Taxation

Medical Innovation Act of 2019

United States · United States Congress · 8 November 2019

Medical Innovation Act of 2019 This bill requires certain drug manufacturers to make payments to fund research supported by the Food and Drug Administration (FDA) and the National Institutes of Health (NIH). A drug manufacturer with over $1 billion in net income in a fiscal year that has entered into a relevant settlement agreement regarding specified violations must pay 0.75%-1.5% of its net income to the Department of Health and Human Services for each of its covered blockbuster drugs. A covered blockbuster drug is a drug that has at least $1 billion in net sales in a year and was developed, in whole or in part, through federal investments in medical research. Payments are divided between the FDA and the NIH in proportion to the discretionary funding of those agencies, excluding FDA user fees. Payments are not disbursed if appropriations for the FDA or the NIH are lower than in the prior fiscal year. Priorities for payments must include advancing regulatory science for medical products and research related to diseases that disproportionately account for federal health care spending. A covered blockbuster drug for which a manufacturer has not made a required payment is considered misbranded and subject to prohibitions on introducing or receiving misbranded drugs in interstate commerce.

State-Based Universal Health Care Act of 2019

United States · United States Congress · 8 November 2019

State-Based Universal Health Care Act of 2019 This bill establishes the option for states, or groups of states, to apply to waive certain federal health insurance requirements and provide residents with health insurance benefits plans through a state-administered program. Such programs must cover 95% of the residents in the state within five years and plan benefits must be at least as comprehensive and affordable as the coverage under the equivalent federal program. State programs are supported with funds from the federal programs the state programs replace, which may include Medicare, Medicaid, the Children's Health Insurance Program, the Federal Employee Health Benefits program, certain federal tax credits, and premium-assistance funds, among others. The bill requires the Department of Health and Human Services to appoint an Independent Assessment Panel for Comprehensive Care to review and recommend whether to approve state applications. Each approved state program must be independently reviewed every five years to evaluate changes in health benefits access, quality, and coverage, including whether the state has met the 95% coverage requirement. The federal government must pay all health insurance costs for American Indians and Alaska Natives who enroll in a plan through a state insurance program.

Investing in American Workers Act

United States · United States Congress · 8 November 2019

Investing in American Workers Act This bill allows a business-related tax credit for employers who increase worker training expenditures. The credit is equal to 20% of the excess of (1) the qualified training expenditures for the taxable year, over (2) the average of the adjusted qualified training expenditures for the three previous taxable years. If the employer had no qualified training expenditures in any one of the three previous years, the credit is equal to 10% of the adjusted qualified training expenditures for the year. The credit applies to expenditures for the training of non-highly compensated employees (annual compensation does not exceed $82,000). The training must result in the attainment of a recognized postsecondary credential and be provided through an apprenticeship program; a program of training services that is included on a list of eligible training providers that states are required to maintain under the Workforce Innovation and Opportunity Act; a program that is conducted by an area career and technical education school, a community college, or a labor organization; or a program that is sponsored and administered by an employer, industry trade association, industry or sector partnership, or labor organization. Certain small businesses and tax-exempt organizations may apply the credit against payroll taxes, subject to specified limits and requirements. Eligible small businesses may also apply the credit against the alternative minimum tax.

Opportunity Zone Accountability and Transparency Act

United States · United States Congress · 8 November 2019

Opportunity Zone Accountability and Transparency Act This bill requires a qualified opportunity fund to file an annual return containing certain information, including (1) the name, address, and tax identification number of the fund; (2) certification that the purpose of the fund is investment in qualified opportunity zone property, and (3) the total assets held by the fund in the reporting period. The return must also provide similar information for opportunity zone corporations and partnerships and real property used in an opportunity zone business. The bill provides for a penalty for the failure of a fund to file a correct information return.

Farmers’ Access to Resources and Machinery Act

United States · United States Congress · 8 November 2019

Farmers' Access to Resources and Machinery Act This bill amends the Internal Revenue Code, with respect to private activity bond financing for first-time farmers, to (1) increase from $450,000 to $524,200 (adjusted annually for inflation) the amount of bond proceeds that may be used by a first-time farmer to acquire land for farming purposes, (2) repeal the separate dollar limitation on the use of bond proceeds for used farm equipment, and (3) modify the definition of "substantial farmland" to determine farm size by reference to the average (instead of median) size of a farm in the county in which the farm is located.

To amend the Internal Revenue Code of 1986 to require fairness and diversity in opportunity zone investment.

United States · United States Congress · 8 November 2019

This bill amends the Internal Revenue Code, with respect to opportunity zones, to require a qualified opportunity fund to have an investment advisory board and meet certain investment diversity and affordable housing investment requirements. The fund must also report to the congressional tax committees on how investments in opportunity zones will affect different racial and ethnic groups within the zones.

Lifetime Learning Credit Enhancement Act

United States · United States Congress · 7 November 2019

Lifetime Learning Credit Enhancement Act This bill amends the Internal Revenue Code, with respect to the lifetime learning tax credit, to increase the taxpayer income ceiling for purposes of the phaseout of such credit. Under current law, the phaseout of the credit begins for a taxpayer with a modified adjusted gross income over $40,000 ($80,000 for joint returns). This bill doubles those amounts.

Millionaires Surtax Act

United States · United States Congress · 7 November 2019

Millionaires Surtax Act This bill imposes an additional 10% tax on individual taxpayers whose adjusted gross income exceeds $2 million.

Primary Care Patient Protection Act of 2019

United States · United States Congress · 6 November 2019

Primary Care Patient Protection Act of 201 9 This bill modifies the requirements for the high deductible health plans that are required for tax-preferred health savings accounts. The bill requires the plans to offer coverage with no deductible for primary care services provided during the first two visits during a year to an individual's designated primary care provider. The primary care provider must be a general practitioner, family physician, general internist, obstetrician, gynecologist, pediatrician, geriatric physician, or advanced practice registered nurse acting in accordance with state laws.

Foster Opportunity EITC Act of 2019

United States · United States Congress · 6 November 2019

Foster Opportunity EITC Act of 2019 This bill amends the Internal Revenue Code to modify earned income tax credit provisions to increase such credit for individuals with no children and extend from 65 to 68 the age limit for such credit. It also lowers the credit eligibility age for individuals with no children and for homelesss and qualified foster youth. The bill establishes new reporting requirements by state, local, and tribal foster care agencies for youth in foster care.

Opportunity Zone Reporting and Reform Act

United States · United States Congress · 6 November 2019

Opportunity Zone Reporting and Reform Act This bill establishes annual reporting requirements for qualified opportunity funds and requires certain identifying information on persons investing in such funds. It also provides for penalties for failing to file reports or filing reports with incorrect information, and requires public online disclosure of information in the reports. The bill expands prohibitions of investments in certain luxury assets, including private planes, sports stadiums, self-storage facilities, and luxury rental properties. It also terminates designations of contiguous communities that are not low-income as opportunity zones. The Internal Revenue Service must provide a publicly available list of investment vehicles that are certified as qualified opportunity funds. The Government Accountability Office must report to Congress on the effectiveness of the Opportunity Zone program in the fifth and tenth year after the enactment of this bill.

DEPARTMENT OF LABOR, HEALTH AND HUMAN SERVICES, AND EDUCATION, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2019

United States · United States Senate · 5 November 2019

DEPARTMENT OF LABOR, HEALTH AND HUMAN SERVICES, AND EDUCATION, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2019

United States · United States Senate · 5 November 2019

DEPARTMENT OF LABOR, HEALTH AND HUMAN SERVICES, AND EDUCATION, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2019

United States · United States Senate · 5 November 2019

Affordable Housing and Area Median Income Fairness Act of 2019

United States · United States Congress · 5 November 2019

Affordable Housing and Area Median Income Fairness Act of 2019 This bill modifies the means by which eligibility for low-income housing assistance and tax credits is determined. The Department of Housing and Urban Development (HUD) is prohibited from considering the New York counties of Westchester and Rockland as within the New York City metropolitan area when determining or establishing area median incomes and income ceilings and limits for the purposes of eligibility for low-income housing assistance. HUD must also assess alternative methods for calculating area median income as well as alternative metrics for use in programs administered by HUD that would make housing more affordable for low-income families in urban areas nationwide. HUD, for the purposes of low-income housing tax credits and exempt facilities bonds, may not apply high housing cost adjustments for any jurisdiction when calculating the area median income or any related metric. A jurisdiction may petition HUD to apply such an adjustment, however. Qualified low-income buildings may not receive a low-income housing credit unless they provide to the relevant housing credit agency certain information required by HUD to determine program compliance. The bill also authorizes through FY2029 certain assistance for jurisdictions for which HUD has applied, or would have applied in the absence of this bill, a high housing cost adjustment.

Family First Transition Act

United States · United States Congress · 5 November 2019

Family First Transition Act This bill provides additional funding for, and otherwise modifies, implementation of the Family First Prevention Services Act, which provides state, tribal, and territorial child welfare agencies with certain spending flexibilities to support substance abuse services, mental health services, and other services that prevent children's entry into foster care. Specifically, the bill provides one-time funding to jurisdictions to reduce adverse fiscal impacts associated with transitioning funding sources in relation to the new spending flexibilities. The bill also provides additional funding for FY2020 and FY2021 for jurisdictions with certain waivers (currently set to expire at the end of FY2019) that allow them to provide services not authorized under the traditional foster care program. In addition, the bill temporarily delays a requirement that at least 50% of certain funds be spent on programs and services that meet the criteria for well-supported practices. For FY2020 and FY2021, this requirement shall not apply, and for FY2022 and FY2023, programs and services that meet the criteria for supported practices shall be considered well-supported practices.

Family First Transition Act

United States · United States Congress · 5 November 2019

Family First Transition Act This bill provides additional funding for, and otherwise modifies, implementation of the Family First Prevention Services Act, which provides state, tribal, and territorial child welfare agencies with certain spending flexibilities to support substance abuse services, mental health services, and other services that prevent children's entry into foster care. Specifically, the bill provides one-time funding to jurisdictions to reduce adverse fiscal impacts associated with transitioning funding sources in relation to the new spending flexibilities. The bill also provides additional funding for FY2020 and FY2021 for jurisdictions with certain waivers (currently set to expire at the end of FY2019) that allow them to provide services not authorized under the traditional foster care program. In addition, the bill temporarily delays a requirement that at least 50% of certain funds be spent on programs and services that meet the criteria for well-supported practices. For FY2020 and FY2021, this requirement shall not apply, and for FY2022 and FY2023, programs and services that meet the criteria for supported practices shall be considered well-supported practices.

Bipartisan Congressional Budget Reform Act

United States · United States Congress · 31 October 2019

Bipartisan Congressional Budget Reform Act This bill makes several modifications to the federal budget process, including the procedures for considering congressional budget resolutions and adjusting the debt limit. Among other modifications, the bill includes provisions that require biennial congressional budget resolutions, instead of the annual budget resolutions required under current law; retain the existing annual appropriations process; require a budget resolution to specify a target for the ratio of the debt held by the public to the gross domestic product (GDP) for each year covered by the resolution; require the debt-to-GDP target to be enforced using a mandatory reconciliation process that requires deficit reduction legislation to be considered using expedited legislative procedures; provide for automatic adjustments of the debt limit and statutory discretionary spending limits to conform to the levels in the budget resolution; modify the procedures for considering budget resolutions in the Senate; allow budget resolutions that have bipartisan support and meet specified requirements to be considered in the Senate using expedited procedures; rename the Committee on the Budget of the Senate as the Committee on Fiscal Control and the Budget of the Senate; and expand reporting requirements for congressional committees, the Congressional Budget Office, and the Government Accountability Office.

Paid Family Leave Pilot Extension Act

United States · United States Congress · 31 October 2019

Paid Family Leave Pilot Extension Act This bill extends 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.

Pro-Growth Budgeting Act

United States · United States Congress · 31 October 2019

Pro-Growth Budgeting Act This bill requires the Congressional Budget Office and the Joint Committee on Taxation to incorporate a macroeconomic impact analysis in their cost estimates for major legislation. The macroeconomic impact analysis (commonly referred to as dynamic scoring) must include the budgetary effects of changes in economic output, employment, capital stock, and other macroeconomic variables resulting from the legislation.

No Taxation Without Representation Act

United States · United States Congress · 31 October 2019

No Taxation Without Representation Act This bill excludes from the gross income of bona fide residents of the District of Columbia income derived from sources within the District of Columbia and income connected with a trade or business in the District of Columbia.

Foster Opportunity EITC Act of 2019

United States · United States Congress · 31 October 2019

Foster Opportunity EITC Act of 2019 This bill amends the Internal Revenue Code to modify earned income tax credit provisions to increase such credit for individuals with no children and extend from 65 to 68 the age limit for such credit. It also lowers the credit eligibility age for individuals with no children and for homelesss and qualified foster youth. The bill establishes new reporting requirements by state, local, and tribal foster care agencies for youth in foster care.

Private Foundation Excise Tax Simplification Act of 2019

United States · United States Congress · 31 October 2019

Private Foundation Excise Tax Simplification Act of 2019 This bill reduces the excise tax on the net investment income of private foundations from 2% to 1.39%.

Small Business Prosperity Act of 2019

United States · United States Congress · 31 October 2019

Small Business Prosperity Act of 2019 This bill amends the Internal Revenue Code, with respect to the deduction for qualified business income, to (1) make such deduction permanent, (2) limit to 21% the top tax rate on qualified business income, (3) repeal the limitation on the deduction based on amount of wages paid, and (4) revise the definition of "qualified trade or business" to mean any trade or business other than the trade of business of performing services as an employee. The bill provides that a change in the organizational structure of a corporation is not a taxable event if there is no change among the owners, their ownership interests, or the assets of the organization, The bill repeals the estate tax after 2019.

SALT Deduction Fairness Act

United States · United States Congress · 31 October 2019

SALT Deduction Fairness Act This bill increases the limitation on the deduction for state and local taxes to $20,000 for individuals filing a joint tax return. The limitation applies to taxable years 2018 through 2025.

Philanthropic Facilitation Act

United States · United States Congress · 31 October 2019

Philanthropic Facilitation Act This bill amends the Internal Revenue Code to (1) expand the definition of, and requirements relating to, "program-related investments" made by private foundations to for-profit entities to further certain charitable purposes; (2) allow a judicial determination (i.e., declaratory judgment) as to whether investments in any entity qualify as program-related investments; (3) require expanded reporting by for-profit entities that receive program-related investments of their gross income, expenses, disbursements, and other information; and (4) allow public inspection of any petition seeking a determination that an investment by a private foundation is a program-related investment and of any information reported by organizations receiving program-related investments.

Incubator Act of 2019

United States · United States Congress · 30 October 2019

Incubator Act of 2019 This bill requires the Department of Commerce to establish a grant program to provide financial assistance to support the growth and success of business incubators. Commerce shall (1) award such grants competitively; (2) take into account factors such as population, unemployment level, and business creation metrics, as well as giving priority to applicants located in opportunity zones (low-income communities); and (3) award no more than $5 million to applicants in a single state and no more than $500,000 to a single grantee during a fiscal year. An entity receiving a grant may use the funds for operating expenses but may not use the funds for capital expenditures.

Prevent Family Fire Act of 2019

United States · United States Congress · 30 October 2019

Prevent Family Fire Act of 2019 This bill allows a new business-related tax credit for 10% of the amount of the first retail sale of a safe firearm storage device. The amount upon which the credit is based may not exceed $400. A "safe firearm storage device" is a device that (1) is designed and marketed to deny unauthorized access to, or rendering inoperable, a firearm or ammunition; and (2) is secured by a combination lock, key lock, or lock based on biometric information. This credit terminates after December 31, 2026.

Advancing Youth Enrollment Act

United States · United States Congress · 30 October 2019

Advancing Youth Enrollment Act This bill amends the Internal Revenue Code to increase the premium assistance tax credit for taxpayers with household members between the ages of 18-34. (The credit is available to eligible individuals and families to subsidize the purchase of health insurance on an exchange established under the Patient Protection and Affordable Care Act.) The bill allows an increased tax credit for the purchase of health insurance by reducing the maximum percentage of income that taxpayers under age 31 must pay for coverage by 2.5%, with reductions of .5% for each year for ages 31-34.

Providing Real Opportunities for Growth to Rising Entrepreneurs for Sustained Success (PROGRESS) Act

United States · United States Congress · 30 October 2019

Providing Real Opportunities for Growth to Rising Entrepreneurs for Sustained Success (PROGRESS) Act This bill provides for a new angel investor tax credit to promote investment in start-up businesses and a first employee tax credit equal to 25% of employee wages, up to $10,000 in a taxable year. An employer may elect to apply the amount of the first employee tax credit to payroll tax liability.

Supplemental Security Income Restoration Act of 2019

United States · United States Congress · 30 October 2019

Supplemental Security Income Restoration Act of 2019 This bill modifies eligibility for, and other components of, Supplemental Security Income (SSI). This needs-based program, administered by the Social Security Administration, provides cash benefits to the aged, blind, and disabled. Among other changes, the bill increases income and resource limits used to determine SSI eligibility. Current law excludes from income limits the first $240 of income from sources other than earnings and the first $780 of earned income. The bill increases these amounts to $1,476 and $4,788, respectively. Current law also allows SSI recipients to have $2,000 in resources if they are single or $3,000 in resources if they are married. The bill increases those amounts to $10,000 and $20,000, respectively. The bill also excludes from income and resource determinations (1) support furnished in kind, and (2) state tax refunds derived from specified state tax credits. In addition, the bill equalizes treatment of married couples when both spouses receive SSI. Under current law, such a married couple receives a lower benefit amount and is subject to lower income and resource limits than would apply to two unmarried individuals. The bill instead sets benefit amounts and limits for these married couples at a rate that is twice that of unmarried SSI recipients. Additionally, the bill eliminates the penalty for transfers of certain resources. Under current law, SSI recipients who transfer resources for less than fair market value may lose SSI eligibility for up to 36 months. The bill repeals this loss of eligibility. The bill also indexes annual benefit increases to a price index that reflects the spending patterns of elderly consumers.

Providing Real Opportunities for Growth to Rising Entrepreneurs for Sustained Success (PROGRESS) Act

United States · United States Congress · 30 October 2019

Providing Real Opportunities for Growth to Rising Entrepreneurs for Sustained Success (PROGRESS) Act This bill provides for a new angel investor tax credit to promote investment in start-up businesses and a first employee tax credit equal to 25% of employee wages, up to $10,000 in a taxable year. An employer may elect to apply the amount of the first employee tax credit to payroll tax liability.

Advancing Youth Enrollment Act

United States · United States Congress · 30 October 2019

Advancing Youth Enrollment Act This bill amends the Internal Revenue Code to increase the premium assistance tax credit for taxpayers with household members between the ages of 18-34. (The credit is available to eligible individuals and families to subsidize the purchase of health insurance on an exchange established under the Patient Protection and Affordable Care Act.) The bill allows an increased tax credit for the purchase of health insurance by reducing the maximum percentage of income that taxpayers under age 31 must pay for coverage by 2.5%, with reductions of .5% for each year for ages 31-34.

SWAG Act

United States · United States Congress · 29 October 2019

Stop Wasteful Advertising by the Government Act or the SWAG Act This bill prohibits the use of federal funds for publicity, propaganda, swag, or mascots, with exceptions. Swag is a product or merchandise distributed at no cost with the sole purpose of advertising or promoting an agency, organization, program, or agenda. Each agency shall, as part of the annual budget justification submitted to Congress, report on the public relations and advertising spending of the agency for the preceding fiscal year.

Essential National Security Authorities Act for Fiscal Year 2020

United States · United States Congress · 29 October 2019

Essential National Security Authorities Act for Fiscal Year 2020 This bill authorizes FY2020 appropriations and sets forth policies for Department of Defense programs and activities. The bill also authorizes appropriations and sets forth policies for Department of Energy national security programs.

Insulin Price Reduction Act

United States · United States Congress · 29 October 2019

Insulin Price Reduction Act This bill prohibits health insurance plan issuers and pharmacy benefits managers (PBMs) from receiving rebates or discounts for insulin from manufacturers who certify that its current insulin list price has been reduced to an amount no greater than what the list price was for the same insulin on July 1, 2006. This restriction does not apply to discounts provided to insurance plan holders at retail sale or to flat-rate fees for service paid to PBMs. Further, insurance plans are prohibited from applying a deductible to insulin that has received such price certification. A manufacturer may certify insulin prices by submitting to the Department of Health and Human Services data about the list price of any insulin the manufacturer has produced since January 1, 2000, and by setting the current list price for an insulin product at the 2006 rate. To remain certified, a manufacturer may not increase the list price of insulin by more than the annual increase in the medical care consumer price index. A manufacturer may certify the price of an insulin product for which it did not have a list price in 2006 by reducing the list price of such insulin to the weighted average list price in 2006 of specified insulin categories. This bill also applies to Medicare prescription drug benefits. The bill sets the rebate for insulin under Medicaid based on the average manufacturer price of insulin during the last fiscal quarter of 2019, increasing by the medical care consumer price index thereafter.

Public Safety Retirees Healthcare Protection Act

United States · United States Congress · 29 October 2019

Public Safety Retirees Healthcare Protection Act This bill amends the Internal Revenue Code to increase from $3,000 to $6,000 the amount excludible from the gross income of public safety officers for distributions from governmental retirement plans for health and long-term care insurance.

Syrian Partner Protection Act

United States · United States Congress · 28 October 2019

Syrian Partner Protection Act This bill authorizes the Department of Homeland Security (DHS) to provide special immigrant status to qualified aliens who assisted U.S. efforts in Syria against the Islamic State. (A special immigrant is qualified to become a permanent resident) A qualifying alien is a Syrian national (or stateless person who habitually resided in Syria) who (1) partnered with or worked for the United States in Syria in a sensitive and trusted capacity (such as an interpreter) on or after January 1, 2014, for at least one year, and (2) provided documented service to U.S. efforts against the Islamic State. The spouse or child of such an alien shall also qualify for special immigrant status. DHS may admit up to 4,000 principal aliens under this bill each fiscal year for the five fiscal years after this bill's enactment. Unused visas at the end of a fiscal year shall carry forward and be available the next year. Aliens admitted under this bill shall not be subject to other numerical limitations. If a qualifying alien applying for special immigrant status under this bill is in imminent danger, the Department of State shall provide protection to that alien. An alien who has received special immigrant status under this bill shall be eligible for benefits generally available to admitted refugees, such as resettlement assistance.

Incentivizing Offshore Wind Power Act

United States · United States Congress · 28 October 2019

Incentivizing Offshore Wind Power Act This bill extends the 30 % energy tax credit for offshore wind facilities that begin construction by January 1, 2027, or the year that the United States has increased its offshore wind capacity by not less than 3,000 megawatts as compared to such capacity on January 1, 2020, whichever is later.

Housing for Homeless Students Act of 2019

United States · United States Congress · 28 October 2019

Housing for Homeless Students Act of 201 9 This bill modifies the low-income housing tax credit to allow certain low-income building units that provide housing for homeless children, youth, or veterans who are full-time students to qualify for the credit. To qualify for the credit, the full-time student must have been a homeless child or youth during any portion of the seven-year period prior to occupying the housing unit or a homeless veteran during any portion of the five-year period prior to occupying the unit.

Tanning Tax Repeal Act of 2019

United States · United States Congress · 28 October 2019

Tanning Tax Repeal Act of 2019 This bill repeals the excise tax on indoor tanning services.

For the 99.8 Percent Act

United States · United States Congress · 24 October 2019

For the 99.8 Percent Act This bill imposes increased tax rates on decedent estates, gifts, and generation-skipping transfers. Estates with a value of over $1 billion are taxed at a 77% tax rate. The basic exclusion amount is reduced to $3.5 million. The bill increases (1) to $3 million the reduction in valuations of farmland for estate tax purposes and adjusts such increased amount for inflation, and (2) to $2 million the maximum estate tax exclusion for contributions of conservation easements. The bill requires (1) consistent basis reporting for property acquired by gift and transfers in trust, and (2) executors of estates and donors of gifts required to file a gift tax return to disclose to the Department of the Treasury, and to recipients of any interest in an estate or a gift, information identifying the value of each interest received. The bill sets forth estate valuation rules for certain transfers of nonbusiness assets and limits estate tax discounts for certain individuals with minority interests in a business acquired from a decedent. The bill expands rules for valuing assets in grantor retained annuity trusts to require that (1) the right to receive fixed amounts from an annuity last for a term of not less than 10 years and not more than the life expectancy of the annuitant plus 10 years, and that such fixed amounts not decrease during the first 10 years of the annuity term, and (2) the remainder interest have a value when transferred that is not less than the the greater of 25% of the fair market value of the trust property or $500,000. The bill also sets forth rules for the application of transfer taxes to a grantor trust (a trust in which the grantor retains control over the trust assets and has the right to receive income from the trust). The bill eliminates the generation-skipping transfer tax exemption for any trust whose termination date is not greater than 50 years after its creation. The bill modifies the gift tax exclusion for annual gifts (currently, $14,000).

Tariff Tax Credit Act of 2019

United States · United States Congress · 24 October 2019

Tariff Tax Credit Act of 2019 This bill allows a new refundable tax credit for the return to taxpayers of  revenue raised from duties imposed on goods imported from China in preceding calendar years.

A resolution supporting the goal 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 · 24 October 2019

This resolution 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.

THE TRUMP ADMINISTRATION'S FISCAL YEAR BUDGET AND U.S. POLICY TOWARD LATIN AMERICA AND THE CARIBBEAN

United States · United States House of Representatives · 23 October 2019

STATE, FOREIGN OPERATIONS, AND RELATED PROGRAMS APPROPRIATIONS FOR FISCAL YEAR 2020

United States · United States Senate · 23 October 2019

Upward Mobility Enhancement Act

United States · United States Congress · 23 October 2019

Upward Mobility Enhancement Act This bill increases the maximum amount of the tax exclusion for employer-provided educational assistance.

Better Education and Skills Training for America’s Workforce Act

United States · United States Congress · 23 October 2019

Better Education and Skills Training for America's Workforce Act This bill amends the Internal Revenue Code to allow tax credits for (1) qualified training expenses paid with respect to U.S.-based positions for job trainees who have been unemployed for at least 90 days before enrolling in a training program and have not been employed by the taxpayer during the two-year period before the trainee was hired, and (2) investment in a qualified job training partnership between a private business and an institution of higher education or a labor organization. The bill defines "qualified training expenses" as an eligible trainee's qualified tuition costs, which may include costs for books and enrollment in a training program at an institution of higher education that may include a single course, multiple courses, or a combination of work training and study and that is reasonably necessary for employment with the taxpayer. It terminates the credit for qualified training expenses of job trainees after December 31, 2030. The bill also (1) requires the Department of the Treasury to establish a Qualified Job Training Partnership program to consider and award certifications for qualified investments eligible for credits to qualified job training partnerships, and (2) authorizes Treasury to make grants to individuals who make an investment in a qualified job training partnership, in lieu of a tax credit.

Remote Seafood Employee Meals Tax Parity Act

United States · United States Congress · 23 October 2019

Remote Seafood Employee Meals Tax Parity Act This bill amends the Internal Revenue Code to provide that the 50% limitation on the tax deduction for business meals shall not apply to meals provided on certain fishing vessels or at certain fish processing facilities.

Housing, Opportunity, Mobility, and Equity Act of 2019

United States · United States Congress · 23 October 2019

Housing, Opportunity, Mobility, and Equity Act of 2019 This bill addresses zoning policies, housing affordability, and economic security. Specifically, the bill requires each state or local government that receives a Community Development Block Grant from the Department of Housing and Urban Development or a Surface Transportation Block Grant from the Department of Transportation to develop and implement a strategy to support zoning policies or regulatory initiatives that create a more affordable, elastic, and diverse housing supply. Additionally, the bill establishes a tax credit for individuals who spend more than 30% of their adjusted gross income on rent and requires the Department of the Treasury to make advance payments of this credit to eligible taxpayers who elect that option. The bill also requires Treasury to establish a Rainy Day Savings Program to allow an eligible taxpayer to defer 20% of the amount that would otherwise be refunded to the taxpayer. Treasury must invest the deferred amount and later disburse that amount, along with any interest, to the taxpayer.