Taxation

Home Lead Safety Tax Credit Act of 2021

United States · United States Congress · 29 April 2021

Home Lead Safety Tax Credit Act of 2021 This bill allows owners of eligible dwelling units a new tax credit through 2024 for 50% of the lead hazard reduction activity costs for each such unit, up to an aggregate of $4,000 per unit. An eligible dwelling unit is any unit located in the United States that was placed in service before 1978. The bill (1) specifies the types of lead hazard reduction activity costs eligible for the credit, including risk assessment and abatement costs; and (2) limits the amount of the credit in any taxable year to $3,000 for specified abatement measures and $1,000 for interim lead control measures.

Linear Generator Parity Act

United States · United States Congress · 29 April 2021

Linear Generator Parity Act This bill modifies the tax credit for investments in energy property to make qualified fuel cell property (certain fuel cell power plants) that uses an electromechanical process eligible for the credit.

Know Before You Owe Federal Student Loan Act of 2021

United States · United States Congress · 29 April 2021

Know Before You Owe Federal Student Loan Act of 2021 This bill expands lender disclosure requirements and revises loan counseling requirements. First, the bill requires a lender to provide a quarterly statement to a Federal Family Education Loan or Direct Loan borrower during a period when loan payments are not required. The statement must include specified information on the loan and interest amounts and explain the option to pay accrued interest while in deferment or forbearance. In addition, the bill requires an institution of higher education (IHE) that participates in federal student-aid programs to provide pre-loan counseling to a student borrower of a federal student loan upon or prior to the first disbursement of each new loan. Currently, an IHE must provide one-time entrance counseling to a student who is a first-time federal student loan borrower. The bill also revises and expands required elements of pre-loan counseling to include an estimate of the borrower's monthly payment amount compared to the borrower's estimated monthly income after taxes and other expenses, a statement to borrow the minimum necessary amount, a warning that a high debt-to-income ratio makes repayment more difficult, options to reduce borrowing, and an explanation of the importance of on-time graduation. Prior to certifying a Federal Direct Loan disbursement to a student, an IHE must ensure that the student manually enters the exact dollar amount of the loan.

A bill to amend the National Agricultural Research, Extension, and Teaching Policy Act of 1977 to authorize appropriations for the United States-Israel Binational Agricultural Research and Development Fund.

United States · United States Congress · 29 April 2021

This bill authorizes appropriations for the United States-Israel Binational Agricultural Research and Development Fund for each fiscal year to promote and support agricultural research and development activities that are of mutual benefit to the United States and Israel.

DEPARTMENT OF THE INTERIOR, ENVIRONMENT AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2022

United States · United States Senate · 28 April 2021

HEARING ON THE FISCAL YEAR 2022 PROPOSED BUDGET FOR THE U.S. ENVIRONMENTAL PROTECTION AGENCY

United States · United States Senate · 28 April 2021

[H.A.S.C. No. 117-23] THE DEPARTMENT OF DEFENSE'S FINANCIAL IMPROVEMENT AND AUDIT READINESS PLAN: FISCAL YEAR 2020 AUDIT RESULTS AND THE PATH FORWARD

United States · United States House of Representatives · 28 April 2021

LEGISLATIVE BRANCH APPROPRIATIONS FOR FISCAL YEAR 2022

United States · United States Senate · 28 April 2021

COMMERCE, JUSTICE, SCIENCE, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2022

United States · United States Senate · 28 April 2021

Investing in American Workers Act

United States · United States Congress · 28 April 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.

REPAIR Act

United States · United States Congress · 28 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 highway or surface freight transfer facility bonds.

Medicare Buy-In and Health Care Stabilization Act of 2021

United States · United States Congress · 28 April 2021

Medicare Buy-In and Health Care Stabilization Act of 2021 This bill establishes a Medicare buy-in option for certain qualifying individuals and makes a series of other changes relating to health care costs. Specifically, the bill allows individuals aged 50 to 64 to enroll in Medicare if such individuals would otherwise qualify for Medicare at the age of 65. The Centers for Medicare & Medicaid Services (CMS) must determine enrollment periods and set premiums for the buy-in option established under the bill, in accordance with specified requirements. The CMS must also award grants to states and nonprofit organizations for outreach and enrollment activities relating to the buy-in option. The bill also (1) establishes a supplemental option under Medicare to cover cost-sharing for beneficiaries; (2) repeals provisions that prohibit the CMS from negotiating the prices of prescription drugs; (3) establishes an individual market reinsurance program relating to coverage of high-cost individuals, as specified; and (4) makes permanent certain increases and expansions of the premium tax credit.

Home Lead Safety Tax Credit Act of 2021

United States · United States Congress · 28 April 2021

Home Lead Safety Tax Credit Act of 2021 This bill allows owners of eligible dwelling units a new tax credit through 2024 for 50% of the lead hazard reduction activity costs for each such unit, up to an aggregate of $4,000 per unit. An eligible dwelling unit is any unit located in the United States that was placed in service before 1978. The bill (1) specifies the types of lead hazard reduction activity costs eligible for the credit, including risk assessment and abatement costs; and (2) limits the amount of the credit in any taxable year to $3,000 for specified abatement measures and $1,000 for interim lead control measures.

First-Time Homebuyer Act of 2021

United States · United States Congress · 28 April 2021

First-Time Homebuyer Act of 2021 This bill modifies the first-time homebuyer tax credit. Specifically, it increases the allowable dollar amount of the credit from $8,000 to $15,000, revises the income formula for determining the maximum allowable credit amount, replaces the limitation on the credit based on purchase price (currently, $800,000) with a limitation based on area median purchase price, and revises rules relating to recapture of the credit and to members of the Armed Forces.

Homecare for Seniors Act

United States · United States Congress · 28 April 2021

Homecare for Seniors Act This bill allows tax-exempt distributions from health savings accounts (HSAs) to be used for qualified home care. Qualified home care means a contract to provide three or more of the following services in the residence of the service recipient assistance with eating, assistance with toileting, assistance with transferring, assistance with bathing, assistance with dressing, assistance with continence, and medication adherence. The Department of Health and Human Services must carry out a campaign to increase public awareness of the in-home service expenses that are eligible for tax-free distribution from HSAs.

Parent Tax Credit Act

United States · United States Congress · 28 April 2021

Parent Tax Credit Act This bill allows an eligible individual a tax credit of $6,000 ($12,000 in the case of a joint tax return), with a limitation based on a minimum earned income level. The bill defines eligible individual as any individual who has a qualifying child who is not yet 13. The eligible individual may not be a nonresident alien, any alien unlawfully present in the United States, and any individual who is a dependent of another taxpayer. To be eligible for the credit, the taxpayer must include on the return of tax a valid Social Security account number. The bill requires the Internal Revenue Service to establish a program for making advance payments of the credit to taxpayers on a monthly basis. The bill terminates the child and dependent care tax credit after 2021.

Move America Act of 2021

United States · United States Congress · 28 April 2021

Move America Act of 2021 This bill allows tax-exempt Move America bonds and Move America tax credits to be used for certain infrastructure projects. A Move America bond is treated as a tax-exempt private facility bond with certain exceptions. At least 95% of the net proceeds from the issuance of the bond must be used for infrastructure projects, including airports; docks and wharves; mass commuting facilities; facilities for the furnishing of water; sewage facilities; railroads; certain surface transportation projects eligible for federal assistance, projects for an international bridge or tunnel, or facilities for transferring freight from truck to rail or rail to truck; flood diversions; inland waterways; or rural broadband service infrastructure. The bill specifies exceptions and modifications to existing rules for bonds regarding land acquisition, government ownership, rehabilitation expenditures, and the alternative minimum tax. The bonds are subject to a volume cap equal to 50% of a state's current private activity bond volume cap. States may exchange all or a portion of the volume cap for Move America tax credits to be allocated to taxpayers. The credits include (1) an equity credit for a portion of the basis of each qualified facility; and (2) an infrastructure fund credit for investments in qualified infrastructure funds, including a state infrastructure bank, a water pollution control revolving fund, or a drinking water treatment revolving loan fund.

Chronic Disease Management Act of 2021

United States · United States Congress · 28 April 2021

Chronic Disease Management Act of 2021 This bill modifies requirements for health savings accounts (HSAs) to permit the high deductible health plans required for an HSA to provide care for chronic conditions with no deductible. The bill covers any preventive care service or item used to treat a chronic condition if (1) such service or item is low-cost, (2) there is medical evidence of the effectiveness of such service or item, and (3) there is a strong likelihood that the use of such service or item will prevent the exacerbation of the chronic condition or the development of a secondary condition that requires significantly higher cost treatment. The bill further provides that an individual who has been prescribed preventive care for any chronic condition may be presumed to have been diagnosed with such condition if such preventive care is customarily prescribed for such condition.

Homecare for Seniors Act

United States · United States Congress · 27 April 2021

Homecare for Seniors Act This bill allows tax-exempt distributions from health savings accounts (HSAs) to be used for qualified home care. Qualified home care includes a contract to provide three or more of the following services in the residence of the service recipient assistance with eating, assistance with toileting, assistance with transferring, assistance with bathing, assistance with dressing, assistance with continence, and medication adherence. The Department of Health and Human Services must carry out a campaign to increase public awareness of the in-home service expenses that are eligible for tax-free distribution from HSAs.

Protect America's Paper for Recycling Act

United States · United States Congress · 27 April 2021

Protect America's Paper for Recycling Act This bill modifies the tax credit for producing electricity from renewable resources to revise the definition of municipal solid waste . The bill specifies that municipal solid waste does not include paper that is commonly recycled and that has been segregated from other solid waste, or solid waste that is collected as part of a system that does not provide for the separate collection of paper that is commonly recycled from residential solid waste. The bill includes exceptions for incidental and residual waste. In the case of a facility that produces electricity both from municipal solid waste and other solid waste that is not a qualified energy resource (1) the facility is a qualified facility if it otherwise meets the requirements for qualified facilities, and (2) the credit only applies to the portion of the electricity produced from municipal solid waste.

PTC Elimination Act

United States · United States Congress · 27 April 2021

PTC Elimination Act This bill repeals the tax credit for producing electricity from renewable resources (e.g., wind, biomass, trash, geothermal or solar energy facilities). The bill also expresses the sense of Congress that such credit should be allowed to expire and should not be extended.

American Housing and Economic Mobility Act of 2021

United States · United States Congress · 26 April 2021

American Housing and Economic Mobility Act of 2021 This bill addresses housing affordability and availability, makes certain changes to the estate and gift taxes, and contains other related provisions. The Department of Housing and Urban Development shall provide grants to (1) state and local governments that remove unnecessary barriers to building affordable units, (2) states to assist borrowers who have negative equity in their homes, (3) state housing finance agencies to construct or acquire affordable rental housing and prevent tenant displacement and harassment, and (4) eligible individuals (generally, lower income individuals who resided in low-income or historically racially segregated areas) to help them purchase their first homes. The bill provides funding through FY2031 for the first-time homeowner grant program established by the bill, through FY2022 for the affordable rental housing construction program established by the bill, and through FY2022 for specified existing rural housing programs. The bill also expands fair housing protections to prohibit discrimination based on sexual orientation, gender identity, marital status, source of income, veteran status, or an individual's perceived membership in a protected class (e.g., an individual's perceived race or sex). Additionally, the bill modifies the estate tax in various ways, including by reducing the number of brackets to three, increasing the tax rates, and reducing the basic exemption amount. The bill also modifies provisions related to gift taxes and transfer taxes.

Syrian Partner Protection Act

United States · United States Congress · 26 April 2021

Syrian Partner Protection Act This bill authorizes the Department of Homeland Security (DHS) to provide special immigrant status to qualified aliens who assisted U.S. efforts in Syria against the Islamic State. (A special immigrant is qualified to become a permanent resident.) A qualifying alien is a Syrian national (or stateless person who habitually resided in Syria) who (1) partnered with or worked for the United States in Syria in a sensitive and trusted capacity (such as an interpreter) on or after January 1, 2014, for at least one year, and (2) provided documented service to U.S. efforts against the Islamic State. The spouse or child of such an alien shall also qualify for special immigrant status. DHS may admit up to 4,000 principal aliens under this bill each fiscal year for the five fiscal years after this bill's enactment. Unused visas at the end of a fiscal year shall carry forward and be available the next year. Aliens admitted under this bill shall not be subject to other numerical limitations. If a qualifying alien applying for special immigrant status under this bill is in imminent danger, the Department of State shall provide protection to that alien. An alien who has received special immigrant status under this bill shall be eligible for benefits generally available to admitted refugees, such as resettlement assistance.

Don’t Tax Higher Education Act

United States · United States Congress · 26 April 2021

Don't Tax Higher Education Act This bill repeals the excise tax on the net investment income of certain private colleges and universities.

To amend the Internal Revenue Code of 1986 to restore the limitation on downward attribution of stock ownership in applying the constructive ownership rules to controlled foreign corporations, and for other purposes.

United States · United States Congress · 26 April 2021

This bill restores the limitation on downward attribution rules to 50% of stock ownership in applying constructive ownership rules to controlled foreign corporations.

Elijah E. Cummings Lower Drug Costs Now Act

United States · United States Congress · 22 April 2021

Elijah E. Cummings Lower Drug Costs Now Act This bill establishes several programs and requirements relating to the prices of prescription drugs. In particular, the bill requires the Department of Health and Human Services (HHS) to negotiate prices for certain drugs (current law prohibits HHS from doing so). Specifically, HHS must negotiate maximum prices for single-source, brand-name drugs that lack certain generics and that are among either the 125 drugs that account for the greatest national spending or the 125 drugs that account for the greatest Medicare spending. HHS must negotiate the prices of at least 25 such drugs for 2024 and of at least 50 such drugs thereafter and must also negotiate prices for certain newly approved drugs and for insulin products. The negotiated prices must be offered under Medicare and may also be offered under private health insurance unless the insurer opts out. The negotiated maximum price may not exceed (1) 120% of the average price in Australia, Canada, France, Germany, Japan, and the United Kingdom; or (2) if such information is not available, 85% of the U.S. average manufacturer price. Drug manufacturers that fail to comply with the bill's negotiation requirements are subject to civil and tax penalties. The bill also makes a series of additional changes to Medicare prescription drug coverage and pricing, including by (1) requiring drug manufacturers to issue rebates to the Centers for Medicare & Medicaid Services for covered drugs that cost $100 or more and for which the average manufacturer price increases faster than inflation, and (2) capping annual out-of-pocket spending under the Medicare prescription drug benefit. The bill also requires drug manufacturers to report specified information for certain high-cost drugs, and it provides funds for opioid epidemic initiatives and biomedical research.

SWEET Act

United States · United States Congress · 22 April 2021

Sugary Drinks Tax Act of 2021 or the SWEET Act This bill imposes an excise tax on the sale or transfer of any specified sugary drink product. The bill defines specified sugary drink product as any liquid intended for human consumption that contains a caloric sweetener (i.e., monosaccharides, disaccharides, and high-fructose corn syrup), with specified exceptions. The bill provides for the transfer of revenues from the tax for the benefit of the School Breakfast Program.

American Housing and Economic Mobility Act of 2021

United States · United States Congress · 22 April 2021

American Housing and Economic Mobility Act of 2021 This bill addresses housing affordability and availability, makes certain changes to the estate and gift taxes, and contains other related provisions. The Department of Housing and Urban Development shall provide grants to (1) state and local governments that remove unnecessary barriers to building affordable units, (2) states to assist borrowers who have negative equity in their homes, (3) state housing finance agencies to construct or acquire affordable rental housing and prevent tenant displacement and harassment, and (4) eligible individuals (generally, lower income individuals who resided in low-income or historically racially segregated areas) to help them purchase their first homes. The bill provides funding through FY2031 for the first-time homeowner grant program established by the bill, through FY2022 for the affordable rental housing construction program established by the bill, and through FY2022 for specified existing rural housing programs. The bill also expands fair housing protections to prohibit discrimination based on sexual orientation, gender identity, marital status, source of income, veteran status, or an individual's perceived membership in a protected class (e.g., an individual's perceived race or sex). Additionally, the bill modifies the estate tax in various ways, including by reducing the number of brackets to three, increasing the tax rates, and reducing the basic exemption amount. The bill also modifies provisions related to gift taxes and transfer taxes.

MORE PILT Act

United States · United States Congress · 22 April 2021

Making Obligations Right by Enlarging Payments In Lieu of Taxes Act or the MORE PILT Act This bill directs the Department of the Interior to develop a modeling tool that calculates the approximate market value of land covered by the payments in lieu of taxes (PILT) program and the approximate amount of local tax revenue the land would generate if privately owned. The PILT program compensates local governments for tax revenue lost due to tax-exempt federal lands within their boundaries. Interior must annually report on the value of land covered by the PILT program, the tax revenue the land would generate if privately owned, and how PILT payments could more accurately reflect that tax revenue.

Family Attribution Modernization Act

United States · United States Congress · 22 April 2021

Family Attribution Modernization Act This bill modifies testing rules for tax-exempt pension and profit sharing plans (e.g., 401k retirement plans) to eliminate attribution under the the family attribution rules (1) for spouses with separate businesses who reside in community property states, and (2) between parents with separate businesses who have minor children. The family attribution rule treats an individual taxpayer as owning property interests (e.g., stock) that are owned, directly or indirectly, by the individual's spouse, children, grandchildren, and parents.

Health Freedom and Flexibility Act

United States · United States Congress · 22 April 2021

Health Freedom and Flexibility Act This bill revises provisions relating to health savings accounts (HSAs), including to eliminate the requirement that a participant in an HSA be enrolled in a high deductible health plan; repeal certain limitations on deductions for contributions to HSAs; repeal rules relating to eligible individuals who participate in HSAs; repeal the limitation on use of HSAs to purchase health insurance; include certain medical items as medical expenses for HSA purposes, including menstrual care products, over-the-counter medicines, and medically necessary items; include as HSA-eligible medical expenses, direct primary care, exercise equipment, and dental care items; and prohibit the use of HSAs to pay for abortions or for insurance that includes coverage for abortions.

Tobacco Tax Equity Act of 2021

United States · United States Congress · 22 April 2021

Tobacco Tax Equity Act of 2021 This bill increases the excise tax on cigarettes and equalizes tax rates among all other tobacco products.

American Infrastructure Bonds Act of 2021

United States · United States Congress · 22 April 2021

American Infrastructure Bonds Act of 2021 This bill allows the issuer of an American infrastructure bond a tax credit for 28% of the interest payable under such bond.

Public Buildings Renewal Act of 2021

United States · United States Congress · 22 April 2021

Public Buildings Renewal Act of 2021 This bill allows tax-exempt financing of certain government-owned buildings by expanding the definition of exempt facility bond to include bonds used for qualified government buildings. A qualified government building is a government-owned building or facility that consists of one or more of the following an elementary or secondary school; a facility of a state college or university used for educational purposes; a public library; a court; a hospital or health care facility; a laboratory or research facility used by a governmental unit; a public safety facility; or an office for government employees. The bill excludes buildings or facilities that include specified recreational equipment or are used for the primary purpose of providing retail food and beverage services, recreation, or entertainment. The bill establishes (1) a $5 billion limit on the amount of tax-exempt financing which may be provided for government buildings, and (2) procedures for allocating and applying for the financing. The bill exempts the bonds for government buildings from the volume cap on private activity bonds.

Promotion and Expansion of Private Employee Ownership Act of 2021

United States · United States Congress · 22 April 2021

Promotion and Expansion of Private Employee Ownership Act of 2021 This bill expands tax incentives and federal assistance for employee stock ownership plans (ESOPs) that are sponsored by S corporations. The bill extends to all domestic corporations, including S corporations, provisions allowing deferral of tax on gain from the sale of employer securities to an ESOP. The Department of the Treasury must establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations. The bill defines an ESOP business concern and allows such a concern to continue to qualify as a small business for the purposes of programs under the Small Business Act. An ESOP business concern is a business concern that was a small business concern eligible for a loan, preference, or other program under the Small Business Act before more than 49% of the business concern was acquired by an ESOP.

Social Security Fairness Act

United States · United States Congress · 22 April 2021

Social Security Fairness Act This bill repeals provisions that reduce Social Security benefits for individuals who receive other benefits, such as a pension from a state or local government. The bill eliminates the government pension offset , which in various instances reduces Social Security survivors' benefits for spouses, widows, and widowers who also receive government pensions of their own. The bill also eliminates the windfall elimination provision , which in some instances reduces Social Security benefits for individuals who also receive a pension or disability benefit from an employer that did not withhold Social Security taxes. These changes are effective for benefits payable after December 2021.

Tobacco Tax Equity Act of 2021

United States · United States Congress · 22 April 2021

Tobacco Tax Equity Act of 2021 This bill increases the excise tax on cigarettes and equalizes tax rates among all other tobacco products.

Clean Energy for America Act

United States · United States Congress · 22 April 2021

Clean Energy for America Act This bill provides tax incentives for investment in clean electricity, clean transportation, clean fuel production, energy efficiency, and sets forth workforce development requirements for the energy sector. The bill also terminates certain fossil fuel provisions and requires contractors on federal energy projects to ensure that not less than 15% of total labor hours be performed by qualified apprentices.

[H.A.S.C. No. 117-21] FISCAL YEAR 2022 STRATEGIC FORCES POSTURE HEARING

United States · United States House of Representatives · 21 April 2021

LEGISLATIVE BRANCH APPROPRIATIONS FOR FISCAL YEAR 2022

United States · United States Senate · 21 April 2021

Tax on Wall Street Speculation Act

United States · United States Congress · 21 April 2021

Tax on Wall Street Speculation Act This bill imposes 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); and derivative financial instruments. The bill includes exceptions for initial issues, certain traded short-term indebtedness, and securities lending arrangements. The bill also (1) imposes a penalty on taxpayers who fail to include a covered transaction on their tax return or information statement, and (2) allows 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.

End Outsourcing Act

United States · United States Congress · 21 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.

Modernizing Agricultural and Manufacturing Bonds Act

United States · United States Congress · 21 April 2021

Modernizing Agricultural and Manufacturing Bonds Act This bill modifies provisions relating to qualified small issue bonds for manufacturing purposes by expanding the definition of manufacturing facility to include a facility that (1) is used in the creation or production of intangible property; or (2) is functionally related, subordinate to, and located on the same site as a facility used in the manufacturing or production of tangible or intangible personal property. The bill also increases from $10 million to $50 million the maximum bond size limitation. The bill modifies requirements for private activity bond financing for first-time farmers. The modified provisions (1) increase from $450,000 to $552,500 (adjusted annually for inflation) the amount of bond proceeds that may be used by a first-time farmer to acquire land for farming purposes, (2) repeal the separate dollar limitation on the use of bond proceeds for used farm equipment, and (3) revise the definition of substantial farmland to determine farm size by reference to the average (instead of median) size of a farm in the county in which the farm is located.

SIMPLE Plan Modernization Act

United States · United States Congress · 21 April 2021

SIMPLE Plan Modernization Act This bill modifies the requirements for SIMPLE (Savings Incentive Match Plan for Employees) Individual Retirement Accounts (IRAs), which are tax-favored retirement accounts that small businesses may provide to employees. The bill increases the contribution limits for certain SIMPLE IRAs and modifies the requirements for replacing SIMPLE IRAs with 401(k) plans.

Military Spouses Retirement Security Act

United States · United States Congress · 21 April 2021

Military Spouses Retirement Security Act This bill allows a tax credit for certain small businesses that include military spouses in their retirement plans.

Remote and Mobile Worker Relief Act of 2021

United States · United States Congress · 21 April 2021

Remote and Mobile Worker Relief Act of 2021 This bill prohibits the wages or other remuneration earned by an employee who is a resident of a taxing jurisdiction (i.e., states, localities, the District of Columbia, territories or possessions) and performs employment duties in more than one taxing jurisdiction from being subject to income tax in any other taxing jurisdiction other than (1) the taxing jurisdiction of the employee's residence, and (2) the taxing jurisdiction within which the employee is present and performing employment duties for more than 30 days during the calendar year in which the wages or remuneration are earned. The 30-day requirement is extended to 90 days in 2020 and 2021 for employees performing duties outside the taxing jurisdiction of their residence during the COVID-19 pandemic. The bill exempts employers from income tax withholding and information reporting requirements for employees not subject to income tax in the taxing jurisdiction. For purposes of determining penalties related to withholding and information reporting requirements, an employer may rely on an employee's annual determination of the time expected to be spent in the taxing jurisdiction in the absence of the employer's actual knowledge of fraud or collusion between the employer and employee to evade tax. For the purposes of this bill, the term employee excludes professional athletes, professional entertainers, production employees who perform services in connection with certain film, television, or other commercial video productions, and public figures who are persons of prominence who perform services for wages or other remuneration on a per-event basis. The bill also sets forth a rule for the classification of wages earned by employees working remotely.

Hydrogen Utilization and Sustainability Act

United States · United States Congress · 21 April 2021

Hydrogen Utilization and Sustainability Act This bill expands the tax credit for producing electricity from renewable resources to include qualified hydrogen. The bill defines qualified hydrogen as hydrogen fuel certified as having a carbon intensity of not greater than 75 grams of CO2e (carbon dioxide equivalent) per kilowatt hour of electricity produced, as determined based on a lifecycle analysis.

Tax on Wall Street Speculation Act

United States · United States Congress · 21 April 2021

Tax on Wall Street Speculation Act This bill imposes 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); and derivative financial instruments. The bill includes exceptions for initial issues, certain traded short-term indebtedness, and securities lending arrangements. The bill also (1) imposes a penalty on taxpayers who fail to include a covered transaction on their tax return or information statement, and (2) allows 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.

DEPARTMENT OF DEFENSE APPROPRIATIONS FOR FISCAL YEAR 2022

United States · United States Senate · 20 April 2021

Territorial Equity Act of 2021

United States · United States Congress · 20 April 2021

Territorial Equity Act of 2021 This bill alters provisions relating to the treatment of U.S. territories under Medicaid, Medicare, Medicare Advantage, the Supplemental Security Income (SSI) program, and other federal assistance programs. The bill modifies provisions under several health care programs with respect to U.S. territories. Among other changes, the bill eliminates Medicaid funding limitations for U.S. territories beginning in FY2022, repeals provisions that exclude residents of Puerto Rico from a certain automatic enrollment process for Medicare medical services, establishes minimum criteria for certain elements used in Medicare Advantage payment calculations for areas within U.S. territories, and allows residents of U.S. territories who are unable to obtain health insurance through their employer or a health insurance exchange to instead obtain coverage that is at least as broad as the coverage available to Members of Congress and their staff through the District of Columbia exchange. The bill also modifies provisions under other federal assistance programs. Among other changes, the bill allows Puerto Rico, American Samoa, and the Northern Mariana Islands to participate in the Supplemental Nutrition Assistance Program (SNAP, formerly known as the food stamp program); makes residents of Puerto Rico eligible for the federal earned income tax credit; and extends the SSI program to Puerto Rico, Guam, the Virgin Islands, and American Samoa.