Taxation

FAITH in Congress Act

United States · United States Congress · 17 September 2020

Foster Accountability, Integrity, Trust, and Honor in Congress Act or the FAITH in Congress Act This bill establishes prohibitions related to the compensation of Members of Congress, lobbying activities, and consideration of legislation. Specifically, the bill prohibits Members of Congress from being paid if both chambers of Congress have not (1) agreed to a budget resolution for the next fiscal year by April 15, or (2) passed each of the regular appropriations bills for the next fiscal year by September 30. In addition, the bill eliminates automatic pay adjustments for Members of Congress, and it prohibits generally the use of funds provided for official travel expenses of Members of Congress and legislative branch employees from being used for airline accommodations that are not coach class. Further, the bill prohibits former Members of Congress and elected officers of Congress from lobbying Congress, and it prohibits the House of Representatives from considering legislation that does not have demonstrable bipartisan support.

Innovation Centers Acceleration Act

United States · United States Congress · 17 September 2020

Innovation Centers Acceleration Act This bill provides a program to advance economic development by designating nine cities as innovation centers—increasing funding for research and development—and providing and modifying certain related grants. It also establishes the Innovation Center Selection Committee to designate these cities. The innovation center designation entitles participating cities—and the businesses, research institutions, and other organizations that operate within them—to various federal funding and benefits for research activities, business and workforce development, and transportation infrastructure projects. These benefits include expanding various tax credits and incentives for businesses and enabling those businesses to access loans and other financial instruments to raise capital. In addition, the bill establishes a grant program for local and tribal governments that partner with innovation centers to develop and preserve affordable housing. It also modifies existing grants, loans, and other programs that support transportation infrastructure to specifically target initiatives in innovation centers.

2020 Disasters Tax Relief Act

United States · United States Congress · 17 September 2020

2020 Disasters Tax Relief Act This bill sets forth tax relief provisions for individual and business taxpayers residing in a disaster zone during the period beginning on January 1, 2020, and ending 60 days after the enactment of this bill. Specifically, the bill allows penalty-free disaster-relief withdrawals from tax-exempt retirement plans up to $100,000, permits recontributions of such withdrawals for home purchases cancelled due to disasters, increases to $100,000 the limit on loans for disaster assistance from retirement plans, allows employers affected by a disaster a 40% tax credit for the purpose of retaining employees, enhances the tax deduction for disaster-related personal casualty losses, permits the calculation of the earned income tax credit based upon income earned prior to 2020, increases low-income housing tax credit allocations, reimburses U.S. possessions for losses sustained due to the application of the provisions of this bill.

DEPARTMENTS OF LABOR, HEALTH AND HUMAN SERVICES, AND EDUCATION, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2021

United States · United States Senate · 16 September 2020

To amend chapter 2003 of title 54, United States Code, to protect majority federally owned counties from loss of taxable acreage, and for other purposes.

United States · United States Congress · 16 September 2020

This bill bars amounts from the Land and Water Conservation Fund from being used by the Department of the Interior or the Department of Agriculture to acquire private land within a county in which 50% or more of the land is owned by the federal government, unless the department acquiring the private land disposes of an equal amount of federally owned land within that county during the same fiscal year to ensure no net loss of private, taxable acreage in that county.

Disaster Tax Relief Act of 2020

United States · United States Congress · 16 September 2020

Disaster Tax Relief Act of 2020 This bill sets forth tax relief provisions for individual and business taxpayers residing in a disaster zone during the period beginning on July 1, 2020, and ending 60 days after the enactment of this bill. Specifically, the bill allows penalty-free disaster-relief withdrawals from tax-exempt retirement plans up to $100,000, permits recontributions of such withdrawals for home purchases cancelled due to disasters, increases to $100,000 the limit on loans for disaster assistance from retirement plans, allows employers affected by a disaster a 40% tax credit for the purpose of retaining employees, increases the tax deduction for corporate disaster relief contributions, enhances the tax deduction for disaster-related personal casualty losses, permits the calculation of the earned income tax credit based upon income earned prior to 2020, and reimburses U.S. possessions for losses sustained due to the application of the provisions of this bill.

Businesses Preparing for a Better Tomorrow Act

United States · United States Congress · 15 September 2020

Businesses Preparing for a Better Tomorrow Act This bill allows employers a payroll tax credit in each calendar quarter of 50% of the their qualified workplace training expenses paid or incurred after March 12, 2020, and before January 1, 2021. The bill defines qualified workplace training expenses as employer expenses for education and training for the health and safety of employees in the workplace with respect to COVID-19 (i.e., coronavirus disease 2019), and the prevention of the spread of COVID-19 in the workplace.

BETTER Kidney Care Act

United States · United States Congress · 15 September 2020

Bringing Enhanced Treatments and Therapies to ESRD Recipients Kidney Care Act or the BETTER Kidney Care Act This bill requires the Centers for Medicare & Medicaid Services (CMS) to establish a demonstration program for Medicare beneficiaries with end-stage renal disease (ESRD). Under the program, renal dialysis facilities, kidney disease specialists, physician practices, and other health care practitioners may form an organization that partners with certain health care entities to provide integrated care to beneficiaries with ESRD. Such care must include all covered Medicare benefits as well as transition services for transplantations, palliative care, and hospice. Each organization must have a minimum number or percentage of participating beneficiaries (350 or 60% of beneficiaries served at the organization's facilities) and must also comply with certain fiscal, governance, and quality of care requirements. Additionally, the Government Accountability Office must study certain data that is reported to the CMS regarding pediatric dialysis care, as well as the effects of race-based corrections to a specified kidney function test on referrals of ESRD patients for transplant evaluations.

Bringing Enhanced Treatments and Therapies to ESRD Recipients (BETTER) Kidney Care Act

United States · United States Congress · 15 September 2020

Bringing Enhanced Treatments and Therapies to ESRD Recipients (BETTER) Kidney Care Act This bill requires the Centers for Medicare & Medicaid Services (CMS) to establish a demonstration program for Medicare beneficiaries with end-stage renal disease (ESRD). Under the program, renal dialysis facilities, kidney disease specialists, physician practices, and other health care practitioners may form an organization that partners with certain health care entities to provide integrated care to beneficiaries with ESRD. Such care must include all covered Medicare benefits as well as transition services for transplantations, palliative care, and hospice. Each organization must have a minimum number or percentage of participating beneficiaries (350 or 60% of beneficiaries served at the organization's facilities) and must also comply with certain fiscal, governance, and quality of care requirements. Additionally, the Government Accountability Office must study certain data that is reported to the CMS regarding pediatric dialysis care, as well as the effects of race-based corrections to a specified kidney function test on referrals of ESRD patients for transplant evaluations.

Support for Workers, Families, and Social Security Act

United States · United States Congress · 11 September 2020

Support for Workers, Families, and Social Security Act This bill exempts employees from the payment of employment taxes for the period beginning on September 1, 2020, and ending on December 31, 2020. This exemption does not affect the determination of Social Security retirement benefits.

Thank You Act

United States · United States Congress · 10 September 2020

Thank You Act This bill allows a refundable tax credit beginning in 2020 for certain law enforcement officers. It also allows a $1,500 deduction from gross income (above-the-line deduction) for first responders.

Making emergency supplemental appropriations for the fiscal year ending September 30, 2020, and for other purposes.

United States · United States Congress · 8 September 2020

COVID Community Care Act This bill provides FY2020 supplemental funding for the Department of Health and Human Services and the Indian Health Service to implement programs to prevent and respond to COVID-19 (i.e., coronavirus disease 2019) in medically underserved areas and among tribal populations, respectively. The bill designates the funding as emergency spending, which is exempt from discretionary spending limits.

RECOVERY Act

United States · United States Congress · 8 September 2020

Reinvigorating the Economy, Creating Opportunity for every Vocation, Employer, Retiree & Youth Act or the RECOVERY Act This bill revises provisions in the tax code; modifies the liability of employers, public officials, and other entities; makes various changes to help schools, employers, and industries respond to COVID-19 (i.e. coronavirus disease 2019); and otherwise addresses economic growth. It also modifies congressional oversight of regulations, including by requiring approval for certain rules. Among other things, the bill establishes and expands various tax credits, deductions, and exclusions from income for individuals and businesses and temporarily suspends payroll taxes. Additionally, the bill limits the liability, under some conditions, of employers, health care providers, and other entities for COVID-19 exposures. It also imposes liability on public officials with authority to direct law enforcement agencies for losses that occur in areas that a law enforcement agency has been instructed not to access during riots. Furthermore, it revises multiple COVID-19 response activities, including by restricting eligibility for unemployment compensation, extending particular business loans and payroll support programs, and establishing sunset dates for spending COVID-19 funds. Additionally, the bill requires the Department of Education to use a specified percentage of COVID-19 funds to support certain scholarship-granting organizations. It also establishes an alternate approval process for coronavirus drugs and other medical products approved for sale in another country; expands interstate telehealth access; and makes other changes to health insurance plans, health savings accounts, and retirement accounts. The bill also creates tax incentives and other programs to support mining, petroleum, pharmaceutical, aviation, and other industries.

Taxpayer Research and Coronavirus Knowledge Act of 2020

United States · United States Congress · 8 September 2020

Taxpayer Research and Coronavirus Knowledge Act of 2020 This bill requires the Department of Health and Human Services (HHS), in coordination with specified federal agencies, to compile a public, searchable database of federal contracts, tax benefits, and other support for COVID-19 (i.e., coronavirus disease 2019) biomedical research and development, including information regarding the source and amount of such support. HHS must develop the database within one month and periodically update it.

Consumers REBATE Act

United States · United States Congress · 4 September 2020

Consumers Rebate to ban Emissions and Boost AlTernative Energy Act or the Consumers REBATE Act This bill imposes an excise tax on the carbon dioxide content of coal, oil, and natural gas. The tax must be paid by the producer, miner, or importer of the taxable carbon substance and does not apply to exports of the substances. Beginning in 2021, the tax rate is $25 per ton of carbon dioxide content of the life-cycle emissions from the taxable carbon substance. After 2021, the tax increases by $10 each year and does not apply if specified emissions reduction benchmarks have been attained. The bill also includes provisions that require certain fees or refunds for taxable carbon substances that are exported or imported. Funds equivalent to the revenues received from the tax must be transferred to a Carbon Trust Fund established by this bill. The funds must be used, as provided by appropriations Acts, to offset reductions in individual income tax rates, pay quarterly dividends to certain individuals with valid Social Security numbers; and for specified worker transition assistance, energy, research, and infrastructure priorities.

Save our Social Security Now Act

United States · United States Congress · 4 September 2020

Save our Social Security Now Act This bill prohibits the Department of the Treasury from implementing the Internal Revenue Service Notice entitled Relief with Respect to Employment Tax Deadlines Applicable to Employers Affected by the Ongoing Coronavirus (COVID-19) Disease 2019 Pandemic and renders such notice null and void.. The notice requires Treasury to defer the withholding, deposit, and payment of certain payroll tax obligations for a specified period.

Providing for congressional disapproval of the rule submitted by the Internal Revenue Service, Department of the Treasury, relating to "Relief with Respect to Employment Tax Deadlines Applicable to Employers Affected by the Ongoing Coronavirus (COVID-19) Disease 2019 Pandemic".

United States · United States Congress · 4 September 2020

This joint resolution expresses congressional disapproval of the Internal Revenue Service rule relating to Relief with Respect to Employment Tax Deadlines Applicable to Employers Affected by the Ongoing Coronavirus (COVID-19) Disease 2019 Pandemic . The rule requires the deferral of the payment of employment taxes on wages between September 1, 2020, and December 31, 2020.

American Dream Down Payment Act of 2020

United States · United States Congress · 4 September 2020

American Dream Down Payment Act of 2020 This bill establishes qualified down payment savings programs that allow taxpayers to establish tax-free accounts to save for down payments, including closing costs, on a principal residence. The Department of the Treasury, in coordination with the Securities and Exchange Commission, must report on matters relating to such accounts, including the number of states that have established down payment savings programs and information about beneficiaries of such programs.

To amend the Internal Revenue Code of 1986 to permanently allow a tax deduction at the time an investment is made in property used for the mining, reclaiming, or recycling of critical minerals and metals from the United States, and for other purposes.

United States · United States Congress · 1 September 2020

This bill allows permanent expensing of property used in the mining, reclaiming, or recycling of certain critical minerals and metals within the United States and of nonresidential real property used in mining such minerals and metals. Expensing is the treatment of expenditures as operating costs deductible in full in the current taxable year. The bill allows a new tax deduction for 200% of the cost of purchasing or acquiring such critical minerals and metals extracted from deposits in the United States. The bill requires the Department of the Interior to establish a pilot project grant program for the development of critical minerals and metals in the United States. A grant awarded under such program may not exceed $10 million. In awarding grants, Interior must give priority to projects determined to be economically viable over the long term and must allot 30% of grants funds to the secondary recovery of critical minerals and metals.

Expressing strong opposition to the imposition of digital services taxes by other countries that discriminate against United States companies.

United States · United States Congress · 1 September 2020

This resolution supports investigations into digital services taxes (i.e., taxes imposed by a foreign government on companies providing digital services in that country), and it calls on relevant U.S. agencies to use all available methods and resources to protect U.S. companies from the discriminatory effects of these taxes. Further, it calls on all countries to continue working toward consensus with the Organisation for Economic Co-operation and Development to address the tax challenges of a global, digitized economy, and it expresses commitment to free and fair trade between the United States and other countries.

Hemp Opportunity Zone Act of 2020

United States · United States Congress · 28 August 2020

Hemp Opportunity Zone Act of 2020 The bill permits the designation of up to 25% of the low-income communities as Hemp Opportunity Zones. Hemp, or industrial hemp, is a variety of the cannabis sativa plant species grown specifically for certain industrial uses, such as making rope, strong fabrics, fiberboard, and paper. In designating such zones, preference must be given to areas that are facing obstacles to economic development, are the focus of governmental or private economic development initiatives, are poised for economic growth requiring access to a larger hemp market, and represent the areas of a state where hemp production would result in the highest return on investment. The bill also allows deferral of tax on gain from investment in Hemp Opportunity Zones, immediate expensing off qualified zone business property, an increased business income tax deduction for hemp producers, a start-up tax credit for hemp farmers, and a 30% investment tax credit for the farming property of certain small hemp farmers. The bill requires the Department of the Treasury to study certain issues relating to hemp production, including the potential opportunities for hemp seed to be used as animal feed and for the use of hemp to create personal protective equipment for health care workers and first responders.

School Choice Now Act

United States · United States Congress · 25 August 2020

School Choice Now Act This bill provides for emergency education freedom grants and allows individual and corporate taxpayers a tax credit for contributions to scholarship-granting organizations. The bill directs the Department of the Treasury, in coordination with the Department of Education, to establish, host, and maintain a web portal that (1) lists all eligible scholarship-granting organizations; (2) enables contributions to such organizations; (3) provides information about the tax benefits of this bill; and (4) enables a state to submit and update information about its programs and scholarship-granting organizations, including information on student eligibility and allowable educational expenses.

Impact Aid Coronavirus Relief Act

United States · United States Congress · 21 August 2020

Impact Aid Coronavirus Relief Act This bill allows local educational agencies (LEAs) participating in the Impact Aid Program to use the student count and federal property valuation data from their FY2021 program applications for their FY2022 program applications. The program provides funding to LEAs that have lost property tax revenue due to the presence of tax-exempt federal property or to those that have experienced increased expenditures due to enrollment of federally connected children (e.g., children living on Indian lands or military bases).

Preserving Employee Retirement Savings Act of 2020

United States · United States Congress · 21 August 2020

Preserving Employee Retirement Savings Act of 2020 This bill allows an employer that has a temporary substantial business hardship and, if not a tax-exempt or cooperative organization, does not have more that $41.5 million in gross receipts a tax credit for 20% of retirement contributions made to employee retirement accounts. The amount of such credit for any employer may not exceed $100,000 in any taxable year.

Freight RAILCAR Act of 2020

United States · United States Congress · 21 August 2020

Freight Rail Assistance and Investment to Launch Coronavirus-era Activity and Recovery Act of 2020 or the Freight RAILCAR Act of 2020 This bill establishes a new tax credit for the replacement and modernization of qualified freight railcars. Specifically, it allows a credit for 50% of the sum of the qualifying replacement or modernization amount, the qualifying scrap amount, and the qualifying railcar facility and technology modernization amount. The bill defines qualified freight railcar as a freight railcar that meets significant improvement requirements for capacity, fuel efficiency, or performance.

Remote Worker Relief Act of 2020

United States · United States Congress · 14 August 2020

Remote Worker Relief Act of 2020 This bill establishes rules for the taxation of wages of individual taxpayers who work remotely to comply with COVID-19 (i.e., coronavirus disease 2019) requirements and for the taxation of the businesses for whom such taxpayers work.

E–Filing Standards Improvement Act

United States · United States Congress · 14 August 2020

E-Filing Standards Improvement Act This bill modifies requirements for electronic filing of tax returns. Specifically, it requires the Internal Revenue Service to issue an e-filing receipt to taxpayers who submit returns electronically that indicates acceptance or rejection of a return. If a return is rejected, the filing receipt must provide information for resolving the issue causing the rejection. The taxpayer shall be allowed 15 business days to correct and resubmit the return electronically.

Guaranteed Income Pilot Program Act of 2020

United States · United States Congress · 14 August 2020

Guaranteed Income Pilot Program Act of 2020 This bill directs the Department of Health and Human Services (HHS) to establish and implement a three-year pilot program to provide a guaranteed monthly income to individual taxpayers between the ages of 18-65. HHS must consult with the Internal Revenue Service and certain nonpartisan and nonprofit agencies or academic institutions with expertise in social science experimentation to develop and award income subsidies to eligible taxpayers and to conduct a study on the outcomes of the program.

Installation Agreement Affordability Act

United States · United States Congress · 14 August 2020

Installation Agreement Affordability Act This bill revises provisions allowing a waiver of the fee imposed on installment agreements paid by electronic payment through a debit instrument to extend eligibility for such waiver to all taxpayers regardless of income.

US MADE Act of 2020

United States · United States Congress · 14 August 2020

United States Manufacturing Availability of Domestic Equipment Act or the U.S. MADE Act of 2020 This bill prohibits the use of funds in the Strategic National Stockpile for the procurement of certain items unless they are grown, reprocessed, reused, or produced in the United States. Such items include personal protective equipment, including protective masks and gowns, sanitizing and disinfecting wipes, privacy curtains and coverings, or other textile medical supplies and equipment. The bill also allows a new 30% investment tax credit for qualifying medical personal protective equipment manufacturing projects. The term qualifying medical personal protective equipment manufacturing project is a project which reequips, expands, establishes or continues existing production of drugs, vaccines, and medical equipment for the emergency health security of the United States

Military Spouse Job Continuity Act of 2020

United States · United States Congress · 14 August 2020

Military Spouse Job Continuity Act of 20 20 This bill permits the spouse of a member of the Armed Forces (military spouse) who moves with such member to another state under a permanent change of station order a tax credit for up to $500 of qualified relicensing costs incurred by such spouse. The bill defines qualified relicensing costs as costs for a state license or certification to engage in the profession that such military spouse engaged in while residing in the former state.

Tribal Economic Development Act of 2020

United States · United States Congress · 14 August 2020

Tribal Economic Development Act of 2020 This bill amends provisions relating to tribal economic development (TED) bonds issued to promote community development projects in Alaskan Indian tribal areas. Specifically, the bill increases the national tribal economic development bond limitation to $4 billion. It also eliminates the requirement that TED bond proceeds be used solely on Indian reservations and permits bond proceeds to be used for economic development by any qualified Native user which includes any tribal entity, Alaska Native Corporation, and entity that is majority-owned and controlled by an Indian tribe or Alaska Native Corporation. The bill also allows third parties to guarantee the repayment of TED bonds.

Health Savings Accounts For All Act of 2020

United States · United States Congress · 14 August 2020

Health Savings Accounts For All Act of 2020 This bill revises provisions relating to health savings accounts (HSAs). Specifically, the bill repeals the annual limitation on tax-deductible contributions to HSAs by plan participants and their employers; eliminates the requirement that an HSA participant must be enrolled in a high deductible health plan as a condition of eligibility; expands qualified medical expenses to include prescription and over-the-counter drugs; allows payments from HSAs for health insurance premiums; allows payment of medical expenses incurred prior to the establishment of an HSA and correction of administrative errors prior to the due date of an applicable tax return; allows a tax-free rollover of amounts in an HSA, upon the death of an account holder, to the account holder's child, parent, or grandparent; and extends bankruptcy protections to HSAs on the same basis as tax-preferred retirement plans.

A bill to ensure that health care providers do not incur additional Federal income tax liability due to receipt of assistance through the Provider Relief Fund during the COVID-19 pandemic.

United States · United States Congress · 12 August 2020

This bill affirms that any payment or benefit provided to a taxpayer under the Coronavirus Aid, Relief, and Economic Security Act or the CARES Act due to COVID-19 (i.e., coronavirus disease 2019) shall be excluded from gross income, for income tax purposes. Additionally, no deduction shall be denied or reduced, no tax attribute shall be reduced, and no basis increase shall be denied resulting from such exclusion.

Make Billionaires Pay Act

United States · United States Congress · 11 August 2020

Make Billionaires Pay Act This bill establishes a tax on the wealth increases of individuals with more than $1 billion in net assets during the COVID-19 (i.e., coronavirus disease 2019) pandemic and requires the Department of Health and Human Services (HHS) to pay the out-of-pocket expenses of individuals receiving medically-necessary care or services for a period of one year. First, the bill requires individuals with net assets of more than $1 billion on December 31, 2020, to pay a tax of 60% on the amount equal to the lesser of (1) the increase in value of their net assets during the period beginning on March 18, 2020, through such date, or (2) the value of their net assets that is greater than $1 billion. The Department of the Treasury must establish rules for the application of this tax to married individuals and this tax is not deductible for the purpose of federal income tax. Further, the bill covers the costs for services provided through public or private health insurance and to uninsured individuals, including prescription drugs and care related to COVID-19, for a period of one year beginning on the date of enactment of this bill. Health insurance plans are prohibited from increasing the cost-sharing requirements of plans while this program is in effect and HHS must report to Congress on the program on a weekly basis.

To ensure that individuals receive recovery rebates before the end of 2020.

United States · United States Congress · 11 August 2020

This bill requires the Department of the Treasury to establish procedures to ensure that every claim for a 2020 recovery rebate is resolved before December 31, 2020. A recovery rebate is the stimulus payment provided by the Coronavirus Aid, Relief, and Economic Security Act or the CARES Act to individuals and their dependents in response to the COVID-19 (i.e., coronavirus disease 2019) pandemic.

COVID–19 Health and Dependent Care Flexible Spending Account Distribution Act

United States · United States Congress · 11 August 2020

COVID-19 Health and Dependent Care Flexible Spending Account Distribution Act This bill allows a one-time distribution of amounts in a flexible spending arrangement in plan years 2020, 2021, and any plan year during a calendar year in which the President declares a national emergency with respect to COVID-19 (i.e., coronavirus disease 2019)

A bill to amend the National Agricultural Research, Extension, and Teaching Policy Act of 1977 to authorize appropriations for the United States-Israel Binational Agricultural Research and Development Fund.

United States · United States Congress · 11 August 2020

This bill authorizes appropriations for the United States-Israel Binational Agricultural Research and Development Fund for each fiscal year to promote and support agricultural research and development activities that are of mutual benefit to the United States and Israel.

Promoting and Advancing Communities of Color through Inclusive Lending Act

United States · United States Congress · 7 August 2020

Promoting and Advancing Communities of Color through Inclusive Lending Act This bill revises requirements applicable to Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) and addresses lending during the COVID-19 (i.e., coronavirus disease 2019) pandemic. The bill establishes mandatory set-asides for (1) minority CDFIs under the CDFI Fund, and (2) CDFIs and MDIs under existing COVID-19 economic aid programs. The bill also establishes an impact bank designation for certain small depository institutions that lend primarily to low-income borrowers and establishes programs for impact banks and MDIs regarding investments, technical assistance, and federal government deposits. Finally, the Department of the Treasury must provide capital and interest-free loans to CDFIs, MDIs, impact banks, and credit unions that primarily serve low-income, underserved communities. The bill also reduces the CDFI Bond Guarantee Program minimum issuance amount from $100 million to $25 million for FY2020 and to $50 million for fiscal years thereafter.

Multi-State Worker Tax Fairness Act of 2020

United States · United States Congress · 7 August 2020

Multi-State Worker Tax Fairness Act of 2020 This bill limits the authority of a state to impose its income tax on the compensation of a nonresident individual to the period in which the nonresident individual is physically present in the state.

Payments for the People Act

United States · United States Congress · 7 August 2020

Payments for the People Act This bill provides for additional recovery rebates to individual taxpayers and their dependents based upon the average unemployment rate over a three-month period. The rebates are between $1,000 and $2,000 each month and continue until the unemployment rate falls below 5.5%. The rebates phase out for individuals whose modified adjusted gross income exceeds $75,000 ($150,000 for married couples filing jointly).

PRO Sports Act

United States · United States Congress · 7 August 2020

Properly Reducing Overexemptions for Sports Act or the PRO Sports Act This bill removes professional football leagues from the list of tax-exempt organizations. The bill also prohibits an organization or entity from being 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; and (2) has annual gross receipts in excess of $10 million.

Disaster Savings and Resilient Construction Act of 2020

United States · United States Congress · 7 August 2020

Disaster Savings and Resilient Construction Act of 2020 This bill allows a tax credit through 2022 for certain residential or commercial buildings owned by a taxpayer in a disaster area that are designed and constructed to meet resilient construction requirements. The bill defines resilient construction requirements as requirements with respect to buildings in a disaster area that make such buildings resistant to hazards brought on by a major disaster, reduce the duration of a disruptive event, and have the capacity to withstand a potentially disruptive event.

A bill to amend the Internal Revenue Code of 1986 to include certain over-the-counter dietary supplement products as qualified medical expenses.

United States · United States Congress · 6 August 2020

This bill expands the tax deduction for qualified medical expenses to include dietary supplement products. The bill defines dietary supplement products as nutritional products with labelling relating to their effects on bodily functions. The bill also allows payments from certain tax-preferred spending and reimbursement accounts for dietary supplement products.

Paycheck Protection Program Integrity Act of 2020

United States · United States Congress · 6 August 2020

Paycheck Protection Program Integrity Act of 2020 This bill modifies loan forgiveness under the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill reduces the amount of loan forgiveness by (1) the amount of a recipient's after-tax income, or (2) the increase in net assets if the recipient is a nonprofit organization. A recipient seeking loan forgiveness must submit documentation verifying after-tax income and net assets to determine any paycheck protection loan repayment. Further, the bill requires the disclosure of paycheck protection loan information in accordance with applicable laws.

Tax Relief for Families Suffering from Government-Mandated Shutdowns Act

United States · United States Congress · 6 August 2020

Tax Relief for Families Suffering from Government-Mandated Shutdowns Act This bill revises the tax treatment of certain business-related tax deductions and allows new deductions for dependent care expenses, elementary and secondary school expenses, and for expenses incurred in 2020 for internet access.

MMEDS Act of 2020

United States · United States Congress · 6 August 2020

Medical Manufacturing, Economic Development, and Sustainability Act of 2020 or the MMEDS Act of 2020 This bill provides incentives for relocating medical manufacturing facilities in the United States and for manufacturing medical products (i.e., drugs and devices) in economically distressed zones. Specifically, the bill allows a income tax credit for 40% of the sum of wages paid in a medical product manufacturing economically distressed zone, employee fringe benefit expenses, and depreciation and amortization allowances with respect to qualified medical product manufacturing facility property, and a credit for economically distressed zone products and services acquired by domestic medical product manufacturers.. The bill also directs the Department of Health and Human Services to study the extent to which the health of aging individuals and vulnerable populations have been disproportionately harmed by the COVID-19 (i.e., coronavirus disease 2019) pandemic and prior epidemics and pandemics.

Coronavirus Emergency Education Grants Act

United States · United States Congress · 6 August 2020

Coronavirus Emergency Education Grants Act This bill directs the Department of the Treasury to establish a program to make one-time direct payments to parents or guardians to offset the educational expenses of their children during the period of March 2020 to June 2021. It also directs Treasury to award emergency education freedom grants to states. The bill establishes a new tax credit for contributions to an eligible scholarship-granting organization. An eligible scholarship-granting organization is an tax-exempt organization that provides scholarships to individual elementary and secondary school students who reside in the state in which the organization is recognized or are members of a federally recognized Indian tribe. The organization must allocate at least 90% of contributions to qualifying scholarships on an annual basis and provide such scholarships to eligible students and families.

VACC Act

United States · United States Congress · 6 August 2020

Vaccine And Coverage Certainty Act or the VACC Act This bill modifies provisions under Medicare, Medicaid, and the Children's Health Insurance Program (CHIP) relating to the cost and coverage of vaccines for COVID-19 (i.e., coronavirus disease 2019), as well as provisions relating to Medicaid coverage of certain citizens of the Freely Associated States, the applicable Federal Medical Assistance Percentage for the Medicaid expansion population, and the health insurance premium tax credit.

Stop PPE Taxes Act of 2020

United States · United States Congress · 6 August 2020

Stop PPE Taxes Act of 2020 This bill suspends through December 31, 2022, any duty imposed on specified articles and articles identified by the U.S. International Trade Commission as related to the response to COVID-19 (i.e., coronavirus disease 2019).