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101 records in US in 2024

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Records

Bill· HJRESH.J.Res. 225 (118th)referred

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Advanced Manufacturing Production Credit".

United States · United States Congress · 20 November 2024

This joint resolution nullifies the final rule issued by the Internal Revenue Service titled Advanced Manufacturing Production Credit and published on October 28, 2024. The final rule provides guidance on the tax credit for the production and sale of solar and wind components, inverters, some battery components, and critical minerals, which was added by the Inflation Reduction Act of 2022. The rule, among other things, defines what produced by the taxpayer means for purposes of determining eligibility for the tax credit, details the requirements regarding sales between related and unrelated parties, and provides credit amounts and phase-out rules for certain components and critical minerals.

Resolution· HRESH.Res. 1576 (118th)passed

Providing for consideration of the bill (H.R. 1449) to amend the Geothermal Steam Act of 1970 to increase the frequency of lease sales, to require replacement sales, and for other purposes, and providing for consideration of the bill (H.R. 9495) to amend the Internal Revenue Code of 1986 to postpone tax deadlines and reimburse paid late fees for United States nationals who are unlawfully or wrongfully detained or held hostage abroad, to terminate the tax-exempt status of terrorist supporting organizations, and for other purposes.

United States · United States Congress · 18 November 2024

Bill· HJRESH.J.Res. 222 (118th)referred

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Advanced Manufacturing Production Credit".

United States · United States Congress · 18 November 2024

This joint resolution nullifies the final rule issued by the Internal Revenue Service titled Advanced Manufacturing Production Credit and published on October 28, 2024. The final rule provides guidance on the tax credit for the production and sale of solar and wind components, inverters, some battery components, and critical minerals, which was added by the Inflation Reduction Act of 2022. The rule, among other things, defines what produced by the taxpayer means for purposes of determining eligibility for the tax credit, details the requirements regarding sales between related and unrelated parties, and provides credit amounts and phase-out rules for certain components and critical minerals.

Bill· HRH.R. 10147 (118th)referred

RECRUIT Act of 2024

United States · United States Congress · 15 November 2024

Bill· HRH.R. 10146 (118th)referred

Hire A Hero Act of 2024

United States · United States Congress · 15 November 2024

Bill· HRH.R. 10127 (118th)referred

Restoring Trade Fairness Act

United States · United States Congress · 14 November 2024

Restoring Trade Fairness Act This bill establishes various trade measures related to China, including by revoking China's permanent normal trade relations (PNTR) status and increasing the rates of duty (i.e., tariffs) on Chinese imported goods. The bill prohibits imported goods originating from North Korea, China, Russia, or Iran from receiving de minimis treatment. (Current law allows for U.S. imports under a de minimis threshold of $800 per shipment to enter free of tariffs, fees, and taxes.) Specifically, the bill revokes China's PNTR status. Currently, China's PNTR status allows for Chinese goods to have duty rates set forth in column 1 of the Harmonized Tariff Schedule of the United States (HTS). With the removal of China's PNTR status, the bill generally sets the applicable duty rates on imported Chinese goods at the higher rates listed in column 2 of the HTS, with exceptions. The bill establishes a minimum duty rate of 35% for all Chinese goods, which requires column 2 rates to be at least 35%. However, the bill establishes a minimum duty rate of 100% for a list of specified goods (e.g., various minerals, certain vaccines and drugs, and certain defense-related articles). Duty rates are phased in over five years and adjusted annually for inflation. The bill also authorizes the President to take additional actions related to trade with China,  requires merchandise imported from China to be appraised based on U.S. value, and  establishes a trust fund to compensate U.S. producers for lost revenue resulting from retaliatory actions by China.

Bill· SS. 5296 (118th)referred

READY Accounts Act

United States · United States Congress · 12 November 2024

Bill· HRH.R. 10067 (118th)referred

HARRIS Act of 2024

United States · United States Congress · 29 October 2024

Bill· HRH.R. 10041 (118th)referred

LITTLE Act of 2024

United States · United States Congress · 25 October 2024

Resolution· HRESH.Res. 1553 (118th)referred

Expressing the sense that the House of Representatives must take responsible and timely action to address the Federal tax loophole that allows Act 22 decree holders to legally evade Federal taxes.

United States · United States Congress · 25 October 2024

This resolution requires the House of Representatives to address the revenue impact and application of tax law that excludes certain income sourced to Puerto Rico from taxation by the United States and Puerto Rico, particularly the application of the Act to Promote the Relocation of Individual Investors to Puerto Rico (also known as Act 22), which provides tax benefits to residents of Puerto Rico. Under current law, income, dividends, interest, and some capital gains sourced to Puerto Rico may be excluded or exempt from tax by both the United States and Puerto Rico. The Internal Revenue Service initiated an audit and compliance campaign targeting individuals who attempt to avoid tax by improperly claiming to be a resident of Puerto Rico or erroneously sourcing income to Puerto Rico (rather than the United States) to claim tax exemptions and exclusions.

Bill· HRH.R. 10025 (118th)referred

American Homeownership Opportunity Act of 2024

United States · United States Congress · 22 October 2024

American Homeownership Opportunity Act of 2024 This bill provides a new refundable tax credit for first-time homebuyers and a new tax credit to home builders for the construction of starter homes, both subject to limitations. First-time homebuyers may claim a tax credit equal to the amount of the down payment up to $25,000 (or $50,000 for first-generation homebuyers), subject to income limitations. The amount of the tax credit is reduced based on how much a first-time homebuyer’s income exceeds $300,000 for joint filers or surviving spouses, $225,000 for head of household filers, and $150,000 for single filers.  The bill requires first-time homebuyers to add the amount received as a tax credit to taxable income if, within five years from the purchase, the house is sold, leased, or is no longer used as the principal place of residence (some exceptions apply). The bill also provides a tax credit for home builders of up to 15% of construction costs (materials and labor) incurred to build a home that is no larger than 1,200 square feet and is sold for an amount that does not exceed 80% of the median home prices for the area. The amount of the tax credit increases to 30% if the home is sold to a first-time home buyer. Finally, under the bill, each state receives an annual allocation for the tax credit for the construction of starter homes, for allocation by the state’s housing finance agency to developers (similar to the administration of the low-income housing tax credit). 

Bill· HRH.R. 10004 (118th)referred

FLOAT Act of 2024

United States · United States Congress · 18 October 2024

Bill· HRH.R. 9993 (118th)referred

REDUCE Food Prices Act

United States · United States Congress · 15 October 2024

Bill· HRH.R. 9958 (118th)referred

HOMES Act of 2024

United States · United States Congress · 11 October 2024

Bill· HRH.R. 9914 (118th)referred

Fresh Food Act

United States · United States Congress · 4 October 2024

Fresh Food Act This bill provides a new business tax credit for 2025-2030 to grocery stores in underserved areas for a percentage of the cost of fresh fruit, vegetables, meat, and dairy sold. The bill also increases the work opportunity tax credit (WOTC) for 2025-2030 for grocery stores in underserved areas that hire eligible employees.  Under the bill, a grocery store in an underserved area may claim a tax credit of between 26% and 30% of the cost of fresh fruits, vegetables, meat, and dairy sold, depending on when the grocery store is placed in service and when the grocery store’s location is deemed to be in an underserved area. The percentage is increased by 5% for any fresh fruits, vegetables, meat, or dairy sourced from a location that is within the same state in which the store is located or within 100 miles of the store. Under the bill, the grocery store must be in an underserved or rural area; have no more than 80,000 square feet of retail space; allocate at least 25% of the retail space for the sale of fresh fruit, vegetables, meat, and dairy; and have at least 25% of sales attributable to fresh fruit, vegetables, meat, and dairy. Finally, the bill increases the WOTC for grocery stores in underserved areas by increasing the amount of qualifying wages paid to an eligible employee that may be used in the calculation of the tax credit. Under current law, the WOTC is calculated as a percentage of qualified wages paid to an eligible employee. 

Bill· HRH.R. 9935 (118th)referred

Lowering Energy Costs for Manufactured Homeowners Act

United States · United States Congress · 4 October 2024

Lowering Energy Costs for Manufactured Homeowners Act This bill provides a new refundable tax credit in the amount of 20% of the cost of manufactured home skirting, up to a maximum amount of $500. Home skirting is any weather-resistant material used to enclose the space between the bottom of the manufactured home and the ground. The tax credit is not available for taxpayers whose modified adjusted gross income exceeds $150,000 (or $300,000 for joint filers). Finally, the manufactured home must be used as the taxpayer’s primary residence.

Bill· SS. 5167 (118th)referred

Methane Reduction and Economic Growth Act

United States · United States Congress · 25 September 2024

Methane Reduction and Economic Growth Act  This bill establishes a new tax credit for qualified methane mine capture. The bill defines  qualified methane as any methane that is captured from mining activities by methane capture equipment, would otherwise be released into the atmosphere as an industrial emission of greenhouse gas or lead to such release, and is measured at the source of capture and verified at the point of injection or utilization. 

Bill· SS. 5177 (118th)referred

DELIVER Act of 2024

United States · United States Congress · 25 September 2024

Delivering Elderly Lunches and Increasing Volunteer Engagement and Reimbursements Act of 2024 or the DELIVER Act of 2024 This bill increases the standard mileage rate for the tax deduction for the charitable use of a passenger automobile to deliver meals to homebound individuals who are elderly, disabled, frail, or at risk. The bill increases the rate from the standard charitable rate of 14 cents per mile to the standard business mileage rate, which is 67 cents per mile for 2024.

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