Taxation

Travel Trailer and Camper Technical Correction Act

United States · United States Congress · 28 September 2018

Travel Trailer and Camper Technical Correction Act This bill amends the Internal Revenue Code, with respect to the limit on the deduction for business interest, to modify the definition of "floor plan financing indebtedness" to include the financing of certain trailers and campers. Under current law, "floor plan financing indebtedness" is: (1) used to finance the acquisition of motor vehicles held for sale or lease, and (2) secured by the acquired inventory. The bill specifies that, for the purpose of this definition, a motor vehicle includes any trailer or camper which is designed to: (1) provide temporary living quarters for recreational, camping, or seasonal use; and (2) be towed by, or affixed to, a motor vehicle.

Health Savings Modernization Act of 2018

United States · United States Congress · 27 September 2018

Health Savings Modernization Act of 2018 This bill modifies the requirements for tax-favored health savings accounts (HSAs) to: allow the high deductible health plans required for an HSA to provide certain coverage without a deductible, allow HSAs to be used for the medical expenses of adult children who are under the age of 27, allow excess payments of the premium assistance tax credit to be paid to the taxpayer's HSA, modify the limit on out-of-pocket expenses for high deductible health plans, and increase the HSA contribution limit to the amount of the limit for the sum of the deductible and out-of-pocket expenses for a high deductible health plan. The bill also eliminates provisions in the Patient Protection and Affordable Care Act that restrict the individuals who may purchase catastrophic health plans. (Under current law, the plans are limited to individuals who are younger than 30 years of age or who have a hardship exemption.)

Bridge to Medicare Act of 2018

United States · United States Congress · 27 September 2018

Bridge to Medicare Act of 2018 This bill amends the Internal Revenue Code to allow certain retirees a tax deduction for health insurance premiums paid for a plan offered in the individual market. The deduction applies to individuals who: (1) have no earned income, (2) are not eligible for certain Medicare benefits, and (3) are not eligible for a premium assistance tax credit to purchase insurance on an exchange established under the Patient Protection and Affordable Care Act.

Consumers REBATE Act

United States · United States Congress · 27 September 2018

Consumers Rebate to ban Emissions and Boost AlTernative Energy Act or the Consumers REBATE Act This bill imposes an excise tax on the carbon dioxide content of coal, oil, and natural gas. The tax must be paid by the producer, miner, or importer of the taxable carbon substance and does not apply to exports of the substances. Beginning in 2020, the tax rate is $25 per ton of carbon dioxide content of the life-cycle emissions from the taxable carbon substance. After 2020, the tax increases by $10 each year and does not apply if specified emissions reduction benchmarks have been attained. The bill also includes provisions that require certain fees or refunds for taxable carbon substances that are exported or imported. Funds equivalent to the revenues received from the tax must be transferred to a Carbon Trust Fund established by this bill. The funds must be used, as provided by appropriations Acts, to offset reductions in individual income tax rates, pay quarterly dividends to certain individuals with valid Social Security numbers; and for specified worker transition assistance, energy, research, and infrastructure priorities.

Supporting responsible middle class tax cuts.

United States · United States Congress · 27 September 2018

Expresses support for responsible middle class tax cuts and closing special interest loopholes rather than providing more tax cuts for corporations and the ultrawealthy. Opposes repealing any existing middle class tax cuts and paying for any tax cuts with cuts to Social Security, Medicare, or Medicaid.

School Security is Homeland Security Grant Act of 2018

United States · United States Congress · 26 September 2018

School Security is Homeland Security Grant Act of 2018 This bill amends the Homeland Security Act of 2002 to authorize the use of homeland security grants for enhanced school security efforts. The bill authorizes appropriations for FY2019-FY2023 for homeland security grants, of which not less than 5% in each fiscal year shall be for grants relating to securing early childhood education programs, elementary schools, high schools, and secondary schools. Grants awarded under the Urban Areas Security Initiative or the State Homeland Security Grant Program may not be used to purchase firearms or firearm accessories, such as ammunition, including for use by teachers. Such grants relating to securing early childhood education programs, elementary schools, high schools, or secondary schools may be used for: (1) target hardening and other enhancements of the physical security of such programs and schools; and (2) security planning, exercises, and training.

Airport and Airway Extension Act of 2018, Part II

United States · United States Congress · 26 September 2018

Airport and Airway Extension Act of 2018, Part II This bill extends: (1) airport planning and development and noise compatibility planning and programs at increased levels until October 7, 2018; (2) various expiring aviation authorities, including those under the Vision 100-Century of Aviation Reauthorization Act and the FAA Modernization and Reform Act of 2012, through such date;(3) the expenditure authority of the Airport and Airway Trust Fund through October 8, 2018, and (4) excise taxes for such fund through such date.

Providing for consideration of the bill (H.R. 6756) to amend the Internal Revenue Code of 1986 to promote new business innovation, and for other purposes; providing for consideration of the bill (H.R. 6757) to amend the Internal Revenue Code of 1986 to encourage retirement and family savings, and for other purposes; providing for consideration of the bill (H.R. 6760) to amend the Internal Revenue Code of 1986 to make permanent certain provisions of the Tax Cuts and Jobs Act affecting individuals, families, and small businesses; and providing for proceedings during the period from October 1, 2018, through November 12, 2018.

United States · United States Congress · 26 September 2018

Sets forth the rule for consideration of the bill (H.R. 6756) to amend the Internal Revenue Code of 1986 to promote new business innovation, and for other purposes; providing for consideration of the bill (H.R. 6757) to amend the Internal Revenue Code of 1986 to encourage retirement and family savings, and for other purposes; providing for consideration of the bill (H.R. 6760) to amend the Internal Revenue Code of 1986 to make permanent certain provisions of the Tax Cuts and Jobs Act affecting individuals, families, and small businesses; and providing for proceedings during the period from October 1, 2018, through November 12, 2018.

Students and Families Empowerment Act

United States · United States Congress · 26 September 2018

Students and Families Empowerment Act This bill amends the Internal Revenue Code, with respect to the deduction for interest on education loans, to replace the dollar limitation and the limitation based on modified adjusted gross income with a $750,000 limit ($1.5 million in the case of a joint return) on the aggregate amount of qualified education loans that may be taken into account for the deduction. The bill excludes from gross income the discharge of any student loan debt pursuant to income contingent and income-based repayment plans under the Higher Education Act of 1965. The bill also amends the Higher Education Act of 1965 to extend from 6 months to 12 months: (1) the grace period before payment must begin on Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans after the student ceases to carry at least one-half of the normal full-time academic workload, and (2) the deferment periods for parent borrowers and graduate or professional student borrowers with Federal Direct PLUS Loans. The bill prohibits interest from accruing on a Federal Direct Unsubsidized Stafford Loan or a Federal Direct PLUS Loan during the 12-month extension or deferral period.

Building Efficiently Act of 2018

United States · United States Congress · 26 September 2018

Building Efficiently Act of 2018 This bill amends the Internal Revenue Code to expand the new energy efficient home tax credit to allow, in lieu of the existing credit, a credit for 3.3% of the cost of constructing a new energy efficient home that is a qualified energy efficient residential rental property. An energy efficient residential rental property must be certified as being constructed, reconstructed, or retrofitted under a plan designed to reduce energy and power consumption of the building by at least 40% compared to: (1) the baseline annual energy and power consumption of the building in the case of a retrofit made to an existing building, or (2) a reference building which meets the minimum requirements of the International Energy Conservation Code 2004 in any other case. The bill also eliminates the basis reduction requirements for low-income housing properties receiving: (1) the new energy efficient home credit, (2) the energy efficient commercial buildings deduction, or (3) the credit for investments in energy property.

Lady Liberty Act of 2018

United States · United States Congress · 26 September 2018

Lady Liberty Act of 2018 This bill amends the Immigration and Nationality Act to direct the President to set the number of post-FY2018 refugee admissions at not less than 110,000 persons per fiscal year.

Spotlight Act

United States · United States Congress · 26 September 2018

Spotlight Act This bill repeals an Internal Revenue Service (IRS) revenue procedure (Rev. Proc. 2018-38) that exempts certain tax-exempt organizations that are not 501(c)(3) organizations from the requirement to report the names and addresses of substantial contributors (persons who contribute more than $5,000 per year) on information returns that are filed with the IRS. The bill requires tax-exempt organizations that fall under sections 501(c)(4), 501(c)(5), and 501(c)(6) of the Internal Revenue Code (e.g., social welfare organizations, labor organizations, business leagues) to disclose the names and addresses of all substantial contributors on their returns. The information must also be made available to the public. The bill also eliminates the authority of the IRS to provide exceptions to the disclosure requirements for tax-exempt organizations. This provision does not apply to determinations made by the IRS before July 16, 2018.

Human Trafficking Survivor Tax Relief Act

United States · United States Congress · 26 September 2018

Human Trafficking Survivor Tax Relief Act This bill amends the Internal Revenue Code to exclude from gross income civil damages, restitution, or other monetary awards (including compensatory or statutory damages and restitution imposed in a criminal matter) awarded to victims of peonage, slavery, or human trafficking.

Human Trafficking Survivor Tax Relief Act

United States · United States Congress · 26 September 2018

Human Trafficking Survivor Tax Relief Act This bill amends the Internal Revenue Code to exclude from gross income civil damages, restitution, or other monetary awards (including compensatory or statutory damages and restitution imposed in a criminal matter) awarded to victims of peonage, slavery, or human trafficking.

American Housing and Economic Mobility Act of 2018

United States · United States Congress · 26 September 2018

American Housing and Economic Mobility Act of 2018 This bill addresses housing affordability and access by establishing a Local Housing Innovation grant program to support efforts to remove barriers to affordable housing; reauthorizing and increasing funding for various specified housing programs; establishing a Middle Class Housing Emergency Fund to support the construction of affordable rental-housing units; establishing a down-payment assistance program; establishing a formula grant program to assist borrowers who have negative equity in their homes; expanding the applicability, and increasing the penalties for violations, of certain requirements for financial institutions to help meet the credit needs of lower-income communities; expanding certain protections under the Fair Housing Act; and otherwise revising provisions related to housing assistance. The bill also lowers estate-tax thresholds, establishes new tax rates above those thresholds, and otherwise modifies provisions related to transfer taxes.

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 2018

Expresses support for the goals and ideals of National Retirement Security Week and acknowledges the need to raise public awareness of a variety of tax-preferred retirement vehicles.

CAPITAL Act of 2018

United States · United States Congress · 25 September 2018

Creating Advancement and Personal Improvement in Targeted American Localities Act of 2018 or the CAPITAL Act of 2018 This bill amends the Internal Revenue Code to allow opportunity zones to be designated every 10 years. (Opportunity zones are certain low-income areas in which various tax incentives are available for investments in the zones. Under current law, the existing designations expire after 10 years, and no additional designations are permitted.)

Providing for consideration of the conference report to accompany the bill (H.R. 6157) making appropriations for the Department of Defense for the fiscal year ending September 30, 2019, and for other purposes; providing for consideration of the resolution (H. Res. 1071) recognizing that allowing illegal immigrants the right to vote devalues the franchise and diminishes the voting power of United States citizens; and providing for consideration of motions to suspend the rules.

United States · United States Congress · 25 September 2018

Sets forth the rule for consideration of the conference report to accompany the bill (H.R. 6157) making appropriations for the Department of Defense for the fiscal year ending September 30, 2019, and for other purposes; providing for consideration of the resolution (H. Res. 1071) recognizing that allowing illegal immigrants the right to vote devalues the franchise and diminishes the voting power of United States citizens; and providing for consideration of motions to suspend the rules.

EITC Modernization Act of 2018

United States · United States Congress · 25 September 2018

EITC Modernization Act of 2018 This bill modifies the Earned Income Tax Credit (EITC) to: (1) make certain individuals who are college students or have an aged or disabled dependent eligible for the credit, (2) specify minimum credit amounts for the qualifying students and individuals with an aged or disabled dependent, (3) allow certain EITC recipients to elect to receive the credit payments monthly, and (4) decrease from 25 to 18 the minimum age of eligibility for individuals without dependents. The bill also requires the Internal Revenue Service to establish a Community Volunteer Income Tax Assistance Matching Grant Program to provide matching funds for the development, expansion, or continuation of tax preparation programs to assist low-income taxpayers and members of underserved populations.

Rural Broadband Connectivity Act of 2018

United States · United States Congress · 25 September 2018

Rural Broadband Connectivity Act of 2018 This bill amends the Internal Revenue Code to allow a tax credit for a portion of the cost of a broadband project designed to expand the number of individuals with broadband service in a qualified rural census tract. A "qualified rural census tract" must be designated by the Department of the Treasury as: (1) being rural, and (2) having less than 50% of residents with access to broadband service.

A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of the Treasury relating to "Returns by Exempt Organizations and Returns by Certain Non-Exempt Organizations".

United States · United States Congress · 24 September 2018

This joint resolution nullifies a Department of the Treasury rule (Rev. Proc. 2018-38) that modifies the requirements for information returns filed by certain tax-exempt organizations. The Treasury rule exempts certain tax-exempt organizations that are not 501(c)(3) organizations from the requirement to report the names and addresses of their contributors on returns filed with the Internal Revenue Service (IRS). The organizations must continue to collect and keep the information to make it available to the IRS upon request.

Hurricane Florence Tax Relief Act

United States · United States Congress · 20 September 2018

Hurricane Florence Tax Relief Act This bill amends the Internal Revenue Code to allow various tax credits, deductions, and modifications to existing rules for individuals and businesses affected by Hurricane Florence. With respect to individuals and businesses in the affected areas, the bill: waives the 10% additional tax on early distributions from retirement plans for up to $100,000 in distributions made on or after September 13, 2018, and before January 1, 2020; permits individuals to recontribute funds to retirement plans if the funds were distributed for a home purchase in a Hurricane Florence disaster area that was cancelled on account of the hurricane; increases the limit and extends the repayment deadline for loans from retirement plans; allows an employee retention tax credit for a portion of the wages paid to an employee whose principal place of employment on specified dates was in a Hurricane Florence disaster zone; temporarily suspends the limitation on charitable contributions for relief efforts in the Hurricane Florence disaster area; modifies the rules for the deduction for personal casualty losses; and allows taxpayers to use earned income from the immediately preceding year for the purpose of determining earned income for the earned income tax credit and the child tax credit.

Expressing the sense of the House of Representatives that the Presidential Determination of the annual refugee admissions limit in fiscal year 2019 shall be no less than 110,000 and that President Trump and his administration must operate the United States Refugee Admissions Program (USRAP) in good faith.

United States · United States Congress · 20 September 2018

Reaffirms the bipartisan commitment of the United States to promote the safety, health, and well-being of refugees, including through U.S. resettlement for those who cannot return home. Urges President Trump and his administration to affirm the importance of the U.S. Refugee Admissions Program and to make a presidential determination for FY2019 that the admission of at least 110,000 refugees is justified. (Under the program, such determination establishes the overall admissions levels and regional allocations of all refugees for an upcoming fiscal year.)

Qualified Health Savings Account Distribution Act of 2018

United States · United States Congress · 18 September 2018

Qualified Health Savings Account Distribution Act of 2018 This bill amends the Internal Revenue Code, with respect to the requirements for tax-preferred health accounts, to modify the rules for using a conversion or termination of a flexible spending account or a health reimbursement arrangement to establish a health savings account.

Disabled Access Credit Expansion Act

United States · United States Congress · 18 September 2018

Disabled Access Credit Expansion Act This bill amends the Internal Revenue Code, with respect to the tax credit for expenditures by an eligible small business to provide access to disabled individuals, to: (1) increase from $10,250 to $20,500 the annual dollar limitation for eligible access expenditures, (2) require the $20,500 limit to be adjusted for inflation after 2018, and (3) increase from $1 million to $2.5 million the gross receipts limitation for an eligible small business. The bill also requires the Department of Justice (DOJ) to carry out an ADA Mediation Program to: (1) facilitate voluntary mediation to resolve disputes arising under the Americans with Disabilities Act of 1990, and (2) train mediators who provide services through the program. DOJ may hire or enter into contracts with personnel for the program. DOJ must also report to Congress on the ADA Information Line, which is a toll-free line operated by DOJ to provide information and materials to the public about the requirements of the Americans with Disabilities Act of 1990.

Disaster Certainty Act

United States · United States Congress · 17 September 2018

Disaster Certainty Act This bill amends the Internal Revenue Code to delay several tax-related deadlines by 60 days for residents of areas in which the governor has requested a federal disaster declaration under the Robert T. Stafford Disaster Relief and Emergency Assistance Act.

Disaster Savings and Resilient Construction Act of 2018

United States · United States Congress · 17 September 2018

Disaster Savings and Resilient Construction Act of 201 8 This bill amends the Internal Revenue Code to allow a business-related tax credit for a specified portion of the cost of commercial and residential buildings that comply with resilient construction requirements in a federally-declared major disaster area. The bill defines "resilient construction requirements" as requirements that such buildings are designed and constructed to: (1) resist hazards brought on by a major disaster; (2) continue to provide their primary functions after a major disaster; (3) reduce the magnitude or duration of a disruptive event; and (4) have the absorptive capacity, adaptive capacity, and recoverability to withstand a potentially disruptive event. The credit does not apply to property for which a certificate of occupancy is issued after December 31, 2022.

Safe Helicopters Now Act

United States · United States Congress · 17 September 2018

Safe Helicopters Now Act This bill amends the Internal Revenue Code to allow a tax credit equal to 10% of the costs of making changes to a fuel system in an emergency medical rotorcraft to comply with certain requirements for fuel system crash resistance.

Presidential Tax Transparency Act

United States · United States Congress · 17 September 2018

Presidential Tax Transparency Act This bill amends the Internal Revenue Code to require the Internal Revenue Service (IRS) to disclose and make publicly available tax returns and return information for certain candidates for President and Vice President of the United States. The requirement applies to tax returns and return information for the 10-year period before the individual becomes a candidate. The disclosure may not include the Social Security number of any individual, any financial account number, the name of any individual under age 18, or the home address of any individual (other than the city and state in which the address is located).

Electric CARS Act of 2018

United States · United States Congress · 17 September 2018

Electric Credit Access Ready at Sale Act of 2018 or the Electric CARS Act of 2018 This bill amends the Internal Revenue Code to modify and extend several tax credits related to electric cars. The bill extends the tax credit for new qualified plug-in electric drive motor vehicles through 2028. In addition, the bill modifies the credit to: remove the limitation on the number of vehicles per manufacturer that are eligible for the credit, allow a taxpayer to assign the credit to a financing entity, and allow an unused credit to be carried forward for five years. The bill also extends through 2028 the tax credits for: (1) alternative fuel vehicle refueling property, and (2) alternative motor vehicles.

Online Sales Simplicity and Small Business Relief Act of 2018

United States · United States Congress · 13 September 2018

Online Sales Simplicity and Small Business Relief Act of 2018 This bill prohibits states from imposing a sales tax collection duty on certain remote sellers. A "remote seller" is a person without a physical presence in a state who makes a sale in the state. With respect to remote sellers, a state: (1) may not impose a sales tax collection duty for any sale that occurred before June 21, 2018, and (2) may only impose a sales tax collection duty for a sale that occurs after January 1, 2019. In the case of a small business remote seller (no more than $10 million in gross annual receipts in the United States), a state may not impose a sales tax collection duty on any person other than the purchaser if the sale is made: (1) on or after June 21, 2018; and (2) before the date that is 30 days after the states develop and Congress approves an interstate compact, applicable to the state and sale, governing the imposition of tax collection duties on remote sellers.

Home Equity Loan Deduction Restoration Act

United States · United States Congress · 13 September 2018

Home Equity Loan Deduction Restoration Act This bill amends the Internal Revenue Code to reinstate the deduction for interest on home equity loans. (Under current law, the deduction is suspended through 2025.)

Troubled Nuclear Power Plants Communities Assistance Act

United States · United States Congress · 13 September 2018

Troubled Nuclear Power Plants Communities Assistance Act This bill directs the Department of Energy to establish the Assistance for Communities with Troubled Nuclear Power Plants Program to provide financial assistance for units of local government who have experienced a reduction in tax revenue from nuclear power plants.

Homecare for Seniors Act

United States · United States Congress · 13 September 2018

Homecare for Seniors Act This bill amends the Internal Revenue Code to allow distributions from health savings accounts (HSAs) to be used for qualified home care. "Qualified home care" includes a contract to provide three or more of the following services in the residence of the service recipient: assistance with eating, assistance with toileting, assistance with transferring, assistance with bathing, assistance with dressing, assistance with continence, and medication adherence. The Department of Health and Human Services must carry out a campaign to increase public awareness of the in-home service expenses that are eligible for tax-free distribution from HSAs.

Employee Business Expense Deduction Reinstatement Act of 2018

United States · United States Congress · 13 September 2018

Employee Business Expense Deduction Reinstatement Act of 2018 This bill amends the Internal Revenue Code to reinstate the miscellaneous itemized deduction for unreimbursed expenses paid or incurred by an individual in connection with the performance of services as an employee. (Under current law, all miscellaneous itemized deductions are suspended through 2025. Miscellaneous itemized deductions are allowed if they collectively exceed 2% of adjusted gross income.)

Providing for consideration of the bill (H.R. 3798) to amend the Internal Revenue Code of 1986 to repeal the 30-hour threshold for classification as a full-time employee for purposes of the employer mandate in the Patient Protection and Affordable Care Act and replace it with 40 hours; providing for consideration of the conference report to accompany the bill (H.R. 5895) making appropriations for energy and water development and related agencies for the fiscal year ending September 30, 2019, and for other purposes; and providing for proceedings during the period from September 17, 2018, through September 24, 2018.

United States · United States Congress · 12 September 2018

Sets forth the rule for consideration of the bill (H.R. 3798) to amend the Internal Revenue Code of 1986 to repeal the 30-hour threshold for classification as a full-time employee for purposes of the employer mandate in the Patient Protection and Affordable Act and replace it with 40 hours; providing for consideration of the conference report to accompany the bill (H.R. 5895) making appropriations for energy and water development and related agencies for the fiscal year ending September 30, 2019, and for other purposes; and providing for proceedings during the period from September 17, 2018, through September 24, 2018.

Monetary Metals Tax Neutrality Act of 2018

United States · United States Congress · 12 September 2018

Monetary Metals Tax Neutrality Act of 2018 This bill amends the Internal Revenue Code to exempt gains or losses from the sale or exchange of certain coins or bullion from recognition for income tax purposes. The exemption applies to gains or losses from the sale or exchange of: (1) gold, silver, platinum, or palladium coins minted and issued by the Department of the Treasury; or (2) refined gold or silver bullion, coins, bars, rounds, or ingots which are valued primarily based on their metal content and not their form.

Economic Development Act for Distressed Zones of 2018

United States · United States Congress · 12 September 2018

Economic Development Act for Distressed Zones of 2018 This bill provides various tax credits related to economically distressed zones, including a tax credit based on the amount of wages paid by an employer to employees in such a zone. The bill also establishes a procedure for state and local governments to apply for designation as an economically distressed zone.

Protecting Family and Small Business Tax Cuts Act of 2018

United States · United States Congress · 10 September 2018

Protecting Family and Small Business Tax Cuts Act of 2018 This bill amends the Internal Revenue Code to make permanent several tax provisions that were enacted in 2017 and are scheduled to expire at the end of 2025. The bill makes permanent provisions that: reduce individual tax rates, modify the taxation of the unearned income of children, allow a deduction for qualified business income of pass-through entities, increase the standard deduction, increase and modify the child tax credit, increase the limitation for certain charitable contributions, allow additional contributions to ABLE accounts (tax-favored accounts designed to enable individuals with disabilities to save for and pay for disability-related expenses), allow certain members of the Armed Forces in the Sinai Peninsula of Egypt to receive combat zone tax benefits, exclude from gross income discharges of student loan debt due to the death or disability of the student, repeal the deduction for personal exemptions, limit individual deductions for state and local taxes, limit the mortgage interest deduction, double the estate and gift tax exemption amount, increase the alternative minimum tax exemption amount for individuals, and repeal or limit several other deductions and exclusions. The bill also: extends through 2020 the reduction in the adjusted gross income threshold for the medical expense deduction, modifies the capital gains tax brackets, and modifies tax filing requirements for married taxpayers.

Family Savings Act of 2018

United States · United States Congress · 10 September 2018

Family Savings Act of 2018 This bill modifies the requirements for employer-provided retirement plans and tax-favored savings accounts. With respect to employer-provided retirement plans, the bill modifies requirements regarding: multiple employer and pooled employer plans, nonelective contributions to 401(k) plans, loans, the portability of lifetime income investments, the treatment of custodial accounts upon termination of section 403(b) plans, retirement income accounts for church-controlled organizations, required minimum distributions, retirement plan contributions picked up by government employers for new or existing employees, elective deferrals by members of the Ready Reserve of a reserve component of the Armed Forces, and nondiscrimination rules. The bill modifies requirements for other tax-favored savings account to: treat taxable non-tuition fellowship and stipend payments as compensation for the purpose of an Individual Retirement Account (IRA), repeal the maximum age for traditional IRA contributions, allow individuals to establish tax-favored universal savings accounts, expand the purposes for which qualified tuition programs (commonly known as 529 plans) may be used, and allow certain penalty-free withdrawals from retirement plans if a child is born or adopted.

American Innovation Act of 2018

United States · United States Congress · 10 September 2018

American Innovation Act of 2018 This bill consolidates and expands the existing tax deductions for start-up expenditures and organizational expenditures of taxpayers beginning an active trade or business. For the year in which an active trade or business begins, the bill allows a single deduction equal to the lesser of (1) the aggregate amount of start-up and organizational expenditures paid or incurred in connection with the active trade or business, or (2) $20,000, reduced (but not below zero) by the amount by which the aggregate amount exceeds $120,000. The $20,000 and $120,000 limits must be adjusted for inflation after 2019. The bill also allows a start-up business to use net operating loss carryforwards, net operating losses, and unused general business tax credits after an ownership change without being subject to certain limitations required under current law.

To amend the Internal Revenue Code of 1986 to allow qualified education loan repayments from section 529 plans.

United States · United States Congress · 10 September 2018

This bill amends the Internal Revenue Code to allow qualified tuition programs (known as 529 plans) to be used to repay qualified education loans. The bill allows up to $10,000 in distributions from a 529 plan to be used to pay the principal or interest on a qualified education loan of the designated beneficiary or a sibling of the beneficiary.

Small Business Tax Fairness and Compliance Simplification Act

United States · United States Congress · 7 September 2018

Small Business Tax Fairness and Compliance Simplification Act This bill expands the tax credit for a portion of the employer-paid Social Security taxes for employee cash tips to include beauty service establishments. (Under current law, the credit is limited to tips received for providing, serving, or delivering food or beverages.) The credit applies to tips received in connection with providing beauty services to a customer or client if tipping employees who provide the service is customary. "Beauty services" include barbering and hair care, nail care, esthetics, and body and spa treatments. The bill also (1) establishes an employer tip reporting safe harbor, and (2) specifies reporting requirements for income received from renting space to individuals who provide beauty services. The employer tip reporting safe harbor provides an exemption from certain Internal Revenue Service tip examinations for employers who meet certain requirements for educational programs, reporting procedures, compliance with tax law, and recordkeeping.

COMMERCE, JUSTICE, SCIENCE, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2019

United States · United States Senate · 6 September 2018

Invest in America Act

United States · United States Congress · 6 September 2018

Invest in America Act This bill amends the Internal Revenue Code to repeal several provision that were added by the Foreign Investment in Real Property Tax Act of 1980. The bill repeals provisions that imposed: (1) capital gains taxes on dispositions of investments in U.S. real property by foreign citizens, and (2) related tax withholding and reporting requirements.

Protecting Businesses from Burdensome Compliance Cost Act of 2018

United States · United States Congress · 6 September 2018

Protecting Businesses from Burdensome Compliance Cost Act of 2018 This bill limits the authority of a state to require a remote seller to collect (1) a tax or fee owed by a purchaser located in the state incident to a purchase of a good or service from the seller, and (2) information incident to the purchase. A remote seller is a seller with no physical presence in the state in which the purchaser is located at the time of the purchase. A state may not impose the requirements on a remote seller unless the purchase occurs after this bill takes effect and the tax or fee is imposed under a statute in effect in the state where the purchaser is located at the time of the purchase. A subdivision of a state may not impose the requirements on a remote seller. The tax or fee must apply to purchases throughout the state of the good or service. The rate must be uniform and may not exceed the combined rate of the state and local taxes and fees payable by purchasers in the state of the good or service from sellers physically present in the state. The state statute may not require the seller to (1) remit the taxes or fees to more than one location, or (2) provide information about the purchaser other than the zip code of the purchase and the aggregate amount of fees or taxes collected in a particular zip code.

Paid Family Leave Pilot Extension Act of 2018

United States · United States Congress · 6 September 2018

Paid Family Leave Pilot Extension Act of 2018 This bill amends the Internal Revenue Code to extend through 2022 the tax credit for employers who provide employees with paid family and medical leave. The bill also requires the Government Accountability Office to: (1) examine the effectiveness of the tax credit for paid family and medical leave, (2) recommend ways to modify or enhance the tax credit to further promote access to paid family and medical leave for qualifying employees, and (3) suggest alternative policies that federal and state governments could implement to increase access to paid family and medical leave.

Stop Bad Employers by Zeroing Out Subsidies Act

United States · United States Congress · 5 September 2018

Stop Bad Employers by Zeroing Out Subsidies Act This bill amends the Internal Revenue Code to impose a tax on large employers whose employees receive certain federal benefits during the year. A "large employer" is an employer who employed an average of at least 500 employees on business days during the preceding year. The tax is equal to the benefits that the employees receive under: the Supplemental Nutrition Assistance Program (SNAP, formerly known as the food stamp program), the school lunch and school breakfast programs administered under the Richard B. Russell National School Lunch Act and the Child Nutrition Act of 1966, section 8 of the United States Housing Act of 1937, and Medicaid. The bill also prohibits large employers from asking questions or seeking information about whether a job applicant receives federal benefits.

Investing in Tomorrow's Workforce Act of 2018

United States · United States Congress · 31 August 2018

Investing in Tomorrow's Workforce Act of 2018 This bill allows a business-related tax credit for employers who increase spending on worker training programs compared to their average training expenses for the three previous years. The tax credit is equal to the sum of (1) 40% of the increase for high-demand occupation training expenses, and (2) 20% of the increase for low-demand occupation training expenses. The expenses must be for full-time employees whose compensation does not exceed $82,000 for the year. A "high-demand occupation training expense" is designed to lead to employment in an occupation that is expected to experience not fewer than 20% occupational openings over a specified 10-year period. A "low-demand occupation training expense" is designed to lead to employment in any other occupation.

Middle-Income Housing Tax Credit Act of 2018

United States · United States Congress · 22 August 2018

Middle-Income Housing Tax Credit Act of 201 8 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.