Taxation

Commonsense Reporting Act of 2017

United States · United States Congress · 3 October 2017

Commonsense Reporting Act of 2017 This bill amends the Patient Protection and Affordable Care Act and the Internal Revenue Code to modify the requirements for employers to report health insurance coverage information to the Internal Revenue Service (IRS) by the end of the tax year. The bill changes the information that is required and permits employers to voluntarily report the information prior to the beginning of open enrollment. The Department of the Treasury must develop a prospective reporting system to permit: employers to voluntarily report specified health insurance coverage information before the annual open enrollment period; the exchanges, the Federal Marketplace Data Services Hub, and the IRS to access the information to carry out their missions and provide the Department of Health and Human Services with information related to eligibility for advance payment of premium tax credits and cost-sharing subsidies; the exchanges to communicate with employers and employees regarding eligibility for the tax credits or cost-sharing subsidies; and employers to provide updates to the hub regarding changes in coverage for employees. At the time of enrollment, exchanges must provide employers the names of employees and dependents that enroll in a qualified health plan for a year. If a health insurance issuer or employer is unable to obtain the taxpayer identification number of a dependent, Treasury may permit the individual's full name and date of birth to be used instead. Employers participating in the reporting system established by this bill are exempt from the requirement to report health insurance coverage information to the IRS by the end of the tax year.

National Disaster Tax Relief Act of 2017

United States · United States Congress · 3 October 2017

National Disaster Tax Relief Act of 2017 This bill amends the Internal Revenue Code to modify various tax deductions, credits, and requirements that affect disaster areas and U.S. possessions. With respect to areas in which a federally declared disaster occurred from 2012 through 2022, the bill allows: expensing of certain disaster expenses, modifications to rules regarding the deduction of losses attributable to disasters, additional new markets tax credits, an exclusion from gross income for certain cancellations of indebtedness, additional advance refundings of certain tax-exempt bonds, and additional low-income housing tax credit allocations. The bill permanently: (1) excludes from gross income disaster mitigation payments received from state and local governments, and (2) allows taxpayers to create tax-exempt catastrophe savings accounts to pay expenses related to a major disaster. With respect to U.S. possessions, the bill: repeals the limitation on the amount of distilled spirits excise taxes covered over (paid) to the treasuries of the Virgin Islands and Puerto Rico, makes permanent the tax deduction for income attributable to domestic production activities in Puerto Rico, modifies the rules for claiming the refundable portion of the child tax credit, and requires the Department of the Treasury to make payments to certain U.S. possessions to either compensate for revenue lost due to specified provisions in the bill or allow residents to benefit from the provisions.

Move America Act of 2017

United States · United States Congress · 2 October 2017

Move America Act of 2017 This bill amends the Internal Revenue Code to allow tax-exempt Move America bonds and tax credits to be used for certain infrastructure projects. A Move America bond is treated as a tax-exempt private facility bond with certain exceptions. At least 95% of the net proceeds from the issuance of the bond must be used for infrastructure projects, including: airports; docks and wharves; mass commuting facilities; facilities for the furnishing of water; sewage facilities; railroads; certain surface transportation projects eligible for federal assistance, projects for an international bridge or tunnel, or facilities for transferring freight from truck to rail or rail to truck; flood diversions; inland waterways; or rural broadband service infrastructure. The bill specifies exceptions and modifications to existing rules for bonds regarding land acquisition, government ownership, rehabilitation expenditures, and the alternative minimum tax. The bonds are subject to a volume cap equal to 50% of a state's current private activity bond volume cap. States may exchange all or a portion of the volume cap for Move America tax credits to be allocated to taxpayers. The credits include: (1) a project credit for a portion of the basis of each qualified project; and (2) an infrastructure fund credit for investments in qualified infrastructure funds, including a state infrastructure bank, a water pollution control revolving fund, or a drinking water treatment revolving loan fund. States must report specified details to the Department of the Treasury regarding the amount of the volume cap exchanged and credits allocated.

To amend the Internal Revenue Code of 1986 to make lifetime income and managed account options of defined contribution retirement savings plans portable.

United States · United States Congress · 2 October 2017

This bill amends the Internal Revenue Code to allow distributions from certain tax-favored employer-sponsored retirement plans if a lifetime income investment or managed account investment is no longer authorized to be held as an investment option under the plan. If a lifetime income or managed account investment is no longer authorized to be held as an investment option under the plan, the bill allows: (1) qualified distributions of a lifetime income investment or a managed account investment, or (2) distributions of a lifetime income investment in the form of a qualified plan distribution annuity contract. A "qualified distribution" is a direct trustee-to-trustee transfer to an eligible retirement plan. A "qualified plan distribution annuity contract" is an annuity contract purchased for a participant and distributed to the participant by an employer-sponsored retirement plan.

Small Employer Retirement Savings Auto-Enrollment Credit Act

United States · United States Congress · 2 October 2017

Small Employer Retirement Savings Auto-Enrollment Credit Act This bill amends the Internal Revenue Code to allow a three-year $500 business-related tax credit for eligible small employers who include and maintain an automatic contribution arrangement in an employer-sponsored retirement plan. An "eligible employer" is an employer with no more than 100 employees who received at least $5,000 of compensation from the employer for the preceding year.

STRANDED Act of 2017

United States · United States Congress · 2 October 2017

Sensible, Timely Relief for America's Nuclear Districts' Economic Development Act of 2017 or the STRANDED Act of 2017 This bill requires the Department of Energy (DOE) to enter into an arrangement under which the National Academy of Sciences must conduct a study to determine whether opportunities exist for affected communities to consider alternatives to nuclear facilities, generating sites, and waste sites. DOE must also: (1) establish the Stranded Nuclear Waste Task Force to study existing public and private resources and funding for affected communities, and (2) establish a grant program to assist localities near nuclear power plants to offset the impacts of stranded nuclear waste in affected communities. The bill amends the Internal Revenue Code to provide for tax incentives for investment in nuclear affected communities.

AGRICULTURE, RURAL DEVELOPMENT, FOOD AND DRUG ADMINISTRATION, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2017

United States · United States Senate · 28 September 2017

To amend the Internal Revenue Code of 1986 to provide an exception for certain spun-off voluntary employees' beneficiary associations to the limitation on the exemption from tax on unrelated business taxable income of amounts set aside for qualified benefits.

United States · United States Congress · 28 September 2017

This bill amends the Internal Revenue Code to exempt certain spun-off voluntary employees' beneficiary associations (VEBAs) from the limitation on the amount of funds that may be set aside for benefits without being subject to the tax on unrelated business income. The exemption applies if: the VEBA was originally established prior to the enactment of this bill by an employer to provide benefits for eligible employees, retirees, and their dependents and beneficiaries; the benefits are limited to post-retirement medical and life benefits; the employer has delegated (before the beginning of the tax year) all authority and responsibility for the VEBA to one or more independent persons who do not have an employment relationship with the members entitled to benefits from the VEBA; no member entitled to benefits from the VEBA is entitled to benefits from any other VEBA as a result of employment with the employer; and the employer has no obligation to make contributions to the VEBA and has not contributed during the 11-year period ending with the tax year.

To amend the Internal Revenue Code of 1986 to increase the unified credit against the estate and gift tax and to simplify the estate and gift tax rates.

United States · United States Congress · 28 September 2017

This bill amends the Internal Revenue Code, with respect to the estate and gift tax, to: (1) increase the basic exclusion amount from $5 million to $50 million; (2) modify the required inflation adjustment for the basic exclusion amount; and (3) replace the existing rate schedule, which ranges from 18% to 40% depending on the amount of the estate or gift, with a single 20% rate.

IRS Data Verification Modernization Act of 2017

United States · United States Congress · 28 September 2017

IRS Data Verification Modernization Act of 2017 This bill requires the Internal Revenue Service (IRS) to implement a program to ensure that disclosures of tax returns or return information by the IRS to a person verifying the income of a taxpayer for a legitimate business purpose are: (1) fully automated and accomplished through the Internet, and (2) accomplished in as close to real-time as is practicable. The IRS must assess and collect a fee for the disclosures described above at rates that are sufficient to recover the costs related to implementing the program not later than five years after the costs are paid or incurred.

Repeal and Refund Act

United States · United States Congress · 28 September 2017

Repeal and Refund Act This bill amends the Internal Revenue Code to repeal: (1) the requirement that individuals maintain minimum essential health care coverage (commonly referred to as the individual mandate), and (2) the reporting requirements for health insurance coverage. The Department of the Treasury must implement a program to refund all penalties paid by taxpayers for failing to maintain minimum essential health coverage. Treasury must provide taxpayers with one payment to refund all penalties without regard to whether or not an amended tax return is filed.

A bill to provide tax relief related to Hurricanes Harvey, Irma, and Maria.

United States · United States Congress · 28 September 2017

This bill amends the Internal Revenue Code to allow various tax credits, deductions, and modifications to existing rules for individuals and businesses affected by Hurricanes Harvey, Irma, and Maria. 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 August 23, 2017, and before January 1, 2019; permits individuals to recontribute funds to retirement plans if the funds were distributed for a home purchase in a hurricane disaster area that was cancelled on account of the hurricanes; increases the limit and extends the repayment deadline for loans from retirement plans; allows an employee retention tax credit for employers equal to 40% of the qualified wages (up to $6,000 per employee) paid to an employee whose principal place of employment on specified dates was in a hurricane disaster zone; modifies the deduction for charitable contributions to temporarily suspend the limitations on charitable contributions made before December 31, 2017, for relief efforts in the hurricane disaster areas; modifies the deduction for personal casualty losses in the hurricane disaster areas to eliminate: (1) the requirement for losses to exceed 10% of adjusted gross income to qualify for the deduction, and (2) the requirement to itemize; 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.

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 · 28 September 2017

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

We the People Democracy Reform Act of 2017

United States · United States Congress · 27 September 2017

We the People Democracy Reform Act of 2017 This bill amends various provisions related to elections, including by: expanding the ban on election contributions by foreign nationals to include corporations subject to specified levels of ownership or control by foreign nationals or governments; expanding and otherwise revising various disclosure and reporting requirements related to campaign communications; imposing penalties for willfully violating limits related to campaign contributions for coordinated expenditures; revising notification requirements for campaign contributions of $1,000 or more from any contributor during a calendar year; replacing the Federal Election Commission with the Federal Election Administration, which shall enforce specified election-related laws and formulate related policies; imposing restrictions on covered financial-services regulators, such as by prohibiting them from using their position to influence any matter that provides a direct and substantial pecuniary benefit to certain former employers or clients; requiring the President and Vice President to disclose financial interests, including tax returns, to Congress and the Office of Government Ethics; modifying the system for the public financing of presidential elections, including by providing for 600% matching funds for smaller campaign contributions and requiring a candidate who accepts public financing to agree not to accept certain bundled contributions; requiring each state to conduct redistricting through a plan developed by an independent commission or, if such a commission plan is not enacted, a plan developed and enacted by the U.S. District Court for the District of Columbia; and directing states to permit same-day voter registration.

We the People Democracy Reform Act of 2017

United States · United States Congress · 27 September 2017

We the People Democracy Reform Act of 2017 This bill amends various provisions related to elections, including by: expanding the ban on election contributions by foreign nationals to include corporations subject to specified levels of ownership or control by foreign nationals or governments; expanding and otherwise revising various disclosure and reporting requirements related to campaign communications; imposing penalties for willfully violating limits related to campaign contributions for coordinated expenditures; revising notification requirements for campaign contributions of $1,000 or more from any contributor during a calendar year; replacing the Federal Election Commission with the Federal Election Administration, which shall enforce specified election-related laws and formulate related policies; imposing restrictions on covered financial-services regulators, such as by prohibiting them from using their position to influence any matter that provides a direct and substantial pecuniary benefit to certain former employers or clients; requiring the President and Vice President to disclose financial interests, including tax returns, to Congress and the Office of Government Ethics; modifying the system for the public financing of presidential elections, including by providing for 600% matching funds for smaller campaign contributions and requiring a candidate who accepts public financing to agree not to accept certain bundled contributions; requiring each state to conduct redistricting through a plan developed by an independent commission or, if such a commission plan is not enacted, a plan developed and enacted by the U.S. District Court for the District of Columbia; and directing states to permit same-day voter registration.

FITARA Enhancement Act of 2017

United States · United States Congress · 26 September 2017

FITARA Enhancement Act of 2017 This bill repeals the expiration date of (thus making permanent) provisions of the Carl Levin and Howard P. "Buck" McKeon National Defense Authorization Act for Fiscal Year 2015 that require: (1) the Office of Management and Budget (OMB) to make available to the public a list of each major information technology investment made by a covered agency for information technology, including data on cost, schedule, and performance; (2) the Chief Information Officer of each covered agency and the program manager of the investment within the agency to conduct a risk management review of those investments that have received a high risk rating for four consecutive quarters; and (3) the implementation by OMB of a process to assist the covered agencies in reviewing their portfolio of information technology investments. The bill amends such Act to extend the Federal Data Center Consolidation Initiative through FY2020.

Today's American Dream Act

United States · United States Congress · 26 September 2017

Today's American Dream Act This bill establishes new programs or amends existing programs related to workforce and community development. It directs: (1) the Department of Labor to award grants for job skills training for older individuals (older than age 45) and for workers in highly-skilled industries; and (2) the Department of Education to award scholarships to students pursuing degrees in science, technology, engineering, or mathematics (STEM) and teaching certifications. The bill also amends the Internal Revenue Code to: (1) expand and extend the work opportunity tax credit, (2) allow tax credits for wages paid to interns by small business owners, and (3) extend and increase the new markets tax credit. With respect to community development, the bill limits the first-time homebuyer tax credit to residences purchased in economically distressed communities. It requires the Small Business Administration to make grants for commercial investment in economically underserved communities and direct loans to small business concerns. The Government Accountability Office must report to Congress on efforts to expand access to broadband service. The bill establishes a Commission on Innovation in the Office of Management and Budget to study new and developing technologies. The Department of Health and Human Services must: (1) study characteristics of populations that do not have health insurance coverage, and (2) award grants for free dental health services in underserved communities.

Providing for consideration of the bill (H.R. 3823) to amend title 49, United States Code, to extend authorizations for the airport improvement program, to amend the Internal Revenue Code of 1986 to extend the funding and expenditure authority of the Airport and Airway Trust Fund, to provide disaster tax relief, and for other purposes, and providing for consideration of motions to suspend the rules.

United States · United States Congress · 26 September 2017

Sets forth the rule for consideration of the bill (H.R. 3823) to amend title 49, United States Code, to extend authorizations for the airport improvement program, to amend the Internal Revenue Code of 1986 to extend the funding and expenditure authority of the Airport and Airway Trust Fund, to provide disaster tax relief, and for other purposes, and providing for consideration of motions to suspend the rules.

Eliminating the Hidden Student Loan Tax Act

United States · United States Congress · 26 September 2017

Eliminating the Hidden Student Loan Tax Act This bill amends the Higher Education Act of 1965 to repeal the authority of the Department of Education (ED) to charge an origination fee on future loans under the William D. Ford Federal Direct Loan program. Specifically, the bill repeals ED's authority to charge an origination fee on a direct loan first disbursed, or, in the case of a direct consolidation loan, for which an application is received, on or after July 1, 2017. (Origination fees are the fees lenders charge for processing new loan applications.)

To amend the Internal Revenue Code of 1986 to increase the child tax credit.

United States · United States Congress · 26 September 2017

This bill amends the Internal Revenue Code, with respect to the child tax credit, to: (1) increase the allowable amount of such credit from $1,000 to $2,000 for each qualifying child, (2) raise the modified adjusted gross income threshold amount at which the phase-out of the credit begins, and (3) increase such threshold amount by $15,000 for each qualifying child of the taxpayer beyond the first child.

PRO Sports Act

United States · United States Congress · 26 September 2017

Properly Reducing Overexemptions for Sports Act or the PRO Sports Act This bill amends the Internal Revenue Code to remove professional football leagues from the list of tax-exempt organizations. No organization or entity shall be treated as tax-exempt if it: (1) is a professional sports league, organization, or association, a substantial activity of which is to foster national or international professional sports competitions (including by managing league business affairs, officiating or providing referees, coordinating schedules, managing sponsorships or broadcast sales, operating loan programs for competition facilities, or overseeing player conduct); and (2) has annual gross receipts in excess of $10 million.

Energy Storage Tax Incentive and Deployment Act of 2017

United States · United States Congress · 26 September 2017

Energy Storage Tax Incentive and Deployment Act of 201 7 This bill amends the Internal Revenue Code to allow tax credits for: (1) energy storage technologies, and (2) battery storage technology. The bill expands the tax credit for investments in energy property to include equipment that: (1) receives, stores, and delivers energy using batteries, compressed air, pumped hydropower, hydrogen storage (including hydrolysis), thermal energy storage, regenerative fuel cells, flywheels, capacitors, superconducting magnets, or other technologies identified by the Internal Revenue Service; and (2) has a capacity of at least five kilowatt hours. The bill also expands the tax credit for residential energy efficient property to include expenditures for battery storage technology that: (1) is installed on or in connection with a dwelling unit located in the United States and used as a residence by the taxpayer, and (2) has a capacity of at least three kilowatt hours.

Automatic IRA Act of 2017

United States · United States Congress · 26 September 2017

Automatic IRA Act of 201 7 This bill amends the Internal Revenue Code to: (1) require certain employers who do not maintain qualifying retirement plans or arrangements to make available to their eligible employees a payroll deposit individual retirement account (IRA) arrangement (automatic IRA arrangement) which grants such employees the right to opt-out of participation; (2) require the Department of the Treasury to provide employers with a model notice for notifying employees of their opportunity to participate in an automatic IRA arrangement and for providing details regarding the election period; (3) impose a penalty on employers who fail to provide eligible employees access to an automatic IRA arrangement; (4) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing an automatic IRA arrangement; and (5) increase the dollar limitation on the tax credit for small employer pension plan startup costs.

Healthcare Tax Relief Act

United States · United States Congress · 26 September 2017

Healthcare Tax Relief Act This bill amends the Patient Protection and Affordable Care Act to delay the imposition of an annual fee on health insurance providers until after December 31, 2018. 

Disaster Tax Relief and Airport and Airway Extension Act of 2017

United States · United States Congress · 25 September 2017

Disaster Tax Relief and Airport and Airway Extension Act of 2017 This bill extends several federal aviation programs, aviation taxes, and public health programs. It also modifies requirements for purchasing flood insurance and provides tax incentives for individuals and businesses affected by recent hurricanes. The bill extends several expiring Federal Aviation Administration programs and authorities through March 31, 2018. The bill also amends the Internal Revenue Code to extend through March 31, 2018, the expenditure authority for the Airport and Airway Trust Fund and the taxes that finance the fund, including: fuel taxes, ticket taxes, and taxes related to fractional ownership programs. The bill extends several public health programs, including: (1) the Teaching Health Center Graduate Medical Education program, (2) the Special Diabetes Program for Indians, and (3) the Medicare Patient Intravenous Immunoglobulin (IVIG) Demonstration Project. The bill also reduces funding for the Medicare Improvement Fund. With respect to flood insurance, the bill specifies that private flood insurance offered outside of the National Flood Insurance Program satisfies the requirement for homeowners to maintain flood insurance coverage on properties that have federally-backed mortgages and are located in a flood zone. The bill modifies several tax provisions and rules for individuals and businesses in areas affected by Hurricanes Harvey, Irma, and Maria, including provisions regarding: early withdrawals and loans from retirement plans, employment-related tax credits, deductions for charitable contributions, deductions for personal casualty losses, and income requirements for the earned income tax credit and the child tax credit.

CBO Show Your Work Act

United States · United States Congress · 25 September 2017

CBO Show Your Work Act This bill amends the Congressional Budget Act of 1974 to require the Congressional Budget Office (CBO) to make available to Congress and the public each fiscal model, policy model, and data preparation routine that the CBO uses to estimate the costs and other fiscal, social, or economic effects of legislation. For each estimate of the costs and other fiscal effects of legislation, the CBO must also disclose, in a manner sufficient to permit replication by individuals not employed by the CBO, the data, programs, models, assumptions, and other details of the computations used to prepare the estimate. For data that is not required to be disclosed, the CBO must make available to Congress and the public: a complete list of all data variables for the data; descriptive statistics for all data variables for the data, to the extent that the descriptive statistics do not violate the rule against disclosure; a reference to the statute requiring that the data not be disclosed; and contact information for the individual or entity who has unrestricted access to the data.

SUCCEED Act

United States · United States Congress · 25 September 2017

Solution for Undocumented Children through Careers, Employment, Education, and Defending our Nation Act or the SUCCEED Act This bill authorizes the Department of Homeland Security to cancel the removal of otherwise inadmissible or deportable aliens who entered the United States as children and grant them conditional permanent resident status. The conditional permanent resident status of such aliens shall be valid for an initial period of five years if they came to the United States before the age of 16 and have lived in the United States continuously since June 15, 2012. Such aliens must demonstrate that they were younger than age 31 on June 15, 2012, and had no lawful status in the United States. The bill imposes other requirements upon such aliens, including educational attainments, good moral character, lack of criminal history, and compliance with tax responsibilities. The bill extends conditional permanent resident status for an additional five years if an alien continues to show good moral character, has no tax liabilities, is not receiving federal benefits, has graduated from college or attended a postsecondary school, or has served in the military. The bill permits alien children to apply for the removal of conditional status after 10 years and adjust to lawful permanent residence upon a showing that they have been a conditional permanent resident for at least 10 years, have demonstrated good moral character during that period, have met other age and residency requirement, and have not abandoned residence in the United States. An alien may apply for naturalization five years after adjustment of status to lawful permanent residence under the terms of this bill. Aliens who violate the requirements of this bill or commit certain crimes are subject to expedited removal without an immigration court hearing. Aliens with conditional or lawful permanent resident status under this bill may not sponsor family members, including spouses and children, to obtain legal status in the United States.

Hurricane Harvey and Hurricane Irma Working Family Tax Relief Act

United States · United States Congress · 21 September 2017

Hurricane Harvey and Hurricane Irma Working Family Tax Relief Act This bill amends the Internal Revenue Code to allow certain individuals affected by Hurricanes Harvey or Irma to elect to use earned income from the preceding year for the purpose of determining earned income for the earned income tax credit and the child tax credit. The bill applies to an individual: (1) whose principal place of abode on specified dates was located in the Hurricane Harvey disaster area or the Hurricane Irma disaster area, (2) who was displaced from the place of abode due to the disaster, and (3) who performed substantially all employment services in the disaster area and was so employed on the specified date. The Department of the Treasury must pay to each U.S. possession with a tax system that mirrors federal tax law (mirror code tax system) amounts equal to the loss to the possession due to this bill. For U.S. possessions that do not have a mirror code tax system, Treasury must pay an amount equal to the aggregate benefits that would have been provided to residents of the possession due to this bill if a mirror code tax system had been in effect.

Supporting initiatives by President Trump to create a new age of American prosperity by reducing the crushing tax burden on American families and American companies.

United States · United States Congress · 21 September 2017

Affirms the leadership and commitment of President Trump to simplify the tax code and supports tax policies such as raising the standard deduction, increasing the child tax credit, lowering rates, and changing the corporate tax system to a territorial system.

GAIN Act of 2017

United States · United States Congress · 19 September 2017

Grow American Incomes Now Act of 2017 or the GAIN Act This bill amends the Internal Revenue Code, with respect to the earned income tax credit (EITC), to: (1) increase specified credit and phaseout percentages, (2) increase the earned income amounts and the phaseout amounts, (3) decrease from 25 to 21 the minimum eligibility age for individuals without qualifying children, and (4) allow employees to elect to receive advance payments of the EITC from employers when wages are paid.

Stop CEO Excessive Pay Act

United States · United States Congress · 19 September 2017

Stop CEO Excessive Pay Act The bill amends the Internal Revenue Code, with respect to the deduction for trade or business expenses, to prohibit a deduction for excessive compensation for any employee of the taxpayer. "Excessive compensation" is the amount by which the compensation for services performed by an employee during the year exceeds the lesser of: (1) the median of the compensation paid for services performed by all employees of the taxpayer during the taxable year, multiplied by 25; or (2) $1 million. The bill amends the Securities Exchange Act of 1934 to: (1) prohibit an issuer from paying excessive compensation to an employee unless the compensation is approved by at least 50% of the shareholders, and (2) impose monetary penalties on issuers that violate the requirement. The bill also prohibits tax deductions for penalties paid to the Securities and Exchange Commission pursuant to this bill.

Middle Class Tax Break Act of 2017

United States · United States Congress · 19 September 2017

Middle Class Tax Break Act of 2017 This bill amends the Internal Revenue Code to allow a working America tax credit equal to the lesser of: (1) 6.2% of the earned income of the taxpayer, or (2) $500 ($1,000 in the case of a joint return or a head of a household). Individuals whose modified adjusted gross income does not exceed $100,000 ($200,000 in the case of a joint return or a head of a household) are eligible for the credit. The following individuals or entities are ineligible for the credit: (1) estates or trusts, (2) nonresident aliens, (3) individuals who do not include a Social Security number on their tax return, and (4) individuals for whom another taxpayer is allowed a deduction for a personal exemption.

Tobacco Tax Equity Act of 2017

United States · United States Congress · 19 September 2017

Tobacco Tax Equity Act of 201 7 This bill amends the Internal Revenue Code, with respect to the excise tax on tobacco products, to tax pipe tobacco, smokeless tobacco products, and large cigars at the same level as cigarettes. The bill revises the definition of "tobacco products," for purposes of such tax, to include any other product determined to be a tobacco product by the Food and Drug Administration. The bill also specifies that such products must be taxed at a level equivalent to the rate for cigarettes on an estimated per use basis. The bill also makes smokeless tobacco products sold in discrete single-use units subject to an excise tax of $50.33 per thousand. The tax rates for tobacco products must be adjusted for inflation after 2017.

Appalachian Regional Commission Reform Act

United States · United States Congress · 18 September 2017

Appalachian Regional Commission Reform Act This bill declares that the mission of the Appalachian Regional Commission shall be to focus primarily on poverty reduction and economic development in areas in the Appalachian region with the most persistent poverty. The headquarters of the commission shall be located in that region. The bill increases from 50% to 60% the minimum amount of the grant expenditures approved by the commission that shall support activities or projects that benefit severely and persistently distressed counties and areas. The commission shall: (1) allocate at least 60% of the funds made available each fiscal year for its Area Development Program for projects in counties designated as distressed, and (2) submit an annual report on the allocation of program funds to such counties.

Appalachian Regional Commission Reform Act

United States · United States Congress · 18 September 2017

Appalachian Regional Commission Reform Act This bill declares that the mission of the Appalachian Regional Commission shall be to focus primarily on poverty reduction and economic development in areas in the Appalachian region with the most persistent poverty. The headquarters of the commission shall be located in that region. The bill increases from 50% to 60% the minimum amount of the grant expenditures approved by the commission that shall support activities or projects that benefit severely and persistently distressed counties and areas. The commission shall: (1) allocate at least 60% of the funds made available each fiscal year for its Area Development Program for projects in counties designated as distressed, and (2) submit an annual report on the allocation of program funds to such counties.

Federal Disaster Assistance Nonprofit Fairness Act of 2017

United States · United States Congress · 18 September 2017

Federal Disaster Assistance Nonprofit Fairness Act of 2017 This bill amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to include community centers, including tax-exempt houses of worship, as "private nonprofit facilities" for purposes of disaster relief and emergency assistance eligibility under such Act. A church, synagogue, mosque, temple, or other house of worship, and a private nonprofit facility operated by a religious organization, are eligible for federal contributions for the repair, restoration, and replacement of facilities damaged or destroyed by a major disaster, without regard to the religious character of the facility or the primary religious use of the facility. This bill is applicable to the provision of assistance in response to a major disaster or emergency declared on or after October 28, 2012.

Save American Workers Act of 2017

United States · United States Congress · 14 September 2017

Save American Workers Act of 2017 This bill amends the Internal Revenue Code to change the definition of "full-time employee" for purposes of the employer mandate to provide minimum essential health care coverage under the Patient Protection and Affordable Care Act from an employee who is employed on average at least 30 hours of service a week to an employee who is employed on average at least 40 hours of service a week.

Grandparents Tax Credit Act of 2017

United States · United States Congress · 14 September 2017

Grandparents Tax Credit Act of 2017  This bill amends the Internal Revenue Code to allow a grandparent a refundable tax credit for up to $500 of the cost of household items (food, clothing, and other items typically used by or for the benefit of children) purchased for the benefit of a grandchild who is under the age of 18 if, for more than half of the year, the child lives with the grandparent and at least one parent whose adjusted gross income does not exceed 300% of the federal poverty level.

A bill to amend the Internal Revenue Code of 1986 to permit amounts paid for programs to obtain a recognized postsecondary credential or a license to be treated as qualified higher education expenses for purposes of a 529 account.

United States · United States Congress · 14 September 2017

This bill amends the Internal Revenue Code, with respect to qualified tuition programs (known as 529 plans), to allow distributions from the plans to be used for expenses required for programs to obtain a recognized postsecondary credential or occupational license. A "recognized postsecondary credential" is a credential consisting of an industry-recognized certificate or certification, a certificate of completion of an apprenticeship, a license recognized by the state involved or federal government, or an associate or baccalaureate degree.

Public Good IRA Rollover Act of 2017

United States · United States Congress · 14 September 2017

Public Good IRA Rollover Act of 201 7 This bill amends the Internal Revenue Code to revise the tax exclusion for distributions from individual retirement accounts (IRAs) for charitable purposes to: (1) eliminate the $100,000 cap on such exclusion; (2) permit tax-free distributions from IRAs to a split-interest entity (i.e., a charitable remainder annuity or unitrust, a pooled income fund, and a charitable gift annuity); and (3) allow distributions to a split-interest entity to be made when the account beneficiary attains age 59-1/2 (otherwise, age 70-1/2 for IRA distributions to a charitable organization).

Freight Infrastructure Reinvestment Act of 2017

United States · United States Congress · 13 September 2017

Freight Infrastructure Reinvestment Act of 2017 This bill amends the Internal Revenue Code to impose a 1% tax on certain ground transportation of property within the United States. In addition, the bill establishes: (1) a National Freight Mobility Infrastructure Fund, consisting of amounts equivalent to taxes received under the bill; and (2) a National Freight Mobility Infrastructure Improvement Program, through which the Department of Transportation is authorized to make competitive grants for eligible costs associated with projects to improve freight mobility.

Carbon Capture Act

United States · United States Congress · 13 September 2017

Carbon Capture Act This bill amends the Internal Revenue Code to extend and modify the tax credit for carbon dioxide (CO2) sequestration. The bill modifies the credit to: allow certain new industrial or direct air capture facilities to qualify for the credit if construction begins before 2024; allow qualified projects to claim the credit for 15 years, beginning on the date the equipment was originally placed in service; increase the credit amounts for certain projects placed in service upon or after the enactment of this bill; expand the purposes for which captured CO2 may be used; modify the requirements for the amount of CO2 that must be captured; specify that the 75 million metric ton cap on the CO2 that may qualify for the credit applies only to projects placed in service before the enactment of this bill; allow the credit to be transferred from the entity that owns and uses the capture equipment to the entity that disposes of or uses the CO2; and allow certain facilities that were placed in service after 2015 and have not previously claimed the credit to be treated as placed in service on the date of the enactment of this bill.

GAIN Act

United States · United States Congress · 13 September 2017

Grow American Incomes Now Act of 2017 or the GAIN Act This bill amends the Internal Revenue Code, with respect to the earned income tax credit (EITC), to: (1) increase specified credit and phaseout percentages, (2) increase the earned income amounts and the phaseout amounts, (3) decrease from 25 to 21 the minimum eligibility age for individuals without qualifying children, and (4) allow employees to elect to receive advance payments of the EITC from employers when wages are paid.

A resolution amending rule XXXI of the Standing Rules of the Senate, to provide for timely consideration of nominations.

United States · United States Congress · 13 September 2017

Amends Rule XXXI (Executive Session - Proceedings on Nominations) of the Standing Rules of the Senate to discharge the committee considering a presidential nomination and make the nomination eligible for expedited consideration if the nomination has not been confirmed or rejected within 180 days after the nominee completes the following requirements: an agreement with the Office of Government Ethics; a financial disclosure form; a background check conducted by the Federal Bureau of Investigation; a questionnaire of each relevant committee; tax forms, if required by a relevant committee; and any other requirements of a relevant committee. Limits expedited consideration to two hours.

Taxpayer Bill of Rights Enhancement Act of 2017

United States · United States Congress · 12 September 2017

Taxpayer Bill of Rights Enhancement Act of 2017 This bill amends the Internal Revenue Code, with respect to provisions affecting taxpayer rights, to: increase penalties for unauthorized disclosure or inspection of taxpayer information and allow punitive damages for willful unauthorized inspection or disclosure; prohibit the disclosure of taxpayer information to any contractor or other agent of a governmental entity without confidentiality safeguards; increase the limit on civil damages for unauthorized collection actions by Internal Revenue Service (IRS) employees and allow punitive damages for reckless or intentional actions; extend to two years the time limit for contesting a tax levy or for seeking a return of wrongfully levied property; waive user fees for taxpayers who agree to automated installment payments; allow amounts that have been wrongfully levied from retirement accounts to be recontributed without regard to contribution limits; modify the requirements and exceptions that apply to payments of estimated taxes; require the disclosure of collection activities relating to a joint account upon the oral request of either spouse (currently, a written request is required); and require tax-exempt organizations to file their tax returns in electronic form. The IRS must maintain a program that provides free tax preparation and electronic filing services to low-income and elderly taxpayers. The bill amends the Internal Revenue Service Restructuring and Reform Act of 1998 to require at least one IRS appeals officer and one settlement officer to be located and permanently available in each state, the District of Columbia, and Puerto Rico.

Boost Saving for College Act

United States · United States Congress · 12 September 2017

Boost Saving for College Act This bill amends the Internal Revenue Code to modify the tax treatment of qualified tuition programs (known as 529 plans). The bill allows: (1) a nonrefundable tax credit for contributions of an individual to a 529 plan, and (2) an exclusion from the gross income of an employee of up to $1000 per year of employer contributions to a 529 plan. The bill also permits savings from a 529 plan to be rolled over tax-free into: (1) a Roth Individual Retirement Account of the owner or the beneficiary of a 529 plan that has been maintained for 10 years, and (2) an ABLE account of the designated beneficiary of the 529 plan. (Tax-favored ABLE [Achieving a Better Life Experience] accounts are designed to enable individuals with disabilities to save for and pay for disability-related expenses.)

Worker Owned Wealth Act

United States · United States Congress · 11 September 2017

Worker Owned Wealth Act This bill establishes a loan program and tax incentives to assist employee stock ownership plans (ESOPs). The Department of the Treasury must establish in each field office an Employer Ownership Revolving Loan Fund to make: (1) low-interest loans to business owners seeking to establish employee ownership in the business, and (2) loan guarantees to private lenders who make loans to ESOPs. The bill amends the Internal Revenue Code to exclude from gross income a limited amount of the interest received from loans to a corporation or an ESOP to acquire or transfer employer securities for an ESOP that meets specified requirements. The bill also imposes a 10% tax on a disposition of certain employer securities by an ESOP: (1) within three years of the acquisition of the securities, subject to specified conditions; or (2) if the securities or the proceeds from the disposition have not been allocated to participants or their beneficiaries. The bill modifies the limitation on the deductibility of executive compensation of publicly held corporations to: (1) require a corporation that uses the performance-based compensation exception to be at least 5% employee-owned under an employee stock program, and (2) modify the definition of "publicly held corporation." The bill establishes within the National Economic Council the Office of Employee Ownership and Worker Empowerment to provide educational and technical assistance, raise awareness, and report to Congress regarding employee ownership in companies.

To amend the Internal Revenue Code of 1986 to repeal the individual health insurance mandate.

United States · United States Congress · 8 September 2017

This bill amends the Internal Revenue Code to repeal, after 2017, the requirement that individuals maintain minimum essential health care coverage (commonly referred to as the individual mandate).

Humanitarian Firefighter Relief Act

United States · United States Congress · 8 September 2017

Humanitarian Firefighter Relief Act This bill amends the Tariff Act of 1930 and the Harmonized Tariff Schedule of the United States to grant duty-free treatment of donated fire-fighting and rescue and relief equipment and supplies imported by or on behalf of a qualified tax-exempt nonprofit charitable organization for purposes of the inspection and subsequent donation and export of those items to countries and organizations in need.

Small Business Owners' Tax Simplification Act of 2017

United States · United States Congress · 8 September 2017

Small Business Owners' Tax Simplification Act of 2017 This bill amends the Internal Revenue Code, with respect to several requirements that affect small businesses and self-employed individuals, to: align the deadlines for quarterly estimated tax payments with the calendar year quarters; modify the dollar thresholds for various information reporting requirements; allow certain self-employed individuals to participate in cafeteria benefit plans; exclude from self-employment income net earnings that are less than the amount required under the Social Security Act for a quarter of coverage for the calendar year in which the tax year began; allow certain health insurance costs of self-employed individuals to be deducted for self-employment tax purposes; and specify that voluntary tax withholding agreements, training, or group discount programs have no effect on whether an individual is classified as an employee or an employer. The Department of the Treasury must: (1) establish uniform standards and procedures for the acceptance of digital or electronic signatures, and (2) use prenotification testing to verify recipient information before transferring a tax refund or credit through an electronic funds transfer.