Taxation

Social Security 2100 Act

United States · United States Congress · 5 April 2017

Social Security 2100 Act This bill increases various Old Age, Survivors, and Disability Insurance (OASDI) benefits and related taxes. The bill increases the primary insurance amount (e.g., the amount a Social Security beneficiary receives if the beneficiary begins receiving benefits at normal retirement age) by increasing the percentage of the beneficiary's average indexed monthly earnings used to calculate the amount. The Bureau of Labor Statistics shall publish a Consumer Price Index for Elderly Consumers, which the Social Security Administration  (SSA) shall use to calculate cost-of-living adjustments to benefits. Currently, the SSA uses a price index for wage earners to make such adjustments. The bill increases the minimum benefit amount for individuals who worked for more than 10 years by creating an alternative minimum benefit. A qualifying beneficiary shall receive that alternative minimum if it is higher than the standard calculated benefit amount. The bill increases the income threshold that a beneficiary must reach before Social Security benefits are taxable. Increased benefits from this bill shall not count as income when determining an individual's eligibility or benefit amounts for (1) Medicaid, (2) the Children's Health Insurance Program, or (3) the Supplemental Security Income program. Income above $400,000 shall be included when calculating Social Security benefits and taxes. The bill also increases rates for the payroll and self-employment taxes that fund OASDI. The bill establishes the Social Security Trust Fund, which replaces the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund.

Missed Opportunities Act of 2017

United States · United States Congress · 5 April 2017

Missed Opportunities Act of 2017 This bill amends the Public Health Service Act to require the National Institutes of Health (NIH) to report the total number of research funding requests under review during each fiscal year and the number of requests granted, pending at the end of the year, and denied. Of the requests that remained pending or were denied, the NIH must identify the requests with the greatest potential for improving public health.

Health Care Options Act of 2017

United States · United States Congress · 5 April 2017

Health Care Options Act of 2017 This bill amends the Internal Revenue Code to temporarily permit certain individuals to use the premium assistance tax credit to purchase health insurance outside of an exchange established under the Patient Protection and Affordable Care (PPACA). The bill applies to individuals who reside in a rating area or county that the Department of Health and Human Services has certified has no qualified health plans offered through an exchange established under PPACA. Individuals residing in the areas or counties may use the premium assistance tax credit through 2019 to enroll in a plan outside of an exchange if the plan is: (1) authorized by the state in which the taxpayer resides to be offered in the individual market, or (2) is a not-for-profit membership organization that is organized and authorized under state law to accept member contributions to fund health care benefits for members and their families. The bill prohibits advance payments of the credit from being made with respect to the off-exchange plans and specifies reporting requirements for the plans. Through 2019, the bill also exempts the individuals residing in the counties or areas from the requirement to maintain minimum essential health coverage (commonly referred to as the individual mandate).

Investing In America: Unlocking the Harbor Maintenance Trust Fund Act

United States · United States Congress · 5 April 2017

Investing In America: Unlocking the Harbor Maintenance Trust Fund Act This bill amends the Water Resources Development Act of 1986 and the Internal Revenue Code to make certain amounts in the Harbor Maintenance Trust Fund equivalent to port use tax receipts available for its statutorily prescribed purposes without further appropriation, including for expenditures to pay 100% of the eligible operations and maintenance costs of specified portions of the Saint Lawrence Seaway and up to 100% of the eligible operations and maintenance costs assigned to commercial navigation of all U.S. harbors and inland harbors. Trust fund receipts and disbursements shall: not be counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of the federal budget, the congressional budget, the Balanced Budget and Emergency Deficit Control Act of 1985, or the Statutory Pay-As-You-Go Act of 2010; be exempt from any general budget limitation imposed by statute on government expenditures and net lending (budget outlays); and be available only for the statutorily prescribed purposes of such fund.

Retirement Security Preservation Act of 2017

United States · United States Congress · 5 April 2017

Retirement Security Preservation Act of 2017 This bill amends the Internal Revenue Code to modify the nondiscrimination requirements for certain defined benefit retirement plans that limit participation or certain features to a closed class, such as individuals who were hired before a certain date. (Under current law, the plans may not discriminate in favor of highly compensated employees and must meet minimum participation requirements.) The bill applies only to a defined benefit plan that: (1) closed before April 5, 2017; or (2) was in effect for at least five years when it closed and did not substantially increase the coverage or value of the benefits, rights, or features for the closed class during the five-year period before it closed, except as the result of certain business acquisitions or mergers. Such a plan meets the nondiscrimination requirements if it: (1) satisfies certain testing rules for the year that the class closes and the two succeeding plan years, and (2) is not amended in a discriminatory manner after the class is closed. A defined contribution plan that offers additional contributions or benefits to a closed class whose benefits under a defined benefit plan have been reduced or eliminated meets the nondiscrimination requirements if: (1) the group receiving the contributions or benefits satisfies certain testing rules for the year in which the group is closed and for two subsequent plan years, and (2) the plan is not amended in a discriminatory manner. A defined benefit plan that is either closed or has ceased benefit accruals for all participants (frozen plan) satisfies the minimum participation requirements if the plan met the requirements when it was closed or frozen.

Child and Dependent Care FSA Enhancement Act

United States · United States Congress · 5 April 2017

Child and Dependent Care FSA Enhancement Act This bill amends the Internal Revenue Code to increase to $7,500 the amount of employer-provided dependent care assistance that an employee may exclude from gross income. The bill allows an annual inflation adjustment to such increased amount after 2016.

PACE Act of 2017

United States · United States Congress · 5 April 2017

Protecting Americans from Credit Entanglements Act of 2017 or the PACE Act of 2017 This bill amends the Truth in Lending Act to extend that Act's requirements to real property retrofit loans. A "real property retrofit loan" is a loan that is: (1) secured by an interest in real property; (2) repayable in installment payments made concurrently with the payment of property taxes on the real property; and (3) used to finance real property retrofits, including energy-efficiency upgrades, renewable-energy installations, seismic retrofits, water-conservation upgrades, and other similar improvements. At the time of application for a real property retrofit loan, the creditor must disclose that the loan will result in a lien on the real property securing the loan.

Religious Freedom Peace Tax Fund Act of 2017

United States · United States Congress · 5 April 2017

Religious Freedom Peace Tax Fund Act of 2017 This bill directs the Department of the Treasury to establish in the Religious Freedom Peace Tax Fund for the deposit of income, gift, and estate taxes paid by or on behalf of taxpayers: (1) who are designated conscientious objectors opposed to participation in war in any form based upon their sincerely held moral, ethical, or religious beliefs or training (within the meaning of the Military Selective Service Act); and (2) who have certified their beliefs in writing. Amounts deposited in the Fund shall be allocated annually to any appropriation not for a military purpose. Treasury shall report to the House and Senate Appropriations Committees on the total amount transferred into the Fund during the preceding fiscal year and the purposes for which such amount was allocated. The privacy of individuals using the Fund shall be protected.

President-Elect Release of Tax Return Act of 2017

United States · United States Congress · 5 April 2017

President-Elect Release of Tax Return Act of 2017 This bill requires the President-elect to submit a copy of each federal income tax return filed with the Internal Revenue Service (IRS) for the four most recent taxable years to the chairs and ranking minority members of: (1) the House Administration Committee, and (2) the Senate Rules Committee. The returns must be submitted no later than the date of the meeting of the Senate and House of Representatives to count the electoral votes for President and Vice President. The bill amends the Internal Revenue Code to permit the IRS to disclose the required tax returns to the chairs and ranking minority members of the two congressional committees if the President-elect does not submit the returns by the deadline. The President-elect may redact from the returns any: (1) Social Security number, (2) taxpayer identification number, (3) account identification number, and (4) name of any dependent of the taxpayer. The IRS must make the redactions if it discloses the returns. The chairs and ranking members of the two committees may disclose any information contained in a tax return submitted pursuant to this bill.

Do Your Job Act

United States · United States Congress · 5 April 2017

Do Your Job Act This bill amends the Congressional Budget Act of 1974 to create points of order against resolutions providing for: (1) the adjournment of the House for more than three days during August until the House has approved all of the annual appropriation bills, or (2) the adjournment of either the House or the Senate for more than three days between October 1 and the end of the session of Congress until all of the annual appropriation bills have been presented to the President. The bill also prohibits a congressional recess or adjournment longer than 24 hours during a calendar year until Congress agrees to a budget resolution that projects a balanced budget by the last fiscal year covered by the resolution.

Stop Tax Haven Abuse Act

United States · United States Congress · 5 April 2017

Stop Tax Haven Abuse Act This bill authorizes the Department of the Treasury to impose restrictions on foreign jurisdictions or financial institutions to counter money laundering and efforts to significantly impede U.S. tax enforcement. The bill amends the Internal Revenue Code to: expand reporting requirements for certain foreign investments and accounts held by U.S. persons, establish a rebuttable presumption against the validity of transactions by institutions that do not comply with reporting requirements under the Foreign Account Tax Compliance Act, treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes, treat swap payments sent offshore as taxable U.S. source income, impose additional requirements for third party summonses used to obtain information in tax investigations that do not identify the person with respect to whose liability the summons is issued (i.e., John Doe summons), and modify the rules for the taxation of inverted corporations (U.S. corporations that acquire foreign companies to reincorporate in a foreign jurisdiction with income tax rates lower than the United States). The bill amends the Securities Exchange Act of 1934 to: (1) require corporations to disclose certain financial information on a country-by-country basis, and (2) impose penalties for failing to disclose offshore holdings. The bill makes investment advisers and persons engaged in forming new business entities subject to anti-money laundering requirements. The bill imposes new restrictions on U.S. corporations and other entities with foreign income with respect to: (1) tax deductions allocable to deferred foreign income, (2) the recalculation of foreign income taxes, (3) intangible property transferred overseas, (4) tax evasion activities by U.S. corporations reincorporating in a foreign country, and (5) the interest expense tax deduction of certain subsidiaries of foreign corporations.

Corporate EXIT Fairness Act

United States · United States Congress · 5 April 2017

Corporate EXpatriates and Inverters Tax Fairness Act or the Corporate EXIT Fairness Act This bill amends the Internal Revenue Code to set forth rules governing corporate inversions (i.e., the practice of relocating a domestic corporation's legal domicile to a lower-tax nation while retaining its business activities in the higher-tax country of origin) and corporate expatriations. Specifically, the bill requires payment of tax on the deferred overseas profits of U.S. multinational corporations or partnerships before they reincorporate or organize in a foreign country. Additionally, any stock of a controlled foreign corporation in connection with a corporate expatriation would be treated as sold for its fair market value as of the date of expatriation and be subject to U.S. taxation. The bill expands the definitions of "corporate inversion" and "corporate expatriation" and revises rules relating to the taxation of inverted corporations. A foreign corporation that acquires the assets of a U.S. corporation or partnership after January 4, 2017, shall be treated as an inverted corporation and thus subject to U.S. taxation if, after such acquisition: (1) the expanded affiliated group which includes the foreign corporation does not have substantial business activities in the foreign country in which the corporation is created or organized, when compared to the total business activities of such expanded affiliated group; and (2) more than 50% of the foreign corporation is held by former shareholders or partners of the domestic corporation or partnership, or the management or control of the expanded affiliated group occurs primarily within the United States, and such expanded affiliated group has significant domestic business activities.

Families of Fallen Servicemembers First Act

United States · United States Congress · 5 April 2017

Families of Fallen Servicemembers First Act This bill provides a permanent appropriation for the payment of death gratuities and related benefits to survivors of deceased members of the uniformed services during a period of lapsed appropriations. The bill provides the appropriations at the rate and under the conditions provided for the most recent fiscal year for which an Act making appropriations for the uniformed services has been enacted. The appropriations are provided during a period of lapsed appropriations, in which appropriations are unavailable due to the absence of the timely enactment of an Act or joint resolution providing appropriations or continuing appropriations for the death gratuity and related benefits.

Child Tax Credit Protection Act of 2017

United States · United States Congress · 5 April 2017

Child Tax Credit Protection Act of 201 7 This bill amends the Internal Revenue Code to expand the identification requirements for the child tax credit to require taxpayers to provide a valid identification number (i.e., a Social Security account number issued by the Social Security Administration) on their tax returns in addition to the name and taxpayer identification number of each qualifying child. A "valid identification number" does not include a taxpayer identification number issued by the Internal Revenue Service.

To amend the Small Business Act to provide the Administrator of the Small Business Administration authority to increase amount for general business loans, and for other purposes.

United States · United States Congress · 5 April 2017

This bill amends the Small Business Act to provide that if the amount of Small Business Administration (SBA) commitments for authorized general business loans for a fiscal year exceeds the limit on the total amount of commitments the SBA may make for such loans under such Act, the SBA may make such commitments for such loans for such fiscal year in a total amount equal to up to 120% of that limit. The SBA may not exercise this authority without prior approval of specified congressional committees.

Retirement Security Preservation Act of 2017

United States · United States Congress · 5 April 2017

Retirement Security Preservation Act of 2017 This bill amends the Internal Revenue Code to modify the nondiscrimination requirements for certain defined benefit retirement plans that limit participation or certain features to a closed class, such as individuals who were hired before a certain date. (Under current law, the plans may not discriminate in favor of highly compensated employees and must meet minimum participation requirements.) The bill applies only to a defined benefit plan that: (1) closed before April 5, 2017; or (2) was in effect for at least five years when it closed and did not substantially increase the coverage or value of the benefits, rights, or features for the closed class during the five-year period before it closed, except as the result of certain business acquisitions or mergers. Such a plan meets the nondiscrimination requirements if it: (1) satisfies certain testing rules for the year that the class closes and the two succeeding plan years, and (2) is not amended in a discriminatory manner after the class is closed. A defined contribution plan that offers additional contributions or benefits to a closed class whose benefits under a defined benefit plan have been reduced or eliminated meets the nondiscrimination requirements if: (1) the group receiving the contributions or benefits satisfies certain testing rules for the year in which the group is closed and for two subsequent plan years, and (2) the plan is not amended in a discriminatory manner. A defined benefit plan that is either closed or has ceased benefit accruals for all participants (frozen plan) satisfies the minimum participation requirements if the plan met the requirements when it was closed or frozen.

Stop Tax Haven Abuse Act

United States · United States Congress · 5 April 2017

Stop Tax Haven Abuse Act This bill authorizes the Department of the Treasury to impose restrictions on foreign jurisdictions or financial institutions to counter money laundering and efforts to significantly impede U.S. tax enforcement. The bill amends the Internal Revenue Code to: expand reporting requirements for certain foreign investments and accounts held by U.S. persons, establish a rebuttable presumption against the validity of transactions by institutions that do not comply with reporting requirements under the Foreign Account Tax Compliance Act, treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes, treat swap payments sent offshore as taxable U.S. source income, impose additional requirements for third party summonses used to obtain information in tax investigations that do not identify the person with respect to whose liability the summons is issued (i.e., John Doe summons), and modify the rules for the taxation of inverted corporations (U.S. corporations that acquire foreign companies to reincorporate in a foreign jurisdiction with income tax rates lower than the United States). The bill amends the Securities Exchange Act of 1934 to: (1) require corporations to disclose certain financial information on a country-by-country basis, and (2) impose penalties for failing to disclose offshore holdings. The bill makes investment advisers and persons engaged in forming new business entities subject to anti-money laundering requirements. The bill imposes new restrictions on U.S. corporations and other entities with foreign income with respect to: (1) tax deductions allocable to deferred foreign income, (2) the recalculation of foreign income taxes, (3) intangible property transferred overseas, (4) tax evasion activities by U.S. corporations reincorporating in a foreign country, and (5) the interest expense tax deduction of certain subsidiaries of foreign corporations.

Carbon Capture Improvement Act of 2017

United States · United States Congress · 5 April 2017

Carbon Capture Improvement Act of 2017 This bill amends the Internal Revenue Code to authorize the issuance of tax-exempt facility bonds for the financing of qualified carbon dioxide capture facilities. A "qualified carbon dioxide capture facility" is any equipment installed in an industrial carbon dioxide facility that satisfies specified capture and storage requirements and: (1) is used for the capture, treatment and purification, compression, transportation, or on-site storage of carbon dioxide produced by the industrial carbon dioxide facility; or (2) is integral or functionally related and subordinate to a gasification process that converts a product from coal, petroleum residue, biomass, or other materials which are recovered for their energy or feedstock value into a synthesis gas composed primarily of carbon dioxide and hydrogen for direct use or subsequent chemical or physical conversion.

COMMERCE, JUSTICE, SCIENCE, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2018

United States · United States Senate · 4 April 2017

Clyde-Hirsch-Sowers RESPECT Act

United States · United States Congress · 4 April 2017

Clyde-Hirsch-Sowers RESPECT Act or the Restraining Excessive Seizure of Property through the Exploitation of Civil Asset Forfeiture Tools Act This bill revises the authority and procedures that the Internal Revenue Service (IRS) uses to seize property that has been structured to avoid Bank Secrecy Act (BSA) reporting requirements. The IRS may only seize property it suspects has been structured to avoid BSA reporting requirements if the property was derived from an illegal source or the funds were structured for the purpose of concealing the violation of a criminal law or regulation other than structuring transactions to evade BSA reporting requirements. Within 30 days of seizing property, the IRS must: (1) make a good faith effort to find all owners of the property, and (2) notify the owners of the post-seizure hearing rights established by this bill. The IRS may apply to a court for one 30-day extension of the notice requirement if it can establish probable cause of an imminent threat to national security or personal safety. If the owner of the property requests a court hearing within 30 days after the date on which notice is provided, the property must be returned unless the court holds a hearing within 30 days after notice is provided and finds that there is probable cause to believe that the property was derived from an illegal source or the funds were structured to conceal the violation of a criminal law or regulation other than a structuring violation. The bill amends the Internal Revenue Code to exclude from gross income any interest received from the federal government with respect to an action to recover property seized by the IRS pursuant to a claimed violation of the structuring provisions of the BSA.

ABLE to Work Act of 2017

United States · United States Congress · 4 April 2017

ABLE to Work Act of 201 7 This bill amends the Internal Revenue Code, with respect to ABLE accounts (tax-exempt savings accounts for persons with a disability), to allow: (1) an ABLE account beneficiary to make additional contributions to an ABLE account equal to the lesser of such beneficiary's compensation or an amount equal to the federal poverty line for a one-person household, and (2) a retirement savings tax credit for contributions to an ABLE account.

ABLE Age Adjustment Act

United States · United States Congress · 4 April 2017

ABLE Age Adjustment Act This bill amends the Internal Revenue Code, with respect to qualified ABLE programs, to increase the age threshold for eligibility for such programs from 26 to 46. (Tax-favored ABLE [Achieving a Better Life Experience] accounts are designed to enable individuals with disabilities to save for and pay for disability-related expenses.)

ABLE Financial Planning Act

United States · United States Congress · 4 April 2017

ABLE Financial Planning Act This bill amends the Internal Revenue Code to allow tax-free rollovers of amounts in qualified tuition programs (529 plans) to qualified ABLE programs. (Tax-favored ABLE [Achieving a Better Life Experience] accounts are designed to enable individuals with disabilities to save for and pay for disability-related expenses.)

Simpler Tax Filing Act of 2017

United States · United States Congress · 4 April 2017

Simpler Tax Filing Act of 201 7 This bill expresses the sense of Congress that the Internal Revenue Service should begin offering pre-prepared tax returns to as many taxpayers as possible by tax year 2022. The Department of the Treasury must report to the House Ways and Means Committee and the Senate Finance Committee on actions necessary to achieve the goal of offering pre-prepared tax returns to taxpayers by tax year 2022, with an analysis of the budgetary, administrative, and legislative barriers to achieving such goal, including the amount of appropriations that would be required.

Federal Spectrum Incentive Act of 2017

United States · United States Congress · 4 April 2017

Federal Spectrum Incentive Act of 2017 This bill amends the National Telecommunications and Information Administration Organization Act to allow federal entities that utilize government station licenses to participate in the incentive auction program under which licensees of electromagnetic spectrum voluntarily relinquish their spectrum rights in order for such spectrum to be auctioned for a repurposed commercial use in exchange for a percentage of the auction proceeds. Instead of being reimbursed for the costs of sharing frequencies with nonfederal users or relocating to other frequencies as provided for under current law, such federal entities may receive a percentage of the proceeds from spectrum it relinquishes for auction by electing to: (1) discontinue operations on eligible frequencies without relocating to other frequencies, or (2) relocate operations to frequencies assigned to another federal entity in order for such entities to share frequencies. The bill establishes in the Treasury a Federal Spectrum Incentive Fund to be administered by the Office of Management and Budget (OMB) in consultation with the National Telecommunications and Information Administration. The bill requires 1% of the proceeds from such auctions to be deposited in such fund and the remainder to be deposited in the general fund of the Treasury for the sole purpose of deficit reduction. OMB must transfer from the fund to a federal entity a specified amount attributable to the auction of frequencies vacated by such entity. Federal entities may use such amounts for: (1) any purposes permitted under the terms and conditions of an appropriations account that was subject to sequestration for any fiscal year under the Balanced Budget and Emergency Deficit Control Act of 1985, provided that the amount used does not exceed the amount by which the account was reduced by sequestration for such fiscal year; or (2) a transfer of amounts to an incumbent federal entity for such purposes when the federal entity relinquishing spectrum relocates its operations to frequencies assigned to another federal entity in order to share frequencies.

Expanding Broadcast Ownership Opportunities Act of 2017

United States · United States Congress · 4 April 2017

Expanding Broadcast Ownership Opportunities Act of 2017 This bill amends the Communications Act of 1934 and the Internal Revenue Code to reestablish a tax certificate program under which the Federal Communications Commission (FCC) certifies a person's sale of an interest in a broadcast station to socially and economically disadvantaged minorities or women in order for the seller to elect to treat the sale as an involuntary conversion for which no gain is recognized for tax purposes or as an unrecognized gain to reduce the basis for determining gain or loss subject to an allowance for a depreciation deduction. The FCC must adopt rules for the issuance of such certificates to: (1) limit the value of an interest the sale of which qualifies for such a certificate, (2) establish a minimum holding period following the sale during which the broadcast station must remain owned by socially and economically disadvantaged individuals, (3) limit the total number or value of sales for which a person may be issued certificates, and (4) require participation by socially and economically disadvantaged individuals in the management of the broadcast station. The FCC must report on: (1) recommendations to increase the total number of broadcast stations owned or controlled by minority groups or women, (2) annual sales for which certificates have been issued, (3) whether to expand the tax certificate program beyond broadcast stations to other FCC-regulated entities, and (4) whether there is a nexus between diversity of ownership or control of broadcast stations and diversity of the viewpoints broadcast by the stations. The FCC must also establish a five-year pilot incubator program to grant waivers from ownership rules (local radio ownership rules, local television multiple ownership rules, or radio-television cross-ownership rules) to licensees to enable them to acquire an otherwise prohibited interest in a broadcast station owned by socially and economically disadvantaged individuals.

Property Tax Reduction Act of 2017

United States · United States Congress · 4 April 2017

Property Tax Reduction Act of 2017 This bill amends title XIX (Medicaid) of the Social Security Act to reduce federal Medicaid funding for certain states that require political subdivisions to contribute funds towards medical assistance. Specifically, the bill applies to states that received, for FY2016, disproportionate share hospital (DSH) allotments greater than six times the national average. (DSHs are hospitals that receive additional payment under Medicaid for treating a large share of low-income patients.) Excepted from the bill are contributions that: (1) are required from a political subdivision that has a population greater than 5 million and imposes a local income tax upon its residents, or (2) were required for administrative expenses as of January 1, 2017.

Homeless Veterans Assistance Fund Act of 2017

United States · United States Congress · 4 April 2017

Homeless Veterans Assistance Fund Act of 201 7 This bill amends the Internal Revenue Code to: (1) establish in the Treasury the Homeless Veterans Assistance Fund to provide services to homeless veterans; (2) allow individual taxpayers to designate on their tax returns a portion of any overpayment of tax or an additional contribution for the fund; and (3) require the Departments of Veterans Affairs, Labor, and Housing and Urban Development, to include in the President's budget, beginning with FY2019, a description of the uses of the fund during the previous fiscal year and the proposed uses for the next fiscal year.

ABLE Financial Planning Act

United States · United States Congress · 4 April 2017

ABLE Financial Planning Act This bill amends the Internal Revenue Code to allow tax-free rollovers of amounts in qualified tuition programs (529 plans) to qualified ABLE programs. (Tax-favored ABLE [Achieving a Better Life Experience] accounts are designed to enable individuals with disabilities to save for and pay for disability-related expenses.)

ABLE to Work Act of 2017

United States · United States Congress · 4 April 2017

ABLE to Work Act of 201 7 This bill amends the Internal Revenue Code, with respect to ABLE accounts (tax-exempt savings accounts for persons with a disability), to allow: (1) an ABLE account beneficiary to make additional contributions to an ABLE account equal to the lesser of such beneficiary's compensation or an amount equal to the federal poverty line for a one-person household, and (2) a retirement savings tax credit for contributions to an ABLE account.

ABLE Age Adjustment Act

United States · United States Congress · 4 April 2017

ABLE Age Adjustment Act This bill amends the Internal Revenue Code, with respect to qualified ABLE programs, to increase the age threshold for eligibility for such programs from 26 to 46. (Tax-favored ABLE [Achieving a Better Life Experience] accounts are designed to enable individuals with disabilities to save for and pay for disability-related expenses.)

Stop Animal Fat Tax Credits Act of 2017

United States · United States Congress · 3 April 2017

Stop Animal Fat Tax Credits Act of 201 7 This bill amends the Internal Revenue Code to make fuels derived from animal fats ineligible for the tax credits for: (1) biodiesel and renewable diesel, and (2) alternative fuels.

Inclusive Prosperity Act of 2017

United States · United States Congress · 3 April 2017

Inclusive Prosperity Act of 201 7 This bill amends the Internal Revenue Code to: (1) impose an excise tax on the transfer of ownership in certain securities (covered transaction), including any share of stock in a corporation, any partnership or beneficial interest in a partnership or trust, any note, bond, debenture, or other evidence of indebtedness (excluding tax-exempt municipal bonds), or derivative financial instruments; (2) impose a penalty on taxpayers who fail to include a covered transaction on their tax return or information statement; and (3) allow an individual taxpayer whose modified adjusted gross income does not exceed $50,000 ($75,000 for married taxpayers filing joint returns) a tax credit for the amount of tax paid on covered transactions.

Government Settlement Transparency and Reform Act

United States · United States Congress · 3 April 2017

Government Settlement Transparency and Reform Act This bill amends the Internal Revenue Code to expand provisions relating to the nondeductibility of fines and penalties to prohibit a tax deduction for any amount paid or incurred to, or at the direction of, any governmental entity relating to the violation of any law or the investigation or inquiry into a potential violation of law. The bill exempts from such prohibition: (1) restitution or amounts paid to come into compliance with any law that was violated or otherwise involved in the investigation or inquiry, (2) amounts paid pursuant to a court order in a suit in which the governmental entity was not a party, and (3) amounts paid or incurred as taxes due. The bill also imposes new reporting requirements on governmental entities relating to amounts paid as fines or for restitution.

[H.A.S.C. No. 115-30] NATIONAL DEFENSE AUTHORIZATION ACT FOR FISCAL YEAR 2018 AND OVERSIGHT OF PREVIOUSLY AUTHORIZED PROGRAMS

United States · United States House of Representatives · 30 March 2017

Clyde-Hirsch-Sowers RESPECT Act

United States · United States Congress · 30 March 2017

Clyde-Hirsch-Sowers RESPECT Act or the Restraining Excessive Seizure of Property through the Exploitation of Civil Asset Forfeiture Tools Act This bill revises the authority and procedures that the Internal Revenue Service (IRS) uses to seize property that has been structured to avoid Bank Secrecy Act (BSA) reporting requirements. The IRS may only seize property it suspects has been structured to avoid BSA reporting requirements if the property was derived from an illegal source or the funds were structured for the purpose of concealing the violation of a criminal law or regulation other than structuring transactions to evade BSA reporting requirements. Within 30 days of seizing property, the IRS must: (1) make a good faith effort to find all owners of the property, and (2) notify the owners of the post-seizure hearing rights established by this bill. The IRS may apply to a court for one 30-day extension of the notice requirement if it can establish probable cause of an imminent threat to national security or personal safety. If the owner of the property requests a court hearing within 30 days after the date on which notice is provided, the property must be returned unless the court holds a hearing within 30 days after notice is provided and finds that there is probable cause to believe that the property was derived from an illegal source or the funds were structured to conceal the violation of a criminal law or regulation other than a structuring violation. The bill amends the Internal Revenue Code to exclude from gross income any interest received from the federal government with respect to an action to recover property seized by the IRS pursuant to a claimed violation of the structuring provisions of the BSA.

Regulate Marijuana Like Alcohol Act

United States · United States Congress · 30 March 2017

Regulate Marijuana Like Alcohol Act This bill directs the Department of Justice to issue a final order that removes marijuana in any form from all schedules of controlled substances under the Controlled Substances Act (CSA). Marijuana is exempted from the CSA except as provided in this bill. The definition of "felony drug offense" does not include conduct related to marijuana. Marijuana is not included in the provisions setting forth penalties applicable to prohibited conduct under the CSA. It shall be unlawful to ship or transport marijuana from any place outside a jurisdiction of the United States into such a jurisdiction in which its possession, use, or sale is prohibited. The bill eliminates marijuana from regulation under various federal laws including the Controlled Substances Import and Export Act, the National Forest System Drug Control Act of 1986, the federal Wiretap Act, and the Office of National Drug Control Policy Reauthorization Act of 1998. Further, it subjects marijuana to the provisions that apply to: (1) intoxicating liquors under the Original Packages Act, the Webb-Kenyon Act, and the Victims of Trafficking and Violence Protection Act of 2000; and (2) distilled spirits under the Federal Alcohol Administration Act. The Food and Drug Administration shall have the same authorities with respect to marijuana as it has for alcohol. Functions of the Administrator of the Drug Enforcement Administration relating to marijuana enforcement shall be transferred to the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF). The ATF is renamed the Bureau of Alcohol, Tobacco, Marijuana, Firearms and Explosives and the Alcohol and Tobacco Tax and Trade Bureau is renamed the Alcohol, Tobacco, and Marijuana Tax and Trade Bureau.

Responsibly Addressing the Marijuana Policy Gap Act of 2017

United States · United States Congress · 30 March 2017

Responsibly Addressing the Marijuana Policy Gap Act of 2017 This bill amends various provisions of law and sets forth new provisions: to eliminate regulatory controls and administrative, civil, and criminal penalties under the Controlled Substances Act for marijuana-related activities authorized by state or tribal law (i.e., state-authorized); to allow businesses that sell marijuana in compliance with state or tribal law to claim certain federal tax credits and deductions; to eliminate restrictions on print and broadcast advertising of state-authorized marijuana-related activities; to create protections for depository institutions that provide financial services to marijuana-related businesses; to specify that a marijuana-related business is entitled to federal bankruptcy protections; to establish a process to expunge criminal records related to certain marijuana-related convictions; to reestablish federal student aid eligibility for certain students convicted of a misdemeanor offense for marijuana possession; to exempt real property from civil forfeiture due to state-authorized marijuana-related conduct; to prohibit the inadmissibility or deportability of aliens for state-authorized marijuana-related conduct; to specify that drug-related criminal activity, which is prohibited in federally assisted housing, does not include state-authorized marijuana-related conduct; to establish a new, separate registration process to facilitate medical marijuana research; to authorize health care providers employed by the Department of Veterans Affairs to recommend participation in state marijuana programs; and to authorize medical providers through an Indian health program to make medical recommendations regarding marijuana.

Dynamic Repayment Act of 2017

United States · United States Congress · 30 March 2017

Dynamic Repayment Act of 2017 This bill amends the Higher Education Act of 1965 to replace several existing federal student loan programs with a single repayment plan that caps annual debt repayments based on income and forgives remaining balances after 20 or 30 years of payments. The bill terminates the authority of the Department of Education (ED) to make federal Direct Stafford Loans, Direct Unsubsidized Stafford Loans, and Direct PLUS loans, subject to exceptions for existing student borrowers, PLUS loans made to parents of undergraduates, and Direct Consolidation Loans. To replace the programs, the bill establishes the Income Dependent Education Assistance (IDEA) Loan Program and the IDEA Loan Repayment Program, which: limit annual repayments based on the borrower's income; forgive remaining balances after either 20 or 30 years of payments, depending on the amount of the loan; and prohibit the accrual of interest on loans for active duty service members. The bill amends the Social Security Act (SSAct) to require ED and the Department of Health and Human Services to exchange information necessary to use the National Directory of New Hires to assist in the collection of student loans. The bill amends the Internal Revenue Code to: (1) require the Department of the Treasury to disclose to ED tax return information necessary to carry out the IDEA Loan Repayment Program, and (2) to exclude loan forgiveness under the program from gross income.

Volunteer Income Tax Assistance Permanence Act of 2017

United States · United States Congress · 30 March 2017

Volunteer Income Tax Assistance Permanence Act of 2017 This bill directs the Internal Revenue Service (IRS) to establish a Community Volunteer Income Tax Assistance Matching Grant Program to provide matching funds for the development, expansion, or continuation of tax preparation programs to assist low-income taxpayers and members of underserved populations. The program must be substantially similar to the Community Volunteer Income Tax Assistance matching grants demonstration program established under the Consolidated Appropriations Act, 2008. Unless otherwise provided by a specific appropriation, the IRS may not allocate more than $30 million per fiscal year (exclusive of costs of administering the program) for the program.

Employer Participation in Repayment Act of 2017

United States · United States Congress · 30 March 2017

Employer Participation in Repayment Act of 2017 This bill amends the Internal Revenue Code to expand the tax exclusion for employer-provided educational assistance to include an employer's payments to an employee or lender for the principal or interest on any qualified education loan incurred by an employee.

Save Our Small and Seasonal Businesses Act of 2017

United States · United States Congress · 30 March 2017

Save Our Small and Seasonal Businesses Act of 2017 This bill amends the Immigration and Nationality Act to declare that, effective as if enacted on January 1, 2017, a returning H-2B visa alien (temporary nonagricultural worker) who has already been counted toward the applicable numerical limitation shall: not again be counted toward that limitation during the fiscal year, but shall be considered a returning worker; or shall be counted again toward the limitation if the alien departs the United States for a period longer than one year, was not counted toward the limitation in any of the three most recent fiscal years, or violated his or her status during the authorized period of stay. "Other temporary service or labor" for H-2B purposes means that an employer's labor need will last: (1) at most 1 year if peak load or intermittent, unless it is a one-time occurrence not to exceed 3 years; or (2) not to exceed 10 months if the employer's need is seasonal. An H-2B employer shall file an employee petition with the Department of Homeland Security (DHS), which shall have exclusive authority to issue rules and final determinations for the H-2B visa program. H-2B employer requirements are set forth regarding: (1) petitions, (2) admissions and maximum stay in status, (3) housing, (4) enforcement, (5) transportation, (6) recruitment, (7) U.S. worker protections, (8) wages, and (9) absconding workers. DHS shall consult with the Department of State to develop an electronic notification system to notify the latter within 48 hours after an H-2B petition's final approval.

Responsibly Addressing the Marijuana Policy Gap Act of 2017

United States · United States Congress · 30 March 2017

Responsibly Addressing the Marijuana Policy Gap Act of 2017 This bill amends various provisions of law and sets forth new provisions: to eliminate regulatory controls and administrative, civil, and criminal penalties under the Controlled Substances Act for marijuana-related activities authorized by state or tribal law (i.e., state-authorized); to allow businesses that sell marijuana in compliance with state or tribal law to claim certain federal tax credits and deductions; to eliminate restrictions on print and broadcast advertising of state-authorized marijuana-related activities; to create protections for depository institutions that provide financial services to marijuana-related businesses; to specify that a marijuana-related business is entitled to federal bankruptcy protections; to establish a process to expunge criminal records related to certain marijuana-related convictions; to reestablish federal student aid eligibility for certain students convicted of a misdemeanor offense for marijuana possession; to exempt real property from civil forfeiture due to state-authorized marijuana-related conduct; to prohibit the inadmissibility or deportability of aliens for state-authorized marijuana-related conduct; to specify that drug-related criminal activity, which is prohibited in federally assisted housing, does not include state-authorized marijuana-related conduct; to establish a new, separate registration process to facilitate medical marijuana research; to authorize health care providers employed by the Department of Veterans Affairs to recommend participation in state marijuana programs; and to authorize medical providers through an Indian health program to make medical recommendations regarding marijuana.

Small Business Tax Equity Act of 2017

United States · United States Congress · 30 March 2017

Small Business Tax Equity Act of 201 7 This bill amends the Internal Revenue Code to exempt a trade or business that conducts marijuana sales in compliance with state law from the prohibition against allowing business-related tax credits or deductions for expenditures in connection with trafficking in controlled substances.

Marijuana Revenue and Regulation Act

United States · United States Congress · 30 March 2017

Marijuana Revenue and Regulation Act This bill removes marijuana from the list of controlled substances and establishes requirements for the taxation and regulation of marijuana products. The bill amends the Internal Revenue Code to impose: (1) an excise tax on any marijuana product produced in or imported into the United States, and (2) an occupational tax on marijuana production facilities and export warehouses. The term "marijuana product" does not include: (1) any article containing marijuana which has been approved by the Food and Drug Administration for sale for therapeutic purposes and is marketed and sold solely for such purpose, or (2) industrial hemp The excise tax includes exemptions for: (1) products that are used for research or by government entities for nonconsumption purposes; and (2) the transfer of products between production, import, and export facilities. A credit or refund of the tax must be issued for products that are withdrawn from the market, lost, or destroyed. The Department of Justice must remove marijuana from all schedules of controlled substances under the Controlled Substances Act (CSA). The bill amends the CSA to require penalties for shipping or transporting marijuana into any state or jurisdiction where it is illegal. The bill requires producers, importers, and exporters of marijuana products to: obtain a permit and a bond covering tax liability from the Department of the Treasury prior to beginning operations; meet recordkeeping requirements; and comply with certain policies and restrictions regarding packaging, labeling, and advertising. The bill also: establishes penalties for violations of marijuana laws; prohibits the sale of more than one ounce of marijuana in any single retail transaction; and provides specified authorities to the Food and Drug Administration and the Bureau of Alcohol, Tobacco, Firearms, and Explosives with respect to marijuana.

A joint resolution proposing a balanced budget amendment to the Constitution of the United States.

United States · United States Congress · 30 March 2017

Constitutional Amendment This joint resolution proposes a constitutional amendment prohibiting total outlays for a fiscal year from exceeding total receipts for that fiscal year unless Congress authorizes the excess by a three-fifths roll call vote of each chamber. The prohibition excludes: outlays for repayment of debt principal, receipts derived from borrowing, receipts or outlays of the Social Security and Medicare trust funds, and outlays relating to a natural disaster if the law providing the funds explicitly exempts the funds from the requirement and is agreed to by a majority of each chamber of Congress. The resolution requires the President to annually submit to Congress a budget in which total outlays do not exceed total receipts. The balanced budget requirement does not apply if: a declaration of war is in effect or if the United States is engaged in military conflict which causes an imminent and serious military threat to national security; or during the fiscal year or preceding fiscal year, the U.S. economy grew by less than 0% in real gross domestic product during two or more consecutive quarters or the unemployment rate was more than 7% during two or more consecutive months. The resolution prohibits a court from enforcing the requirements by ordering cuts to Social Security or Medicare payments unless the funds available to the trust fund for a program are not sufficient to cover the outlays that would occur during the year if the fund were fully solvent.

Reinvigorating Antibiotic and Diagnostic Innovation Act of 2017

United States · United States Congress · 30 March 2017

Reinvigorating Antibiotic and Diagnostic Innovation Act of 201 7 This bill amends the Internal Revenue Code to allow tax credits for 50% of the clinical testing expenses for: (1) infectious disease products that are intended to treat a serious or life-threatening infection, including one caused by an antibacterial or antifungal resistant pathogen or a qualifying pathogen listed by the Department of Health and Human Services as having the potential to pose a serious threat to public health; and (2) in-vitro diagnostic devices that identify in less than four hours the presence, concentration, or characteristics of a serious or life-threatening infection.

Prohibition of United Nations Taxation Act

United States · United States Congress · 30 March 2017

Prohibition of United Nations Taxation Act This bill prohibits the United States from paying any voluntary or assessed contribution to the United Nations or any of its specialized or affiliated agencies: (1) if the U.N. attempts to implement or impose any taxation or fee on any U.S. person or attempts to borrow funds from the International Bank for Reconstruction and Development (World Bank), the International Monetary Fund, or any other similar or regional international financial institution; and (2) unless the President certifies to Congress by 15 days before such payment that the U.N. is not engaged in any effort to develop, advocate, promote, or publicize any proposal concerning taxation or fees on any U.S. person to raise revenue for the U.N.

Artist-Museum Partnership Act of 2017

United States · United States Congress · 30 March 2017

Artist-Museum Partnership Act of 201 7 This bill amends the Internal Revenue Code to allow taxpayers who create literary, musical, artistic, scholarly compositions, or similar property a fair market value (determined at the time of contribution) tax deduction for contributions of such properties, the copyrights thereon, or both, to certain tax-exempt organizations, if such properties are properly appraised and are donated no less than 18 months after their creation. The bill limits the amount of the deduction based upon the donor's artistic adjusted gross income, as defined by this bill.

Marijuana Revenue and Regulation Act

United States · United States Congress · 30 March 2017

Marijuana Revenue and Regulation Act This bill amends the Internal Revenue Code to impose: (1) an excise tax on any marijuana product produced in or imported into the United States, and (2) an occupational tax on marijuana production facilities and export warehouses. The term "marijuana product" does not include: (1) any article containing marijuana which has been approved by the Food and Drug Administration for sale for therapeutic purposes and is marketed and sold solely for such purpose, or (2) industrial hemp. The excise tax includes exemptions for: (1) marijuana products that are used for research or by government entities for nonconsumption purposes; and (2) the transfer of products between production, import, and export facilities. A credit or refund of the tax must be issued for products that are withdrawn from the market, lost, or destroyed. The bill requires producers, importers, and exporters of marijuana products to: obtain a permit and a bond covering tax liability from the Department of the Treasury prior to beginning operations, meet recordkeeping requirements, and comply with certain policies and restrictions regarding packaging and labeling. The bill also: (1) establishes penalties for violations of marijuana laws, and (2) prohibits the sale of more than one ounce of marijuana in any single retail transaction.