partnership, or trust (1) that is registered with the Securities and Exchange Commission as an open-end investment company or a unit investment trust, (2) the shares of which can be directly purchased or redeemed only by an authorized participant (i.e., a financial institution that is a member or participant of a registered clearing agency), and (3) the shares of which are traded throughout the day on a national stock exchange at market prices that may or may not be the same as the net asset value of the shares.

FISCAL YEAR 2022 EPA BUDGET

United States · United States House of Representatives · 29 April 2021

Mind Your Own Business Act of 2021

United States · United States Congress · 29 April 2021

Mind Your Own Business Act of 2021 This bill requires assessments, periodic reporting, and the development of an opt-out process for specified commercial entities that operate high-risk information systems or automated-decision systems, such as those that use artificial intelligence or machine learning. An automated-decision system or information system is considered high risk if it (1) raises security or privacy concerns; (2) involves the personal information of a significant number of people; or (3) systematically monitors a large, publicly-accessible physical location. An automated-decision system is also considered high risk if it (1) may contribute to inaccuracy, bias, or discrimination; or (2) facilitates decision-making about sensitive aspects of consumers' lives by evaluating their behavior. Covered commercial entities must assess such high-risk systems and evaluate the extent to which they protect against the risk of exposing personal information. The bill further requires certain larger commercial entities to submit an annual report for which corporate officers must certify that the entity is in compliance with the Federal Trade Commission's (FTC) implementing regulations. A failure to comply with the reporting requirements is subject to criminal penalties and excise tax. Among other provisions, the bill requires the FTC to create a web portal for consumers to opt out of data sharing and view their opt-out status. Opting out prevents covered commercial entities from sharing personal information with third parties. The bill increases the civil penalties for unfair trade practices, which the bill modifies to include practices that involve noneconomic impacts or create a significant risk of exposing personal information.

Save Hotel Jobs Act

United States · United States Congress · 29 April 2021

Save Hotel Jobs Act This bill requires the Department of the Treasury to award grants to hotel owners and operators to assist with payroll costs. Applicants for a grant must provide Treasury with certain assurances, including that (1) the hotel, if in operation, experienced at least a 40% decline in revenue during a three-month period in calendar year 2020 as compared to the corresponding period in 2019; and (2) the hotel owner or operator has a policy to offer employees who have been laid off during the COVID-19 public health emergency any same or similar positions that become available as a result of receiving a grant. All grant funds must be expended during the 270-day period beginning on the date the funds are disbursed. If the hotel owner or operator receives loans through the Paycheck Protection Program, the grant must be reduced by the amount of such loans that are forgiven under the program, including loans received on or before enactment of this bill. For federal tax purposes, the grants are not included as part of the gross income of the hotel owner or operator. The bill also establishes a tax credit equal to 50% of the expenses a hotel owner or operator incurs for qualified personal protective equipment (up to a maximum of $25,000).

Retirement Parity for Student Loans Act

United States · United States Congress · 29 April 2021

Retirement Parity for Student Loans Act This bill allows certain employer-sponsored retirement plans to make matching contributions for an employee's student loan payments as if the loan payments were salary reduction contributions to the retirement plan.

A concurrent resolution supporting the Local Radio Freedom Act.

United States · United States Congress · 29 April 2021

This concurrent resolution declares that Congress should not impose any new performance fee, tax, royalty, or other charge relating to the public performance of sound recordings on a local radio station for broadcasting sound recordings over the air, or on any business for such public performance of sound recordings.

REPAIR Act

United States · United States Congress · 29 April 2021

Reinventing Economic Partnerships And Infrastructure Redevelopment Act or the REPAIR Act This bill addresses the financing of infrastructure projects through the establishment of the Infrastructure Financing Authority (IFA) and increases the national limitation on the amount of tax-exempt highway or surface freight transfer facility bonds. Specifically, the bill directs the IFA to provide direct loans and loan guarantees to facilitate certain infrastructure projects that are economically viable, in the public interest, and of regional or national significance, including the construction, consolidation, alteration, or repair of airports and air traffic control systems, highway facilities, and transmission or distribution pipelines; sets forth terms and limitations on direct loans and loan guarantees; establishes a funding mechanism to make the IFA a self-sustaining entity, including through fees and risk premiums on loans and loan guarantees; and increases from $15 billion to $16 billion the national limitation on the amount of tax-exempt financing for highway or surface freight transfer facilities.

End Outsourcing Act

United States · United States Congress · 29 April 2021

End Outsourcing Act This bill addresses the outsourcing (transfer) of jobs and companies from the United States to low-tax foreign jurisdictions. The bill (1) requires employers to include an outsourcing statement in worker adjustment and retraining notices; (2) denies employers a tax deduction for outsourcing expenses, including license fees and equipment installation costs; (3) allows a tax credit for similar insourcing expenses; (4) denies employers the use of certain favorable accounting methods and a deduction for interest paid on indebtedness; and (5) requires the recapture of certain tax credit amounts allowed to outsourcing employers. The bill authorizes federal contracting officers to take the outsourcing of jobs from the United States into account in awarding contracts and grants and extending loans and loan guarantees to corporations.

Stop Corporate Inversions Act of 2021

United States · United States Congress · 29 April 2021

Stop Corporate Inversions Act of 2021 This bill revises rules for the taxation of inverted corporations (i.e., U.S. corporations that acquire foreign companies to reincorporate in a foreign jurisdiction with income tax rates lower than the United States). The bill provides that a foreign corporation that acquires the properties of a U.S. corporation or partnership after May 8, 2014, shall be treated as an inverted corporation and thus subject to U.S. taxation if, after such acquisition (1) it holds more than 50% of the stock of the new entity (expanded affiliated group), or (2) the management or control of the new entity occurs primarily within the United States and the new entity has significant domestic business activities.