Taxation

Refugee Resettlement Oversight and Security Act of 2015

United States · United States Congress · 18 September 2015

Refugee Resettlement Oversight and Security Act of 2015 This bill amends the Immigration and Nationality Act to require the President, after appropriate consultation with certain congressional committees, to recommend to Congress the number of refugees who may be admitted into the United States in a fiscal year. Except in the case of an unforeseen emergency refugee situation, no refugees may be admitted in a fiscal year until Congress enacts a joint resolution setting the number of refugees who may be admitted in that fiscal year. In determining an alien's admissibility on security and related grounds the Department of Homeland Security shall consult with the Director of National Intelligence and the Federal Bureau of Investigation. Beginning in FY2016 and ending in FY2020, the President, when considering the admission of refugees who are nationals or citizens of Iraq or Syria, shall give priority to members of a persecuted religious minority. The Government Accountability Office shall report to Congress on the effectiveness of the refugee screening process in protecting U.S. security.

End Tax Exemptions for Fetal Tissue Profits Act

United States · United States Congress · 18 September 2015

End Tax Exemptions for Fetal Tissue Profits Act This bill amends the Internal Revenue Code to deny or revoke the tax-exempt status of 501(c) organizations that are fined for violating the prohibitions against purchasing, soliciting, or accepting human fetal tissue.

Small Business Relief and Job Creation Act

United States · United States Congress · 18 September 2015

Small Business Relief and Job Creation Act This bill amends the Internal Revenue Code to allow small business employers whose gross receipts in the preceding taxable year did not exceed $20 million or who did not employ more than 100 full-time employees during the preceding taxable year a work opportunity tax credit for hiring unemployed individuals as full-time employees (at least 30 hours per week) during 2016 or 2017. The bill doubles the rate of such credit for employers located in counties with high unemployment rates.

Fuel Cell Tax Extenders Act of 2015

United States · United States Congress · 18 September 2015

Fuel Cell Tax Extenders Act of 2015 This bill amends the Internal Revenue Code to extend through 2021: the residential energy efficient property tax credit for qualified fuel cell property, the energy tax credit for qualified fuel cell property, the alternative motor vehicle tax credit for qualified fuel cell motor vehicles, the tax credit for alternative fuel vehicle refueling property relating to hydrogen, and the excise tax credit for the sale or use of alternative fuels involving hydrogen.

STEM Education Opportunity Act

United States · United States Congress · 18 September 2015

STEM Education Opportunity Act This bill amends the Internal Revenue Code to allow: (1) individual taxpayers a deduction from gross income for STEM (i.e., science, technology, engineering, and mathematics) higher education expenses; and (2) a business-related tax credit for contributions of STEM property (e.g., computer equipment and software, microscopes, and lab equipment), services, and training made to an elementary or secondary school to promote education in the biological sciences, mathematics, earth and physical sciences, computer and information science, engineering, geosciences, and social and behavioral sciences. The bill defines "STEM higher education expenses" to include any expenses incurred by an individual attending an institution of higher education who is majoring in science, technology, engineering, or mathematics. The Government Accountability Office must submit to Congress a report detailing: (1) the efficacy of this Act in increasing higher education enrollment in the fields of mathematics, science, engineering, and technology; and (2) any effect this Act has had on the price of higher education tuition in such fields.

Taxpayer Identity Protection Act of 2015

United States · United States Congress · 18 September 2015

Taxpayer Identity Protection Act of 2015 This bill amends the Internal Revenue Code to require the statement reporting wages and other tax information to show an identifying number for the employee (current law requires the employee's social security number).

Jobs! Jobs! Jobs! Act of 2015

United States · United States Congress · 17 September 2015

Jobs! Jobs! Jobs! Act of 2015 This bill: (1) prohibits the use of funds made available by this Act, with specified exceptions, for a project for the construction, alteration, maintenance, or repair of a public building or public work unless all of the iron, steel, and manufactured goods used in such project are produced in the United States; and (2) requires all laborers and mechanics employed by contractors and subcontractors on federally-assisted projects to be paid wages at locally-prevailing rates. TITLE I--RELIEF FOR WORKERS AND BUSINESSES This title amends the Internal Revenue Code to: (1) restore the making work pay tax credit in 2015, and (2) allow 100% bonus depreciation for certain property acquired and placed in service before January 1, 2015. The title amends the Small Business Investment Act of 1958 to increase to $7.5 million the limit on the guarantee for contract surety bonds and on the liability for bonds obtained by fraud or misrepresentation. This increase expires on September 30, 2016. TITLE II--PUTTING WORKERS BACK ON THE JOB WHILE REBUILDING AND MODERNIZING AMERICA This title directs the Departments of Education and the Interior (for schools operated by the Bureau of Indian Education) to reserve through FY2016 appropriated amounts to provide educational assistance to outlying areas based on their respective needs. The Department of Justice must carry out a competitive grant program for the hiring, rehiring, or retention of career law enforcement officers The Department of Education must award grants to states to modernize, renovate, or repair early learning or elementary or secondary education facilities and existing facilities at community colleges. This title makes funds available to the Department of Transportation for: (1) grants-in-aid for airport planning and development and noise compatibility planning projects under the airport improvement program; (2) Federal Aviation Administration Next Generation air traffic control system advancements; (3) highway and bridge restoration, repair, and construction projects and for passenger and freight rail transportation and port infrastructure projects; (4) grants for high-speed rail projects, capital investment grants for intercity passenger rail service, and grants to reduce congestion on intercity rail passenger transportation; (5) capital grants to the National Railroad Passenger Corporation (AMTRAK); (6) transit capital assistance grants; (7) capital projects for existing fixed guideway system modernization, replacement and repair of buses and bus-related equipment, and construction of bus-related facilities; and (8) discretionary capital investment grants for surface transportation infrastructure. Building and Upgrading Infrastructure for Long-Term Development Act This bill establishes the American Infrastructure Financing Authority (AIFA) as a wholly-owned government corporation to make direct loans and loan guarantees to facilitate transportation, water, or energy infrastructure projects. This title: (1) requires infrastructure projects assisted under this Act to have costs that are reasonably anticipated to equal or exceed $100 million ($25 million for rural infrastructure projects), (2) requires the AIFA Chief Lending Officer to establish an Office of Rural Assistance to provide technical assistance in the development and financing of rural infrastructure projects and a Center for Excellence to provide such assistance to public sector borrowers in the development and financing of infrastructure projects, and (3) establishes an Office of Special Inspector General to audit and investigate the business activities of AIFA. This title amends the Internal Revenue Code to extend through 2018 the exemption from the alternative minimum tax for certain tax-exempt private activity bonds. This title appropriates funds for assistance to eligible entities, including state and local governments, qualified nonprofit organizations, businesses, or eligible consortia, for the redevelopment of abandoned and foreclosed-upon properties and for stabilization of affected neighborhoods (Project Rebuild). TITLE III--ASSISTANCE FOR THE UNEMPLOYED AND PATHWAYS BACK TO WORK Supporting Unemployed Workers Act of 2015 This title amends: (1) the Supplemental Appropriations Act, 2008 to extend the emergency unemployment compensation (EUC) program until January 1, 2016; (2) the Assistance for Unemployed Workers and Struggling Families Act to extend through December 31, 2015, requirements that federal payments to states cover 100% of EUC; and (3) the Railroad Unemployment Insurance Act to extend through December 31, 2015, the temporary increase in extended unemployment benefits for employees with 10 or more years of service and for employees with less than 10 years of service. The title establishes the Reemployment NOW program to facilitate the reemployment of individuals receiving emergency unemployment compensation (EUC claimants). A state may use its allotted funds to: (1) establish a Bridge to Work program to provide EUC claimants with short-term work experience placements with eligible employers; (2) provide a wage insurance program to pay, for up to two years, an EUC claimant who obtains reemployment up to 50% of the difference between the wages received at the time of work separation and the wages received for reemployment; and (3) provide a program of enhanced reemployment services to EUC claimants, including unemployed individuals who have exhausted their EUC rights. The Department of Labor must award grants to states for short-time compensation programs and develop model legislative language for use by states in developing, enacting, and implementing such programs. The work opportunity tax credit is expanded to include the hiring of long-term unemployed individuals (individuals who are unemployed and receiving unemployment compensation for six months or more). Pathways Back to Work Act of 2015 This bill establishes programs to subsidize employment for unemployed, low-income adults, to provide summer and year-round employment opportunities to low-income youth, and for work-based training. Fair Employment Opportunity Act of 2015 This bill makes it an unlawful practice for certain employers to: (1) publish a job advertisement or announcement that includes provisions indicating that an individual's status as unemployed disqualifies the individual for employment or that the employer will not consider or hire an individual for employment based on such status, (2) fail or refuse to consider or hire an individual because of such status, or (3) direct or request that an employment agency take an individual's status into account to disqualify an applicant for consideration for employment or when screening or referring employees. The bill makes it an unlawful practice for an employment agency to commit similar acts, including to: (1) screen, or fail or refuse to consider or refer, an individual for employment because of the individual's unemployed status; or (2) limit, segregate, or classify any such individual in any manner that would limit access to job information or consideration, screening, or referral for jobs. The bill makes it unlawful for any employer or employment agency to: (1) interfere with, restrain, or deny the exercise of any right provided under this Act; or (2) fail or refuse to hire, discharge, or otherwise discriminate against an employee because such individual opposed any practice made unlawful by this Act or asserted any right under it. TITLE IV--OFFSETS This title amends the Internal Revenue Code to provide for offsets against decreases in revenue by: (1) limiting tax deductions and other tax exclusions for taxpayers whose adjusted gross income exceeds $200,000 ($250,000 for married taxpayers filing a joint return), (2) treating income received by a partner from an investment services partnership interest as ordinary income for income tax purposes, (3) treating all general aviation aircraft (including corporate jets) as seven-year property for depreciation purposes; (4) denying the foreign tax credit to dual capacity taxpayers; and (5) increasing the period for amortizing geological and geophysical expenditures. The title repeals, after 2015, certain tax expenditures for the oil and gas industry, including: (1) the tax deduction for intangible drilling and development costs for oil and gas wells; (2) the tax deduction for tertiary injectant expenditures; (3) percentage depletion for oil and gas wells; (4) the tax deduction for income from activities relating to oil, natural gas, or any primary product thereof; (5) the exemption from limitations on passive activity losses; and (6) the tax credits for enhanced oil recovery and for producing oil and gas from marginal wells. The title amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act), as amended by the Budget Control Act of 2011, to repeal its budget goal enforcement requirements (sequestration mandate).

Alice Cogswell and Anne Sullivan Macy Act

United States · United States Congress · 17 September 2015

Alice Cogswell and Anne Sullivan Macy Act This bill amends the Individuals with Disabilities Education Act to require a state to identify, evaluate, and provide special education and related services to children who have visual or hearing disabilities (or both) and also are, or may be, classified in another disability category. A state must ensure that it has enough qualified personnel to serve children who have such disabilities and that a full continuum of alternative placements is available to meet the needs of disabled children for special education and related services. The individualized education program for each child that is either (or both) visually or hearing impaired must include specified components and must provide the child with instruction that meets the child's unique learning needs. Similarly, the individualized family service plan for an infant or toddler with a hearing disability must include specified components. A states' closure of a special school serving deaf or blind children shall count as a reduction of its financial support for special education and related services for purposes of the prohibition against reducing state financial support for such services from one fiscal year to the next. The bill also: (1) authorizes grants for training special education personnel, to be used in preparing individuals to become qualified teachers and early intervention specialists for children with hearing disabilities; and (2) establishes within the Department of Education the Anne Sullivan Macy Center on Visual Disability and Educational Excellence to better support students with visual disabilities.

Improving Postal Operations, Service, and Transparency Act of 2015

United States · United States Congress · 17 September 2015

Improving Postal Operations, Service, and Transparency Act of 2015 This bill directs the Postal Regulatory Commission (PRC) to submit a report on the universal service obligation of the U.S. Postal Service (USPS) that takes into account the changing nature of communications and includes recommendations on better defining such obligation to help keep the USPS relevant in the digital age. TITLE I--POSTAL SERVICE WORKFORCE Federal agencies must use criteria specific to USPS employees in calculating any liability of the USPS, including retiree health benefits, retirement annuities, and workers' compensation liabilities. This title: (1) creates a new Postal Service Health Benefits Program (PSHBP) within the Federal Employee Health Benefits Program, to be implemented and administered by the Office of Personnel Management (OPM), for all USPS employees and annuitants; (2) requires all Medicare-eligible postal employees and annuitants enrolled in PSHBP to also enroll in Medicare; (3) restructures the pre-funding requirements for USPS retiree health benefits by replacing the current schedule of annual payments to the Postal Service Retiree Health Benefits Fund with a schedule of annual installment payments that will liquidate pension liabilities by September 30, 2056, as recomputed by June 30 of each year beginning in 2017; (4) reduces the pre-funding requirement for retiree health benefits to 80% of projected liability (currently, 100%); (5) permits refunds to the USPS for overpayments of unfunded pension obligations; and (6) extends the USPS payment schedule for unfunded Civil Service Retirement System liabilities from 25 years to 40 years. A right to appeal to the Merit Systems Protection Board is granted to any USPS officer or employer who: (1) is not represented by a recognized bargaining representative; and (2) is in a supervisory, professional, technical, clerical, administrative, or managerial position covered by the Executive and Administrative Schedule. Any arbitration board deciding a USPS contract dispute must render a decision within 45 days after its appointment and consider the financial condition of the USPS in deciding such disputes. The USPS must designate a USPS employee as the Workforce Development Officer to assume primary responsibility for issues relating to the morale of USPS employees. TITLE II--POSTAL OPERATIONS The USPS must submit to the Board of Governors of the PRC: (1) a plan describing the actions the USPS intends to take to achieve long-term solvency, and (2) a financial plan and budget. The PRC must contract with an independent agency to complete a study that analyzes USPS finances, the overall mailing industry, the demand for market-dominant and competitive products, and changes in overall USPS revenue and costs savings. The USPS is prohibited from: (1) closing or consolidating any postal facility for two years after enactment of this Act; and (2) closing or consolidating any post office, or reducing the hours of certain post offices, for five years after enactment of this Act. The USPS must: (1) submit to appropriate congressional committees a comprehensive strategic plan for reducing the number of area and district offices; (2) establish and regularly revise a uniform set of national service standards; (3) convert door delivery to other delivery modes, including centralized delivery or curbside delivery; and (4) implement a pilot program to assess the feasibility of integrating alternative fuel vehicles into the postal fleet. The USPS may not maintain or operate more than one post office in a House or Senate Office Building. TITLE III--POSTAL SERVICE REVENUE AND INNOVATION This title freezes the rates for market-dominant products in effect on September 30, 2015, until January 1, 2018. By January 1, 2018, the PRC must establish a new system for regulating rates and classes for market-dominant products. This title authorizes the USPS to provide new nonpostal services and to ship wine, beer, and distilled spirits. This title establishes: (1) the position of a Chief Innovation Officer who shall lead the development and implementation of innovative postal products and services and nonpostal services that have the potential to improve the net financial position of the USPS; and (2) a Strategic Advisory Commission on Postal Service Solvency, Service, and Innovation to provide strategic guidance and foster innovative thinking to address challenges facing the USPS without unfairly competing with the private sector. The Commission must develop a strategic blueprint for the long-term solvency of the USPS. TITLE IV--POSTAL SERVICE CUSTOMER SERVICE, TRANSPARENCY, AND REGULATION The Board of Governors of the USPS shall conduct a study on USPS customer service, including the training of employees that serve the public. The PRC shall submit an annual report to specified congressional committees on the fiscal stability of the U.S. mailing industry. The USPS must: (1) develop and regularly update a more customer-friendly publication of USPS terms, abbreviations, and acronyms, which shall be made publicly available on the USPS website; and (2) develop and promote adequate and efficient postal services with respect to its market-dominant products. This title: (1) establishes an Advocate for Competition and requires the USPS and the PRC to publicly post justifications for noncompetitive contracts, and (2) requires a USPS contracting officer who identifies an ethical issue involving a proposed contract to submit such contract to a designated ethics official prior to awarding it. TITLE V--FEDERAL EMPLOYEES' COMPENSATION ACT Workers' Compensation Reform Act of 2015 This Act amends the the Federal Employees' Compensation Act (FECA) to revise benefit payments for FECA enrollees. Under the provisions of this title: FECA benefits for totally disabled enrollees are reduced, with certain exceptions, to 50% of their pre-disability pay upon reaching full retirement age, as defined in the Social Security Act; augmented compensation for dependents of postal employees who have a work-related injury is eliminated, except for employees who are totally disabled and for partially-disabled employees for three years after the enactment of this Act; injured workers may receive schedule compensation payments (i.e., specific payments for certain injuries) if their FECA benefits are reduced by this Act; vocational rehabilitation provisions for injured workers (except workers who have attained retirement age) are modified to require such workers to develop a comprehensive return to work plan and undergo vocational rehabilitation, authorize the Department of Labor to enter into an assisted reemployment agreement with public or private employers for hiring individuals eligible for wage-loss compensation for up to three years, and extend vocational rehabilitation opportunities under FECA to partially disabled workers; a disability management review process must certify and monitor the disability status and extent of injury of each FECA recipient; employees who receive worker compensation benefits must report their earnings from employment or self-employment; a disability management review process must certify and monitor the disability status and injuries of employees receiving compensation; benefits for a severe disfigurement of the face, head, or neck are increased to $50,000 and the maximum benefit for the reimbursement for funeral expenses for an employee who dies due to a work-related injury is increased to $6,000; and compensation for the disability or death of a federal employee shall include injuries sustained in at attack by a terrorist or terrorist organization.

Civil Justice Tax Fairness Act of 2015

United States · United States Congress · 17 September 2015

Civil Justice Tax Fairness Act of 2015 This bill amends the Internal Revenue Code to allow: (1) an exclusion from gross income for amounts received (whether by judgment or settlement, as lump sums or periodic payments) on account of a claim of unlawful discrimination; (2) income averaging for backpay or frontpay amounts received from such claims; and (3) an exemption from the alternative minimum tax (AMT) for any tax benefit resulting from the income averaging of amounts received from an unlawful discrimination claim.

Middle Class Health Benefits Tax Repeal Act of 2015

United States · United States Congress · 17 September 2015

Middle Class Health Benefits Tax Repeal Act of 2015 Amends the Internal Revenue Code to repeal, beginning with taxable years beginning after December 31, 2017, the excise tax on employer-sponsored health care coverage for which there is an excess benefit (high-cost plans).

Earned Income Tax Credit Equity for Puerto Act of 2015

United States · United States Congress · 17 September 2015

Earned Income Tax Credit Equity for Puerto Rico Act of 2015 This bill amends the Internal Revenue Code to make citizens of Puerto Rico eligible for the federal earned income tax credit.

Child Tax Credit Equity for Puerto Rico Act of 2015

United States · United States Congress · 17 September 2015

Child Tax Credit Equity for Puerto Rico Act of 2015 This bill amends the Internal Revenue Code to allow citizens of Puerto Rico to claim the refundable portion of the child tax credit on the same basis as U.S. taxpayers.

Civil Justice Tax Fairness Act of 2015

United States · United States Congress · 17 September 2015

Civil Justice Tax Fairness Act of 2015 This bill amends the Internal Revenue Code to allow: (1) an exclusion from gross income for amounts received on account of a judgment or settlement resulting from a claim of unlawful discrimination, (2) income averaging for backpay and frontpay amounts received from such claims, and (3) an exemption from the alternative minimum tax (AMT) for any tax benefit resulting from the income averaging of amounts received from an unlawful discrimination claim.

Corrosive Drywall Remediation Act

United States · United States Congress · 17 September 2015

Corrosive Drywall Remediation Act This bill amends the Internal Revenue Code to allow an individual taxpayer a tax credit for the cost of repairing damage to a personal residence or household appliance due to corrosive drywall. The bill amends the Housing and Community Development Act of 1974 to allow community development grants under such Act to pay for activities necessary to remove or remedy the use of corrosive drywall installed in housing during construction or rehabilitation that occurred between 2001 and 2009.

Reinvigorating Antibiotic and Diagnostic Innovation Act of 2015

United States · United States Congress · 17 September 2015

Reinvigorating Antibiotic and Diagnostic Innovation Act of 2015 This bill amends the Internal Revenue Code to allow tax credits for 50% of the clinical testing expenses for: (1) infectious disease products that are intended to treat a serious or life-threatening infection, including one caused by an antibacterial or antifungal resistant pathogen or a qualifying pathogen listed by the Department of Health and Human Services as having the potential to pose a serious threat to public health; and (2) in-vitro diagnostic devices that identify in less than four hours the presence, concentration, or characteristics of a serious or life-threatening infection.

AGRICULTURE, RURAL DEVELOPMENT, FOOD AND DRUG ADMINISTRATION AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2016

United States · United States Senate · 16 September 2015

American Red Cross Sunshine Act

United States · United States Congress · 16 September 2015

American Red Cross Sunshine Act This bill authorizes the Comptroller General to review the involvement of the American National Red Cross (the corporation) in any federal program or activity the corporation carries out (current law), including in connection with events for which the government provides leadership or support under the national preparedness system. For purposes of such review, the Comptroller General shall have: (1) access to and the right to examine and copy all corporation records the Comptroller General deems relevant, and (2) access to and the right to interview any corporation employee or volunteer the Comptroller General believes to have relevant knowledge. The Comptroller General may: (1) subpoena a record or employee of the corporation, and (2) bring a civil action in U.S. district court for the District of Columbia to enforce compliance with such subpoena. The corporation's Office of the Ombudsman must enhance dispute resolution regarding concerns raised by stakeholders regarding the corporation and regularly report to the corporation's board of governors information on trends and patterns on concerns communicated to the Office regarding the corporation. The Office must make information available on its website on how to submit concerns about the organization. The bill requires audits, every three years, by: (1) the Treasury Inspector General for Tax Administration of the corporation's revenues, expenditures, and governance; (2) the Department of Homeland Security (DHS) Inspector General of the corporation's disaster assistance services; and (3) the U.S. Agency for International Development Inspector General of the corporation's international activities. DHS must: (1) conduct a one-year pilot program with the corporation to develop mechanisms for DHS to better leverage social media to improve preparedness and response capabilities, and (2) annually report on the extent to which DHS partnered with the corporation in furtherance of preparedness and response capabilities.

An original resolution expressing the sense of the Committee on Small Business and Entrepreneurship of the Senate relating to easing the burden of Federal tax compliance on small businesses.

United States · United States Congress · 15 September 2015

This bill amends provisions of the the Internal Revenue Code relating to the taxation of small businesses to: allow small business entities with gross receipts not exceeding $25 million (currently, $5 million) to use the cash method of accounting and an exemption from the requirement to use inventories; eliminate restrictions on the depreciation of computers or peripheral equipment; extend the tax deduction for the health insurance costs of self-employed individuals; require inflation adjustments after 2015 to the dollar amounts of specified tax exclusions and deductions; modify return due dates for partnerships, C corporations, S corporations, and other entities; and reduce from 5 to 3 years the required holding period for qualified small business stock and extend the rollover period for such stock. The bill directs: (1) Department of the Treasury to modify Treasury regulations for the expensing of tangible property to increase from $500 to $2,500 the de minimis safe harbor amount for taxpayers without applicable financial statements; and (2) the Internal Revenue Service to report on specific ways to improve customer service to small businesses. Promotion and Expansion of Private Employee Ownership Act of 2015 This bill amends the Internal Revenue Code to extend to all domestic corporations, including S corporations, provisions allowing deferral of tax on gain from the sale of employer securities to an S corporation-sponsored employer stock ownership plan (ESOP). The bill directs Treasury to establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations. The bill amends the Small Business Act to define an "ESOP business concern" and allow such a concern to continue to qualify for loans, preferences, and other programs under such Act.

Federal Employee Fair Treatment Act of 2015

United States · United States Congress · 15 September 2015

Federal Employee Fair Treatment Act of 2015 This bill requires federal employees furloughed or required to work due to a lapse in appropriations beginning on or after October 1, 2015, to be compensated after the lapse in appropriations ends. Employees required to work during the lapse in appropriations are permitted to use leave. The bill addresses a lapse in appropriations scheduled to occur if FY2016 appropriations legislation is not enacted prior to the beginning of the fiscal year on October 1, 2015.

American Solution for Simplifying the Estate Tax Act of 2015

United States · United States Congress · 15 September 2015

American Solution for Simplifying the Estate Tax Act of 2015 This bill amends the Internal Revenue Code to: (1) allow taxpayers an election to make annual payments of 1% of their modified adjusted gross income for a minimum seven-year period in lieu of existing estate and generation-skipping transfer taxes, (2) allow a step-up in basis for estate property of a taxpayer making an election under this Act, and (3) set forth requirements for the filing of an estate tax return by taxpayers who have made an election under this Act.

Disability Insurance Protection and Fraud Prevention Act of 2015

United States · United States Congress · 10 September 2015

Disability Insurance Protection and Fraud Prevention Act of 2015 Requires the Inspector General of the Social Security Administration to increase the number of cooperative disability investigative units to 54 and distribute them equally among the most densely populated areas. Prohibits the Commissioner of Social Security, in determining whether an individual is under a disability for insurance benefit payment purposes, from considering: (1) an individual as approaching advanced age unless he or she has attained age 58; (2) an individual as having attained advanced age unless he or she has attained age 61; and (3) the individual's inability to communicate in English as a vocational factor. Amends titles II (Old Age, Survivors and Disability Insurance) (OASDI) and XVI (Supplemental Security Income) (SSI) of the Social Security Act to eliminate consideration of the combined effect of impairments in disability determinations. Makes appropriations for continuing disability reviews for FY2016-FY2020. Directs the Commissioner to assess for Congress after FY2018 the amount of savings attained as a result of such appropriations in the federal disability program under the OASDI and the SSI programs. Requires the Commissioner to describe for Congress the designs of: (1) a disability demonstration program, (2) a state demonstration program to revise specified existing funding streams for specific populations to improve outcomes and reduce participation in SSI or Social Security disability insurance, and (3) a demonstration program that encourages employers to reduce the incidence of disability among their employees by 20% through a voluntary program that provides the employers with a tax credit if their employees do not file for Social Security disability insurance.

National Oceans and Coastal Security Act

United States · United States Congress · 10 September 2015

National Oceans and Coastal Security Act This bill authorizes the Department of Commerce and the National Fish and Wildlife Foundation to establish the National Oceans and Coastal Security Fund as a tax exempt fund for supporting programs and activities to protect, conserve, and restore ocean and coastal resources and coastal infrastructure. Donations from a foreign government may not be deposited into the fund. Commerce must prioritize projects that have non-federal partners sharing the project costs. According to a specified allocation formula, the Foundation must award a minimum percentage of funds as grants to eligible coastal states while awarding a lesser percentage of funds to entities including states, Indian tribes, regional bodies, associations, non-governmental organizations, and academic institutions. The bill amends the Outer Continental Shelf Lands Act to require the President to ensure that a certain percent of offshore energy revenues are deposited into the fund.

A resolution expressing the sense of the Senate that the congressional review provision of the Iran Nuclear Agreement Review Act of 2015 does not apply to the Joint Comprehensive Plan of Action announced on July 14, 2015, because the President failed to transmit the entire agreement as required by such Act, and that the Joint Comprehensive Plan of Action would only preempt existing Iran sanctions laws as "the supreme Law of the Land" if ratified by the Senate as a treaty with the concurrence of two thirds of the Senators present pursuant to Article II, section 2, clause 2, of the Constitution or if Congress were to enact new implementing legislation that supersedes the mandatory statutory sanctions that the Joint Comprehensive Plan of Action announced on July 14, 2015, purports to supersede.

United States · United States Congress · 10 September 2015

Declares the sense of the Senate that: the congressional review requirement of the Atomic Energy Act of 1954, as added by the Iran Nuclear Agreement Review Act of 2015 (Act), does not apply to the Joint Comprehensive Plan of Action (JCPA) announced on July 14, 2015, because the President failed to comply with the transmission to Congress requirements; because the President did not transmit to Congress all related materials and annexes within five days of reaching agreement with Iran the congressional review period did not occur, at least not in the manner envisioned by the members of Congress who voted for the Act; in light of the President's failure to submit the entire agreement relating to Iran's nuclear program, including side agreements, to Congress within five days the congressional review requirement by its own terms does not apply to the partial agreement (JCPA), and so for the substance of the transmission to become "the supreme Law of the Land'' it would need either to be treated by the Senate as a treaty or Congress would need to enact new implementing legislation that supersedes the mandatory sanctions the JCPA purports to supersede; the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, the National Defense Authorization Act for Fiscal Year 2012, the Iran Freedom and Counter-Proliferation Act of 2012, and the Iran Threat Reduction and Syria Human Rights Act of 2012 remain "the supreme Law of the Land'' until a Senate-ratified treaty or duly enacted statute repeals or otherwise supersedes them; and the Senate, which has the power to consent to treaties under Article II of the Constitution, has not and does not consent to the JCPA, which is therefore not "the supreme Law of the Land,'' and the President therefore has a constitutional duty to ensure that the Iran sanctions laws continue to be executed faithfully.

501(c)(4) Reform Act of 2015

United States · United States Congress · 10 September 2015

501(c)(4) Reform Act of 2015 This bill amends the Internal Revenue Code, with respect to the tax exemption for civic leagues or organizations operated for the promotion of social welfare, to prohibit such entities from participating or intervening (including the publishing or distributing of statements) in any political campaign on behalf of, or in opposition to, any candidate for public office.

Save our Bays Act

United States · United States Congress · 10 September 2015

Save our Bays Act This bill amends the Internal Revenue Code to allow a new tax credit, through 2020, for developing and implementing a plan to address non-point pollution carried by surface water runoff on real property located in the United States within the boundaries of an estuary of national significance.

Grandparents Tax Credit Act of 2015

United States · United States Congress · 10 September 2015

Grandparents Tax Credit Act of 2015  This bill amends the Internal Revenue Code to allow grandparents of a minor child whose family adjusted gross income does not exceed 300% of the federal poverty level a refundable tax credit for up to $500 of the cost of household items (i.e., food, clothing, and other items typically used by or for the benefit of the child) paid for the benefit of such child in a taxable year.

Scale-up Manufacturing Investment Company Act of 2015

United States · United States Congress · 9 September 2015

Scale-Up Manufacturing Investment Company Act of 2015 This bill amends the Small Business Investment Act of 1958 to require the Small Business Administration (SBA) to establish a scale-up manufacturing investment company (SUMIC) program under which it shall provide leverage to participating investment funds (PIFs) to support debt and equity investments in qualifying manufacturing projects of specified small and emerging manufacturers. Within 60 days after SBA approves and issues a license to operate as a PIF under SUMIC, it may provide up to $1 of leverage for every $1 of private capital raised by the PIF. The maximum amount of outstanding leverage made available in any given fiscal year: to any PIF may not exceed $500 million, and to all PIFs in aggregate may not exceed $1 billion. The private capital of a PIF must be at least $250 million. Any national bank, or any member bank of the Federal Reserve System or nonmember insured bank, to the extent permitted under state law, may invest in any one or more PIFs, or in any entity established to invest solely in PIFs. In no event must the total amount of such investments exceed 5% of the bank's capital and surplus. The SBA must charge a leverage fee of between 3% and 5.5% of the face amount of the leverage issued. Each PIF shall have authority to borrow money and issue debentures and preferred securities, subject to SBA limitations and regulations. Of the SBA leverage provided to a PIF: (1) at least 70% must be issued as debentures, and (2) up to 30% may be issued as preferred securities. The Federal Financing Bank may acquire such a debenture. A PIF must use its SBA leverage to make debt and equity investments in small and emerging manufacturers to carry out qualifying manufacturing projects. The SBA shall issue policy directives to provide for enhanced outreach efforts to increase investments by PIFs in small businesses owned and controlled by socially and economically disadvantaged individuals and by women, veterans, and individuals with disabilities. The SBA may establish a SUMIC Credit Council.

Sport Fish Restoration and Recreational Boating Safety Act of 2015

United States · United States Congress · 9 September 2015

Sport Fish Restoration and Recreational Boating Safety Act of 2015 This bill amends the Dingell-Johnson Sport Fish Restoration Act to reauthorize through FY2020 appropriations from the Sport Fish Restoration and Boating Trust Fund for various fish, boating, and coastal wetlands restoration programs. The bill also revises amounts allocated from the Fund to various programs, including amounts for programs concerning: (1) coastal wetlands, (2) boating safety, and (3) boating infrastructure. A separate amount is set aside each fiscal year through FY2020 for the Coast Guard's administration of the national recreational boating safety program. When the President submits a budget for FY2017 and each fiscal year thereafter, the U.S. Fish and Wildlife Service must submit an assessment of the administrative services it provides under the Act to states and the sportfishing community.

Apprenticeship and Jobs Training Act of 2015

United States · United States Congress · 9 September 2015

Apprenticeship and Jobs Training Act of 2015 This bill amends the Internal Revenue Code to allow employers a business-related tax credit for up to $5,000 for the training of a qualified individual in a qualified apprenticeship program or a qualified multi-employer apprenticeship program. The bill defines a "qualified individual" as an individual who: (1) is an apprentice participating in a qualified apprenticeship program or a qualified multi-employer apprenticeship program, (2) has been employed in either program for a period of at least seven months that ends within the taxable year, and (3) is not a highly compensated employee or a seasonal worker. The bill defines "qualified apprenticeship program" as a program that: (1) provides qualified individuals with on-the-job training and instruction for a qualified occupation (i.e., a skilled trade occupation in a high-demand mechanical, technical, health care, or technology field); (2) is registered with the Office of Apprenticeship of the Department of Labor; and (3) maintains records relating to the qualified individual. A "qualified multi-employer apprenticeship program" is a program in which multiple employers are required to contribute and that is maintained pursuant to one or more collective bargaining agreements. The bill amends the Internal Revenue Code to allow a premature distribution, without penalty, from a tax-qualified retirement plan to an employee who is serving as a mentor. A "mentor" is defined as a working individual who: (1) has attained age 55; (2) works reduced hours and engages in mentoring activities for at least 20% of such hours; and (3) is responsible for the training and education of employees or students in an area of expertise for which such individual has a professional credential, certificate, or degree.

Simplifying Financial Aid for Students Act of 2015

United States · United States Congress · 8 September 2015

Simplifying Financial Aid for Students Act of 2015 This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to require the Department of Education (ED) to provide for the use of tax information from the second preceding tax year (the "prior, prior year") to determine a student's financial aid eligibility. It requires data sharing between the Internal Revenue Service and ED, pursuant to taxpayer consent. The bill also increases from $23,000 to $30,000 the adjusted gross income threshold used to determine whether a student qualifies for an automatic zero expected family contribution (EFC) in the calculation of such student's financial need. A dependent student is eligible for an automatic zero EFC if the student's parents have adjusted gross income up to $30,000. An independent student with non-spouse dependents is eligible for a zero EFC if the student and spouse have adjusted gross income up to $30,000.

Debt Management and Fiscal Responsibility Act of 2015

United States · United States Congress · 8 September 2015

Debt Management and Fiscal Responsibility Act of 2015 This bill requires the Secretary of the Treasury to provide a report to Congress prior to any date on which the Secretary anticipates the public debt will reach the statutory limit. The Secretary must appear before the House Ways and Means Committee and the Senate Finance Committee to submit a report including: the historic, current, and projected levels of the debt; the drivers and composition of future debt; and how the U.S. will meet debt obligations if the debt limit is raised. The Secretary must also provide a detailed explanation of: proposals of the President to reduce the debt and a progress report on implementing them; the impact an increased debt limit will have on future government spending, debt service, and the position of the U.S. dollar as the international reserve currency; and projections of the fiscal health and sustainability of major entitlement programs (including Social Security, Medicare, and Medicaid). The Department of the Treasury must make the information required by this bill available to the public on the Treasury website.

Scholarship Tax Relief for Students Act of 2015

United States · United States Congress · 8 September 2015

Scholarship Tax Relief for Students Act of 2015 The Internal Revenue Code allows an exclusion from gross income for amounts received as a scholarship if such amounts are used to pay for qualified tuition and related expenses. This bill amends the Internal Revenue Code to include in the definition of "qualified tuition and related expenses" the room and board expenses of a full-time student and expenses payable under a Federal Pell Grant.

Commonsense Reporting Act of 2015

United States · United States Congress · 5 August 2015

Commonsense Reporting Act of 2015 This bill amends the Patient Protection and Affordable Care Act (PPACA) 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 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 Federal Marketplace Data Services 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.

TRAFFIC Relief Act

United States · United States Congress · 5 August 2015

Tax Relief And #FixTheTrustFund For Infrastructure Certainty Act of 2015 or the TRAFFIC Relief Act This bill amends the Internal Revenue Code to phase in: (1) an increase of the excise tax rate on gasoline beginning in 2016 until such rate is 34.3 cents per gallon in calendar years beginning after 2018, and (2) a similar increase to 40.3 cents per gallon for diesel fuel and kerosene. The rates are to be adjusted for inflation for calendar years after 2019. The bill phases in increases in allocations of fuel excise tax amounts to the Mass Transit Account of the Highway Trust Fund for calendar years beginning in 2015. Such increased allocations are to be adjusted for inflation for calendar years beginning after 2019. The bill makes permanent the increase in the refundable portion of the child tax credit and the increase in the earned income tax credit for families with three or more qualifying children. The earned income tax credit is also modified to: (1) allow an increase in such credit for individuals with no qualifying children, (2) revise tax credit eligibility rules for married individuals living apart and qualifying children claimed by another family member, and (3) repeal the denial of such credit for taxpayers with excess investment income.

Primary Care Enhancement Act of 2015

United States · United States Congress · 5 August 2015

Primary Care Enhancement Act of 2015 This bill amends the Internal Revenue Code to: (1) permit an individual to pay primary care service arrangement costs from a health savings account; (2) allow an eligible taxpayer enrolled in a high-deductible health plan to take a tax deduction for cash paid into a health savings account, even if the taxpayer is simultaneously enrolled in a primary care service arrangement; and (3) for purposes of certain tax-deductible expenses for medical care, expand the definition of "medical care" to include periodic provider fees. A "primary care service arrangement" is an exchange of ongoing primary care services for a fixed periodic fee which is not billed to any third party on a fee-for-service basis. The bill also amends title XI of the Social Security Act to require the Center for Medicare and Medicaid Innovation (CMI) to test a primary care medical home model for payment and service delivery. Under this type of model, qualified direct primary care medical home practices are reimbursed a periodic fee for serving Medicare enrollees. In selecting qualified direct primary care medical home practices to participate, CMI shall give priority to practices seeking to enroll dual-eligible individuals. CMI must conduct the model for at least three years, but, if specified conditions are met, CMI shall expand the model on a nationwide basis and a participating practice may continue permanently.

A bill to amend the Internal Revenue Code of 1986 to expand the deduction for interest on education loans, to extend and expand the deduction for qualified tuition and related expenses, and eliminate the limitation on contributions to Coverdell education savings accounts.

United States · United States Congress · 5 August 2015

Amends the Internal Revenue Code to: (1) allow an unlimited tax deduction for student loan interest, (2) repeal the dollar limitation on the tax deduction for qualified tuition and related expenses and make such deduction permanent; (3) allow a carryover to succeeding taxable years of amounts of the deduction for qualified tuition and related expenses that exceed a taxpayer's taxable income; and (4) repeal the dollar limitation on contributions to a Coverdell Education Savings Account.

I Teach Act of 2015

United States · United States Congress · 5 August 2015

Incentives to Educate American Children Act of 2015 or the I Teach Act of 2015 Amends the Internal Revenue Code to permit a refundable tax credit of $1,000 for: (1) teachers in public kindergartens or elementary or secondary schools or elementary or secondary schools operated or funded by the Bureau of Indian Education in rural areas or areas with high poverty, and (2) teachers certified by the National Board for Professional Teaching Standards. Increases such credit to $2,000 for a teacher meeting both requirements.

Income-Based Repayment Debt Forgiveness Act

United States · United States Congress · 5 August 2015

Income-Based Repayment Debt Forgiveness Act Amends the Internal Revenue Code to exclude from gross income, for income tax purposes, income imputed from the discharge of student loan indebtedness pursuant to a federal program that provides for income contingent or income-based repayment of such loan.

Tax Relief Extension Act of 2015

United States · United States Congress · 5 August 2015

Tax Relief Extension Act of 2015 Amends the Internal Revenue Code to extend through 2016 expired or expiring tax provisions for individuals, business taxpayers, and the energy sector. Expresses the sense of the Senate that: (1) Congress should pursue a process of comprehensive tax reform, (2) Congress should eliminate temporary provisions in the Internal Revenue Code by making permanent those provisions that merit permanency and by allowing others to expire, and (3) a major focus of the tax reform process should be fostering economic growth and lowering tax rates by broadening the tax base. Excludes from gross income, for income tax purposes, any amount received by a non-corporate taxpayer as a clean coal power grant, award, or allowance under the Energy Policy Act of 2005. Allows the consolidation of remuneration paid to a motion picture project worker by a motion picture project employer in a calendar year, for employment tax purposes. Equalizes the excise tax on liquefied petroleum gas and liquefied natural gas by establishing a rate of 18.3 cents per energy equivalent of a gallon of gasoline for liquefied petroleum gas and 24.3 cents per energy equivalent of a gallon of diesel for liquefied natural gas. Requires mortgage interest information returns to include: (1) the amount of the outstanding mortgage at the beginning of the calendar year, (2) the address of the property securing such mortgage, and (3) the date of the origination of the mortgage.

Scale-up Manufacturing Investment Company Act of 2015

United States · United States Congress · 4 August 2015

Scale-Up Manufacturing Investment Company Act of 2015 This bill amends the Small Business Investment Act of 1958 to require the Small Business Administration (SBA) to establish a scale-up manufacturing investment company (SUMIC) program under which it shall provide leverage to participating investment funds (PIFs) to support debt and equity investments in qualifying manufacturing projects of specified small and emerging manufacturers. Within 60 days after SBA approves and issues a license to operate as a PIF under SUMIC, it may provide up to $1 of leverage for every $1 of private capital raised by the PIF. The maximum amount of outstanding leverage made available in any given fiscal year: to any PIF may not exceed $500 million, and to all PIFs in aggregate may not exceed $1 billion. The private capital of a PIF must be at least $250 million. Any national bank, or any member bank of the Federal Reserve System or nonmember insured bank, to the extent permitted under state law, may invest in any one or more PIFs, or in any entity established to invest solely in PIFs. In no event must the total amount of such investments exceed 5% of the bank's capital and surplus. The SBA must charge a leverage fee of between 3% and 5.5% of the face amount of the leverage issued. Each PIF shall have authority to borrow money and issue debentures and preferred securities, subject to SBA limitations and regulations. Of the SBA leverage provided to a PIF: (1) at least 70% must be issued as debentures, and (2) up to 30% may be issued as preferred securities. The Federal Financing Bank may acquire such a debenture. A PIF must use its SBA leverage to make debt and equity investments in small and emerging manufacturers to carry out qualifying manufacturing projects. The SBA shall issue policy directives to provide for enhanced outreach efforts to increase investments by PIFs in small businesses owned and controlled by socially and economically disadvantaged individuals and by women, veterans, and individuals with disabilities. The SBA may establish a SUMIC Credit Council.

A bill to extend the secure rural schools and community self-determination program and to make permanent the payment in lieu of taxes program and the land and water conservation fund.

United States · United States Congress · 4 August 2015

This bill extends the Secure Rural Schools and Community Self-Determination Program through FY2021 at FY2011 funding levels. This Program provides payments to state jurisdictions to compensate for the cost of providing services in tax-exempt federal lands within such jurisdictions. The bill eliminates the fiscal year limitation on funding for the Payments in Lieu of Taxes Program. This Program compensates local governments for tax revenue lost due to tax-exempt federal lands within their boundaries. The bill amends the Land and Water Conservation Fund Act to make permanent the authorization for the Land and and Water Conservation Fund. Amounts in such Funds remain available for expenditure to carry out such Act without further appropriation or fiscal year limitation. Not less than 1.5% the annual authorized funding amount under such Act shall be made available for projects that secure recreational public access to existing federal public land for hunting, fishing, and other recreational purposes.

Health Care Conscience Rights Act

United States · United States Congress · 4 August 2015

Health Care Conscience Rights Act Amends title I of the Patient Protection and Affordable Care Act to declare that nothing in that title requires an individual to purchase individual health insurance coverage that includes coverage of an abortion or other item or service to which the individual has a moral or religious objection, or prevent an issuer from offering coverage excluding such item or service to that individual. Denies that title I requires a health plan sponsor or a health insurance issuer to cover an item or service to which the sponsor or issuer has a moral or religious objection. Denies also that title I authorizes imposition of a tax, penalty, fee, fine, or other sanction, or imposition of coverage of such an item or service, on health insurance coverage that excludes such an item or service. Amends the Public Health Service Act to codify the prohibition against any action by the federal government and any state or local government receiving federal financial assistance to subject a health professional, or health care facility, organization, or plan to discrimination on the basis that the entity refuses to participate in abortion-related activities. Requires the Department of Health and Human Services (HHS) to designate the Director of the Office for Civil Rights of HHS to receive and investigate complaints alleging a violation of this abortion discrimination prohibition. Creates a cause of action for the Attorney General or any person or entity adversely affected to obtain equitable or legal relief for any violation of this abortion discrimination prohibition. Allows commencement of an action and the granting of relief without a prerequisite pursuit of administrative remedies. Allows such an action against a federal or state governmental entity.

Providing for a plan to alleviate the effects of sequestration.

United States · United States Congress · 31 July 2015

Resolves that Congress must meet its constitutional obligation to provide for the common defense of the United States by restoring spending cuts required by sequestration. (Sequestration is a process of automatic, usually across-the-board spending reductions under which budgetary resources are permanently cancelled to enforce specific budget policy goals.) Resolves that Congress should enact legislation that: restores no less than 75% of the pre-sequester levels established by the Budget Control Act of 2011, offsets the increases in discretionary spending through a combination of reductions to mandatory spending and increases in revenue, includes a Chained Consumer Price Index for Social Security and further means testing for Medicare, and increases revenue by closing tax loopholes and capping deductions for high-income households.

LEAP Act

United States · United States Congress · 31 July 2015

Leveraging and Energizing America's Apprenticeship Programs Act or the LEAP Act Amends the Internal Revenue Code to allow employers a business-related tax credit of $1,500 for hiring an apprentice who has not attained age 25 at the close of the taxable year or $1,000 for an apprentice who has attained age 25. Allows such credit for no more than two taxable years with respect to any apprentice. Defines "apprentice" as an employee who is employed in an officially-recognized apprenticeable occupation pursuant to an apprentice agreement registered with the Office of Apprenticeship of the Employment and Training Administration of the Department of Labor or a recognized state apprenticeship agency.

MILITARY CONSTRUCTION, VETERANS AFFAIRS, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2016

United States · United States Senate · 30 July 2015

Close Big Oil Tax Loopholes Act

United States · United States Congress · 30 July 2015

Close Big Oil Tax Loopholes Act Amends the Internal Revenue Code to limit or repeal certain tax benefits for major integrated oil companies (defined as companies with annual gross receipts over $1 billion and an average daily worldwide production of crude oil of at least 500,000 barrels or certain successors in interest of such companies), including: (1) the foreign tax credit for companies that are dual capacity taxpayers; (2) the tax deduction for income attributable to the production, refining, processing, transportation, or distribution of oil, natural gas, or primary products thereof; (3) the tax deduction for intangible drilling and development costs; (4) the percentage depletion allowance for oil and gas wells; and (5) the tax deduction for qualified tertiary injectant expenses. Amends the Energy Policy Act of 2005 to repeal royalty relief (suspension of royalties) for: (1) natural gas production from deep wells in shallow waters of the Gulf of Mexico; and (2) deep water oil and gas production in the Western and Central Planning Area of the Gulf (including the portion of the Eastern Planning Area encompassing whole lease blocks lying west of 87 degrees, 30 minutes west longitude). Dedicates any increased revenue generated by this Act to the reduction of a federal budget deficit or the federal debt. Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.

A bill to amend the Internal Revenue Code of 1986 to make permanent the reduced recognition period for built-in gains for S corporations.

United States · United States Congress · 30 July 2015

This bill amends the Internal Revenue Code to make permanent a recognition period of 5 years (currently, 10 years) of the built-in gains of an S corporation beginning on the date that such corporation qualifies as an S corporation.

Social Security 2100 Act

United States · United States Congress · 30 July 2015

Social Security 2100 Act This bill amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSAct) to: increase the primary insurance amount formula factor from 90% to 93% for all eligible beneficiaries, beginning in 2016; revise computation of cost-of-living adjustments to use the Consumer Price Index for Elderly Consumers; increase the special minimum primary insurance amount for lifetime low earners based on years in the workforce. Amends the Internal Revenue Code (IRC) to increase the gross income threshold for taxation of Social Security benefits from $25,000 to $50,000 for single taxpayers and from $32,000 to $100,000 for married taxpayers filing joint returns, beginning in 2016. Amends the IRC and SSAct title II to impose the employment tax on all wage income above $400,000, effective in 2016. Requires incremental increases, up to 15.3% in 2084, in the employment and self-employment taxes. Amends SSAct title II to include 2% of an individual's excess average indexed monthly earnings (over $400,000 per annum) in the formula for determining primary insurance amounts. Amends IRC to increase the Social Security tax rate on employees and employers and with respect to self-employment income. Requires reallocation of a portion of employment tax revenues from the OASDI Trust Fund to the Federal Disability Insurance Trust Fund for wages paid after 2014.

Layoff Prevention Extension Act of 2015

United States · United States Congress · 30 July 2015

Layoff Prevention Extension Act of 2015 This bill amends the Middle Class Tax Relief and Job Creation Act of 2012 with respect to state short-time compensation programs that allow employers to reduce the workweek of their employees in lieu of layoffs. The bill: (1) extends federal financing of the programs for an additional two years; and (2) extends through December 31, 2016, the deadline for a state to submit to the Department of Labor its application for a short-time compensation program grant.