Taxation

DEPARTMENT OF DEFENSE APPROPRIATIONS FOR FISCAL YEAR 2022

United States · United States Senate · 13 April 2021

DEPARTMENT OF DEFENSE APPROPRIATIONS FOR FISCAL YEAR 2022

United States · United States Senate · 13 April 2021

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

United States · United States Senate · 13 April 2021

Law Enforcement Protection Act of 2021

United States · United States Congress · 13 April 2021

Law Enforcement Protection Act of 2021 This bill includes armor-piercing, concealable weapons in the definition of firearm under the National Firearms Act.

SHUSH Act

United States · United States Congress · 13 April 2021

Silencers Help Us Save Hearing Act or the SHUSH Act This bill modifies the treatment of silencers under federal statutes governing the sale, transfer, and possession of firearms. Specifically, it removes silencers from the list of firearms subject to regulation (i.e., registration and licensing requirements) under the National Firearms Act (NFA). Additionally, it excludes a muffler or silencer from the list of firearms subject to regulation (e.g., background check requirements) under the Gun Control Act of 1968 (GCA). Finally, the bill does the following: preempts state or local laws that tax or regulate firearm silencers, specifies that a person who lawfully acquires or possesses a silencer under provisions of the GCA meets the registration and licensing requirements of the NFA, eliminates mandatory minimum prison terms for a crime of violence or drug trafficking offense in which a defendant uses or carries a firearm equipped with a silencer or muffler, and permits active and retired law enforcement officers to carry a concealed silencer.

Invest in American Railroads Act

United States · United States Congress · 13 April 2021

Invest in American Railroads Act This bill revises and expands the Railroad Rehabilitation and Improvement Financing program of the Department of Transportation (DOT). Specifically, the bill authorizes DOT to pay certain credit risk premiums for loans or loan guarantees; requires DOT to set aside at least $100 million for passenger rail projects in a given fiscal year; directs DOT to provide loans and loan guarantees to private entities with controlling ownership in one or more freight railroads other than Class I carriers; expands eligibility under the loan program to include reimbursement of planning, permitting, and design expenses related to acquiring, improving, or rehabilitating intermodal or rail equipment or facilities; sets forth collateral and appraisal standards under the program; and allows loan repayment terms to be extended up to 50 years after the date of substantial completion of a project, or the estimated useful life of the rail equipment or facilities to be acquired, rehabilitated, improved, developed, or established.

MICROGRID Act

United States · United States Congress · 13 April 2021

Making Imperiled Communities Resistant to Outages with Generation that is Resilient, Islandable, and Distributed Act or the MICROGRID Act This bill allows a new tax credit for investment in qualified microgrid property. The bill defines qualified microgrid as an electrical system that incorporates a microgrid controller, includes equipment that is capable of generating not less that 4 kilowatts and not greater than 50 megawatts of electricity, is capable of operating in connection with the electrical grid and as a single controllable entity with respect to such grid, and is capable of operating independently (and disconnected) from such grid.

SHUSH Act

United States · United States Congress · 13 April 2021

Silencers Help Us Save Hearing Act or the SHUSH Act This bill modifies the treatment of silencers under federal statutes governing the sale, transfer, and possession of firearms. Specifically, it removes silencers from the list of firearms subject to regulation (i.e., registration and licensing requirements) under the National Firearms Act (NFA). Additionally, it excludes a muffler or silencer from the list of firearms subject to regulation (e.g., background check requirements) under the Gun Control Act of 1968 (GCA). Finally, the bill does the following: preempts state or local laws that tax or regulate firearm silencers, specifies that a person who lawfully acquires or possesses a silencer under provisions of the GCA meets the registration and licensing requirements of the NFA, eliminates mandatory minimum prison terms for a crime of violence or drug trafficking offense in which a defendant uses or carries a firearm equipped with a silencer or muffler, and permits active and retired law enforcement officers to carry a concealed silencer.

America's Clean Future Fund Act

United States · United States Congress · 12 April 2021

America's Clean Future Fund Act This bill establishes requirements and incentives to reduce greenhouse gas emissions and assist industries, communities, and workers transition to a low-carbon economy, including by establishing (1) the Climate Change Finance Corporation (C2FC); (2) the America's Clean Future Fund; and (3) a carbon fee on the use, sale, or transfer of certain fuels by covered entities. The bill provides appropriations to the C2FC, an independent agency, which must finance clean energy and climate change resiliency activities in order to meet the goal of eliminating greenhouse gas emissions by 2050. The bill also provides appropriations for the America's Clean Future Fund. Amounts in the fund may be used for the C2FC, stimulus payments (i.e., tax rebates) to individuals whose gross incomes do not exceed specified thresholds, decarbonization transition payments to the agricultural sector, and grants to help certain communities and workers transition to a low-carbon economy. Revenues generated from the carbon fee must also be deposited into the America's Clean Future Fund. Beginning in 2023, covered entities (e.g., entities that use, sell, or transfer fossil fuels) must pay a carbon fee of $25 per metric ton of carbon dioxide or carbon dioxide equivalent. The fee increases by $10 each year, multiplied by the cost-of-living adjustment. The fees further increase if the entities miss cumulative greenhouse gas emission targets established by the bill. Refund payments may be provided for carbon capture, sequestration, and utilization.

To amend the Internal Revenue Code of 1986 to except certain individuals from the 80 percent taxable income limitation on net operating loss carryovers.

United States · United States Congress · 12 April 2021

This bill exempts taxpayers whose modified adjusted gross income does not exceed $400,000 in a taxable year from the 80% taxable income limit on net operating loss carryovers.

Veterinary Medicine Loan Repayment Program Enhancement Act

United States · United States Congress · 12 April 2021

Veterinary Medicine Loan Repayment Program Enhancement Act This bill modifies the requirements for calculating taxable income to exclude from gross income payments under the federal veterinary medicine loan repayment program or any state loan repayment or forgiveness program that is intended to provide for increased access to veterinary services in such state.

State Transportation Flexibility Act

United States · United States Congress · 12 April 2021

State Transportation Flexibility Act This bill provides flexibility for a state to opt out of the federal-aid highway program. Specifically, the bill requires the Department of Transportation (DOT) to implement a direct federal-aid highway program that permits a state to waive its right to receive funds under the program and receive a prorated amount of taxes apportioned to the Highway Trust Fund (other than for the Mass Transit Account); sets forth responsibilities for states that elect to waive their rights, including that such states must agree to obligate or expend program amounts exclusively for projects that are eligible for surface transportation program funding; and directs DOT to implement a similar alternative funding program for public transportation programs.

Permanently Preserving America’s Investment in Manufacturing Act

United States · United States Congress · 12 April 2021

Permanently Preserving America's Investment in Manufacturing Act This bill makes permanent the allowance for depreciation, amortization, or depletion for purposes of determining the income limitation on the tax deduction for business interest.

NFA Modernization Act of 2021

United States · United States Congress · 8 April 2021

NFA Modernization Act of 2021 This bill increases from $200 to $300 the excise tax on the transfer of certain firearms. It also establishes a Firearms Trust Fund and transfers to such fund the revenues from the increased excise tax. The bill requires equal 50% expenditures from the fund for gun violence prevention initiatives of the Bureau of Alcohol, Firearms, and Explosives and the Office of Justice Programs of the Department of Justice.

To move the April 15, 2021 estimated tax payment deadline to May 17, 2021 for individuals and corporations.

United States · United States Congress · 8 April 2021

This bill extends from April 15 to May 17 in 2021, the date of the first scheduled estimated income tax payment for individuals and corporations.

Broadband for All Act of 2021

United States · United States Congress · 8 April 2021

Broadband for All Act of 2021 This bill allows a refundable tax credit of up to $10,000 per year for 75% of a taxpayer's payments for broadband infrastructure in certain areas (limited broadband districts) that are not served by a provider of qualified broadband service (other than providers using satellite technology). Qualified broadband service is Internet access service at download speeds of at least 25 megabits per second and upload speeds of at least 3 megabits per second.

Collegiate Housing and Infrastructure Act of 2021

United States · United States Congress · 8 April 2021

Collegiate Housing and Infrastructure Act of 2021 This bill allows tax-exempt charitable or educational organizations to make collegiate housing and infrastructure grants to certain tax-exempt social clubs (e.g., college fraternities and sororities) that apply such grants to their collegiate housing property. A collegiate housing and infrastructure grant is a grant to provide, improve, operate, or maintain collegiate housing property that may involve more than incidental social, recreational, or private purposes. The grant must be for purposes that would be permissible for a dormitory or other residential facility of the college or university with which the collegiate housing property is associated. The grant may not be used to provide physical fitness facilities.

SALT Fairness for Working Families Act

United States · United States Congress · 8 April 2021

SALT Fairness for Working Families Act This bill increases the limit on the individual income tax deduction for certain state and local taxes, which is currently $10,000 per year ($5,000 for a married taxpayer filing a separate return). The bill increases the limit to $15,000 (twice that amount in the case of a joint return) and requires the increased limit to be adjusted for inflation after 2021.

To extend to May 17 the first scheduled individual estimated tax payment for 2021.

United States · United States Congress · 8 April 2021

This bill extends from April 15 to May 17 the date of the first installment of the estimated income tax for individuals for 2021.

Electric Power Infrastructure Improvement Act

United States · United States Congress · 8 April 2021

Electric Power Infrastructure Improvement Act This bill allows a tax credit through 2031 for investment in a qualifying electric power transmission line property. The bill defines qualifying electric power transmission line property as (1) any overhead, submarine, or underground transmission facility that is capable of transmitting electricity at a voltage of not less than 275 kilovolts, has a transmission capacity of not less than 500 megawatts, is an alternating current or direct current transmission line, and delivers power produced in either a rural area or offshore; and (2) conductors or cables, or other specified equipment, necessary for the proper operation of the facility.

Protecting Gold Star Spouses Act of 2021

United States · United States Congress · 5 April 2021

Protecting Gold Star Spouses Act of 20 21 This bill provides interim appropriations for the Coast Guard Retired Serviceman's Family Protection and Survivor Benefits Plans if a bill providing appropriations for the plans has not been enacted before the fiscal year begins. The bill provides the appropriations at the rate of operations and under the terms and conditions provided by the most recent law making full-year appropriations for the plans. The appropriations provided by this bill are not available after a bill is enacted that (1) provides appropriations for the plans, or (2) provides appropriations for the Coast Guard without funding the plans.

Preserving Family Farms Act of 2021

United States · United States Congress · 5 April 2021

Preserving Family Farms Act of 2021 This bill increases to $11.7 million (currently, $750,000) the limitation on the special use valuation for farmland or other trades or businesses for estate tax purposes. The increased amount is adjusted for inflation for estates of decedents dying after 2021.

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

United States · United States Senate · 1 April 2021

HOPE Act of 2021

United States · United States Congress · 1 April 2021

Health, Opportunity, and Personal Empowerment Act of 2021 or the HOPE Act of 2021 This bill establishes two Health, Opportunity, and Personal Empowerment (HOPE) pilot projects to improve economic security for individuals who meet income or other requirements. The Department of Health and Human Services (HHS), the Department of Agriculture, and the Department of Housing and Urban Development must collaborate on the projects. The first project provides awards to certain government entities to assist eligible individuals in establishing HOPE accounts through banks, credit unions, or governmental agencies. HOPE accounts must (1) provide access to specified financial services and information on public benefits, health insurance, and other topics; and (2) facilitate activities such as applying for government benefits and filing taxes. HHS must hold a competition to award contracts to private businesses and nonprofits to develop technology applications and other tools for HOPE accounts. The second pilot project provides grants that allow government and nonprofit organizations to enter voluntary agreements with eligible individuals to carry out long-term plans related to improving economic security and upward mobility.

Energy Innovation and Carbon Dividend Act of 2021

United States · United States Congress · 1 April 2021

Energy Innovation and Carbon Dividend Act of 2021 This bill imposes a fee on the carbon content of fuels, including crude oil, natural gas, coal, or any other product derived from those fuels that will be used so as to emit greenhouse gases into the atmosphere. The fee is imposed on the producers or importers of the fuels and is equal to the greenhouse gas content of the fuel multiplied by the carbon fee rate. The rate begins at $15 per metric ton of CO2-e in 2021, increases by $10 each year, and is subject to further adjustments based on the progress in meeting specified emissions reduction targets. The bill includes exemptions for fuels used for agricultural or nonemitting purposes, exemptions for fuels used by the Armed Forces, rebates for facilities that capture and sequester carbon dioxide, and border adjustment provisions that require certain fees or refunds for carbon-intensive products that are exported or imported. The fees must be deposited into a Carbon Dividend Trust Fund and used for administrative expenses and dividend payments to U.S. citizens or lawful residents. The fees must be decommissioned when emissions levels and monthly dividend payments fall below specified levels.

Save Social Security Act of 2021

United States · United States Congress · 1 April 2021

Save Social Security Act of 2021 This bill modifies the requirements for Social Security payroll taxes and benefits to apply Social Security payroll taxes to annual income above $400,000, include earnings above $400,000 in the benefit formula, and increase to $100,000 the income threshold above which a portion of a taxpayer's Social Security benefits is included in gross income. (Under current law, Social Security payroll taxes apply to the first $142,800 of income in 2021 and a portion of benefits is included in the gross income of individuals with certain income that exceeds specified thresholds, depending on the individual's filing status.)

Public Servants Protection and Fairness Act of 2021

United States · United States Congress · 1 April 2021

Public Servants Protection and Fairness Act of 2021 This bill establishes an alternative formula to calculate Social Security retirement benefits for those who receive pensions for certain non-covered employment. (The existing formula is known as the windfall elimination provision.) The alternative formula adjusts an individual's total lifetime earnings based on the proportion of covered earnings (i.e., earnings subject to Social Security payroll taxes). It applies to individuals who (1) first become eligible for benefits after 2022, (2) have earnings from non-covered service performed after 1977, and (3) have less than 30 years of coverage (i.e., years in which a beneficiary is considered to have contributed a substantial amount into the Social Security trust funds). Beneficiaries receive the higher benefit amount as calculated under the alternative method or the existing formula. In addition, the bill provides rebates for certain beneficiaries currently impacted by the existing formula. The Social Security Administration must include non-covered earnings in Social Security account statements, and the Government Accountability Office must study the availability of certain information related to retirement plans maintained by state and local governments.

Discriminatory Gaming Tax Repeal Act of 2021

United States · United States Congress · 1 April 2021

Discriminatory Gaming Tax Repeal Act of 2021 This bill repeals the excise tax on wagering.

E–QUIP Act

United States · United States Congress · 1 April 2021

Energy Efficient Qualified Improvement Property Act of 2021 or the E-QUIP Act This bill allow straight line depreciation over a 10-year period of energy efficient qualified improvement property. The bill defines energy efficient qualified improvement property as any improvement to a building that is nonresidential real property, or multifamily residential rental property, first placed in service more than 10 year before the enactment of this bill, and that is installed as part of the lighting system, the heating, cooling, ventilation, or hot water systems, or the building envelope. The improvement must meet specified performance and other requirements.

Historic Tax Credit Growth and Opportunity Act of 2021

United States · United States Congress · 1 April 2021

Historic Tax Credit Growth and Opportunity Act of 2021 This bill increases the rehabilitation tax credit and modifies certain requirements for the credit. The bill increases the rate of the credit for qualified rehabilitation expenditures in taxable years beginning after December 31, 2019, and before January 1, 2027, after which the rate reverts to 20%. The bill increases the rate of the credit to 30% for certain small projects whose qualified rehabilitation expenditures do not exceed $2.5 million. The bill also expands the types of buildings eligible for rehabilitation by decreasing the rehabilitation threshold from 100% to 50% of project expenses. It also eliminates the basis adjustment requirement for the credit and modifies rules relating to tax-exempt use property eligible for the credit.

Bring Jobs Home Act

United States · United States Congress · 1 April 2021

Bring Jobs Home Act This bill (1) grants business taxpayers a tax credit for up to 20% of insourcing expenses incurred for eliminating a business located outside the United States and  relocating it within the United States, and (2) denies a tax deduction for outsourcing expenses incurred in relocating a U.S. business outside the United States. The bill requires an increase in the taxpayer's employment of full-time employees in the United States in order to claim the tax credit for insourcing expenses. The bill eliminates the temporary suspension (for taxable years 2018 through 2025) of the tax deduction for moving expenses.

Senior Accessible Housing Act

United States · United States Congress · 1 April 2021

Senior Accessible Housing Act This bill allows a refundable income tax credit to individual taxpayers who have attained age 60 for expenditures in their residences for the installation of entrance and exit ramps, the widening of doorways, the installation of handrails, grab bars, and non-slip flooring. The amount of the credit is reduced if a taxpayer's adjusted gross income exceeds certain threshold amounts and is limited to a lifetime amount of $30,000 over amounts paid in previous taxable years.

Mortgage Debt Tax Forgiveness Act of 2021

United States · United States Congress · 29 March 2021

Mortgage Debt Tax Forgiveness Act of 2021 This bill makes permanent the exclusion from gross income of income attributable to the discharge of qualified principal residence indebtedness.

Mortgage Insurance Tax Deduction Act of 2021

United States · United States Congress · 29 March 2021

Mortgage Insurance Tax Deduction Act of 2021 This bill makes permanent the tax deduction for mortgage insurance premiums.

To amend the Internal Revenue Code of 1986 to treat property transferred by gift or at death as sold for fair market value, and for other purposes.

United States · United States Congress · 29 March 2021

This bill treats property transferred by gift or upon the death of a decedent as sold at its fair market value (thus requiring recognition of gain realized over the property's basis). Under current law there is a step up in basis of such property which allows for an exclusion of gain for gifts and estate property. The bill allows an exception to this fair market value rule for U.S. citizen spouses, charities, and certain tangible property. The bill allows a taxpayer an exclusion from income for up to $1 million (indexed for inflation) in gain resulting from transfers at death. The bill imposes certain information reporting requirements for gifts or bequests subject to this bill's fair market value rule. It also allows taxpayers to pay any tax due in two or more, but not more than seven, equal installments.

Monetary Metals Tax Neutrality Act of 2021

United States · United States Congress · 29 March 2021

Monetary Metals Tax Neutrality Act of 2021 This bill exempts gains or losses from the sale or exchange of certain coins or bullion from recognition for income tax purposes. The exemption applies to gains or losses from the sale or exchange of (1) gold, silver, platinum, or palladium coins minted and issued by the Department of the Treasury; or (2) refined gold or silver bullion, coins, bars, rounds, or ingots which are valued primarily based on their metal content and not their form.

Investing in Our Communities Act

United States · United States Congress · 29 March 2021

Investing in Our Communities Act This bill reinstates the exclusion from gross income for interest on certain bonds issued to advance the refunding of a prior bond issue. The exclusion was repealed for bonds issued after 2017.

Freight RAILCAR Act of 2021

United States · United States Congress · 29 March 2021

Freight Rail Assistance and Investment to Launch Coronavirus-era Activity and Recovery Act of 2021 or the Freight RAILCAR Act of 2021 This bill provides a new tax credit for 50% of freight railcar fleet modernization expenses. The bill defines freight railcar fleet modernization expenses to include amounts for railcar replacement and modernization, railcar scrap amounts, and for railcar facility and technology modernization. The Department of the Treasury must report to Congress on the credit to provide information on the number of times the credit was claimed and the number of railcars scrapped or built as a result of the credit.

Financing Our Energy Future Act

United States · United States Congress · 29 March 2021

Financing Our Energy Future Act This bill expands the types of partnerships that qualify for treatment as publicly traded partnerships instead of as corporations for tax purposes. Under current law, partnerships that meet certain gross income requirements (i.e., at least 90% of the partnership's gross income in a taxable year consists of qualifying income) are excepted from being treated as a corporation for tax purposes. This bill expands the sources of income that are considered qualifying income and make a partnership eligible for such an exception. Specifically, the bill provides that income derived from the generation of specified alternative energy, alternative fuel projects, or the associated property, storage, or transportation for such projects (e.g., the converstion of renewable biomass into renewable fuel or the storage or transportation of such fuel) is considered qualifying income.

Break Free From Plastic Pollution Act of 2021

United States · United States Congress · 26 March 2021

Break Free From Plastic Pollution Act of 2021 This bill sets forth requirements and incentives to reduce the production of a variety of products and materials, including plastics, and increase efforts to collect, recycle, or compost products and materials. The bill makes certain producers of products (e.g., packaging, paper, single-use products, beverage containers, or food service products) fiscally responsible for collecting, managing, and recycling or composting the products after consumer use. In addition, the bill establishes (1) minimum percentages of products that must be reused, recycled, or composted; and (2) an increasing percentage of recycled content that must be contained in beverage containers. Beginning on January 1, 2023, the bill phases out a variety of single-use products, such as plastic utensils. The bill also sets forth provisions to encourage the reduction of single-use products, including by establishing programs to refund consumers for returning beverage containers and by establishing a tax on carryout bags. The bill creates a temporary moratorium on new or expanded permits for certain facilities that manufacture plastics until regulations are updated to address pollution from the facilities. The Environmental Protection Agency (EPA) must publish guidelines for a national standardized labeling system for recycling and composting receptacles. Producers must include labels on their products that are easy to read and indicate whether the products are recyclable, compostable, or reusable. The EPA must also ensure that certain clothes washers have filtration units as required by this bill. Finally, the bill establishes limitations on the export of plastic waste to other countries.

GRACE Act

United States · United States Congress · 26 March 2021

Guaranteed Refugee Admission Ceiling Enhancement Act or the GRACE Act This bill establishes that the maximum number of refugees admitted each fiscal year shall be no less than 125,000 and that the maximum number shall be treated as the numerical goal for refugee admissions for the applicable fiscal year. The President may set a higher number if it is justified by humanitarian concerns or is otherwise in the national interest. Currently, the number admitted each fiscal year may not exceed 50,000 unless the President determines that a higher number is justified by humanitarian concerns or is otherwise in the national interest. The bill directs the President to take into consideration information from the United Nations High Commissioner for Refugees when establishing the maximum admission number and making certain other related decisions. The President shall report to Congress quarterly on (1) the number of refugees admitted during the preceding quarter, (2) the number of aliens who were security-cleared during the preceding quarter, (3) a plan to reach the numerical goal for admitted refugees for that fiscal year, and (4) other related information.

Computer and Internet Access Equity Act

United States · United States Congress · 26 March 2021

Computer and Internet Access Equity Act This bill increases broadband service support for low-income consumers, establishes a grant program to provide internet safety education or training, and provides a tax credit for certain computer and education costs. Specifically, the bill modifies the broadband service support program known as Lifeline, which assists low-income consumers with access to telecommunications and broadband services, to (1) increase the amount of the payments that a provider of Lifeline services may receive for each low-income consumer to whom the provider supplies such services, (2) allow consumers with higher incomes to qualify for participation in the program, and (3) allow a broadband service provider to receive Lifeline support for providing such service to a low-income consumer without being designated as an eligible telecommunications carrier. The bill also requires the Federal Communications Commission to establish a grant program to develop and implement internet education and training programs for low-income individuals. Further, the bill provides a refundable tax credit, not to exceed $2,000 ($4,000 in the case of a joint return) in a taxable year or $10,000 in a lifetime ($20,000 in the case of a joint return), for amounts paid or incurred for computers, printers, and other education-related technology. The Department of the Treasury must establish a program for making advance payments of such credit to eligible individuals.

Resident Physician Shortage Reduction Act of 2021

United States · United States Congress · 26 March 2021

Resident Physician Shortage Reduction Act of 2021 This bill increases the number of residency positions eligible for graduate medical education payments under Medicare for qualifying hospitals, including hospitals in rural areas and health professional shortage areas. Current law provides for an increase of up to 200 positions per fiscal year beginning in FY2023, with a total increase of 1,000 positions; each hospital may receive up to 25 additional positions. The bill provides for an additional increase of 2,000 positions per fiscal year from FY2023-FY2029; during this period, each hospital may receive up to 75 additional positions in total under the bill and current law. Additionally, one-third of the positions that are made available under the bill must be allocated to hospitals that are already operating above applicable resident limits. The bill also requires the Government Accountability Office to report on strategies to increase the diversity of the health professional workforce, including with respect to representation from rural, low-income, and minority communities.

Expressing the sense of the House of Representatives that decades of policies rooted in socialism have stifled United States domestic pharmaceutical drug manufacturing and left the United States exposed to the hostile actions and unfair trade practices of the People's Republic of China.

United States · United States Congress · 26 March 2021

This resolution commits to the use of competitive free market and free trade policies to combat national security threats caused by China and its attacks on the U.S. pharmaceutical manufacturing base. The resolution urges the United States to (1) remove tax, regulatory, and debt burdens and barriers that have weakened this base; (2) empower the U.S. Trade Representative to take specified actions to counter harmful and unfair trade practices by China; (3) address shortcomings in Food and Drug Administration data collection related to foreign-sourced pharmaceutical ingredients; and (4) identify and streamline regulatory hurdles that have impeded the U.S. pharmaceutical manufacturing base.

Corporate Tax Dodging Prevention Act

United States · United States Congress · 26 March 2021

Corporate Tax Dodging Prevention Act This bill modifies tax provisions relating to certain large domestic and foreign corporations to prevent offshoring of jobs and factories and tax evasion. Specifically, the bill restores higher tax rates on the taxable income of corporations and personal service corporations (up to 35% on taxable income exceeding $10 million); revises the definition of subpart F income for controlled foreign corporations to equalize tax rates on domestic and foreign corporations; requires multinational companies to disclose basic country-by-country information including revenues, profits, and number of employees; prohibits corporations from disregarding parts of their structure in determining whether they owe taxes in the current year or can defer payment (repeal of check-the-box rules); impose limitations on the tax deduction for the interest expense of members of financial reporting groups with excess domestic indebtedness; modifies rules relating to inverted corporations; treats corporations with gross assets of $50 million or more and managed and controlled in the United States as U.S. taxpayers; increases the rate and expands the applicability of the base erosion and anti-abuse excise tax; modifies foreign tax credit rules applicable to certain industries receiving specific economic benefits; and repeals the tax deduction for foreign-derived intangible income.

Protecting Homeowners from Disaster Act of 2021

United States · United States Congress · 26 March 2021

Protecting Homeowners from Disaster Act of 2021 This bill repeals the tax rule in effect through 2025 that limits the deduction for personal casualty losses to losses attributable to a federally declared disaster.

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

United States · United States Congress · 26 March 2021

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

End Oil and Gas Tax Subsidies Act of 2021

United States · United States Congress · 26 March 2021

End Oil and Gas Tax Subsidies Act of 2021 This bill limits or repeals certain fossil fuel oil and gas subsidies for oil companies. Specifically, it increases to seven years the amortization period for geological and geophysical expenditures; repeals the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery; repeals the tax deduction for the intangible drilling and development costs of oil and gas wells; repeals percentage depletion; repeals the tax deduction for tertiary injectant expenses; repeals the passive loss exception for working interests in oil and gas property; denies the tax deduction for income attributable to domestic production activities for oil and gas activities; prohibits the use of the last-in, first-out (LIFO) accounting method by major integrated oil companies; limits the foreign tax credit for dual capacity taxpayers (i.e., taxpayers who are subject to a levy of a foreign country or U.S. possession and receive specific economic benefits from such country or possession); and expands the definition of crude oil for purposes of the excise tax on petroleum and petroleum products to include any oil derived from a bitumen or bituminous mixture (tar sands), and any oil derived from kerogen-bearing sources (oil shale).

State Tax Freedom Act

United States · United States Congress · 26 March 2021

State Tax Freedom Act This bill removes a prohibition on states and territories using COVID-19 relief funding under the American Rescue Plan Act of 2021 to offset a reduction in revenue resulting from a reduction in taxes or a delay in the imposition of a tax or tax increase. Additionally, the bill requires the Department of the Treasury to refund the state, territory, or tribal government any money that was repaid to the federal government since enactment of the American Rescue Plan Act of 2021 due to the state cutting taxes.

EACH Act of 2021

United States · United States Congress · 26 March 2021

Equal Access to Abortion Coverage in Health Insurance Act of 2021 or the EACH Act of 2021 This bill requires federal health care programs to provide coverage for abortion services and requires federal facilities to provide access to those services. The bill also permits qualified health plans to use funds attributable to premium tax credits and reduced cost sharing assistance to pay for abortion services.