Taxation

Rural Road Safety Act

United States · United States Congress · 16 September 2019

Rural Road Safety Act This bill requires states to dedicate at least 7.5% of apportioned funds each fiscal year under the highway safety improvement program for construction and operational improvements on high risk rural roads. The Department of Transportation must update its guidance on improving safety on rural roads to include new best practices for reducing fatalities on such roads.

PILT Reauthorization Act of 2019

United States · United States Congress · 16 September 2019

PILT Reauthorization Act of 2019 This bill extends the payment in lieu of taxes program through FY2029. "Payments in Lieu of Taxes" (PILT) are federal payments to local governments that help offset losses in property taxes due to the existence of nontaxable federal lands within their boundaries

End Discriminatory State Taxes for Automobile Renters Act of 2019

United States · United States Congress · 12 September 2019

End Discriminatory State Taxes for Automobile Renters Act of 2019 This bill prohibits state or local taxes that discriminate against the rental of motor vehicles, the business of renting motor vehicles, or motor vehicle rental property, except where such tax is imposed as of the enactment date of this bill, the tax does not lapse, the tax rate does not increase, and the tax base for such tax does not change. A tax that is imposed on the rental of motor vehicles or a motor vehicle rental business is discriminatory if: (1) it is not generally applicable to more than 51% of other rentals of tangible personal property or businesses within a state or locality, or (2) the rate exceeds the generally applicable tax rate on at least 51% of the other rentals of tangible personal property or businesses within the jurisdiction. A tax discriminates against motor vehicle rental property if a state or locality: (1) assesses the property at a value that has a higher ratio to the true market value of the property than the ratio applicable to commercial and industrial property, or (2) levies or collects either a tax on an assessment prohibited by this bill or an ad valorem property tax on motor vehicle rental property at a generally applicable rate that exceeds the rate for commercial and industrial property in the jurisdiction. A person who is aggrieved by a discriminatory tax may bring a civil action in a U.S. district court for damages, injunctive relief, other legal or equitable relief, or declaratory relief.

GET THE LEAD OUT Act of 2019

United States · United States Congress · 12 September 2019

Grants for Eliminating the Toxic Hazard of Environmental Lead in Our Towns Act of 2019 or GET THE LEAD OUT Act of 2019 This bill addresses the reduction of lead-based hazards. It also modifies the tax treatment of carried interest (i.e., compensation that is typically received by a partner of a private equity or hedge fund and is based on a share of the fund's profits) and the estate tax. With respect to lead-based hazards, the bill allows the Department of Housing and Urban Development (HUD) to provide grants to state and local governments to reduce lead-based pipe hazards in housing. Additionally, HUD must require risk assessments, inspections, interim controls, and abatement of these hazards in federally assisted housing. HUD and the Environmental Protection Agency (EPA) must require the disclosure of such hazards in housing that is for sale or lease. Persons that fail to disclose such hazards are subject to civil penalties from HUD and may be liable to purchasers or lessees for treble damages. Additionally, the EPA must ensure that individuals who work with lead-based pipes have proper training and certification. States may enforce and administer such training and certification programs upon receiving EPA approval. The EPA must publish an information pamphlet regarding the health risks and best practices for dealing with lead hazards. The bill also modifies the tax treatment of carried interest by, for example, requiring it to be included in gross income and taxed as ordinary income, with certain exceptions. Under current law, carried interest is taxed as investment income. In addition, the bill reduces the estate tax exemption level.

Building Efficiently Act of 2019

United States · United States Congress · 12 September 2019

Building Efficiently Act of 2019 This bill amends the Internal Revenue Code to expand the new energy efficient home tax credit to allow, in lieu of the existing credit, a credit for 3.3% of the cost of constructing a new energy efficient home that is a qualified energy efficient residential rental property. An energy efficient residential rental property must be certified as being constructed, reconstructed, or retrofitted under a plan designed to reduce energy and power consumption of the building by at least 40% compared to (1) the baseline annual energy and power consumption of the building in the case of a retrofit made to an existing building, or (2) a reference building which meets the minimum requirements of the International Energy Conservation Code 2018 in any other case. The bill also (1) extends through 2020 the energy efficient commercial buildings deduction; and (2) eliminates the basis reduction requirements for certain low-income housing properties receiving the energy efficient home credit, the energy efficient commercial building deduction, or the credit for investments in energy property.

Hurricane Dorian Charitable Giving Act

United States · United States Congress · 12 September 2019

Hurricane Dorian Charitable Giving Act This bill suspends limitations on the tax deduction for charitable contributions in the case of cash contributions made for relief efforts related to Hurricane Dorian. Such contributions must be made after August 23, 2019, and before January 1, 2020, for such relief efforts.

Degrees Not Debt Act of 2019

United States · United States Congress · 12 September 2019

Degrees Not Debt Act of 2019 This bill sets forth provisions to increase the availability of need-based federal student aid and require an institution of higher education (IHE) to disclose performance indicators. The bill repeals the alternative minimum tax exemption and the increased estate and gift tax exemption and uses the tax revenue to increase need-based federal student aid. Specifically, the bill increases (1) the maximum amount of the federal Pell Grant, and (2) the income threshold that triggers an automatic zero for an expected family contribution. In addition, the bill eliminates Pell Grant funding for an institution of higher education in a state that does not maintain its funding levels for IHEs. Finally, an IHE must disclose performance indicators (e.g., graduation rates and employment outcomes).

Virtual Apprenticeship Tax Credit Act of 2019

United States · United States Congress · 11 September 2019

Virtual Apprenticeship Tax Credit Act of 2019 This bill allows employers a business-related tax credit for 30% of the qualified virtual training expenses paid during a taxable year, up to a maximum amount of $2,500. The bill defines "qualified virtual training expenses" as expenses related to developing or expanding an industry-recognized virtual apprenticeship program for elementary and secondary school students.

E-Cigarette Tax Parity Act

United States · United States Congress · 11 September 2019

E-Cigarette Tax Parity Act This bill amends the Internal Revenue Code to provide for the taxation of electronic cigarettes and alternative nicotine products at rates applicable to other tobacco products. An "alternative nicotine product" is defined as any product containing nicotine which is suitable for and likely to be offered to, or purchased by, a consumer for the inhalation, ingestion, absorption, or consumption of nicotine, but does not include tobacco, processed tobacco, cigars, cigarettes, smokeless tobacco, pipe tobacco, or roll-your-own tobacco, or any product approved by the Food and Drug Administration for sale as a tobacco cessation product.

AGED Spirits Act

United States · United States Congress · 11 September 2019

Advancing Growth in the Economy through Distilled Spirits Act or the AGED Spirits Act This bill amends the Internal Revenue Code to exclude, after 2019, the aging period from the production period for distilled spirits, for purposes of determining whether a taxpayer can expense, rather than capitalize, interest costs paid or incurred during the production period. This allows producers of distilled spirits to deduct interest expense associated with production in the year it is paid.

Cutting Local Taxes by Reinstating SALT Act

United States · United States Congress · 10 September 2019

This bill amends the Internal Revenue Code to repeal the limitation on individual deductions for certain state and local taxes. (For tax years 2018-2025, the deduction for certain state and local taxes is currently limited to $10,000 per year for individuals or $5,000 for married individuals filing a separate return.) The bill also (1) limits the amount of the step-up in basis of property acquired from a decedent to $5 million, for estate tax purposes, and (2) treats property contributed by a taxpayer to a private foundation as sold by such taxpayer on the date of such contribution for its fair market value.

Tax Refund Responsibility Act

United States · United States Congress · 10 September 2019

Tax Refund Responsibility Act This bill requires the governor of Guam to ensure that (1) each refund claim relating to the Guam income tax is processed within 90 days after it is filed, (2) valid refunds are issued within 90 days after the refund form is filed, and (3) a sufficient percentage of taxes collected by the government of  Guam is deposited into the Guam Income Tax Refund Efficient Payment Trust Fund to cover the cost of refunds.

Providing for consideration of the bill (H.R. 205) to amend the Gulf of Mexico Energy Security Act of 2006 to permanently extend the moratorium on leasing in certain areas of the Gulf of Mexico; providing for consideration of the bill (H.R. 1146) to amend Public Law 115-97 (commonly known as the Tax Cuts and Jobs Act) to repeal the Arctic National Wildlife Refuge oil and gas program, and for other purposes; and providing for consideration of the bill (H.R. 1941) to amend the Outer Continental Shelf Lands Act to prohibit the Secretary of the Interior including in any leasing program certain planning areas, and for other purposes.

United States · United States Congress · 9 September 2019

Sets forth the rule for consideration of the bill (H.R. 205) to amend the Gulf of Mexico Energy Security Act of 2006 to permanently extend the moratorium on leasing in certain areas of the Gulf of Mexico; providing for consideration of the bill (H.R. 1146) to amend Public Law 115-97 (commonly known as the Tax Cuts and Jobs Act) to repeal the Arctic National Wildlife Refuge oil and gas program, and for other purposes; and providing for consideration of the bill (H.R. 1941) to amend the Outer Continental Shelf Lands Act to prohibit the Secretary of the Interior including in any leasing program certain planning areas.

Fair Share for Workers Act

United States · United States Congress · 9 September 2019

Fair Share for Workers Act This bill imposes an additional tax on the income of corporations that have gross revenues in excess of $1 billion and a wage disparity level in excess of 3,000%. A "wage disparity level" is defined as the ratio of the annual salary of the highest compensated officer of the corporation to the median annual salary of all employees of the corporation.

Affordable Housing Incentives Act of 2019

United States · United States Congress · 6 September 2019

Affordable Housing Incentives Act of 2019 This bill allows nonrecognition of gain, for income tax purposes, from the sale of property to public housing agencies for use as affordable housing.

LEAP Act

United States · United States Congress · 6 September 2019

Leveraging and Energizing America's Apprenticeship Programs Act or the LEAP Act This bill allows employers a business-related tax credit of $1,500 for hiring an apprenticeship employee who has not attained age 25 at the close of the taxable year or $1,000 for hiring an apprenticeship employee who has attained age 25. The credit is available for no more than two taxable years with respect to any apprenticeship employee. An apprenticeship employee is any employee who is employed by an employer in an officially recognized apprenticeable occupation and pursuant to an apprentice agreement registered with the Office of Apprenticeship of the Employment and Training Administration of the Department of Labor or a state apprenticeship agency. As an offset to the cost of this bill, the Office of Management and Budget shall coordinate with federal department heads and independent agencies to impose limits on government printing costs.

LEGISLATIVE BRANCH APPROPRIATIONS FOR FISCAL YEAR 2020

United States · United States Senate · 26 August 2019

To amend the Internal Revenue Code of 1986 to cover into the treasury of the Virgin Islands revenue from tax on gasoline refined in the Virgin Islands and entered into the United States.

United States · United States Congress · 20 August 2019

This bill amends the Internal Revenue Code to require all taxes on gasoline refined in the U.S. Virgin Islands and entered into the United States from the Virgin Islands after December 31, 2019, be covered into the treasury of the Virgin Islands.

Renewable Electricity Tax Credit Equalization Act

United States · United States Congress · 13 August 2019

Renewable Electricity Tax Credit Equalization Act This bill extends the energy tax credit for investment in certain qualified investment credit facilities and the credit for production of electricity from certain renewable resources (e.g., wind, biomass, solar, trash, and hydropower facilities).

Nuclear Security and Nonproliferation Accounting Act

United States · United States Congress · 13 August 2019

Nuclear Security and Nonproliferation Accounting Act This bill directs the Government Accountability Office to annually report to Congress an assessment of the budgets for nuclear-security and nuclear-nonproliferation programs in the President's budget for that fiscal year. The report shall include (1) assessments of any changes in budget estimates from the previous fiscal year; and (2) recommendations for developing new metrics for evaluating such programs, as appropriate.

To amend the Internal Revenue Code of 1986 to allow distributions from qualified cash or deferred arrangements in the event that the employer files for chapter 11 bankruptcy and the employee is not regularly scheduled for work or paid.

United States · United States Congress · 9 August 2019

This bill amends the Internal Revenue Code to permit penalty-free distributions from a tax-preferred pension plan in chapter 11 bankruptcy proceedings on behalf of employees who, at the time of  filing of the chapter 11 petition, are not regularly scheduled to work for the number of hours they are customarily scheduled to work or are not paid on or before the time they are customarily paid.

Teacher Tax Deduction Enhancement Act of 2019

United States · United States Congress · 9 August 2019

Teacher Tax Deduction Enhancement Act of 2019 This bill revises the deduction from gross income (i.e., the above-the-line deduction) for the unreimbursed expenses of school teachers (e.g., supplies and materials). It increases the deduction from $250 to $500 for full-time teachers and allows part-time teachers a $250 deduction. It also allows the deduction for teachers in accredited preschool programs.

Religious Freedom Peace Tax Fund Act

United States · United States Congress · 6 August 2019

Religious Freedom Peace Tax Fund Act This bill directs the Department of the Treasury to establish the Religious Freedom Peace Tax Fund for the deposit of income, gift, and estate taxes paid by or on behalf of taxpayers (1) who are designated conscientious objectors opposed to participation in war in any form based upon their sincerely held moral, ethical, or religious beliefs or training (within the meaning of the Military Selective Service Act); and (2) who have certified their beliefs in writing. Amounts deposited in the fund shall be allocated annually to any appropriation not for a military purpose. Treasury shall report to the House and Senate Appropriations Committees on the total amount transferred into the fund during the preceding fiscal year and the purposes for which such amount was allocated. The privacy of individuals using the fund shall be protected.

REGION Act

United States · United States Congress · 2 August 2019

Recognizing the Environmental Gains In Overcoming Negligence Act or the REGION Act This bill prohibits funds made available for any fiscal year from being used to close, consolidate, or eliminate an office of the Environmental Protection Agency, including a regional or program office.

Undocumented Taxpayers Opportunity Act of 2019

United States · United States Congress · 2 August 2019

Undocumented Taxpayers Opportunity Act of 2019 This bill allows qualified alien taxpayers to obtain provisional immigrant status and establishes procedures for provisional immigrants to obtain permanent resident status. An alien shall qualify if he or she has been assessed and paid taxes for each of the previous five years before applying for such status. The Department of Homeland Security may grant provisional immigrant status to qualified individuals who pass security checks and are not disqualified for various reasons, such as an aggravated felony conviction. DHS may waive certain disqualifications for humanitarian or public interest reasons. Provisional immigrants shall be authorized for employment in the United States and travel outside the United States. Such individuals shall be ineligible for various federal benefits, including the healthcare premium assistance tax credit. Individuals going through deportation or removal proceedings shall be given a chance to apply for provisional immigrant status if they qualify. Provisional immigrants may apply for permanent resident status, subject to various requirements, including payment of federal taxes for the each of the previous three years. An alien may not hold provisional immigrant status for more than eight years.

America Wins Act

United States · United States Congress · 2 August 2019

America Wins Act This bill imposes an excise tax on the carbon dioxide content of coal, petroleum and petroleum products, and natural gas sold by the manufacturer, producer, or importer and requires the revenues to be used for infrastructure, an energy refund program to provide payments to certain low-income households, and other purposes.

Fairness in Social Security Act of 2019

United States · United States Congress · 2 August 2019

Fairness in Social Security Act of  2019 This bill amends the Internal Revenue Code to exclude from modified adjusted gross income any lump-sum social security benefit payment (i.e., a payment of more than one month of social security benefits) that is attributable to months ending before the beginning of the taxable year.

Health Savings Account Expansion Act of 2019

United States · United States Congress · 1 August 2019

Health Savings Account Expansion Act of 2019 This bill permits individuals who are not enrolled in a high deductible health plan to participate in health savings accounts. It also increases the allowable amount of the deduction for contributions to such accounts.

Qualified Health Savings Account Distribution Act of 2019

United States · United States Congress · 1 August 2019

Qualified Health Savings Account Distribution Act of 2019 This bill amends the Internal Revenue Code, with respect to the requirements for tax-preferred health accounts, to modify the rules for using a conversion or termination of a flexible spending account or a health reimbursement arrangement to establish a health savings account.

Support Working Families Act

United States · United States Congress · 1 August 2019

Support Working Families Act This bill allows a refundable tax credit for a parent who takes leave from employment after the birth or adoption of a child. To be eligible for the credit, the parent must have been employed and worked for a specified period and number of hours in that period.

BASIC Act

United States · United States Congress · 1 August 2019

Budgetary Accuracy in Scoring Interest Costs Act of 2019 or the BASIC Act This bill requires cost estimates prepared by the Congressional Budget Office or the Joint Committee on Taxation to include the costs of servicing the public debt.

Expanding Broadcast Ownership Opportunities Act of 2019

United States · United States Congress · 1 August 2019

Expanding Broadcast Ownership Opportunities Act of 2019 This bill requires the Federal Communications Commission (FCC) to increase diversity of ownership in the broadcasting industry. Specifically, the bill allows companies engaged in the qualifying sale of a broadcast station to receive favorable tax treatment by electing nonrecognition of the gain or loss resulting from the sale. To qualify for this treatment, the sale must result in or preserve ownership of a broadcast station by socially disadvantaged individuals. The bill also requires the FCC to foster investment in broadcast stations owned by socially disadvantaged individuals.

A bill to amend the Internal Revenue Code of 1986 for purposes of the tax on private foundation excess business holdings to treat as outstanding any employee-owned stock purchased by a business enterprise pursuant to certain employee stock ownership retirement plans.

United States · United States Congress · 1 August 2019

This bill amends the Internal Revenue Code to exclude certain purchases of employee-owned stock from being considered as outstanding voting stock for the purpose of the tax on excess business holdings of a private foundation in a business enterprise. The bill applies to any voting stock that is (1) not readily tradable on an established securities market; (2) purchased by the business enterprise on or after January 1, 2005, from an employee stock ownership plan in which employees of the business enterprise participate, in connection with a distribution from the plan; and (3) held by the business enterprise as treasury stock, cancelled, or retired.

A bill to amend the Internal Revenue Code of 1986 to extend the Health Coverage Tax Credit.

United States · United States Congress · 1 August 2019

This bill amends the Internal Revenue Code to extend for five years the tax credit for health insurance coverage.

A bill to amend the Internal Revenue Code of 1986 to permit the postponement of certain deadlines by reason of significant fires.

United States · United States Congress · 31 July 2019

This bill allows the postponement of certain tax deadlines due to significant fires for which assistance is provided under the Robert T. Stafford Disaster Relief and Emergency Assistance Act.

REG Act

United States · United States Congress · 31 July 2019

Reducing Excessive Government Act of 2019 or the REG Act This bill requires Congress, within 60 days after the debt limit is increased or suspended, to enact legislation eliminating agency rules that effectuates a reduction of the direct cost of federal regulation during a specified 10-fiscal-year period by at least 15% of the amount of the increase of the debt limit. If the debt limit is increased or suspended, each agency must submit to the Senate, the House of Representatives, and the Government Accountability Office a report identifying each major rule of the agency. A major rule is an agency rule likely to result in (1) an annual effect on the economy of $100 million or more; (2) a major increase in costs or prices for consumers, individual industries, government agencies, or geographic regions; or (3) significant adverse effects on competition, employment, investment, productivity, or innovation or on the ability of U.S.-based enterprises to compete with foreign-based enterprises in domestic and export markets. The bill further specifies procedures for both houses to recommend a list of rules for repeal and the expedited consideration of a joint resolution to repeal such rules. If the Office of Management and Budget determines that such legislation has not been enacted by the prescribed deadline, then the public debt limit must be set equal to the total amount of outstanding obligations on that date.

Automatic IRA Act of 2019

United States · United States Congress · 31 July 2019

Automatic IRA Act of 2019 This bill amends the Internal Revenue Code to (1) require certain employers who do not maintain qualifying retirement plans or arrangements to make available to their eligible employees a payroll deposit individual retirement account (IRA) arrangement (automatic IRA arrangement) which grants such employees the right to opt-out of participation, (2) require the Department of the Treasury to provide employers with a model notice for notifying employees of their opportunity to participate in an automatic IRA arrangement and for providing details regarding the election period, (3) impose a penalty on employers who fail to provide eligible employees access to an automatic IRA arrangement, (4) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing an automatic IRA arrangement, and (5) increase the dollar limitation on the tax credit for small employer pension plan startup costs.

Commonsense Reporting Act of 2019

United States · United States Congress · 31 July 2019

Commonsense Reporting Act of 2019 This bill addresses the eligibility verification process for the premium assistance tax credit and cost-sharing subsidy under the Patient Protection and Affordable Care Act (PPACA). It requires the Department of the Treasury to develop and implement a reporting system that allows employers to voluntarily report information about their health plans for the current plan year prior to the beginning of open enrollment. The bill also allows electronic transmission of employee and enrollee statements and permits Treasury to accept full names and dates of birth in lieu of dependents' and spouses' Social Security numbers. The Government Accountability Office must evaluate (1) for the period beginning on January 1, 2015, and ending on December 31, 2018, the notification of employers by PPACA exchanges of the eligibility of employees for advance payments of the premium assistance tax credit or cost-sharing subsidies; and (2) for calendar year 2020, the functionality of the prospective reporting system established by this bill, including the accuracy of information collected.

Retirement Security Preservation Act of 2019

United States · United States Congress · 31 July 2019

Retirement Security Preservation Act of 201 9 This bill amends the Internal Revenue Code to modify the nondiscrimination requirements for certain defined benefit retirement plans that limit participation or certain features to a closed class, such as individuals who were hired before a certain date. (Under current law, the plans may not discriminate in favor of highly compensated employees and must meet minimum participation requirements.) The bill applies only to a defined benefit plan that (1) closed before April 5, 2017; or (2) was in effect for at least five years when it closed and did not substantially increase the coverage or value of the benefits, rights, or features for the closed class during the five-year period before it closed, except as the result of certain business acquisitions or mergers. Such a plan meets the nondiscrimination requirements if it (1) satisfies certain testing rules for the year that the class closes and the two succeeding plan years, and (2) is not amended in a discriminatory manner after the class is closed. A defined contribution plan that offers additional contributions or benefits to a closed class whose benefits under a defined benefit plan have been reduced or eliminated meets the nondiscrimination requirements if (1) the group receiving the contributions or benefits satisfies certain testing rules for the year in which the group is closed and for two subsequent plan years, and (2) the plan is not amended in a discriminatory manner. A defined benefit plan that is either closed or has ceased benefit accruals for all participants (frozen plan) satisfies the minimum participation requirements if the plan met the requirements when it was closed or frozen.

Online Sales Simplicity and Small Business Relief Act of 2019

United States · United States Congress · 31 July 2019

Online Sales Simplicity and Small Business Relief Act of 2019 This bill prohibits states from imposing a sales tax collection duty on a remote seller for any sale that occurred prior to June 21, 2018. A "remote seller" is a person without a physical presence in a state who makes a sale in the state. A state may impose a sales tax collection duty on a remote seller only for a sale that occurs after January 1, 2021. In the case of a small business remote seller (no more than $10 million in gross annual receipts in the United States), a state may not impose a sales tax collection duty on any person other than the purchaser if the sale is made (1) on or after June 21, 2018; and (2) before the date that is 30 days after the states develop and Congress approves an interstate compact, applicable to the state and sale, governing the imposition of tax collection duties on remote sellers.

Student Loan Repayment Acceleration Act

United States · United States Congress · 31 July 2019

Student Loan Repayment Acceleration Act This bill amends the Internal Revenue Code to exclude from the gross income of an employee up to $10,000 per year in student loan payments made by an employer. The loan payments are also exempt from certain payroll taxes

Medicare Demonstration of Coverage for Low Vision Devices Act of 2019

United States · United States Congress · 30 July 2019

Medicare Demonstration of Coverage for Low Vision Devices Act of 2019 This bill requires the Centers for Medicare & Medicaid Services (CMS) to carry out a demonstration project to evaluate the fiscal impact of covering low-vision devices under Medicare in the same manner as Medicare coverage is provided for durable medical equipment. The bill defines low-vision device to mean a physician-prescribed device that magnifies, enhances, or otherwise augments or interprets visual images; the term does not include ordinary eyeglasses or contact lenses. The bill appropriates $2.5 million for FY2020 and each of the next four fiscal years for the CMS to carry out the project.

Keeping HSAs Accessible Act of 2019

United States · United States Congress · 30 July 2019

Keeping HSAs Accessible Act of 2019 This bill amends the Internal Revenue Code to eliminate the ceiling on the sum of the annual deductible and out-of-pocket expenses required under a high deductible health plan (i.e., $5,000 for self-only coverage and twice that amount for family coverage), for purposes of  health saving account eligibility.

Social Security for Future Generations Act of 2019

United States · United States Congress · 30 July 2019

Social Security for Future Generations Act of 2019 This bill increases specified benefits and taxes related to the Old-Age, Survivors, and Disability Insurance (OASDI) program and otherwise modifies the program. Changes to benefits include increasing the primary insurance amount for certain beneficiaries; revising the method for calculating cost-of-living adjustments by using a price index that tracks the spending patterns of older consumers; extending benefits through age 22 to full-time students who are eligible children of deceased, disabled, or retired workers; establishing a new minimum benefit for certain lifetime low-earners; and establishing an alternative benefit based on combined household benefits for widows or widowers in two-income households. Changes to taxes include subjecting earnings in excess of $250,000 to Social Security taxes. No taxes shall be applied to earnings between the contribution base (the maximum amount subject to the Social Security payroll tax, set at $137,700 for 2020) and $250,000. In addition, the bill preserves eligibility for Supplemental Security Income payments and other means-tested programs by limiting the amount of OASDI payments considered in eligibility determinations.

First-Time Homeowners Assistance Act of 2019

United States · United States Congress · 30 July 2019

First-Time Homeowners Assistance Act of 2019 This bill establishes a tax-exempt qualified first-time homeowner assistance program. Under such a program, a person may make cash contributions to a first-time homeowner assistance account. The bill defines "first-time homeowner assistance account" as an account for providing down payment assistance to an account beneficiary who is a first-time homeowner of a principal residence in the United States. The amount of such downpayment assistance cannot exceed 10% of the cost of acquiring, constructing, or substantially improving the residence.

IRA Preservation Act of 2019

United States · United States Congress · 30 July 2019

IRA Preservation Act of 2019 This bill modifies requirements for individual retirement accounts (IRAs). It requires the Department of the Treasury to make available to the public an overview of the laws and regulations related to IRAs and examples of common IRA errors and how to avoid them. The bill amends the Internal Revenue Code to (1) reduce penalties for taxpayers who voluntarily correct certain IRA errors, including excess contributions and failures to take required minimum distributions; (2) eliminate the 10% additional tax on early distributions that are attributable to withdrawal of interest or other income earned on excess contributions to an IRA; (3) repeal the tax disqualification penalty (loss of tax-exempt status) for accounts where employees engage in certain prohibited transactions; and (4) revise the statute of limitations for collecting certain taxes in connection with an IRA. Treasury must expand the Employee Plans Compliance Resolution System to allow trustees, custodians, and issuers of IRAs to address inadvertent failures for which an IRA owner was not at fault.

To amend the Congressional Budget and Impoundment Control Act of 1974 to establish a point of order against long-term direct spending, and for other purposes.

United States · United States Congress · 30 July 2019

This bill establishes a point of order against legislation that increases long-term direct spending. The point of order may be raised in the House or the Senate against legislation that would cause a net increase in direct spending of more than $5 billion in any of the four consecutive 10-fiscal year periods beginning with the first fiscal year that is 10 fiscal years after the current fiscal year.

Family Care Act of 2019

United States · United States Congress · 30 July 2019

Family Care Act of 2019 This bill revises eligibility requirements for the child tax credit to allow such credit for permanently and totally disabled individuals.

Airline Passengers' Bill of Rights

United States · United States Congress · 30 July 2019

Airline Passengers' Bill of Rights This bill expands protections for passengers in air transportation. Among other things, the bill requires the Department of Transportation to implement regulations relating to protections for airline passengers from being required to involuntarily relinquish their seats, unless necessary for safety or security; the elimination of the dollar limitations on compensation to passengers denied boarding due to overbooking; compensation to passengers for delayed or cancelled flights; interline agreements between air carriers and other transportation providers; training on the rights of passengers; unreasonable air carrier fees; unrestricted access of consumers to information on schedules, fares, fees, and taxes; accuracy in pricing of tickets and disclosure of lowest fares; and notifications to passengers of their rights and eligibility for refunds. The Federal Aviation Administration must (1) prohibit any air carrier from reducing seat size or leg room, and (2) report on the quality of food and potable water on passenger aircraft and the sufficiency of flight crews and aircraft. The bill provides a private right of action for passengers aggrieved by airline actions and increases civil penalties on air carriers for violations of passenger protections.

Equity in Compensation Act

United States · United States Congress · 30 July 2019

Equity in Compensation Act This bill imposes an additional tax on the income of corporations that have gross revenues in excess of $1 billion and a wage disparity level in excess of 3,000%. A "wage disparity level" is defined as the ratio of the annual salary of the highest compensated officer of the corporation to the median annual salary of all employees of the corporation.