Taxation

Automatic Cash Assistance Act

United States · United States Congress · 6 August 2020

Automatic Cash Assistance Act This bill allows recipients of Social Security, railroad retirement, and veterans disability benefits to automatically receive stimulus payments under the Coronavirus Aid, Relief, and Economic Security Act or the CARES Act regardless of whether they filed income tax returns in 2018 or 2019. Recipients will also receive the $500 stimulus payment for each dependent child.

Make Billionaires Pay Act

United States · United States Congress · 6 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.

Prevent Government Shutdowns Act of 2020

United States · United States Congress · 5 August 2020

Prevent Government Shutdowns Act of 2020 This bill provides continuing appropriations to prevent a government shutdown if any of the appropriations bills for a fiscal year have not been enacted before the fiscal year begins and continuing appropriations are not in effect. The bill also limits official travel, congressional recesses or adjournments, and the consideration of legislation that is unrelated to appropriations after the beginning of a fiscal year if both chambers of Congress have not passed the appropriations bills for the year.

Military Spouses Retirement Security Act

United States · United States Congress · 4 August 2020

Military Spouses Retirement Security Act This bill allows a small business employer a tax credit for each employee who is a military spouse and eligible to participate in the employer's defined contribution retirement plan.

Impact Aid Infrastructure Act

United States · United States Congress · 4 August 2020

Impact Aid Infrastructure Act This bill authorizes additional Impact Aid construction grants for FY2022. These grants provide infrastructure assistance to local educational agencies 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).

Upskilling and Retraining Assistance Act

United States · United States Congress · 4 August 2020

Upskilling and Retraining Assistance Act This bill increases to $12,000 in 2020-2021, the exclusion from employee gross income, for income tax purposes, of employer-paid educational assistance programs. The bill also expands the definition of educational equipment provided to an employee to include education-related tools and technology and other equipment (e.g., hand tools, computers, software, licensure fees).

American Dream Down Payment Act of 2020

United States · United States Congress · 4 August 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.

AT HOME Act

United States · United States Congress · 4 August 2020

Assisting Teachers and Home Office Modernization for Employees Act or the AT HOME Act This bill allows employers who have not more than 150 full-time employees a tax credit for 25% of their qualified remote work expenses. The bill defines qualified remote work expenses as expenses paid or incurred to allow employees to work from a worksite other than a shared office space, that are necessary to allow for continuation of normal business functions, are in response to COVID-19 (i.e., coronavirus disease 2019), and occur after February 15, 2020, and before January 1, 2021. The bill also extends such tax credit to tax-exempt entities. The bill also allows an income-based tax deduction for remote work expenses.

RECOUPS Act of 2020

United States · United States Congress · 31 July 2020

Redeeming Effectiveness to Carbon Oxide Utilization Plus Sequestration Act of 2020 or the RECOUPS Act of 2020 This bill allows taxpayers who claim a carbon oxide sequestration tax credit to elect to treat the credit as a payment in excess of tax liability. This allows the taxpayer a direct payment of 90% of the dollar amount of the credit.

Paycheck Protection Program Small Business Enhancement Act

United States · United States Congress · 31 July 2020

Paycheck Protection Program Small Business Enhancement Act This bill extends the duration of, authorizes subsequent loans under, and otherwise modifies the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill extends the Paycheck Protection Program through December 31, 2020. It also authorizes a recipient of a paycheck protection loan to apply for a subsequent loan made under the same terms, conditions, and process, and for which the recipient shall be eligible for forgiveness in the same manner, as an initial paycheck protection loan. Further, the bill expands program eligibility to include (1) organizations such as business leagues and chambers of commerce, and (2) franchisors or franchisees that employ not more than 500 employees per physical location. The bill also prohibits the use of program amounts for lobbying activities and makes eligible expenses tax deductible. In addition, the bill provides for an abbreviated process for forgiveness of a paycheck protection loan that is not more than $150,000.

IGNITE American Innovation Act

United States · United States Congress · 31 July 2020

Innovation and Growth Now by Investing in Tomorrow's Enterprises Act or the IGNITE American Innovation Act This bill allows certain C corporation taxpayers to elect an increased advance refund of net operating loss carryovers attributable to COVID-19 (i.e., coronavirus disease 2019) research expenditures in 2020 and 2021. The bill also allows such taxpayers an advance refund of certain other net operating loss carryovers arising during 2015 through 2021. The bill allows an increased research tax credit for COVID-19 research expenditures paid or incurred on or after February 15, 2020, and before January 1, 2022.

REVIEW OF THE FISCAL YEAR 2021 STATE DEPARTMENT BUDGET REQUEST

United States · United States Senate · 30 July 2020

Intelligence Authorization Act for Fiscal Year 2021

United States · United States Congress · 30 July 2020

Intelligence Authorization Act for Fiscal Year 2021 This bill authorizes various intelligence-related activities for FY2021 and contains other related provisions. The bill's provisions include those requiring each intelligence community element to notify Congress before conducting certain activities, including providing support to a government response to a domestic civil disturbance, with some exceptions, or engaging in an activity pursuant to a presidential emergency action document; generally prohibiting the intelligence community from awarding a contract for a national security satellite that uses a star tracker not produced in the United States; providing for paid leave for a civilian intelligence community employee to address a serious health condition; establishing the Office of the Ombudsman for Analytic Objectivity; requiring the Department of Homeland Security to establish an intelligence and cybersecurity diversity fellowship program, which may provide an eligible individual with a paid internship or employment offer upon graduation; imposing certain protections related to intelligence community inspectors general, such as by limiting when the President may remove such an inspector general and limiting who may serve as an acting inspector general; providing for criminal penalties in certain instances for a federal government employee or officer who knowingly and willfully discloses the identity of an intelligence community whistleblower; requiring a political committee to report certain foreign contacts and establishing criminal penalties for violations of such requirements in certain instances; and prohibiting the use of funds made available to the intelligence community for FY2021 to enable or assist air strikes in Yemen by the Saudi Arabia-led coalition.

CAN Act

United States · United States Congress · 30 July 2020

Connect America Now Act or the CAN Act This bill allows an exclusion from gross income, for income tax purposes, of gain from the sale or exchange of the entire interest in a wholly-owned rural incumbent local exchange carrier. A rural incumbent local exchange carrier is a carrier that serves an area where it is required to provide communications services to any customer regardless of cost, and an area other than an urbanized area with not fewer than 50,000 periople, and a core where there are not fewer than 1,000 people per square mile. The bill requires recapture of tax for income from the sale or exchange of stock in a carrier not held for at least one year. The bill allows an investment tax credit for 30% of expenditures to purchase, maintain, or improve property to provide voice telephone service or broadband internet access in rural empowerment zones. The bill increases the volume cap for private activity bonds and allows the use of bond proceeds for infrastructure for broadband internet access service.

Efficient Vehicle Leadership Act of 2019

United States · United States Congress · 30 July 2020

Efficient Vehicle Leadership Act of 2019 This bill allows a new tax credit for certain fuel-efficient motor vehicles. It also imposes a fee on manufacturers of fuel guzzler motor vehicles with less efficient fuel economy ratings.

To amend the Internal Revenue Code of 1986 to make permanent the employer credit for paid family and medical leave.

United States · United States Congress · 30 July 2020

This bill makes the employer tax credit for paid family and medical leave permanent.

Construction Jobs During Coronavirus Act

United States · United States Congress · 30 July 2020

Construction Jobs During Coronavirus Act This bill assigns a zero tax rate on the taxable income of taxpayers engaged in the trade or business of home construction during the period beginning on January 1, 2020, and ending on the date on which the COVID-19 (i.e., coronavirus disease 2019) public health emergency ends.

Newborn CARES Act

United States · United States Congress · 30 July 2020

Newborn CARES Act This bill treats children of a taxpayer born in 2020 as born in calendar year 2019 for purposes of the advance recovery rebate allowed by the Coronavirus Aid, Relief, and Economic Security Act or the CARES Act. The Internal Revenue Service must establish a procedure to allow a taxpayer to file a claim for such rebate during calendar year 2020.

Paying a Fair Share Act of 2019

United States · United States Congress · 30 July 2020

Paying a Fair Share Act of 201 9 This bill requires an individual taxpayer whose adjusted gross income exceeds $1 million (high-income taxpayer) to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax). The amount of the tax is the excess (if any) of the tentative fair share tax over the excess of (1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (2) certain tax credits. The bill provides for a phase-in of such tax and requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2020. The bill also expresses the sense of the House of Representatives that Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the tax system, and makes sure that the wealthiest taxpayers pay a fair share of taxes.

HITS Act

United States · United States Congress · 30 July 2020

Help Independent Tracks Succeed Act or the HITS Act This bill permits taxpayers to treat as currently deductible expenses the cost of qualified sound recording productions not exceeding $150,000 in a taxable year. The bill defines qualified sound recording production as certain sound recordings produced and recorded in the United States.

Dependent Care Expense Relief Act of 2020

United States · United States Congress · 30 July 2020

Dependent Care Expense Relief Act of 2020 This bill allows the carryover of unused dependent care flexible spending arrangement benefits from plan year 2020 to plan year 2021. It also allows employees terminated from employment to be reimbursed for unused dependent care benefits during a specified period. The bill requires the Department of the Treasury to issue rules or guidance to expand the definition of dependent care expenses eligible to be reimbursed from a dependent care flexible spending arrangement to account for changes in the dependent care needs of taxpayers due to a COVID-19 (i.e., corornavirus disease 2019) emergency declaration.

Fair FSAs Act of 2020

United States · United States Congress · 30 July 2020

Fair FSAs Act of 2020 This bill requires employers to allow employees who separate from employment to elect to receive a distribution from their health flexible spending arrangement. It also allows employees to roll over existing balances attributable to a reduction in expected elective health care expenses in the plan year due to the outbreak of COVID-19 (i.e., coronavirus disease 2019).

CREATE JOBS Act

United States · United States Congress · 30 July 2020

Cost Recovery and Expensing Acceleration to Transform the Economy and Jumpstart Opportunities for Businesses and Startups Act of 2020 or the CREATE JOBS Act This bill allows permanent expensing of qualified property (i.e., property with a recovery period of 20 years or less and that is computer software, water utility property, or film, television, or live theatrical production property). It also modifies depreciation provisions for residential rental property and nonresidential real property. The bill repeals provisions for the amortization of research and experimental expenditures, thus providing for direct expensing of such expenditures.

Coronavirus Assistance for American Families Act

United States · United States Congress · 30 July 2020

Coronavirus Assistance for American Families Act This bill allows individual taxpayers an additional 2020 recovery rebate in the amount of $1,000 ($2,000 for joint returns), plus $1,000 for each dependent of the taxpayer. The amount of such rebate is phased out for taxpayers whose adjusted gross income exceeds $75,000 ($150,000 for joint returns). A recovery rebate is a stimulus payment for taxpayers and their dependents who are adversely affected by COVID-19 (i.e., coronavirus disease 2019).

ORE Act

United States · United States Congress · 29 July 2020

Onshoring Rare Earths Act of 2020 or the ORE Act This bill allows permanent expensing of property used in the extraction of certain critical minerals and metals within the United States and of nonresidential real property used in extracting 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 Defense (DOD) 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, DOD 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.

Providing for consideration of the bill (H.R. 7617) making appropriations for the Department of Defense for the fiscal year ending September 30, 2021, and for other purposes.

United States · United States Congress · 29 July 2020

Sets forth the rule for consideration of the bill (H.R. 7617) making appropriations for the Department of Defense for the fiscal year ending September 30, 2021.

PEEPS Act

United States · United States Congress · 29 July 2020

Pandemic Eradication and Enhanced Prevention through Savings Act or the PEEPS Act This bill allows payment in 2020 of health insurance premiums from specified health care plans, including flexible savings accounts. It also allows payment of premiums in 2020 and 2021 for individuals not eligible for employer-sponsored coverage and allows participation in health savings accounts that do not require payment of a deductible. The bill denies coverage as a medical expense, for purposes of a health savings account, the cost of an abortion or the cost of insurance that includes abortion coverage, with exceptions for rape, incest, or health of the mother.

Homeless Veterans Assistance Fund Act of 2020

United States · United States Congress · 29 July 2020

Homeless Veterans Assistance Fund Act of 2020 This bill allows taxpayers to contribute tax refund amounts to a Homeless Veterans Assistance Fund established by this bill. The fund shall make expenditures to provide services to homeless veterans through the development and implementation of new and innovative strategies to prevent and end veteran homelessness.

REPLANT Act

United States · United States Congress · 29 July 2020

Repairing Existing Public Lands by Adding Necessary Trees Act or the REPLANT Act This bill directs the Department of Agriculture (USDA) annually for each of the 10 years after enactment of this bill to transmit to Congress an estimate of the sums necessary to be appropriated, in addition to the funds available from other sources, to replant and otherwise treat an acreage equal to the acreage to be cut over that year, plus a sufficient portion of the backlog of lands found to be in need of treatment to eliminate the backlog within the 10-year period. After such 10-year period, USDA shall transmit annually to Congress an estimate of the sums necessary to replant and otherwise treat all lands being cut over and maintain planned timber production on all other forested lands in the National Forest System to prevent the development of a backlog of needed work larger than the needed work at the beginning of the fiscal year. Each reforestation activity included in a renewable resource assessment shall be carried out in accordance with applicable Forest Service management practices and definitions, including those contained in a specified amendment and regulations related to silvicultural practices. The Forest Service shall, based on recommendations from regional foresters, create a priority list of reforestation projects that primarily take place on priority land, promote effective reforestation following unplanned events, and may include activities to ensure adequate and appropriate seed availability. USDA shall give priority to projects on the priority list.

Eliminating the Provider Relief Fund Tax Penalties Act of 2020

United States · United States Congress · 29 July 2020

Eliminating the Provider Relief Fund Tax Penalties Act of 2020 This bill excludes from gross income, for income tax purposes, any grant or other assistance provided by the CARES Act Provider Relief Fund under the Coronavirus Aid, Relief, and Economic Security Act or the CARES Act.

SAFE Kids and Jobs Act

United States · United States Congress · 29 July 2020

Supporting American Families, Employers, Kids and Jobs Act or the SAFE Kids and Jobs Act This bill allows an employer a payroll tax credit for 30% of qualified employee dependent care expenses (i.e., dependent care assistance) paid by the employer in a calendar quarter. The amount of qualified expenses eligible for the credit is limited to $2,500 per employee in any calendar quarter.

Health Savings Accounts For All Act of 2020

United States · United States Congress · 29 July 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.

REPLANT Act

United States · United States Congress · 29 July 2020

Repairing Existing Public Land by Adding Necessary Trees Act or the REPLANT Act This bill directs the Department of Agriculture (USDA) annually for each of the 10 years after enactment of this bill to transmit to Congress an estimate of the sums necessary to be appropriated, in addition to the funds available from other sources, to replant and otherwise treat an acreage equal to the acreage to be cut over that year, plus a sufficient portion of the backlog of lands found to be in need of treatment to eliminate the backlog within the 10-year period. After such 10-year period, USDA shall transmit annually to Congress an estimate of the sums necessary to replant and otherwise treat all lands being cut over and maintain planned timber production on all other forested lands in the National Forest System to prevent the development of a backlog of needed work larger than the needed work at the beginning of the fiscal year. Each reforestation activity included in a renewable resource assessment shall be carried out in accordance with applicable Forest Service management practices and definitions, including those contained in a specified amendment and regulations related to silvicultural practices. The Forest Service shall, based on recommendations from regional foresters, create a priority list of reforestation projects that primarily take place on priority land, promote effective reforestation following unplanned events, and may include activities to ensure adequate and appropriate seed availability. USDA shall give priority to projects on the priority list.

Tribal Economic Development Act of 2020

United States · United States Congress · 28 July 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.

ENCORES Act

United States · United States Congress · 28 July 2020

Entertainments New Credit Opportunity for Relief & Economic Sustainability Act or the ENCORES Act This bill allows certain businesses and tax-exempt entities that conduct live events for which tickets are sold to the general public a tax credit for 50% of any refund made during the period beginning on January 31, 2020, and ending on the enactment date of this bill. The bill defines live event as any live concert, comedy show, sporting event, or theatrical production for which tickets were made available to the general public not less than six weeks prior to the event. The credit does not apply to an entity engaged in professional football, basketball, baseball, or other professional sport. The ticket refund paid by the entity to a ticket purchaser for a live event includes events cancelled or postponed due to the COVID-19 (i.e., the coronavirus disease 2019) pandemic

AIR Act of 2020

United States · United States Congress · 27 July 2020

Airport Infrastructure Readiness Act of 2020 or the AIR Act of 2020 This bill directs the Department of Transportation (DOT) to apportion Airport Improvement Program funding for FY2022 and FY2023 to an airport sponsor based on the number of passenger boardings at such airport that would result in the highest apportioned amount during either calendar year 2018, calendar year 2019, or the full calendar year prior to the current fiscal year. Additionally, DOT shall not calculate a benefit-to-cost ratio with respect to an air traffic control tower participating in the Contract Tower Program on the basis of an annual aircraft traffic decrease in FY2020 and FY2021. Under the Contract Tower Program, air traffic control towers are staffed by employees of private companies rather than by Federal Aviation Administration (FAA) employees. The FAA is required to perform a benefit-cost analysis to determine eligibility for participation in the program.

Supporting America’s Restaurant Workers Act

United States · United States Congress · 27 July 2020

Supporting America's Restaurant Workers Act This bill expands the currrent 50% tax deduction for business meals to 100% of the cost of such meals provided by a restaurant paid or incurred before January 1, 2021.

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

United States · United States Congress · 27 July 2020

Coronavirus Response Additional Supplemental Appropriations Act, 2020 This bill provides FY2020 supplemental appropriations to several federal agencies for activities related to preventing, preparing for, and responding to COVID-19.

American Workers, Families, and Employers Assistance Act

United States · United States Congress · 27 July 2020

American Workers, Families, and Employers Assistance Act This bill provides assistance to workers, families, and employers during the COVID-19 (i.e., coronavirus disease 2019) pandemic in the form of increased unemployment compensation, additional recovery rebates beginning in 2020, tax credits to promote job creation and employment, support for older foster youth, and emergency support and protection for nursing homes.

Restoring Critical Supply Chains and Intellectual Property Act

United States · United States Congress · 27 July 2020

Restoring Critical Supply Chains and Intellectual Property Act This bill establishes tax credits, incentives, and other measures to support U.S. production of personal protective equipment (PPE), semiconductors, and critical minerals. Among other things, the bill (1) prohibits the use of federal funds for procurement of PPE items not produced in the United States, and (2) establishes a $7.5 billion tax credit for investment in certain medical PPE manufacturing projects. The bill also addresses the security of federally funded research and development grants and export-controlled goods, technologies, or sensitive information, including by establishing a Federal Research Security Council to develop research and development grant making policy and management guidance to protect the national and economic security interests of the United States. Further, it prohibits any federal grant application that fails to disclose the receipt of any outside compensation, including foreign compensation. The bill establishes investments and incentives to support U.S. semiconductor manufacturing, research and development, and supply chain security, such as requiring the National Institute of Standards and Technology to carry out a semiconductor manufacturing program to accelerate research and development for next generation semiconductors. Lastly, the bill addresses availability, development, and production of domestic critical minerals by (1) requiring the President to coordinate agencies to implement U.S. policy regarding critical minerals, including by establishing a capability for identifying critical mineral demand and supply; (2) establishing a grant program for critical mineral education, training, and workforce development programs at institutions of higher education; and (3) reauthorizing through FY2030 the National Geological and Geophysical Data Preservation Program.

Continuous Health Coverage for Workers Act

United States · United States Congress · 27 July 2020

Continuous Health Coverage for Workers Act This bill provides health insurance premium assistance through 2020 for individuals who become unemployed, are furloughed, or receive a reduction in hours. Specifically, the bill treats premiums as paid for individuals who pay a specified minimum amount toward the premium and (1) are terminated from employment and elect to continue insurance coverage through the COBRA (Consolidated Omnibus Budget Reconciliation Act) program, (2) receive a greater than 30% reduction in paid hours but remain eligible for coverage under a group health plan, or (3) have been terminated or receive reduced hours for the duration of time that their employers voluntarily offer coverage under a church health plan. The bill also specifies requirements for individuals changing, or enrolling in, health plans under the program. Additionally, the bill requires employers to provide eligible individuals specified written notice about the premium assistance program, including, among other information, available health plan enrollment options and the date that such assistance expires. The Department of the Treasury must reimburse employers, group health plans, and insurance issuers through a payroll tax credit or refund for unpaid premiums that were treated as paid under the program. Premium assistance is not considered income for federal income tax purposes.

End Polluter Welfare Act of 2020

United States · United States Congress · 24 July 2020

End Polluter Welfare Act of 2020 This bill limits or eliminates certain fossil fuel oil and gas subsidies for oil companies, including by (1) eliminating the authority of the Department of Energy to carry out the Fossil Energy Research and Development Program; (2) expanding the definition of crude oil for purposes of the excise tax on petroleum and petroleum products to include any oil derived from a bitumen or bituminous mixture (tar sands), any liquid fuel derived from coal, and any oil derived from kerogen-bearing sources (oil shale); (3) limiting the financial assistance that such companies may receive from programs that provide relief to businesses affected by the COVID-19 (i.e., coronavirus disease 2019) pandemic; (4) terminating certain tax incentives relating to fossil fuels, including the percentage depletion allowance and capital gains treatment for royalties from coal; and (5) increasing the Oil Spill Liability Trust Fund financing rate.

Invest Now Act

United States · United States Congress · 24 July 2020

Invest Now Act This bill reduces to 5% the capital gains tax rate for property purchased in 2020 and held by the taxpayer for more than five years.

RETAIN Act

United States · United States Congress · 24 July 2020

Retaining Educators Takes Added Investment Now Act or the RETAIN Act This bill allows a refundable tax credit for the employment of early childhood educators, teachers, early childhood education program directors, school leaders, and school-based mental health services providers that is based upon the number of school years for which such individuals have been continuously employed.

Tax Parity for U.S. Mutual Funds Act of 2020

United States · United States Congress · 24 July 2020

Tax Parity for U.S. Mutual Funds Act of 2020 This bill establishes international regulated investment companies (IRICs) and specifies rules for the taxation of such companies. An IRIC is a regulated investment company (i.e., a mutual fund) that has all of its outstanding stock held by foreign shareholders, including nonresident alien individuals (and their foreign estates) and qualified foreign pension funds, and meets other specified requirements.

To amend the Internal Revenue Code of 1986 to repeal chapter 35 (relating to taxes on wagering).

United States · United States Congress · 24 July 2020

This bill repeals the excise tax on wagering.

POLICE Act

United States · United States Congress · 23 July 2020

Providing Officer Licensing to Increase Confidence for Everyone Act or the POLICE Act This bill establishes licensing requirements for federal law enforcement officers and reduces the amount of certain law enforcement-related grants for states that do not adopt similar requirements. The Department of Justice (DOJ) shall, within one year of the bill's enactment, develop and issue licensing standards for law enforcement officers based on law enforcement best practices. Such standards shall be reviewed and updated every five years. Within three years of this bill's enactment, each federal law enforcement officer shall be licensed under such standards. Each officer must also take continuing education classes as may be required by DOJ. Within three years of this bill's enactment, each state shall establish (1) a licensing system that complies with DOJ licensing standards, and (2) a continuing education program substantially similar to the program for federal law enforcement officers. If a state fails to meet these requirements for a fiscal year, certain law enforcement-related grants that the state would have otherwise received shall be reduced by half.

To make a supplemental appropriation for the COVID-19 Telehealth Program of the Federal Communications Commission for the fiscal year ending September 30, 2020.

United States · United States Congress · 23 July 2020

This bill provides FY2020 supplemental appropriations to the Federal Communications Commission (FCC) for the COVID-19 Telehealth Program. Under the program, the FCC provides funding for health care providers to purchase telecommunications services, information services, and devices necessary to provide critical connected care services during the COVID-19 (i.e., coronavirus disease 2019) pandemic. The bill designates the funding as emergency spending, which is exempt from discretionary spending limits.

To amend the Internal Revenue Code of 1986 to increase the research tax credit and provide better access to the credit for business startups.

United States · United States Congress · 23 July 2020

This bill increases from 20% to 40% the rate of the tax credit for increasing research activities. It also increases the rate of the alternative simplified research credit and the credit rate where there have been no research expenses for the preceding three years. The bill also increases the amount of research expenses for purposes of calculating the payroll tax credit allowed to certain small businesses.

To amend the Internal Revenue Code of 1986 to provide for credits against tax for domestic medical and drug manufacturing and advanced medical manufacturing equipment.

United States · United States Congress · 23 July 2020

This bill allows employers tax credits for domestic medical and drug manufacturing expenses and for advanced medical manufacturing equipment.