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101 records in US in 2020
United States · United States Congress · 18 November 2020
This bill extends the tax exclusion of damages on account of injuries or sickness to include post-traumatic stress disorder.
United States · United States Congress · 18 November 2020
This bill allows a tax deduction for the travelling expenses of federal disaster relief workers away from home for more than one year.
United States · United States Congress · 18 November 2020
Home Lead Safety Tax Credit Act of 2020 This bill allows owners of eligible dwelling units a new tax credit through 2023 for up to 50% of the lead hazard reduction activity costs for each such unit in a taxable year. 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.
United States · United States Congress · 17 November 2020
Reigniting Opportunity for Innovators Act This bill makes qualified founders and full-time employees of small business start-ups eligible to defer payments on their Federal Direct Loans for up to three years. If the start-up is located in an economically distressed area, qualified founders and employees are also eligible for loan cancellation of up to $20,000. The bill also excludes from an individual's gross income, for tax purposes, the amount of such canceled student loan debt.
United States · United States Congress · 17 November 2020
This resolution designates September 30, 2020, as Impact Aid Recognition Day to recognize the 70th anniversary of the Impact Aid Program. The program provides funding to local educational agencies that have lost property tax revenue due to the presence of tax-exempt federal property or to those that have experienced increased expenditures due to enrollment of federally connected children (e.g., children living on Indian lands or military bases).
United States · United States Congress · 12 November 2020
Innovation Centers Acceleration Act This bill provides a program to advance economic development by designating nine cities as innovation centers—increasing funding for research and development—and providing and modifying certain related grants. It also establishes the Innovation Center Selection Committee to designate these cities. The innovation center designation entitles participating cities—and the businesses, research institutions, and other organizations that operate within them—to various federal funding and benefits for research activities, business and workforce development, and transportation infrastructure projects. These benefits include expanding various tax credits and incentives for businesses. The bill also makes it easier for those businesses to access loans and other financial instruments to raise capital. In addition, the bill establishes a grant program for local and tribal governments that partner with innovation centers to develop and preserve affordable housing. It also modifies existing grants, loans, and other programs that support transportation infrastructure to specifically target initiatives in innovation centers.
United States · United States Congress · 12 November 2020
Solar Jobs Preservation Act of 2020 This bill allows a taxpayer election for payments in lieu of the energy tax credit. It also extends such credit for one year.
United States · United States Congress · 10 November 2020
End Polluter Welfare Act of 2020 This bill limits or eliminates certain fossil fuel subsidies for oil, coal, and natural gas companies, including by eliminating the authority of the Department of Energy to carry out the Fossil Energy Research and Development Program; expanding 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), any liquid fuel derived from coal, and any oil derived from kerogen-bearing sources (oil shale); limiting the financial assistance that such companies may receive from programs that provide relief to businesses affected by the COVID-19 pandemic; terminating certain tax incentives relating to fossil fuels, including the percentage depletion allowance and capital gains treatment for royalties from coal; and increasing the Oil Spill Liability Trust Fund financing rate.
United States · United States Congress · 30 October 2020
Feed America by Incentivizing Rural Meat Packing Act or the FAIR Meat Packing Act This bill allows an investment tax credit through 2025 for 25% of the basis of each livestock processing facility property placed in service during the taxable year. The amount of the credit may not exceed $250,000 in any taxable year and is not available to taxpayers whose gross receipts exceed $100 million in a taxable year. The bill defines livestock processing facility as a facility that slaughters livestock (i.e., cattle, sheep, goats, bison, swine, and poultry) for processing into meat and meat products and participates in a meat and poultry inspection program, The facility must employ an average of fewer than 500 employees and include property used for the intake or storage of livestock, the disposal or management of livestock waste, or the packaging, handling, warehousing, or storage of meat products. The bill also allows a refundable income tax credit for the startup and organizational expenditures of livestock processing facilities.
United States · United States Congress · 30 October 2020
Commitment to Defeat the Virus and Keep America Healthy Act This bill provides funding for various public health programs and activities and revises multiple provisions, including within the tax code, to respond to COVID-19 (i.e., coronavirus disease 2019) and otherwise address health outcomes. The bill specifically makes changes to support pharmaceutical manufacturing and supply chains; prevent diversion of controlled substances; increase access to telehealth services under Medicare; and expand various public health programs to address health disparities, maternal and infant health, and behavioral health.
United States · United States Congress · 27 October 2020
Armed Forces Deferred Tax Relief Act This bill compensates members of the Armed Forces for deferred income taxes withheld between the period of January 1, 2021, and April 30, 2021. Such compensation is not subject to tax.
United States · United States Congress · 27 October 2020
John Lewis Taxpayer Protection Act This bill sets forth provisions for the protection of taxpayers from abusive tax collection practices and provides other protections for low-income taxpayers. Specifically, it repeals the authority for private sector tax collection contracts, allows an exclusion from gross income for income attributable to the discharge of taxpayer indebtedness, repeals the suspension of the statute of limitations during a pending application for taxpayer assistance orders, restricts tax levies on tax-exempt retirement plans, suspends tax levies on taxpayers during periods of financial disability, repeals the partial payment requirement for submitting offers in compromise of tax liabilities, requires the Internal Revenue Service to provide notice to taxpayers of eligibility for the earned income tax credit and refunds of such credit, authorizes the Department of the Treasury to regulate and sanction income tax preparers, and increases funding for low-income taxpayer clinics and taxpayer services.
United States · United States Congress · 27 October 2020
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.
United States · United States Congress · 27 October 2020
Protecting Retirement Savers and Everyday Investors Act This bill prohibits states and local governments from imposing taxes upon a securities industry participant based on the number, volume, or value of securities transactions processed or consummated by the participant, with exceptions.
United States · United States Congress · 27 October 2020
Save Education Jobs Act This bill establishes through FY2030 the Education Jobs Fund, from which the Department of Education (ED) must award grants to state educational agencies and, through them, subgrants to local educational agencies (LEAs) to retain and create education jobs. ED must also provide grants to outlying areas and the Bureau of Indian Education. Specifically, LEAs must use subgrants for compensation and benefits to retain existing employees, rehire former employees, and hire new employees. Further, subgrants may be used for certain activities such as training and professional development, providing salary increases to cover extended days or school years to make up for lost instructional time due to COVID-19 (i.e., coronavirus disease 2019), and developing teacher leadership roles in high-need schools. The bill prohibits the use of subgrants for certain activities, such as funding voucher programs, tax-credit scholarships, or education savings accounts.
United States · United States Congress · 26 October 2020
Rebuild Americans' Income to Strengthen and Empower Working Families Act or RAISE Working Families Act This bill allows a new refundable income tax credit for individual taxpayers (to be known as the Middle Class Tax Credit) equal to the lesser of $500 ($1,000 for individuals filing joint returns), or the taxpayer's earned income for the taxable year. The amount of the credit is reduced by 2.5% percent of the taxpayer's modified adjusted gross income that exceeds $50,000 ($100,000 for individuals filing joint returns).
United States · United States Congress · 26 October 2020
Stopping Improper Payments to Foreigners Act This bill disqualifies resident aliens holding a nonimmigrant visa from eligibility for 2020 recovery rebates provided by the Coronavirus Aid, Relief, and Economic Security Act or the CARES Act. Specifically, it requires the Department of Homeland Security (DHS) to notify the Internal Revenue Service of any individual who receives a nonimmigrant visa during the eligibility period for recovery rebates. DHS must deny visas to any resident aliens who fail to repay a recovery rebate for which they are ineligible.
United States · United States Congress · 26 October 2020
Fairness for Crime Victims Act of 2020 This bill establishes budget points of order in the House of Representatives and the Senate against considering provisions in appropriations legislation that contain changes in mandatory programs (CHIMPs) that would cause the amount available for obligation during the fiscal year from the Crime Victims Fund to be less than the annual average for the three previous fiscal years. A CHIMP is a provision that (1) would have been estimated as affecting direct spending or receipts if the provision were included in legislation other than an appropriations bill; and (2) results in a net decrease in budget authority in the current year or the budget year, but does not result in a net decrease in outlays over the period of the total of the current year, the budget year, and all fiscal years covered under the most recently adopted budget resolution.
United States · United States Congress · 23 October 2020
Corporate Responsibility and Taxpayer Protection Act of 2020 This bill imposes an excise tax on large employers (at least 500 full-time employees in the preceding calendar year) for qualified federal benefits received by their employees. The bill defines qualified federal benefits to include food stamps, school lunches, section 8 housing subsidies, and Medicaid benefits. The bill exempts employers that pay their employees $15 per hour and have less than $100 million in assets.
United States · United States Congress · 23 October 2020
Rural Wind Energy Modernization and Extension Act of 2020 This bill expands the energy tax credit to include qualified distributed wind energy property. The bill defines qualified distributed wind energy property to include property that uses one or more wind turbines used to produce electricity in a single project with a total nameplate capacity not exceeding 10 megawatts.
United States · United States Congress · 23 October 2020
Emergency Savings Accounts Act of 2020 This bill allows an individual taxpayer occupying a residence a deduction from gross income for up to $5,000 of amounts paid into such taxpayer's emergency savings account. The bill defines emergency savings account as an account established exclusively to pay the qualified disaster and public health emergency expenses of the account beneficiary. The bill defines qualified disaster and public health emergency expenses as disaster mitigation expenses, disaster recovery expenses, public health emergency expenses, and unemployment-related expenses.
United States · United States Congress · 23 October 2020
Small Business Emergency Savings Accounts Act of 2020 This bill allows a new tax deduction from gross income for amounts paid into a small business emergency savings account. Such savings accounts are established exclusively to pay the qualified disaster and public health emergency expenses of the account beneficiary. The bill defines qualified disaster and public health emergency expenses as disaster loss replacement expenses, disaster recovery operations expenses, and public health emergency expenses.
United States · United States Congress · 20 October 2020
Long-Term Care Affordability Act This bill allows the use of tax-exempt retirement plan distributions to pay for long-term health care insurance. Specifically, it excludes such distributions from the gross income of an insured individual up to $2,500 for per individual in a taxable year. It also imposes reporting requirements on plans and insured individuals and requires a description of long-term care insurance arrangements and facts sheets for employers and workers.
United States · United States Congress · 20 October 2020
American Innovation and Jobs Act This bill revises and expands the deductibility of research and experimental expenditures to allow immediate expensing of such expenditures. It also allows the amortization over a period of at least 60 months of certain other types of research and experimental expenditures not treated as expenses. The bill also increases the maximum amount eligible for the tax credit for new and small businesses and increases to 20% the rate of the credit for business startups.
United States · United States Congress · 20 October 2020
This bill designates the Kissimmee Gateway Airport area in Kissimmee, Florida and certain surrounding areas as an enterprise community for tax purposes.
United States · United States Congress · 20 October 2020
Territory Economic Development Tax Credit Act This bill establishes a new tax credit for wages and tangible investments made by U.S. domestic corporations with branches operating in U.S. territories. It requires that 80% of credible income must be derived from a territory during a 3-year period, and 75% must come from an active trade or business in a territory. The credit is equal to 40% of eligible wages and benefits paid or provided to employees in the territory, subject to certain limitations.
United States · United States Congress · 20 October 2020
Protecting Employees from Surprise Taxes Act of 2020 This bill prohibits employers from deferring payment of payroll taxes unless affected employees provide written consent to a deferral. Employers must also provide notice to their employees of the right to provide or withhold written consent and the future tax liability resulting from providing consent to the deferral of such taxes.
United States · United States Congress · 19 October 2020
Hospitality and Commerce Job Recovery Act of 2020 This bill establishes new tax credits and revises existing credits and deductions to protect the hospitality and restaurant industries. Specifically, the bill allows a convention and trade show restart tax credit for (1) the costs of participation in a convention, seminar, or similar meeting, a business meeting, or a trade show that takes place after 2020; and (2) the costs of reopening an entertainment facility closed due to the COVID-19 (i.e., coronavirus disease 2019) pandemic. It also allows a business-related tax credit for the costs of reopening restaurants or food service businesses forced to close down or reduce operations due to COVID-19. The bill modifies, and increases the rate of, the tax credit for the retention of employees for an employer whose business has been affected by a disaster or public health emergency. It also repeals the increased limitations on the tax deduction for meals and entertainment expenses enacted in 2017. Finally, the bill allows individual taxpayers a new tax credit for travel expenses relating to entertainment activities occurring in the United States between January 1, 2021, and December 31, 2023.
United States · United States Congress · 19 October 2020
Protecting Employees from Surprise Taxes Act of 2020 This bill prohibits employers from deferring payment of payroll taxes unless affected employees provide written consent to a deferral. Employers must also provide notice to their employees of the right to provide or withhold written consent and the future tax liability resulting from providing consent to the deferral of such taxes.
United States · United States Congress · 16 October 2020
Home Educators are Teachers Act of 2020 This bill expands the tax deduction for certain expenses of elementary and secondary school teachers to include home school teachers and home schooling expenses.
United States · United States Congress · 16 October 2020
This bill extends to all domestic corporations (including S corporations) the deferral of tax on certain sales of employer stock to employee stock ownership plans (ESOPs) and reduces certain retirement-related excise taxes. Specifically, the bill reduces excise tax rates of certain excess accumulations in tax-exempt retirement plans and on failures to take required minimum distributions from such plans. It also allows employers who establish a tax-exempt 403(b) pension plan to participate in a multiple employer plan. The bill extends the tax credit for small employer pension plan startup costs to employers that join an existing plan.
United States · United States Congress · 16 October 2020
Local Government Taxpayer Fairness Act This bill allows local governments to treat the United States Fish and Wildlife Service (USFWS) of the Department of the Interior as a private landowner for purposes of local property taxation and to treat lands acquired by the USFWS that are within the jurisdiction of a local government as privately-owned lands.
United States · United States Congress · 16 October 2020
Payer State Transparency Act of 2020 This bill requires the Bureau of Economic Analysis of the Department of Commerce to calculate the federal tax burden of each state for each calendar year. It also requires the Office of Management and Budget to calculate the total amount of federal outlays received by each state in each fiscal year.
United States · United States Congress · 16 October 2020
Child Tax Credit for Pregnant Moms Act of 2020 This bill expands the child tax credit to allow a credit for an unborn child. The bill defines an "unborn child" as a member of the species homo sapiens, at any stage of development, who is carried in the womb. The credit may be claimed for the year immediately preceding the year of the child's birth, if the child is born alive on or before the due date for tax returns for the year. In certain cases in which a child is not taken into account for the credit for the year immediately preceding the year of the child's birth, the bill doubles the amount of the credit allowed for the year of the birth.
United States · United States Congress · 13 October 2020
Retirement Inflation Protection Act of 2020 This bill allows the adjusted basis of certain assets, including C corporation common stock and tangible property used in a trade or business, to be adjusted for inflation solely for the purpose of determining the gain or loss of individuals who (1) have held such assets for more than 3 years, and (2) have attained the age of 59 1/2 as of the date of the sale or other disposition of the assets. The bill uses the Chained Consumer Price Index for All Urban Consumers (C-CPI-U) for purposes of making the inflation adjustment. The bill sets forth rules for applying the inflation adjustment to short sales, dispositions between related persons, and improvements to property. The Internal Revenue Service may disallow an adjustment if any person transfers cash, debt, or any other property to another person for the principal purpose of securing or increasing an inflation adjustment.
United States · United States Congress · 9 October 2020
Required Minimum Distribution Modernization Act of 2020 This bill revises rules requiring mandatory minimum distributions from tax-exempt retirement plans. Specifically, it increases from 72 to 75 the age at which plan participants must being making distributions from their accounts. It also exempts defined contribution plans from mandatory distribution requirements if the aggregate value of an employee's entire interest in all such plans does not exceed $100,000.
United States · United States Congress · 9 October 2020
Commitment to American Growth, Renewal, and Opportunities for Workers, Technology, and Health Act or the Commitment to American GROWTH Act This bill provides tax incentives for economic growth, research and development, and small business start-ups. Specifically, the bill makes permanent the expensing of qualified property (i.e., business property with a recovery period of 20 years or less, computer software, water utility property, and certain theatrical and film properties); allows full expensing (currently, amortization for 60 months) of certain research and experimental expenditures; increases to 40% the rate of the tax credit for increasing research activities and increases the payroll tax offset of such credit for small businesses; sets forth a rule for determining the fair market value of intangible property held by controlled foreign corporations that is transferred to U.S. shareholders; allows new tax credits for domestic medical and drug manufacturing and medical manufacturing equipment; exempts from the definition of passive activity , for purposes of the passive loss tax rules, medical research activity of a medical research small business pass-thru entity; and revises and provides for the capitalization of start-up and organizational expenditures.
United States · United States Senate · 7 October 2020
United States · United States Congress · 6 October 2020
Incentivize Energy-Saving Improvements Act This bill makes the tax deduction for energy efficient commercial buildings permanent.
United States · United States Congress · 6 October 2020
Support Allowing Volume Exception for Federally-Assisted Housing Act or the SAVE Federally-Assisted Housing Act This bill allows an exception to the volume cap requirement for private activity bonds used to finance the preservation, improvement, or replacement of federally-assisted buildings.
United States · United States Congress · 6 October 2020
This bill expands the coverage of tax-exempt governmental pension plans to include emergency response providers, such as firefighters, emergency medical technicians, and paramedics,
United States · United States Congress · 6 October 2020
Energy Opportunity Zones Act of 2020 This bill designates energy opportunity zones for areas that are within 120 miles of a nuclear or coal power plant used to generate electricity that has ceased operations or is scheduled to cease operations within 6 years, or areas that can demonstrate how changes in the nuclear or coal economy have resulted or may result in job losses. The bill modifies or extends the new energy efficient home tax credit, the nonbusiness energy property tax credit, the investment tax credit, and the tax credit for production of electricity, and establishes a new tax credit for offshore wind and energy storage. The bill also extends through 2050 the tax deduction for energy efficient commercial buildings.
United States · United States Congress · 5 October 2020
Fair Care Act of 2020 This bill addresses the health care system, including Medicare, Medicaid, the private health insurance market, and the prescription drug approval process. The bill also revises tax provisions related to certain health care costs and establishes requirements for lawsuits involving health care provided, at least in part, through a federal program or with federal funds.
United States · United States Congress · 2 October 2020
Student Loan Relief Act This bill requires the Department of Education to cancel or repay up to $25,000 in outstanding student loan debt for each borrower. Further, the bill outlines the method of loan discharge and, for tax purposes, excludes loan cancellation or repayment from a borrower's gross income.
United States · United States Congress · 2 October 2020
Fair Care Act of 2020 This bill addresses the health care system, including Medicare, Medicaid, the private health insurance market, and the prescription drug approval process. The bill also revises tax provisions related to certain health care costs and establishes requirements for lawsuits involving health care provided, at least in part, through a federal program or with federal funds.
United States · United States Congress · 2 October 2020
Supporting Educators During COVID-19 Act This bill directs the Department of the Treasury to issue regulations or guidance to establish that the tax deduction for the expenses of elementary and secondary school teachers includes expenses for personal protective equipment, disinfectant, and other supplies used to prevent the spread of COVID-19 (i.e., coronavirus disease 2019).
United States · United States Congress · 1 October 2020
Impact Aid Coronavirus Relief Act This bill revises the Impact Aid Program application process for FY2022. It also revises FY2021 allocations under the Migrant Education Program. First, the bill requires local educational agencies (LEAs) participating in the Impact Aid Program to use the student count or federal property valuation data from their FY2021 program applications, as applicable, for their FY2022 program applications. The program provides funding to LEAs that have lost property tax revenue due to the presence of tax-exempt federal property or to those that have experienced increased expenditures due to enrollment of federally connected children (e.g., children living on Indian lands or military bases). In addition, the bill directs the Department of Education to use school year 2018-2019 data or school year 2019-2020 data, whichever is greater, for making FY2021 allocations to states under the Migrant Education Program. States use these program funds to identify eligible migratory children and provide them with education and support services.
United States · United States Congress · 1 October 2020
Promoting Careers in Aviation for America's Veterans Act of 2020 This bill modifies the treatment of reimbursed flight training expenses for tax deduction purposes and in relation to educational assistance benefits for veterans.
United States · United States Congress · 1 October 2020
Tax-preparer Enforcement, Accountability, and Minimum Standards Act or the TEAMS Act This bill authorizes the Department of the Treasury to regulate tax return preparers, including by sanctioning preparers for incompetence and disreputable behavior and by establishing minimum competency standards for preparers.
United States · United States Congress · 1 October 2020
Tools to Educate All Children at Home Act or the TEACH Act This bill revises and temporarily increases the tax deduction for the expenses of elementary and secondary school teachers. Specifically, the deduction amount is increased from $250 to $1,000 in 2020 and 2021.