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151 records in US in 2024

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Records

Bill· SS. 5233 (118th)referred

No Capital Gains Allowance for American Adversaries Act

United States · United States Congress · 25 September 2024

No Capital Gains Allowance for American Adversaries Act  This bill treats gains and dividends derived from transactions involving countries of concern as ordinary income. The bill defines countries of concern to include China (including Hong Kong and Macao and excluding Taiwan), Russia, Belarus, Iran, and North Korea. 

Bill· SS. 5249 (118th)referred

NO GOTION Act

United States · United States Congress · 25 September 2024

Bill· SS. 5254 (118th)referred

Child Care for American Families Act

United States · United States Congress · 25 September 2024

Child Care for American Families Act  This bill increases and revises the employer-provided child care tax credit. It increases the rate of such credit from 25% to 40% (50% for certain small businesses and 60% for child care facilities located in an eligible census track). The bill increases the limitation on the dollar amount of the credit to $1.2 million in any taxable year and imposes a $2 million limit on the aggregate amount of child care expenditures that may be taken into account for purposes of calculating the credit.  The bill directs the Internal Revenue Service to issue guidance regarding multi-employer facilities and to establish a public awareness program to inform taxpayers about the availability of the child care credit and filing procedures for such credit. 

Bill· SS. 5256 (118th)referred

Family Security Act

United States · United States Congress · 25 September 2024

Family Security Act This bill increases the child tax credit and provides a new tax credit for pregnant mothers. The bill also makes changes to the state and local tax (SALT) deduction, earned income tax credit (EITC), heads of household filing status, tax exemption for dependents, and deduction for dependent care expenses. This bill increases the child tax credit for 2026 to $3,000 or $4,200 for each child, depending on the child’s age, makes the tax credit fully refundable (currently a portion is refundable), and allows taxpayers to receive the tax credit in advance monthly payments. Under the bill, the child tax credit is limited to six children and phases out once a taxpayer’s income exceeds a certain threshold. The bill provides a new refundable tax credit for pregnant mothers of $2,800, which phases out once a taxpayer’s income exceeds a certain threshold. Taxpayers may receive the tax credit in advance monthly payments. The bill permanently extends the SALT deduction for individuals (currently, the SALT deduction for individuals expires in 2026) and increases the limit to $30,000 from $10,000 (or to $15,000 from $5,000 for married taxpayers filing separately).   The bill permanently eliminates the tax exemption for dependents. Under current law, a tax exemption for dependents is available starting in 2026. This bill also eliminates the •    head of household filing status,  •    tax credit for dependent care expenses for children under 13 years old, and  •    different percentages that apply based on the number of qualifying children in the EITC calculation.

Bill· SS. 5264 (118th)referred

Neither Permanent Nor Normal Trade Relations Act

United States · United States Congress · 25 September 2024

Neither Permanent Nor Normal Trade Relations Act This bill establishes various trade measures related to China, including by revoking China's permanent normal trade relations (PNTR) status and increasing the rates of duty (i.e., tariffs) on Chinese imported goods. The bill prohibits imported goods originating from North Korea, China, Russia, or Iran from receiving de minimis treatment. (Current law allows for U.S. imports under a de minimis threshold of $800 per shipment to enter free of tariffs, fees, and taxes.) Specifically, the bill revokes China's PNTR status. Currently, China's PNTR status allows for Chinese goods to have duty rates set forth in column 1 of the Harmonized Tariff Schedule of the United States (HTS). With the removal of China's PNTR status, the bill generally sets the applicable duty rates on imported Chinese goods at the higher rates listed in column 2 of the HTS, with exceptions. The bill establishes a minimum duty rate of 35% for all Chinese goods, which requires column 2 rates to be at least 35%. However, the bill establishes a minimum duty rate of 100% for a list of specified goods (e.g., various minerals, certain vaccines and drugs, and certain defense-related articles). Duty rates are phased in over five years and adjusted annually for inflation. The bill also authorizes the President to take additional actions related to trade with China,  requires merchandise imported from China to be appraised based on U.S. value, and  establishes a trust fund to compensate U.S. producers for lost revenue resulting from retaliatory actions by China.

Bill· HRH.R. 9844 (118th)referred

DELIVER Act of 2024

United States · United States Congress · 25 September 2024

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

Bill· HRH.R. 9856 (118th)referred

ASAP Housing Act

United States · United States Congress · 25 September 2024

Bill· HRH.R. 9831 (118th)referred

Dependent Income Exclusion Act of 2024

United States · United States Congress · 25 September 2024

Dependent Income Exclusion Act of 2024 This bill excludes the wages and net earnings from self-employment of a dependent of a taxpayer from the calculation of total household income for purposes of determining eligibility for and the amount of the refundable premium tax credit, subject to limitations. Under current law, eligible taxpayers may be able to claim the premium tax credit, which applies toward the cost of obtaining health insurance through health insurance exchanges. To be eligible for the credit, a taxpayer’s household income must meet or exceed 100% of the federal poverty level (FPL). For tax years before 2021 and after 2025, taxpayers must have a household income that meets or exceeds 100% but is less than 400% of the FPL to be eligible for the tax credit. Further, under current law, the calculation of the premium tax credit is based, in part, on taxpayers’ household income such that taxpayers with lower household incomes are eligible for a higher premium tax credit. The bill excludes from household income the wages and net earnings from self-employment of a dependent of the taxpayer who (1) is under 18 years old; or (2) is under 24 years old and is, during any five calendar months of the year, a full- or part-time student in an educational organization (excluding for-profit educational institutions), is in an apprentice program, or is participating in a job training program. The amount that may be excluded is limited to 15% of the taxpayer’s modified adjusted gross income. 

Bill· HRH.R. 9799 (118th)referred

Overtime Pay Tax Relief Act of 2024

United States · United States Congress · 25 September 2024

Overtime Pay Tax Relief Act of 2024 This bill allows an itemized deduction for overtime compensation received by an individual, subject to income limitations, through 2029. The amount of the itemized deduction may not exceed 20% of the individual’s regular wages from the same employer. Further, the itemized deduction is not allowed for individuals with income exceeding $100,000 (or $150,000 for heads of the household and $200,000 for married couples filing a joint return).

Bill· HRH.R. 9800 (118th)referred

Working Class Bonus Tax Relief Act of 2024

United States · United States Congress · 25 September 2024

Working Class Bonus Tax Relief Act of 2024 This bill allows a tax deduction for bonuses received by an individual, subject to income limitations, through 2029. The amount of the deduction may not exceed 15% of the individual’s regular wages from the same employer. Further, the deduction is not allowed for individuals with annual adjusted gross income exceeding $100,000 (or $150,000 for heads of the household and $200,000 for married couples filing a joint return).  

Bill· SS. 5148 (118th)referred

Improving Retirement Security for Family Caregivers Act of 2024

United States · United States Congress · 24 September 2024

Improving Retirement Security for Family Caregivers Act of 2024 This bill allows qualified family caregivers to contribute up to $7,000 (in 2025) to a Roth IRA (or up to $8,000 (in 2025) for individuals who are age 50 or older). A qualified family caregiver is an unemployed or severely underemployed adult who provides 500 hours or more during one tax year of in-home care, monitoring, management, supervision, or treatment of an adult with special needs or a child.

Bill· SS. 5149 (118th)referred

Catching Up Family Caregivers Act of 2024

United States · United States Congress · 24 September 2024

Catching Up Family Caregivers Act of 2024 This bill allows qualified family caregivers to make catch-up contributions to a retirement account for up to five years. A qualified family caregiver is an unemployed or severely underemployed adult who provides 500 hours or more during one tax year of in-home care, monitoring, management, supervision, or treatment of an adult with special needs or a child. 

Bill· SS. 5144 (118th)referred

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

United States · United States Congress · 24 September 2024

Providing Real Opportunities for Growth to Rising Entrepreneurs for Sustained Success (PROGRESS) Act This bill provides a new small business investor tax credit for investments made into a small business (typically a start-up), subject to single year and lifetime limits. The bill also provides a first employee business wage tax credit for wages paid or incurred by a small business, subject to single year and lifetime limits. Under the bill, an investor may claim as part of the general business tax credit up to 50% of the amount of a loan or purchase of stock in a small business, limited to $10,000 in a single year and $50,000 in total.  The bill also allows a small business owner to claim as part of the general business tax credit up to 25% of employee wages, limited to $10,000 in a single year and $40,000 in total. The employee wage business tax credit may be claimed against the business’s income or, if elected, against the business’s payroll taxes. For purposes of both business tax credits, a small business is a business that has at least one full-time employee (or the equivalent) and is owned by a resident or citizen of the United States who has an average taxable income for the three prior tax years of $100,000 or less (or $200,000 if filing a joint return or as head of household).

Bill· SS. 5163 (118th)referred

AGE Act of 2024

United States · United States Congress · 24 September 2024

Americans Giving Care to Elders Act of  2024 or the AGE Act of 2024 This bill provides a new nonrefundable tax credit for 20% of a taxpayer’s expenses to care for an older adult, subject to limitations. The amount of expenses incurred during any year that may be taken into account for the tax credit may not exceed $6,000. Further, the tax credit begins to phase out once a taxpayer’s adjusted gross income exceeds $120,000. The tax credit applies to expenses to care for certain relatives or members of the taxpayer's household who have attained the age of 65 and require assistance with activities of daily living. Expenses eligible for the tax credit include amounts paid for medical care, lodging away from home, adult day services, personal care, respite care, assistive technologies and devices (including remote health monitoring), environmental modifications (including home modifications), and counseling or training for a caregiver.

Bill· HRH.R. 9781 (118th)referred

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

United States · United States Congress · 24 September 2024

Providing Real Opportunities for Growth to Rising Entrepreneurs for Sustained Success (PROGRESS) Act This bill provides a new small business investor tax credit for investments made into a small business (typically a start-up), subject to single year and lifetime limits. The bill also provides a first employee business wage tax credit for wages paid or incurred by a small business, subject to single year and lifetime limits. Under the bill, an investor may claim as part of the general business tax credit up to 50% of the amount of a loan or purchase of stock in a small business, limited to $10,000 in a single year and $50,000 in total.  The bill also allows a small business owner to claim as part of the general business tax credit up to 25% of employee wages, limited to $10,000 in a single year and $40,000 in total. The employee wage business tax credit may be claimed against the business’s income or, if elected, against the business’s payroll taxes. For purposes of both business tax credits, a small business is a business that has at least one full-time employee (or the equivalent) and is owned by a resident or citizen of the United States who has an average taxable income for the three prior tax years of $100,000 or less (or $200,000 if filing a joint return or as head of household).

Bill· HRH.R. 9780 (118th)referred

Vehicle Energy Performance Act of 2024

United States · United States Congress · 24 September 2024

Vehicle Energy Performance Act of 2024 This bill creates a refundable tax credit for new qualified high energy performance motor vehicles. The bill also modifies the calculation of the excise tax on fuel-inefficient vehicles (gas guzzler tax). The amount of the tax credit is based on a vehicle’s energy performance in the current and prior model year in comparison with the median and best vehicle energy performance overall in the prior model year. The maximum tax credit allowed is $5,000 beginning with model year 2026. The bill defines a new qualified high energy performance vehicle as any passenger automobile or light truck with a greater than median energy performance as compared to the same passenger automobile or light truck for the prior model year. A vehicle’s energy performance is based on miles per gallon-gasoline equivalent (MPGe).  The bill requires the Department of the Treasury to publish the median and best vehicle energy performance for the model year by December 1, 2025, and for each year after, based on information reported by vehicle manufacturers. Finally, the bill imposes an excise tax on vehicles with low energy performance (beginning with model year 2028), which is based on a vehicle’s energy performance in the current and prior model year in comparison with the median and best vehicle energy performance overall in the prior model year. Under current law, the gas guzzler tax is imposed on vehicles that do not meet a fuel efficiency standard of at least 22.5 miles per gallon (MPG).

Bill· HRH.R. 9792 (118th)referred

Feed Our Families Act of 2024

United States · United States Congress · 24 September 2024

Feed Our Families Act of 2024 This bill provides appropriations for carrying out the Food and Nutrition Act of 2008 during the first 90-day period of a lapse in discretionary appropriations for carrying out the act during any fiscal year beginning after FY2024. The Food and Nutrition Act of 2008 is the authorizing statute for several Department of Agriculture nutrition and food assistance programs, including the Supplemental Nutrition Assistance Program (SNAP).

Bill· SS. 5135 (118th)referred

Taxpayer Data Protection Act

United States · United States Congress · 23 September 2024

Taxpayer Data Protection Act This bill increases criminal penalties for unauthorized disclosures of taxpayer information. 

Bill· HRH.R. 9761 (118th)referred

To amend the Internal Revenue Code of 1986 to allow an increased dollar limitation for section 179 property placed in service in the trade or business of farming.

United States · United States Congress · 23 September 2024

This bill increases the limitation on the deduction for business expenses related to depreciable assets under Internal Revenue Code §179 (expense deduction) for qualified property placed into service by a taxpayer in the trade or business of farming (qualified farming property). The expense deduction limit is increased for qualified farming property to $1,500,000 from $1,250,000 (in 2025) and is adjusted for inflation for tax years beginning after 2025.

Bill· HRH.R. 9764 (118th)referred

Catching Up Family Caregivers Act of 2024

United States · United States Congress · 23 September 2024

Catching Up Family Caregivers Act of 2024 This bill allows qualified family caregivers to make catch-up contributions to a retirement account for up to five years. A qualified family caregiver is an unemployed or severely underemployed adult who provides 500 hours or more of in-home care, monitoring, management, supervision, or treatment of an adult with special needs or a child during one tax year and has less than 500 hours of paid employment during the same tax year. 

Bill· HRH.R. 9765 (118th)referred

Improving Retirement Security for Family Caregivers Act of 2024

United States · United States Congress · 23 September 2024

Improving Retirement Security for Family Caregivers Act of 2024 This bill allows qualified family caregivers to contribute up to $7,000 (in 2025) to a Roth IRA (or up to $8,000 (in 2025) for individuals who are age 50 or older). A qualified family caregiver is an unemployed or severely underemployed adult who provides 500 hours or more during one tax year of in-home care, monitoring, management, supervision, or treatment of an adult with special needs or a child.

Bill· HRH.R. 9716 (118th)referred

Increasing Baseline Updates Act

United States · United States Congress · 20 September 2024

Increasing Baseline Updates Act This bill requires the Congressional Budget Office (CBO) to submit to Congress at least two updates to its annual baseline. At least one of the updates must include the economic data used by CBO to calculate the update.  (A baseline is a projection of federal spending and receipts during a fiscal year under current law. Under current law, CBO is required to publish the baseline by February 15 of each year. While there is no statutory requirement for specific updates, CBO generally provides an update with its analysis of the President's annual budget request. It has also provided some updates during the summer, depending on the timing of the President's budget request.) The bill also requires the President to submit technical budget data to Congress on or before February 1 of each year. Currently, federal agencies provide the data to Congress as part of the President's budget request.

Bill· HRH.R. 9714 (118th)reported

CBO Oversight Act

United States · United States Congress · 20 September 2024

CBO Oversight Act This bill requires the Director of the Congressional Budget Office (CBO) to provide testimony annually at hearings held by the House and Senate Budget Committees. Specifically, at the request of the chair of either committee, the Director must provide testimony at two hearings held by the committee by the end of the calendar year. The hearings may address any issue that the committee deems appropriate, including reviewing the accuracy of the baseline projections and estimates prepared by CBO during the most recently completed fiscal year.

Bill· HRH.R. 9743 (118th)referred

DEPLOY Tax Relief Act

United States · United States Congress · 20 September 2024

Deployed Emergency Professionals Lasting Over a Year Tax Relief Act or the DEPLOY Tax Relief Act This bill allows a tax deduction for the travel expenses of federal disaster relief workers away from home for more than one year. (Under current law, the deduction for travel expenses while away from home is limited to temporary work assignments for one year or less except for a few specific situations.)

Bill· HRH.R. 9738 (118th)referred

To increase the penalties applicable to persons facilitate fraud with respect to any COVID-related employee retention credit, and for other purposes.

United States · United States Congress · 20 September 2024

This bill increases the penalty for aiding and abetting the understatement of tax liability with respect to the employee retention tax credit (ERTC) by a COVID-ERTC promoter, extends the time period for assessing and collecting tax attributable to the understatement, and disallows the ERTC after January 31, 2024. Under the bill, a COVID-ERTC promoter may be liable for the greater of $200,000 ($10,000 for a natural person), or 75% of the amount derived from the aid, advice, or assistance related to a COVID-ERTC document that understates a taxpayer’s tax liability. Under current law, the penalty for knowingly aiding and abetting in the understatement of tax liability is $1,000 for an individual return or $10,000 for a corporate return. The bill defines a COVID-ERTC promoter as any individual, trust, estate, partnership, association, company, or corporation that provides aid, assistance, or advice related to a COVID-ERTC document for a contingency fee and with gross receipts derived from providing aid, assistance, or advice related to a COVID-ERTC document exceeding a specified threshold.  A COVID-ERTC document is any return, affidavit, claim, or other document associated with a ERTC claim related to COVID. The bill extends the time period for assessing and collecting any tax liability associated with an understatement of tax liability related to the ERTC from five to six years. Finally, under this bill, claims for the ERTC related to COVID must be filed on or before January 31, 2024. 

Bill· HRH.R. 9711 (118th)reported

Congressional Budget Office Scheduling Reform Act

United States · United States Congress · 19 September 2024

Congressional Budget Office Scheduling Reform Act This bill requires the Congressional Budget Office (CBO) to annually publish a schedule of the expected publication dates of its major recurring reports. The schedule must must include, at a minimum, the expected publication dates for the baseline for the budget year and subsequent updates, the report on options to reduce the deficit, the report on the accuracy of budgetary projections for the most recently completed fiscal year, and the report on programs or activities with unauthorized appropriations. CBO must (1) publish the schedule on its public website no later than December 31 of each year, and (2) update the schedule during the following calendar year as necessary.  

Bill· SS. 5120 (118th)referred

Fresh Food Act

United States · United States Congress · 19 September 2024

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

Bill· HJRESH.J.Res. 206 (118th)referred

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Required Minimum Distributions".

United States · United States Congress · 19 September 2024

This joint resolution nullifies the rule titled Required Minimum Distributions , which was issued by the Internal Revenue Service on July 19, 2024. The rule updates the requirements related to minimum distributions from a qualified plan to reflect statutory changes made by the Setting Every Community Up for Retirement Enhancement Act of 2019 and SECURE 2.0 Act of 2022. The rule, among other things, increases the required minimum distribution age from 72 to 75 in two steps over a 10-year period and requires all distributions to be made by the end of the 10th year after death (with some exceptions). 

Bill· HRH.R. 9698 (118th)referred

SIFIA Act

United States · United States Congress · 19 September 2024

Bill· SS. 5079 (118th)referred

ERTC Repeal Act of 2024

United States · United States Congress · 18 September 2024

ERTC Repeal Act of 2024 This bill increases the penalty for aiding and abetting the understatement of tax liability with respect to the employee retention tax credit (ERTC) by a COVID-ERTC promoter, extends the time period for assessing and collecting tax attributable to the understatement, and disallows the ERTC after January 31, 2024. Under the bill, a COVID-ERTC promoter may be liable for the greater of $200,000 ($10,000 for a natural person), or 75% of the amount derived from the aid, advice, or assistance related to a COVID-ERTC document that understates a taxpayer’s tax liability. Under current law, the penalty for knowingly aiding and abetting in the understatement of tax liability is $1,000 for an individual return or $10,000 for a corporate return. The bill defines a COVID-ERTC promoter as any individual, trust, estate, partnership, association, company, or corporation that provides aid, assistance, or advice related to a COVID-ERTC document for a contingency fee and with gross receipts derived from providing aid, assistance, or advice related to a COVID-ERTC document exceeding a specified threshold.  A COVID-ERTC document is any return, affidavit, claim, or other document associated with a ERTC claim related to COVID. The bill extends the time period for assessing and collecting any tax liability associated with an understatement of tax liability related to the ERTC from five to six years. Finally, under this bill, claims for the ERTC related to COVID must be filed on or before January 31, 2024. 

Bill· HRH.R. 9659 (118th)referred

Low Income Housing for Defense Communities Act

United States · United States Congress · 18 September 2024

Low Income Housing for Defense Communities Act This bill broadens the exclusion of amounts received by members of the Armed Forces as a basic allowance for housing from income for purposes of meeting the income requirements of the low-income housing tax credit (LIHTC). This bill also increases the basis of properties developed within 15 miles of large military installations, generally making the developer of the property eligible for a larger LIHTC. Under current law, to be eligible for the LIHTC, properties must rent a percentage of units to individuals with incomes equal to or less than a percentage of an area’s median gross income (often referred to as the set-aside test). For purposes of calculating an individual’s income to determine if it is equal or less than an area’s median gross income, the basic allowance for housing received by members of the Armed Forces is excluded only if the property is in a specific location that meets requirements related to population growth for a defined time period.  This bill excludes amounts received by members of the Armed Forces as a basic housing allowance in determining their income and eligibility for low-income housing, without restrictions on the location of the property or population growth of the location.  Finally, this bill treats properties developed within 15 miles of a large military installation as located in a difficult development area, which qualifies the property for an increased basis of 130% (instead of 100%) and generally increases the amount of the LIHTC.

Bill· HRH.R. 9614 (118th)referred

ENABLE Act

United States · United States Congress · 17 September 2024

Ensuring Nationwide Access to a Better Life Experience Act or the ENABLE Act This bill makes permanent three tax provisions relating to ABLE (Achieving a Better Life Experience) accounts established to assist disabled individuals, specifically provisions allowing increased contributions to such accounts, the allowance of a retirement savings contribution tax credit of up to $1,000 ($2,000 per married couple filing jointly) for contributions to an ABLE account, and allowing a tax-free rollover from a qualified tuition program (529 plan) to an ABLE account. 

Resolution· HRESH.Res. 1450 (118th)referred

Reaffirming the House of Representatives priority over the collection and expenditure of revenue under the Origination Clause of the Constitution.

United States · United States Congress · 16 September 2024

This resolution states that the House of Representatives (1) reaffirms its priority over the Senate for all taxation and appropriations in the congressional budget process, (2) reiterates its authority to establish and maintain Section 302(b) suballocations (i.e., appropriations subcommittee allocations) for all subcommittee spending levels, and (3) intends to prioritize fiscal responsibility in FY2025 and all future congressional budget processes.

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