Taxation

ECORA Act of 2016

United States · United States Congress · 28 September 2016

Enhancing Credit Opportunities in Rural America Act of 2016 or the ECORA Act of 2016 This bill amends the Internal Revenue Code to exclude from gross income interest received by a lender from real estate loans secured by agricultural real estate or by a leasehold mortgage (with a status as a lien) on agricultural real estate. Agricultural real estate includes real property that is substantially used for the production of one or more agricultural products. It also includes any single family residence that is: (1) the principal residence of its occupant, (2) located in a rural area which is not within a Metropolitan Statistical Area and has a population of 2,500 or less; and (3) is purchased or improved with the proceeds of a loan secured by property used for the production of one or more agricultural products.

Retirement Inflation Protection Act of 2016

United States · United States Congress · 28 September 2016

Retirement Inflation Protection Act of 2016 This bill amends the Internal Revenue Code to allow the adjusted basis of certain assets (including common stock in a C corporation and tangible property used in a trade or business) to be indexed for inflation for the purpose of determining the gain or loss of individuals who: (1) have held the asset 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 asset. The bill sets forth rules for applying the inflation adjustment to short sales, dispositions between related persons, and improvements to property or contributions of capital. 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 the adjustment allowed by this bill.

CEO Accountability and Responsibility Act

United States · United States Congress · 28 September 2016

CEO Accountability and Responsibility Act This bill amends the Internal Revenue Code to: (1) increase the corporate income tax rate for publicly traded corporations that pay their chief executive officers or highest paid employees more than 100 times the median compensation of all their U.S. employees, and (2) decrease the rate for publicly traded corporations that pay their chief executive officers or highest paid employees less than 50 times the median compensation of all their U.S. employees.

To direct the Secretary of the Treasury to establish a program for issuing identity protection personal identification numbers (IP PINs) to adopted children for purposes of tax administration.

United States · United States Congress · 28 September 2016

This bill requires the Internal Revenue Service (IRS) to establish a program under which the legal guardian of an adopted child may obtain an identity protection personal identification number (IP PIN) for the child to prevent an individual from improperly claiming tax benefits with respect to the child. The IRS may require a child's IP PIN to be included in a tax return as a condition of receiving any tax benefit with respect to the child.

American Opportunity Tax Credit Reform Act

United States · United States Congress · 28 September 2016

American Opportunity Tax Credit Reform Act This bill amends the Internal Revenue Code, with respect to the American Opportunity Tax Credit, to provide that any credit amount which is attributable to a federal Pell Grant under the Higher Education Act of 1965 shall be reduced by the amount of expenses (other than qualified tuition and related expenses) which are taken into account in determining the cost of attendance at an institution of higher education for the academic period for which the credit amount is being determined.  The bill also modifies the definition of "qualified scholarship," for purposes of the tax exclusion for such scholarships, to include a federal Pell Grant as a qualified scholarship.

Innovations to Recruit and Retain Excellent Teachers Act

United States · United States Congress · 28 September 2016

Innovations to Recruit and Retain Excellent Teachers Act This bill establishes a teacher support grant program through which the Department of Education (ED) shall award grants to educational agencies on a competitive basis. If funds for the program are authorized above a specified amount with respect to a given fiscal year, ED shall also award grants on a formula basis. A grantee that is a state education agency (SEA) shall use the grant funds to: (1) make subgrants to local educational agencies (LEAs), (2) provide technical assistance, (3) reduce bureaucratic barriers, and (4) conduct program evaluation. In awarding subgrants, an SEA must give priority to LEAs that: (1) serve a high proportion of low-income students, (2) have either a teacher shortage or a high proportion of schools identified for support and improvement, and (3) demonstrate the capacity to carry out program activities. An LEA shall use grant or subgrant funds to carry out a teacher support program in the elementary and secondary schools that it serves. The program must strengthen teaching careers by: (1) collaboratively reforming and improving compensation structures, (2) creating opportunities for personalized professional learning and enhancement for teachers, (3) creating leadership pathways, (4) using strategies such as innovative scheduling to support teacher improvement, and (5) implementing teacher-led initiatives. In addition, the program must carry out specified activities to strengthen teacher selection or induction. The bill establishes requirements for grant applications, program evaluation, and reporting.

Making College More Affordable Act

United States · United States Congress · 28 September 2016

Making College More Affordable Act This bill amends the Higher Education Act of 1965 by creating federal interest-free education loans for undergraduate students. The loans must have the same terms and conditions and benefits to borrowers as federal direct Stafford Loans. Interest on these loans may only accrue during periods when a borrower is not earning taxable income due to professional negligence, professional incompetence, or malicious action on the part of the borrower. The Department of Education (ED) must carry out a repayment plan program for the interest-free loans under which loans payments are automatically withheld from the pre-tax income of the borrower. ED must cancel any outstanding balance of principal or interest due on those interest-free loans made to a borrower who has made 300 monthly payments. The borrower must be taxed on the amount canceled. Those taxes must be applied to carry out the federal direct loan program.

To amend the Internal Revenue Code of 1986 to extend and modify the alternative fuel and alternative fuel mixture credits.

United States · United States Congress · 28 September 2016

This bill amends the Internal Revenue Code to extend through 2021: (1) the excise tax credit for alternative fuel, (2) the excise tax credit for alternative fuel mixtures, and (3) the payments that are equivalent to the alternative fuel excise tax credit. The bill also allows the alternative fuel excise tax credit to be used for fuel sold by the taxpayer for use as fuel in qualified landscaping equipment. Qualifying landscaping equipment is: (1) used in landscaping or similar activities, (2) powered by an engine capable of running only on alternative fuel, and (3) is not designed primarily for carrying or towing persons or loads from one place to another.

To direct the Community Development Financial Institutions Fund to perform an outreach program for the new markets tax credit to underserved communities, and for other purposes.

United States · United States Congress · 28 September 2016

This bill amends the Riegle Community Development and Regulatory Improvement Act of 1994 to require the Community Development Financial Institutions (CDFI) Fund to provide outreach and training with respect to the New Markets Tax Credit (NMTC) in low-income communities with a disproportionately low amount of low-income community investments by community development entities. (The NMTC is a non-refundable tax credit intended to encourage private capital investment in low-income communities. NMTCs are allocated by the CDFI Fund, a bureau of the Department of the Treasury, using a competitive application process.) The CFDI Fund must also: (1) include in the application for the NMTC questions to determine and consider, as an innovative use or a comparable incentive in evaluating applications, the extent to which the applicant intends to make low-income community investments within Indian country; and (2) to the maximum extent practicable, ensure that at least one community development entity whose primary mission is to fund projects within or that directly benefit Indian country receives an allocation for each allocation round.

Free Speech Fairness Act

United States · United States Congress · 28 September 2016

Free Speech Fairness Act This bill amends the Internal Revenue Code to permit a tax-exempt organization to make certain statements related to a political campaign without losing its tax-exempt status. An organization may not lose its tax-exempt status under section 501(c)(3) or be deemed to have participated in, or intervened in any political campaign on behalf of (or in opposition to) any candidate for public office, solely because of the content of any statement that: (1) is made in the ordinary course of the organization's regular and customary activities in carrying out its exempt purpose, and (2) results in the organization incurring not more than de minimis incremental expenses.

Proposing an amendment to the Constitution of the United States which requires (except during time of war and subject to suspension by Congress) that the total amount of money expended by the United States during any fiscal year not exceed the amount of certain revenue received by the United States during such fiscal year and not exceed 20 percent of the gross domestic product of the United States during the previous calendar year.

United States · United States Congress · 28 September 2016

Constitutional Amendment This joint resolution proposes a constitutional amendment prohibiting the total amount of money expended by the United States during a fiscal year from exceeding total revenue received for that fiscal year, excluding revenue from the issuance of bonds, notes, or other obligations of the United States. The amendment also: (1) prohibits the total amount of money expended by the United States in any fiscal year from exceeding 20% of the gross domestic product of the United States, and (2) requires the President to submit to Congress an annual budget in which total outlays do not exceed total revenues received. The spending restrictions do not apply during a fiscal year in which a declaration of war is in effect, or if three-fifths of the Senate and two-thirds of the House of Representatives vote to suspend the restrictions.

Making continuing appropriations for fiscal year 2017, and for other purposes.

United States · United States Congress · 28 September 2016

This joint resolution provides continuing FY2017 appropriations to federal agencies until the earlier of February 28, 2017, or the enactment of the applicable appropriations legislation. It is known as a continuing resolution (CR) and prevents a government shutdown that would otherwise occur when FY2017 begins on October 1, 2016, because the twelve FY2017 regular appropriations bills that fund the federal government have not been enacted. The resolution specifies the rates of operations for security and nonsecurity programs. It also includes several provisions that restrict or prohibit the use of funds for specified purposes.

Providing for consideration of the Senate amendment to the bill (H.R. 5325) making appropriations for the Legislative Branch for the fiscal year ending September 30, 2017, and for other purposes.

United States · United States Congress · 28 September 2016

Sets forth the rule for consideration of the Senate amendment to the bill (H.R. 5325) making appropriations for the Legislative Branch for the fiscal year ending September 30, 2017.

A bill to amend the Internal Revenue Code of 1986 to enhance the requirements for secure geological storage of carbon dioxide for purposes of the carbon dioxide sequestration credit.

United States · United States Congress · 28 September 2016

This bill amends the Internal Revenue Code to revise requirements for the secure geological storage of carbon dioxide for the purpose of the tax credit for carbon dioxide sequestration. The bill establishes a December 31, 2016, deadline and requirements for regulations that the Internal Revenue Service (IRS) is required, under current law, to establish for determining adequate security measures for the geological storage of the carbon dioxide such that carbon dioxide does not escape into the atmosphere. The IRS regulations must consider the carbon dioxide to be disposed of in secure geological storage if it is stored in compliance with specified rules promulgated by the Environmental Protection Agency under the Clean Air Act and the Safe Drinking Water Act for the geologic sequestration of carbon dioxide, the injection of carbon dioxide, and the criteria and standards for underground injection control programs that are applicable to Class II Wells.

Young Child Tax Credit Act

United States · United States Congress · 28 September 2016

Young Child Tax Credit Act This bill amends the Internal Revenue Code to allow individual taxpayers a new refundable tax credit based on the number of their qualifying children under the age of three and the taxpayer's adjusted gross income. Advance payments of credit amounts shall be made to taxpayers each month.

A bill to amend the Internal Revenue Code of 1986 to include electric charging of certain vehicles as a qualified transportation fringe benefit excluded from gross income.

United States · United States Congress · 28 September 2016

This bill amends the Internal Revenue Code to treat the charging of an electric vehicle provided on or near the business premises of the employer as a qualified transportation fringe benefit that is excluded from an employee's gross income. The bill limits the benefit to $175 per month (adjusted for inflation) and specifies requirements for the electric vehicles.

Electronic Signature Standards Act of 2016

United States · United States Congress · 28 September 2016

Electronic Signature Standards Act of 2016 This bill amends the Internal Revenue Code to require the Internal Revenue Service to publish guidance to establish uniform standards and procedures for the acceptance of signatures in digital or other electronic form for the purposes of: (1) disclosures of tax returns and return information to a designee of the taxpayer, and (2) any power of attorney executed by the taxpayer.

Protect Family Farms and Businesses Act

United States · United States Congress · 28 September 2016

Protect Family Farms and Businesses Act This bill prohibits proposed Internal Revenue Service regulations published on August 4, 2016, relating to restrictions on liquidation of an interest with respect to estate, gift, and generation-skipping transfer taxes from taking effect. The bill prohibits funds from being used to finalize, implement, administer, or enforce the proposed regulations or any substantially similar regulations.

Protection of Military Airfields from Wind Turbine Encroachment Act

United States · United States Congress · 28 September 2016

Protection of Military Airfields from Wind Turbine Encroachment Act This bill amends the Internal Revenue Code to make new wind facilities located near certain military installations ineligible for the tax credits for: (1) electricity produced from renewable resources, and (2) investments in qualified small wind energy property. The bill applies to facilities that are originally placed in service after the date of enactment of this bill and are located within a 30-mile radius of: (1) an airfield or airbase that is under the jurisdiction of a military department and in active use; or (2) an air traffic control radar site, weather radar site, or aircraft navigation aid that is owned or operated by the Department of Defense and is a permanent land-based structure at a fixed location.

A bill to amend the Internal Revenue Code of 1986 to permanently extend the depreciation rules for property used predominantly within an Indian reservation, and for other purposes.

United States · United States Congress · 28 September 2016

This bill amends the Internal Revenue Code to make permanent the special depreciation rules for property used predominantly within an Indian reservation and to permit a taxpayer to revoke an election to exclude any class of property from the rules for any taxable year.

A bill to amend the Internal Revenue Code of 1986 to prevent the avoidance of tax by insurance companies through reinsurance with non-taxed affiliates.

United States · United States Congress · 28 September 2016

This bill amends the Internal Revenue Code to exclude from the taxable income of a life insurance company or other insurance company: (1) any non-taxed reinsurance premium; (2) any additional amount paid by an insurance company with respect to the reinsurance for which such non-taxed reinsurance premium is paid; and (3) any return premium, ceding commission, reinsurance recovered, or other amount received by an insurance company with respect to the reinsurance for which such non-taxed reinsurance premium is paid.

Receiving Electronic Statements To Improve Retiree Earnings Act

United States · United States Congress · 28 September 2016

Receiving Electronic Statements To Improve Retiree Earnings Act This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to authorize the electronic delivery of pension plan documents required to be furnished to a plan participant, beneficiary, or other individual. The system for furnishing such a document must: (1) be designed to result in effective access to the document, (2) permit the recipient to select the electronic means through which the document is received or request paper documents, and (3) protect the confidentiality of personal information. An annual paper notice must be provided describing the selection of electronic means for furnishing documents and any election that has been made to receive paper documents. An electronically furnished document must be prepared and furnished in a manner that is consistent with the style, format, and content requirements for the document. It must also include a notice that apprises the individual of the significance of the document when it is not otherwise reasonably evident as transmitted. The bill specifies that: (1) documents may continue to be furnished electronically under laws, regulations, or guidance prescribed by the Department of Labor or the Department of the Treasury prior to enactment of this bill; and (2) the departments may prescribe additional methods for furnishing documents.

Modernizing American Manufacturing Bonds Act

United States · United States Congress · 28 September 2016

Modernizing American Manufacturing Bonds Act This bill amends the Internal Revenue Code, with respect to qualified small issue bonds for manufacturing purposes, to: (1) expand the definition of "manufacturing facility" to include a facility which is used in the creation or production of intangible property and which is functionally related and subordinate to a facility located on the same site and financed with not more than 25% of bond proceeds, and (2) increase from $10 million to $30 million the maximum bond limitation.

Improved Employment Outcomes for Foster Youth Act of 2016

United States · United States Congress · 28 September 2016

Improved Employment Outcomes for Foster Youth Act of 2016 This bill amends the Internal Revenue Code to expand the Work Opportunity Tax Credit (WOTC) to include the hiring of qualified foster care transition youth. (The WOTC permits employers who hire individuals who are members of a targeted group [e.g., qualified veterans, ex-felons, SSI recipients] to claim a tax credit equal to a portion of the wages paid to those individuals.) A "qualified foster care transition youth" is any individual who is certified by the designated local agency as: (1) not having attained age 27 as of the hiring date, and (2) as having been in foster care after attaining the younger of age 16 or the age specified in provisions of the Social Security Act related to the John H. Chafee Foster Care Independence Program.

A concurrent resolution directing the Clerk of the House of Representatives to make a correction in the enrollment of H.R. 5325.

United States · United States Congress · 28 September 2016

Directs the Clerk of the House of Representatives to make a correction in the enrollment of H.R. 5325 to change the title to read "Making continuing appropriations for fiscal year 2017, and for other purposes."

Border Tax Equity Act of 2016

United States · United States Congress · 27 September 2016

Border Tax Equity Act of 2016 This bill amends the Internal Revenue Code to impose a tax on imports from any foreign country that: (1) employs an indirect tax system, and (2) grants rebates of indirect taxes paid on exports from that country. This tax shall be collected by the U.S. Customs and Border Protection (CBP) and deposited into a special account. The bill also amends the Tariff Act of 1930 to require the CBP, upon request of a U.S. exporter, to pay to the exporter from this special account an amount equal to the amount of indirect taxes imposed by the importing foreign country, minus any U.S. taxes rebated or funded upon exportation. The Office of the U.S. Trade Representative must report on specified matters related to World Trade Organization negotiations, border taxes, and free-trade agreements.

Freight Infrastructure Reinvestment Act of 2016

United States · United States Congress · 27 September 2016

Freight Infrastructure Reinvestment Act of 2016 This bill amends the Internal Revenue Code to impose a 1% tax on certain ground transportation of property within the United States. In addition, the bill establishes: (1) a National Freight Mobility Infrastructure Fund, consisting of amounts equivalent to taxes received under the bill; and (2) a National Freight Mobility Infrastructure Improvement Program, through which the Department of Transportation is authorized to make competitive grants for eligible costs associated with projects to improve freight mobility.

Student Loan Repayment Act of 2016

United States · United States Congress · 27 September 2016

Student Loan Repayment Act of 2016 This bill amends the Internal Revenue Code to allow a work opportunity tax credit for employers who hire a qualified student loan repayer. A "qualified student loan repayer" is any individual who is certified by the designated local agency as: (1) having at least an associate's degree, and (2) having outstanding education loans of at least $10,000. The bill also allows a business tax credit equal to 50% of the student loan program startup costs paid by employers during the year, subject to a limit of $500 per employee participating in the program. The credit applies to the ordinary and necessary expenses for the establishment or administration of a student loan repayment plan through which the employer provides specified annual matching contributions to each employee. The credit does not apply to payments made to, or on behalf of, any employee pursuant to the plan. An employer may claim the credit for three years if the employer has not established or maintained a plan for substantially the same employees during the three-year period immediately preceding the first year in which the credit is otherwise allowable.

Fair Allocation of Highway Funds Act of 2016

United States · United States Congress · 27 September 2016

Fair Allocation of Highway Funds Act of 2016 This bill revises the methodology for apportioning federal highway funds among states. Specifically, the bill adjusts each state's apportionment based not only on certain tax payments attributable to highway users in the state, but also on other federal taxes collected in the state. The bill also caps the apportionment that each state may receive.

A resolution supporting the goals and ideals of National Retirement Security Week, including raising public awareness of the various tax-preferred retirement vehicles, increasing personal financial literacy, and engaging the people of the United States on the keys to success in achieving and maintaining retirement security throughout their lifetimes.

United States · United States Congress · 26 September 2016

Expresses support for the goals and ideals of National Retirement Security Week, including raising public awareness of the importance of saving adequately for retirement. Acknowledges the need to raise public awareness of a variety of tax-preferred retirement vehicles. Calls on states, localities, schools, universities, nonprofit organizations, businesses, other entities, and the people of the United States to observe National Retirement Security Week with appropriate programs and activities.

Transit Tax Credit Act of 2016

United States · United States Congress · 26 September 2016

Transit Tax Credit Act of 2016 This bill amends the Internal Revenue Code to allow a refundable tax credit for commuting mass transit costs. The credit is equal to 15% of the amount paid or incurred by the taxpayer during the year for a transit pass that the taxpayer, the taxpayer's spouse, or a dependent uses for travel between the residence and place of employment of the taxpayer, spouse, or dependent. The credit allowed for transit passes for any individual may not exceed $460 per year (adjusted for inflation after 2017).

Campus Fire Safety Education Act of 2016

United States · United States Congress · 26 September 2016

Campus Fire Safety Education Act of 2016 This bill directs the Department of Education (ED) to establish a program to award grants, on a competitive basis, to institutions of higher education or consortiums of such institutions, in a collaborative partnership with a nonprofit organization or a public safety department (eligible entity), for: (1) initiating, expanding, or improving fire safety education programs; and (2) increasing fire safety awareness among enrolled students. ED shall give priority to institutions that plan to use funds to initiate, expand, or improve fire safety education programs that include educational material specifically prepared for students with physical, sensory, or cognitive disabilities. The bill sets forth provisions regarding grant periods and matching and other requirements. An eligible entity may not be awarded more than $250,000 per fiscal year under this bill. An eligible entity shall use grant funds to initiate, expand, or improve a fire safety education program that: reaches all enrolled students (for an institution of higher education); ensures maximum exposure to, increases awareness of, and effectuates change in behavior regarding, fire safety by students through conducting outreach to students a minimum of twice per academic year and through measures that provide fire safety information to any student upon request; includes minimum instruction regarding fire behavior, fire injury and death, ignition scenarios, fire safety systems and equipment, the importance of means of egress, fire prevention techniques, and actions to be taken if a fire occurs to minimize the potential for death, injury, and property damage; and includes a mechanism for carrying out evaluations of program effectiveness. ED shall publish a report of best practices for initiating, expanding, or improving fire safety education programs.

FRAME Act of 2016

United States · United States Congress · 26 September 2016

Farm Risk Abatement and Mitigation Election Act of 2016 or the FRAME Act of 2016 This bill amends the Internal Revenue Code to: (1) establish tax-exempt farm risk management accounts (FRAME Accounts) and allow taxpayers actively engaged in the business of farming or ranching to use distributions from such accounts to protect the solvency of the farm to which the FRAME Account relates and to procure revenue or crop insurance; (2) allow a deduction from gross income for cash contributions to such accounts; (3) specify minimum levels of contributions to, and maximum levels of distributions from, such accounts; (4) set forth tax rules relating to account distributions, excess contributions, and prohibited transactions; and (5) allow a variable business-related tax credit for contributions made to a FRAME Account in the first nine years after such account is established.

Emergency East Chicago Housing Relief Act of 2016

United States · United States Congress · 26 September 2016

Emergency East Chicago Housing Relief Act of 2016 This bill provides an additional allocation of low-income housing tax credits for Indiana by increasing the state housing credit ceiling in 2017 and 2018. The bill requires the state housing credit ceiling for Indiana to be increased for 2017 and 2018 by the lesser of: (1) the aggregate housing credit dollar amount allocated for such calendar year by the state housing credit agency of Indiana to buildings located in Lake County, Indiana; or (2) the additional allocation amount calculated by multiplying $18 by the population of Lake County, Indiana. In the case of 2018, the additional allocation amount taken into account must be reduced by the amount of the increase in the state housing credit ceiling for 2017 that is required by this bill.

Middle-Income Housing Tax Credit Act of 2016

United States · United States Congress · 22 September 2016

Middle-Income Housing Tax Credit Act of 2016 This bill amends the Internal Revenue Code to allow a tax credit for the development of housing for middle-income households. The credit is based on the existing low-income housing tax credit and applies to the development or rehabilitation of residential rental properties if: (1) 60% or more of the residential units in the project are both rent-restricted and occupied by individuals whose income is 100% or less of the area median gross income, and (2) the project is not federally subsidized or financed with a federally funded grant. The credits are allocated to each state based on population, and state housing agencies then distribute the credits to developers using a competitive process. The credits are paid over a 15-year credit period, and the amounts of the credits are based on a percentage of a project's qualified basis, which is the portion of the project dedicated to affordable middle-income housing. The credit dollar amount allocated to a project may not exceed the amount that is necessary for the financial feasibility of the project and its viability as a qualified middle-income housing project throughout the credit period. To qualify for the credit, the developer must make a long-term commitment to middle-income housing, under which the affordability restrictions for a property remain in place for at least an additional 15 years after the close of the credit period.

To amend the Internal Revenue Code of 1986 to exempt premiums paid on non-cash-value property and casualty insurance from the taxes to enforce reporting on certain foreign accounts.

United States · United States Congress · 22 September 2016

This bill amends the Internal Revenue Code to exempt premiums paid on non-cash-value property and casualty insurance policies from taxes to enforce reporting on certain foreign accounts.

Middle Class Dependent Care Fairness Act of 2016

United States · United States Congress · 22 September 2016

Middle Class Dependent Care Fairness Act of 2016 This bill amends the Internal Revenue Code to eliminate the mandatory reduction in the rate of the tax credit for household and dependent care services for taxpayers whose adjusted gross incomes exceed $15,000.

Christen O'Donnell Equestrian Helmet Labeling Act of 2016

United States · United States Congress · 22 September 2016

Christen O'Donnell Equestrian Helmet Labeling Act of 2016 This bill directs the Consumer Product Safety Commission to issue a rule requiring warning labels for equestrian helmets that are not approved safety helmets under ASTM (American Society for Testing and Materials) International standards for horse sports and horseback riding. The rule must be treated as a consumer product safety rule under the Consumer Product Safety Act. The Centers for Disease Control and Prevention must make grants available for states, local governments, or tax-exempt nonprofit organizations to carry out education and awareness campaigns on proper equestrian helmet selection for riders and the dangers of nonapproved headgear. The bill does not apply to polo, horse racing, or rodeo helmets.

Louisiana Flood and Storm Devastation Tax Relief Act of 2016

United States · United States Congress · 22 September 2016

Louisiana Flood and Storm Devastation Tax Relief Act of 2016 This bill amends the Internal Revenue Code to modify several tax provisions and rules for individuals and businesses affected by storms and flooding in Louisiana. The bill applies to the area with respect to which a major disaster has been declared by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act: before September 3, 2016, by reason of severe storms and flooding occurring in Louisiana during August of 2016; and before April 21, 2016, by reason of severe storms and flooding occurring in Louisiana during March and April of 2016. For individuals and businesses in the specified Louisiana storm and flood disaster area, the bill modifies tax provisions and rules regarding: (1) early withdrawals of retirement funds; (2) employment-related tax credits; (3) charitable contributions; (4) and various tax deductions, exclusions, and credits related to losses and recovery from the storms and flooding.

USA Retirement Funds Act

United States · United States Congress · 22 September 2016

USA Retirement Funds Act This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to require employers who do not already offer specified retirement plans to provide tax-exempt retirement funds (USA Retirement Fund arrangements) to their employees. The bill includes exemptions for certain small or new employers, governments, and churches. Employees may elect to contribute to the funds using payroll deductions (or other periodic direct deposits) or to receive payments directly in cash. Unless employees opt out of a fund or elect a different contribution amount, they are automatically enrolled to make contributions that begin with 3% of annual compensation in 2017 and eventually increase to 6% after 2019. The Department of Labor must review and select retirement plans that qualify for the funds. The bill establishes a board of trustees to administer the funds and a commission to advise Labor regarding the funds. An employee may not contribute more than $15,000 per year to a fund. Employers may contribute up to $5,000 per year on behalf of an employee. The limits must be adjusted annually for inflation. The funds must pay benefits to employees in the form of an annuity, in accordance with specified requirements. The bill establishes limits on withdrawals and transfers from the funds. It also establishes civil and criminal penalties to enforce the requirements for the funds and prevent fraud. The funds are tax-exempt, and the bill specifies requirements for the tax treatment of contributions, rollover contributions, and distributions. The bill also specifies reporting and disclosure requirements for the funds.

Corporate Transparency and Accountability Act

United States · United States Congress · 22 September 2016

Corporate Transparency and Accountability Act This bill amends the Securities Exchange Act of 1934 to require each issuer of a security required to file an annual or quarterly report to disclose during the period covered in that report: the issuer's total pre-tax profit, the total amount paid by the issuer in state taxes, the total amount paid by the issuer in federal taxes, and the total amount paid by the issuer in foreign taxes. Each such issuer shall also disclose in that report specified corporate financial information, aggregated on a country-by-country basis, for each of its subsidiaries.

TRANSPORTATION AND HOUSING AND URBAN DEVELOPMENT, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2017

United States · United States Senate · 21 September 2016

Small Business Innovation Act of 2016

United States · United States Congress · 21 September 2016

Small Business Innovation Act of 2016 This bill amends the Small Business Investment Act of 1958 to authorize the Small Business Administration (SBA) to guarantee the payment of up to $4 billion per fiscal year for debentures or participating securities issued by small business investment companies (SBICs) to encourage the formation and growth of small businesses. The SBA must establish and carry out an early-stage investment program to provide, through participating investment companies, equity financing to support early-stage businesses that have not generated positive cash flow at any time prior to an initial investment by a participating investment company. The bill outlines participating investment company application requirements and selection and approval procedures. It allows the SBA to make one or more equity financings to a participating investment company, with a limit of $100 million to any one company. A participating investment company shall make all of its investments in small businesses, of which at least 50% shall be early-stage small businesses in specified targeted industries. A separate account is established for equity financings under the program.

Fishing Equipment Tax Relief Act of 2016

United States · United States Congress · 21 September 2016

Fishing Equipment Tax Relief Act of 2016 This bill amends the Internal Revenue Code to reduce from 10% to 3% the excise tax rate that applies to the sale of portable, electronically-aerated bait containers by the manufacturer, producer, or importer.

Natural Gas Truck Tax Parity Act of 2016

United States · United States Congress · 21 September 2016

Natural Gas Truck Tax Parity Act of 2016 This bill amends the Internal Revenue Code to reduce the excise tax rate on the retail sale of heavy trucks and trailers by 35% for any automobile truck chassis, automobile truck body, or tractor that is fueled wholly or partially by an alternative fuel. The term "alternative fuel" means compressed natural gas, liquefied natural gas, liquefied petroleum gas, renewable natural gas, hydrogen, and any liquid whose volume is at least 85% methanol.

Natural Gas Truck Tax Parity Act of 2016

United States · United States Congress · 21 September 2016

Natural Gas Truck Tax Parity Act of 2016 This bill amends the Internal Revenue Code to reduce the excise tax rate on the retail sale of heavy trucks and trailers by 35% for any automobile truck chassis, automobile truck body, or tractor that is fueled wholly or partially by an alternative fuel. The term "alternative fuel" means compressed natural gas, liquefied natural gas, liquefied petroleum gas, renewable natural gas, hydrogen, and any liquid whose volume is at least 85% methanol.

Protect Family Farms and Businesses Act

United States · United States Congress · 21 September 2016

Protect Family Farms and Businesses Act This bill prohibits proposed Internal Revenue Service regulations published on August 4, 2016, relating to restrictions on liquidation of an interest with respect to estate, gift, and generation-skipping transfer taxes from taking effect. The bill prohibits funds from being used to finalize, implement, administer, or enforce the proposed regulations or any substantially similar regulations.

TRUTH in Government Act of 2016

United States · United States Congress · 21 September 2016

Transparent Recognition of Unjustified Tax Hoarding in Government Act of 2016 or the TRUTH in Government Act of 2016 This bill repeals provisions of the Internal Revenue Code requiring the withholding of income, Social Security, and railroad retirement taxes from wages.

Providing for consideration of the bill (H.R. 3438) to amend title 5, United States Code, to postpone the effective date of high-impact rules pending judicial review; providing for consideration of the bill (H.R. 5719) to amend the Internal Revenue Code of 1986 to modify the tax treatment of certain equity grants; and providing for consideration of motions to suspend the rules.

United States · United States Congress · 20 September 2016

Sets forth the rule for consideration of the bill (H.R. 3438) to amend title 5, United States Code, to postpone the effective date of high-impact rules pending judicial review; providing for consideration of the bill (H.R. 5719) to amend the Internal Revenue Code of 1986 to modify the tax treatment of certain equity grants; and providing for consideration of motions to suspend the rules.

Campus Fire Safety Education Act of 2016

United States · United States Congress · 20 September 2016

Campus Fire Safety Education Act of 2016 This bill directs the Department of Education (ED) to establish a program to award grants, on a competitive basis, to institutions of higher education or consortiums of such institutions, in a collaborative partnership with a nonprofit organization or a public safety department (eligible entity), for: (1) initiating, expanding, or improving fire safety education programs; and (2) increasing fire safety awareness among enrolled students. ED shall give priority to institutions that plan to use funds to initiate, expand, or improve fire safety education programs that include educational material specifically prepared for students with physical, sensory, or cognitive disabilities. The bill sets forth provisions regarding grant periods and matching and other requirements. An eligible entity may not be awarded more than $250,000 per fiscal year under this bill. An eligible entity shall use grant funds to initiate, expand, or improve a fire safety education program that: reaches all enrolled students (for an institution of higher education); ensures maximum exposure to, increases awareness of, and effectuates change in behavior regarding, fire safety by students through conducting outreach to students a minimum of twice per academic year and through measures that provide fire safety information to any student upon request; includes minimum instruction regarding fire behavior, fire injury and death, ignition scenarios, fire safety systems and equipment, the importance of means of egress, fire prevention techniques, and actions to be taken if a fire occurs to minimize the potential for death, injury, and property damage; and includes a mechanism for carrying out evaluations of program effectiveness. ED shall publish a report of best practices for initiating, expanding, or improving fire safety education programs.