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Bill· SS. 5216 (117th)referred
United States · United States Congress · 8 December 2022
Close Big Oil Tax Loopholes Act This bill limits or repeals tax and royalty relief provisions that benefit certain large oil companies. It modifies foreign tax credit rules applicable to such companies and limits deductions for intangible drilling and development costs, percentage depletion, enhanced oil recovery, and other tax preferences. The bill repeals the outer Continental Shelf deep water and deep gas royalty relief provisions. Any savings resulting from this bill must be used for federal budget deficit reduction or, if there is no current budget deficit, for reducing the federal debt.
Bill· SS. 5224 (117th)referred
United States · United States Congress · 8 December 2022
Family Farmer and Rancher Tax Fairness Act of 2022 This bill excludes from the gross income of certain farmers, ranchers, and forest land owners who are at financial risk payments for debt relief and for remedying past discrimination against such individuals.
Bill· SS. 5228 (117th)referred
United States · United States Congress · 8 December 2022
This bill treats certain activities (e.g., harvesting, processing, transportation, sales, and marketing of fish and fish products) that are substantially related to participation or investment in fisheries in areas of the Bering Sea and Aleutian Islands as related to an exempt purpose and thus exempt from taxation.
Bill· SS. 5213 (117th)referred
United States · United States Congress · 8 December 2022
No Tax Subsidies for E-Cigarette and Tobacco Ads Act This bill denies a tax deduction for expenses relating to direct-to-consumer advertising of tobacco products, including electronic nicotine delivery systems.
Bill· SS. 5222 (117th)referred
United States · United States Congress · 8 December 2022
Maintaining and Enhancing Hydroelectricity and River Restoration Act of 2022 This bill allows a new investment tax credit for 30% of the basis of any hydropower improvement property. The bill defines such property as property that, amount other things (1) adds or improves fish passage at a qualified dam (i.e., a hydroelectric dam licensed by the Federal Energy Regulatory Commission or legally operating without such a license before the enactment of this bill); (2) maintains or improves the quality of the water retained or released by such a dam; (3) promotes downstream sediment transport processes and habitat maintenance for such a dam; (4) removes an obsolete river obstruction; or (5) places into service an approved remote dam (i.e., a hydroelectric dam that services certain communities and does not contribute to atmosphere pollution).
Bill· HRH.R. 9449 (117th)referred
United States · United States Congress · 7 December 2022
Broadband Grant Tax Treatment Act This bill excludes from gross income, for income tax purposes, certain broadband grants made for broadband deployment.
Report· HearingS.Hrg.117published
United States · United States Senate · 6 December 2022
Bill· HRH.R. 9438 (117th)referred
United States · United States Congress · 6 December 2022
American Property Act This bill imposes an excise tax on foreign persons who own any specified under-utilized residential real property for more than one-half of any taxable year. The amount of such tax is 1% of the estimated value of such property. The bill defines specified under-utilized residential real property as any specified residential property located in the United States that is occupied as a dwelling unit for less than 29 days during the taxable year. Specified residential property means a single-family home or structure consisting of four residential units or less, or a part of a building that is a semi-detached house, rowhouse unit, residential condominium unit or other similar premises that is, or is intended to be, a separate parcel or other division of real property, and includes any land that was conveyed with such home, structure, or building.
Bill· SS. 5192 (117th)referred
United States · United States Congress · 6 December 2022
This bill increases the allowable amount of the energy efficient home improvement tax credit for biomass stoves and boilers.
Bill· HRH.R. 9410 (117th)referred
United States · United States Congress · 2 December 2022
This bill modifies the auditor independence standards required by the Public Company Accounting Oversight Board and the Securities and Exchange Commission. Specifically, an issuer that is a public company or has filed to become a public company must comply with certain auditor independence standards regarding audits that occurred in the fiscal year prior to the company going public.
Bill· HRH.R. 9385 (117th)referred
United States · United States Congress · 1 December 2022
Dump Investments in Troublesome Communist Holdings Act or the DITCH Act This bill denies an organization a tax exemption if it holds any interest in a disqualified Chinese company or fails to timely transmit required annual reports. A disqualified Chinese company is any corporation incorporated in China, or that invests more than 10% of its stock in certain Chinese entities, including entities controlled by the Chinese Communist Party. The Department of the Treasury may grant organizations a waiver of the denial of the tax exemption under specified circumstances. Organizations that hold any interest in a disqualified Chinese company must file annual reports describing each interest held in the company, the period during which such interest was held, and whether the organization has been granted a waiver.
Bill· HRH.R. 9396 (117th)referred
United States · United States Congress · 1 December 2022
Renewable Natural Gas Incentive Act of 2022 This bill allows a tax credit through 2032 equal to $1 times the number of gallons of renewable natural gas or gasoline gallon equivalent of nonliquid renewable natural gas for use as a fuel in a motor vehicle or motorboat or for use as a fuel in aviation.
Bill· SS. 5178 (117th)referred
United States · United States Congress · 1 December 2022
Dump Investments in Troublesome Communist Holdings Act or the DITCH Act This bill denies an organization a tax exemption if it holds any interest in a disqualified Chinese company or fails to timely transmit required annual reports. A disqualified Chinese company is any corporation incorporated in China, or that invests more than 10% of its stock in certain Chinese entities, including entities controlled by the Chinese Communist Party. The Department of the Treasury may grant organizations a waiver of the denial of the tax exemption under specified circumstances. Organizations that hold any interest in a disqualified Chinese company must file annual reports describing each interest held in the company, the period during which such interest was held, and whether the organization has been granted a waiver.
Bill· SS. 5176 (117th)referred
United States · United States Congress · 1 December 2022
Disaster Mitigation and Tax Parity Act of 2022 This bill excludes from gross income, for income tax purposes, any qualified catastrophe mitigation payment made under a state-based catastrophe loss mitigation program. A qualified catastrophe mitigation payment means any amount received for making improvements to an individual's residence for the sole purpose of reducing the damage that would be done to such residence by a windstorm, earthquake, wildfire, or flooding. This tax exclusion is retroactive to taxable years beginning after 2020, including by amended return.
Bill· SS. 5151 (117th)referred
United States · United States Congress · 30 November 2022
End Hedge Fund Control of American Homes Act This bill imposes an excise tax, with certain exclusions, on individuals who own more than 100 single family homes. The amount of such tax is the product of $20,000 and the number of homes owned over 100. The bill establishes a Housing Trust Fund into which the excise tax amounts shall be deposited and used to provide grants for down payment assistance.
Report· HearingS.Hrg.117-506published
United States · United States Senate · 21 November 2022
Bill· SS. 5126 (117th)referred
United States · United States Congress · 17 November 2022
Eliminating Discrimination And Creating Corridors to Expand Student Success Act of 2022 or the ED ACCESS Act of 2022 This bill repeals the prohibition against granting the American Opportunity Tax Credit to students with federal or state felony drug convictions.
Bill· SS. 5125 (117th)referred
United States · United States Congress · 17 November 2022
Family Attribution Modernization Act This bill modifies family attribution rules for purposes of tax-exempt pension and profit sharing plans (e.g., 401k retirement plans) to provide that (1) community property laws shall be disregarded for purposes of determining ownership under attribution rules, and (2) attribution is eliminated for spouses and minor children under certain circumstances. 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.
Bill· HRH.R. 9341 (117th)referred
United States · United States Congress · 17 November 2022
IRS Funding Accountability Act This bill delays for a 60-day period funding for the Internal Revenue Service (IRS) enforcement activities enacted by the Inflation Reduction Act (except for eliminating return processing backlogs and reducing call wait times) until an annual spending plan for such activities is submitted to the congressional tax and appropriation committees. Congress may enact a joint resolution of disapproval of the spending plan before the end of the 60-day period requiring the IRS to submit a new spending plan. The IRS and the Department of the Treasury must make quarterly reports to the committees on expenditures for enforcement activities. The bill requires reductions in appropriations to the IRS for any failure to submit required reports.
Bill· HRH.R. 9331 (117th)referred
United States · United States Congress · 17 November 2022
Eliminating Discrimination And Creating Corridors to Expand Student Success Act of 2022 or the ED ACCESS Act of 2022 This bill repeals the prohibition against granting the American Opportunity Tax Credit to students with federal or state felony drug convictions.
Bill· HRH.R. 9338 (117th)referred
United States · United States Congress · 17 November 2022
This bill modifies requirements relating to opportunity zone investment (i.e., investment in economically distressed areas) to require its funds to meet specified investment advisory board, diversity, and affordable housing requirements. It also requires that at least 5% of a fund's qualified opportunity zone property is controlled-environment agriculture property.
Bill· HRH.R. 9332 (117th)referred
United States · United States Congress · 17 November 2022
This bill updates the effective date of the arbitrage rules for the Permanent University Fund of the state of Texas.
Bill· HRH.R. 9320 (117th)referred
United States · United States Congress · 16 November 2022
Education, Achievement, and Opportunity Act This bill allows a new refundable tax credit for the qualified education expenses of a taxpayer's child, up to $10,000 for each child. These expenses include tuition and fees for attendance at a public or private elementary or secondary school, and up to $1,500 of expenses for computers and educational software, tutoring, special needs services, transportation services, and academic testing services.
Bill· HRH.R. 9313 (117th)referred
United States · United States Congress · 16 November 2022
Housing for Homeless Students Act of 2022 This bill extends eligibility for the low-income housing tax credit to homeless youth and veterans who are full-time students during a specified time period.
Bill· SS. 5100 (117th)referred
United States · United States Congress · 16 November 2022
IRS Funding Accountability Act This bill delays for a 60-day period funding for the Internal Revenue Service (IRS) enforcement activities enacted by the Inflation Reduction Act (except for eliminating return processing backlogs and reducing call wait times) until an annual spending plan for such activities is submitted to the congressional tax and appropriation committees. Congress may enact a joint resolution of disapproval of the spending plan before the end of the 60-day period requiring the IRS to submit a new spending plan. The IRS and the Department of the Treasury must make quarterly reports to the committees on expenditures for enforcement activities. The bill requires reductions in appropriations to the IRS for any failure to submit required reports.
Bill· SS. 5108 (117th)referred
United States · United States Congress · 16 November 2022
Housing for Homeless Students Act of 2022 This bill extends eligibility for the low-income housing tax credit to homeless youth and veterans who are full-time students during a specified time period.
Report· HearingS.Hrg.117published
United States · United States Senate · 15 November 2022
Bill· HRH.R. 9299 (117th)referred
United States · United States Congress · 15 November 2022
Stop Subsidizing Childhood Obesity Act This bill denies a tax deduction for advertising or marketing directed at children (age 14 or under) for food of poor nutritional quality or a brand primarily associated with food of poor nutritional quality. The bill also denies a deduction for related expenses, including: travel; goods or services constituting entertainment, amusement, or recreation; gifts; or other promotion expenses. The Department of the Treasury must enter into a contract with the National Academy of Medicine to develop procedures to evaluate and identify food of poor nutritional quality and brands that are primarily associated with such food. The bill authorizes additional funding to carry out the Fresh Fruit and Vegetable Program under the Richard B. Russell National School Lunch Act.
Bill· SS. 5086 (117th)referred
United States · United States Congress · 15 November 2022
Stop Subsidizing Childhood Obesity Act of 2022 This bill denies a tax deduction for advertising or marketing directed at children (age 14 or under) for food of poor nutritional quality or a brand primarily associated with food of poor nutritional quality. The bill also denies a deduction for related expenses, including travel; goods or services constituting entertainment, amusement, or recreation; gifts; or other promotion expenses. The Department of the Treasury must enter into a contract with the National Academy of Medicine to develop procedures to evaluate and identify food of poor nutritional quality and brands that are primarily associated with such food. The bill authorizes additional funding to carry out the Fresh Fruit and Vegetable Program under the Richard B. Russell National School Lunch Act.
Bill· SS. 5076 (117th)referred
United States · United States Congress · 14 November 2022
Service-Disabled Veteran Opportunities in Small Business Act This bill requires the Small Business Administration to provide training to relevant employees at any federal agency that awards in a fiscal year less than 3% of its prime contracts and subcontracts to small businesses owned by service-disabled veterans.
Bill· HRH.R. 9288 (117th)referred
United States · United States Congress · 10 November 2022
Homeless Veterans Assistance Fund Act of 2022 This bill allows taxpayers to contribute tax refund amounts to a Homeless Veterans Assistance Fund established by this bill. The fund shall make expenditures to provide services to homeless veterans through the development and implementation of new and innovative strategies to prevent and end veteran homelessness.
Bill· HRH.R. 9286 (117th)referred
United States · United States Congress · 10 November 2022
This bill treats certain price protection payments from Employee Stock Ownership Plans (ESOPs) as eligible rollover distributions (i.e., tax-free distributions from a qualified retirement plan to another eligible plan). Price protection payments are made under a price protection agreement and provide a guaranteed minimum price for shares that may temporarily decline in value as a result of loans to the ESOP to purchase shares. The bill treats price protection payments made after December 12, 2019, for plan years ending before January 1, 2023, as eligible rollover distributions if payments were made pursuant to a price protection agreement for distributions due to separation from service, retirement, death or disability. For plan years beginning after 2022, payments made under a price protection agreement as a result of any separation of service of a plan participant (regardless of the reason for such separation) would be eligible for rollover.
Bill· HRH.R. 9289 (117th)referred
United States · United States Congress · 10 November 2022
Affordable Electric Vehicles for America Act of 2022 This bill extends until after 2025 the requirement that final assembly of vehicles occur within North America for purposes of the clean vehicle tax credit.
Report· HearingS.Hrg.117published
United States · United States Senate · 8 November 2022
Bill· HRH.R. 9275 (117th)referred
United States · United States Congress · 3 November 2022
BNA Fairness Ac t This bill excludes from gross income, for income tax purposes, the basic needs allowance of members of the Armed Forces.
Bill· HRH.R. 9272 (117th)referred
United States · United States Congress · 3 November 2022
Consumer Financial Education and Empowerment Act This bill establishes within the Consumer Financial Protection Bureau a program to award allocations to state governments, local governments, and other entities for financial literacy programs. Programs eligible for awards may include education regarding credit, student loan debt, homeownership, investments, retirement, or tax planning.
Bill· HRH.R. 9270 (117th)referred
United States · United States Congress · 3 November 2022
No Budget, No Fundraising Act This bill prohibits Members of Congress and national congressional campaign committees from soliciting federal campaign funds during a fiscal year until a balanced budget resolution is in effect and appropriations bills that are consistent with the budget resolutions are enacted.
Bill· HRH.R. 9243 (117th)reported
United States · United States Congress · 28 October 2022
Providing Appropriate Recognition and Treatment Needed to Enhance Relations with ASEAN Act or the PARTNER with ASEAN Act This bill establishes that the Association of Southeast Asian Nations (ASEAN) shall be covered by the International Organizations Immunities Act, which provides immunities and privileges to certain international organizations, such as immunity from certain lawsuits and exemption from property taxes. (ASEAN is Southeast Asia's primary multilateral organization. It has 10 member nations, including Brunei, Indonesia, Singapore, and Vietnam.)
Bill· HRH.R. 9250 (117th)referred
United States · United States Congress · 28 October 2022
Territorial Tax Parity and Clarification Act This bill modifies the income source rules that apply with respect to the taxation of capital gains from certain personal property sales in the U.S. Virgin Islands (USVI). Specifically, the bill requires capital gains income earned by a USVI resident to be considered USVI source income regardless of the tax rate imposed by the USVI government. (Under current law, a similar rule applies to other U.S. territories, including Guam, American Samoa, the Northern Mariana Islands, and Puerto Rico.)
Bill· HRH.R. 9246 (117th)referred
United States · United States Congress · 28 October 2022
Stop Wall Street Landlords Act of 2022 This bill denies certain tax and other benefits to large investors whose assets exceed $100 million in a taxable year for investment in single-family housing (i.e., real property including at least one dwelling unit and not more than four units). It denies such investors a tax deduction for interest paid on a single-family home mortgage, for insuring such homes, and for the depreciation of such homes. The bill imposes an excise tax on the sale or transfer of a single-family home by a large investor equal to the price of such home. It allows a tax credit for home sellers equal to the lesser of either the excess of reasonable development costs paid over the sale price, or 35% of the lesser of eligible development costs paid by the taxpayer, or 80% of the national median sale price for homes. The bill prohibits large investors from obtaining certain federal mortgage assistance.
Bill· HRH.R. 9252 (117th)referred
United States · United States Congress · 28 October 2022
Advancing Auto-Portability Act of 2022 This bill allows employees to transfer their retirement account upon terminating their employment to a similar account with a new employer. Specifically, it makes such transfers automatic, subject to the right of employees to opt out. It imposes certain requirements upon an automatic portability provider, including a requirement that the provider acknowledge its fiduciary status and provide a notice in advance to an employee whose retirement account is being transferred that contains a description of the automatic portability transaction and any fees charged in connection with the transaction. This bill also allows an eligible employer a $500 tax credit in the year that an automatic portability arrangement is adopted.
Bill· HRH.R. 9231 (117th)referred
United States · United States Congress · 25 October 2022
Service Worker Economic Stabilization Act This bill suspends the disallowance of the tax deduction for business-related entertainment expenses in taxable years beginning in 2023 through 2024 and extends through 2024 the 100% deduction for business meals.
Bill· HRH.R. 9214 (117th)referred
United States · United States Congress · 21 October 2022
Access Business Credit Act of 2022 or the ABC Act of 2022 This bill excludes from the gross income of certain banks, for income tax purposes, interest received on small business loans of up to $5 million. The exclusion does not apply to interest received after 2027. The bill applies to loans that are (1) secured by land situated in the United States that is used or held by the small business in connection with the active conduct of a farming business, or (2) incurred in the ordinary course of the trade or business of the small business. To be eligible for the exclusion, a bank must have less than $50 billion in assets at the close of the preceding taxable year.
Bill· HRH.R. 9213 (117th)referred
United States · United States Congress · 21 October 2022
This bill modifies funding for the National Maritime Heritage Grant Program. The bill authorizes appropriations for the program through FY2024 in addition to the current funding through the Vessel Operations Revolving Fund.
Bill· HRH.R. 9197 (117th)referred
United States · United States Congress · 18 October 2022
Stop the Sexualization of Children Act This bill prohibits the presentation of sexually oriented materials to children under the age of 10. The bill defines sexually oriented material as any (1) depiction or description of sexual activity; (2) lewd or lascivious depiction or description of human genitals; or (3) topic involving gender identity, gender dysphoria, transgenderism, sexual orientation, or related subjects. Specifically, the bill prohibits (1) the use of federal funds to develop, implement, facilitate, or fund any sexually oriented program, event, or literature for children under the age of 10; and (2) the use of federal facilities or properties to host or promote such programs, events, or literature. The bill grants a parent or guardian a private right of action against a government official, government agency, or private entity that violates this bill. Additionally, the bill prohibits federal agencies from disbursing federal funds to a government agency or private entity for three fiscal years if the agency or entity has received two or more injunctions for violations of the bill in a five-year period.
Bill· HRH.R. 9194 (117th)referred
United States · United States Congress · 18 October 2022
Domestic Water Protection Act of 2022 This bill imposes an excise tax on the sale of a water-intensive crop. The tax is 300% of the price for which the crop is sold and is paid by the manufacturer, producer, or importer of the crop. The bill defines water-intensive crop as a crop grown in an area experiencing prolonged drought (i.e., an area experiencing severe, extreme, or exceptional drought lasting more than six months) at the time such crop is grown, and by a manufacturer, producer, or importer that is a foreign corporation or foreign government.
Bill· HRH.R. 9175 (117th)referred
United States · United States Congress · 14 October 2022
Capital, Repairs, and Employment for Art Talent to Improve Visibility Everywhere Act of 2022 or the CREATIVE Act of 2022 This bill directs the National Endowment for the Arts to award grants to local art agencies, museums, or any other tax-exempt nonprofit arts organizations for (1) construction and acquisition of new arts facilities; (2) improving, repairing, or maintaining existing facilities; and (3) hiring and compensation of artists and staff members at an existing arts facility to solicit or produce productions, projects, performances, exhibitions, workshops, or programs.
Report· HearingS.Hrg.117published
United States · United States Senate · 13 October 2022
Bill· SS. 5072 (117th)referred
United States · United States Congress · 11 October 2022
Student Protection and Success Act This bill establishes certain consequences for institutions of higher education (IHEs) that have low student loan repayment rates or high student loan balances among their students. The bill makes an IHE ineligible for federal student financial aid programs for two fiscal years if a certain percentage of its students are not able to start repaying the principal of their loans by specified deadlines. The Department of Education must award grants to IHEs that have a strong record of supporting low- and moderate-income students. The bill funds the grants by requiring IHEs with certain nonrepayment loan balances to make risk-sharing payments. Grants may be used to increase college access and success for the students using investments and practices such as awarding additional need-based financial aid, enhancing academic and student support services, and establishing or expanding accelerated learning opportunities. The bill also revises the types of student service expenditures and resources information collected by the National Center for Education Statistics.
Bill· HRH.R. 9155 (117th)referred
United States · United States Congress · 7 October 2022
No Bonuses for Executives Act of 2022 This bill imposes the alternative minimum tax on state regulated electric utilities that are in bankruptcy proceedings and that make incentive-based payments, other than salary, to any of their 13 highest compensated employees, and that own or lease infrastructure other than climate-resilient infrastructure (i.e., infrastructure capable of reducing the impact of major weather events and natural disasters).