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Bill· HRH.R. 4871 (117th)referred
United States · United States Congress · 30 July 2021
Expanding Broadcast Ownership Opportunities Act of 2021 This bill requires the Federal Communications Commission (FCC) to take certain actions to increase diversity of ownership in the broadcasting industry and establishes a related tax incentive. Specifically, the bill requires the FCC to report to Congress regarding (1) recommendations for increasing the total number of broadcast stations that are owned or controlled by members of minority groups or women, (2) the total number of broadcast stations that are owned or controlled by members of minority groups or women, and (3) whether there is a nexus between diversity of ownership or control of broadcast stations and the diversity of the viewpoints expressed on the stations. In addition, 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 and control of a broadcast station by socially disadvantaged individuals.
Bill· HRH.R. 4869 (117th)referred
United States · United States Congress · 30 July 2021
Federal Debt Emergency Control Act of 2021 This bill establishes various budget enforcement procedures to address the federal debt. The procedures established by the bill take effect during any fiscal year that follows a fiscal year in which the amount of federal debt exceeded the gross domestic product (GDP) for that fiscal year. During such a period, the bill rescinds unobligated balances of stimulus spending that was provided in specified bills that addressed the impact of COVID-19, establishes a point of order against legislation that increases spending, and requires Congress to consider certain deficit reduction measures using specified expedited legislative procedures. The expedited legislative procedures must be used for legislation that (1) would reduce the deficit by at least 5% during the 10-fiscal-year period following the current fiscal year, and (2) does not increase the rate of any federal tax or increase any fee paid to the federal government.
Bill· HRH.R. 4896 (117th)referred
United States · United States Congress · 30 July 2021
Reimbursing Agricultural Producers for Immigration Damages Act or the RAPID Act This bill temporarily establishes a program to reimburse agricultural producers for damages to livestock, crops, and property that result from the actions of an alien present in the United States without lawful immigration status. The Department of Agriculture may not provide reimbursements on or after September 30, 2023. The bill also rescinds specified unobligated funding available to states, Indian tribes, and territories for mitigating fiscal effects that stem from the COVID-19 pandemic and makes such funding available to carry out the reimbursement program.
Bill· HRH.R. 4895 (117th)referred
United States · United States Congress · 30 July 2021
Sending Unconditional Payments to People Overcoming Resistances to Triumph Act of 2021 or the SUPPORT Act of 2021 This bill establishes a guaranteed income pilot program and tax credit and provides for bank accounts supported by Federal Reserve banks. The bill establishes the Office of Guaranteed Income Programs to carry out a five-year guaranteed income pilot program. The pilot program must provide grants through local governments and community development financial institutions for periodic cash payments to eligible individuals. An eligible program must provide cash payments that are not less than $50 per individual and are made on a biweekly, monthly, or quarterly basis. Additionally, the bill establishes the Guaranteed Income Tax Credit, a refundable income tax credit for individual taxpayers equal to $14,400 plus $600 for each dependent. The amount is reduced for individuals whose adjusted gross income exceeds specified levels. A taxpayer may elect to receive this credit in advance in equal amounts throughout the year. The bill also requires Federal Reserve member banks to provide bank accounts ( FedAccounts ) to residents and to businesses domiciled in the United States for purposes of holding digital dollar balances. These accounts must provide specified banking services, including debit cards, online banking, automatic bill pay, and automatic teller machines at U.S. postal facilities. These accounts may not charge fees or have balance requirements and must provide a specified interest rate.
Bill· HRH.R. 4889 (117th)referred
United States · United States Congress · 30 July 2021
Don't Weaponize the IRS Act This bill codifies regulations promulgated by the Trump Administration exempting certain tax-exempt organizations from specified reporting requirements. Specifically the bill increases from $5,000 to $50,000 the gross receipts threshold used to determine the eligibility of tax-exempt organizations for the exemption from certain disclosure and reporting requirements; expands the definition of organization to include tax-exempt charitable organizations and organizations with no significant activities relating to lobbying, political activity, and the operation of a trade or business; exempts from disclosure the names and addresses of contributors to an organization in its annual informational return; and extends exemptions from reporting requirements to political action committees (i.e., 527 organizations).
Bill· HRH.R. 4847 (117th)referred
United States · United States Congress · 29 July 2021
Foreign Political Influence Elimination Act of 2021 This bill expands the prohibition on campaign spending by foreign nationals. It also revises foreign-agent disclosure requirements. Specifically, the bill expands the ban on campaign spending by foreign nationals to include corporations that are subject to specified levels of ownership or control by foreign nationals or governments. The bill prohibits certain types of tax-exempt, foreign-affiliated organizations from taking certain campaign-related actions, such as contributing to a super political action committee. Further, the bill prohibits foreign nationals from (1) participating in the decision-making process regarding an election expenditure, or (2) making contributions in connection with state or local ballot initiatives or referenda. The bill prohibits political committees from accepting direct or bundled contributions from registered foreign agents. Next, the bill makes various changes to the Foreign Agents Registration Act of 1938 (FARA), such as by (1) repealing an exemption from FARA requirements for individuals registered as lobbyists, and (2) expanding filing and labeling requirements related to the transmission of informational materials in the interests of a foreign principal. In addition, the bill provides the Department of Justice (DOJ) with a mechanism to demand evidence for investigating compliance with FARA. Further, the bill provides for various civil penalties for failing to meet agent registration requirements. The foreign principal of a penalized agent may not pay the imposed fines. DOJ must establish a unit for the investigation and enforcement of FARA. The Government Accountability Office must analyze the effectiveness of FARA enforcement.
Bill· HRH.R. 4856 (117th)referred
United States · United States Congress · 29 July 2021
Canadian Snowbird Visa Act This bill authorizes the Department of Homeland Security to admit into the United States qualifying Canadian citizens as long-term nonimmigrant visitors. A qualifying Canadian citizen is an individual who (1) is at least 50 years old, (2) maintains a Canadian residence, (3) owns a U.S. residence or has rented a U.S. accommodation for the duration of the individual's stay, (4) is not inadmissible or deportable, (5) will not engage in employment or labor for hire in the United States other than for a non-U.S.-based person or entity by whom the Canadian citizen was employed in Canada or for whom the Canadian citizen performed services in Canada, and (6) will not seek certain forms of assistance or benefits. A qualified individual may be admitted for up to 240 days during any single 365-day period. The spouse of such an individual may be admitted under the same terms, except that the spouse is not required to separately satisfy the requirement for owning or renting a residence in the United States. The bill grants an individual so admitted nonresident alien tax status.
Resolution· HCONRESH.Con.Res. 44 (117th)referred
United States · United States Congress · 29 July 2021
Fiscal State of the Nation Resolution This concurrent resolution requires the congressional budget committees to conduct an annual joint hearing to receive a presentation from the Comptroller General regarding (1) the Government Accountability Office's audit of the financial statement of the executive branch, and (2) the financial position and condition of the federal government.
Bill· HRH.R. 4811 (117th)referred
United States · United States Congress · 29 July 2021
Medicare Negotiation and Competitive Licensing Act of 2021 This bill establishes several requirements relating to the prices of prescription drugs. Specifically, the bill requires the Centers for Medicare & Medicaid Services (CMS) to negotiate with pharmaceutical companies regarding prices for drugs covered under Medicare. (Current law prohibits the CMS from doing so.) If the CMS is unable to negotiate the price of a drug, such drug is subject to competitive licensing in order to further its sale under health insurance programs, notwithstanding existing government-granted exclusivities. The negotiated prices also apply to other federal health care programs, private health insurance, and the uninsured; pharmacies that charge more than the negotiated price for uninsured individuals are subject to civil penalties. Manufacturers must also comply with specified reporting requirements relating to prices and licensing, subject to civil penalties. The bill also institutes an excise tax on drugs for which the price spikes beyond a certain limit, subject to specified exemptions, as well as on drugs for which the price exceeds the negotiated price.
Bill· HRH.R. 4792 (117th)referred
United States · United States Congress · 29 July 2021
Countering Communist China Act This bill addresses issues related to China, tax incentives, and other topics. The bill imposes visa- and property-blocking sanctions on certain entities and individuals that (1) are involved in acts of malign disinformation on behalf of a foreign government or political party, or (2) have engaged in a pattern of significant infringement of intellectual property belonging to a U.S. entity or individual. It also authorizes sanctions on developers and owners of software that makes unauthorized transmissions of user data to servers that are located in China and are accessible by China's government. The bill also provides tax incentives for relocating pharmaceutical, medical supply, or medical device manufacturing to the United States, including by allowing accelerated depreciation of nonresidential real property acquired in connection with such relocation; eliminates the five-year amortization requirement for research and experimental expenditures scheduled to begin in 2022, thus allowing continued expensing of such expenditures in the taxable years in which they are incurred; prohibits an institution of higher education from receiving certain federal funds if the institution has a contractual partnership with an entity controlled by China's government or organized under China's laws; modifies presumptions and evidentiary standards in administrative patent validity challenges; bars China from asserting sovereign immunity in certain instances; requires U.S. representatives to the International Monetary Fund (IMF) to take certain actions, such as opposing any increase to the weight given to China's currency when determining the value of IMF Special Drawing Rights; and permanently rescinds unobligated funds previously made available for certain economic relief programs related to COVID-19.
Bill· HRH.R. 4798 (117th)referred
United States · United States Congress · 29 July 2021
Communities and Environment First Act of 2021 This bill establishes the For Communities Trust Fund to be funded by specified environmental taxes for the purpose of awarding grants to states in cooperative agreements with the Environmental Protection Agency to (1) assist in relocation efforts for individuals or groups who live within five miles of facilities that are a major source or area source of certain emissions, or (2) protect or remediate areas affected by emissions of hazardous air pollutants or releases of hazardous substances from such facilities. The bill increases the excise tax on certain chemicals to adjust for inflation and removes tax exemptions related to crude oil and petroleum products imported into the United States.
Bill· HRH.R. 4831 (117th)referred
United States · United States Congress · 29 July 2021
Charitable Equity for Veterans Act of 2021 This bill expands the deductibility of charitable contributions to all federally-chartered tax-exempt organizations serving current and former members of the Armed Forces.
Bill· HRH.R. 4817 (117th)referred
United States · United States Congress · 29 July 2021
Affordable EVs for Working Families Act This bill allows an income-based tax credit for the purchase of a previously-owned qualified plug-in electric drive motor vehicle. The credit is limited to 30% of the sales price of such a vehicle. The bill defines previously-owned qualified plug-in electric drive motor vehicle to mean a motor vehicle the model year of which is at least two years earlier than the calendar year in which the vehicle is acquired and that meets certain requirements under the Clean Air Act.
Bill· HRH.R. 4854 (117th)referred
United States · United States Congress · 29 July 2021
Feed America by Incentivizing Rural Meat Packing Act or the FAIR Meat Packing Act This bill allows an investment tax credit through 2026 for 25% of the basis of each livestock processing facility property placed in service during the taxable year. The amount of the credit may not exceed $250,000 in any taxable year and is not available to taxpayers whose gross receipts exceed $100 million in a taxable year. The bill defines livestock processing facility as a facility that slaughters livestock (i.e., cattle, sheep, goats, bison, swine, and poultry) for processing into meat and meat products and participates in a meat and poultry inspection program, The facility must employ an average of fewer than 500 employees and include property used for the intake or storage of livestock, the disposal or management of livestock waste, or the packaging, handling, warehousing, or storage of meat products. The bill also allows a refundable income tax credit for the startup and organizational expenditures of livestock processing facilities.
Bill· HRH.R. 4852 (117th)referred
United States · United States Congress · 29 July 2021
Residential Solar Opportunity Act of 2021 This bill modifies the rate of the residential energy efficient property tax credit and makes such credit permanent.
Bill· SS. 2529 (117th)referred
United States · United States Congress · 29 July 2021
Innovation and Growth Now by Investing in Tomorrow's Enterprises Act or the IGNITE American Innovation Act This bill allows certain C corporation taxpayers to elect an increased advance refund of net operating loss carryovers attributable to COVID-19 research expenditures in 2020 and 2021. The bill also allows such taxpayers an advance refund of certain other net operating loss carryovers arising during 2015 through 2021. The bill allows an increased research tax credit for COVID-19 research expenditures paid or incurred on or after February 15, 2020, and before January 1, 2022.
Bill· SS. 2554 (117th)referred
United States · United States Congress · 29 July 2021
Renters Tax Credit Act of 2021 This bill allows owners of rental buildings who provide reductions in rent to their low-income tenants a refundable tax credit for a specified percentage of the difference between market rent and 30% of the monthly family income of such tenants. The bill allocates credit amounts to states for distribution to participating taxpayers.
Bill· SS. 2558 (117th)referred
United States · United States Congress · 29 July 2021
Feed America by Incentivizing Rural Meat Packing Act or the FAIR Meat Packing Act This bill allows an investment tax credit through 2026 for 25% of the basis of each livestock processing facility property placed in service during the taxable year. The amount of the credit may not exceed $250,000 in any taxable year and is not available to taxpayers whose gross receipts exceed $100 million in a taxable year. The bill defines livestock processing facility as a facility that slaughters livestock (i.e., cattle, sheep, goats, bison, swine, and poultry) for processing into meat and meat products and participates in a meat and poultry inspection program, The facility must employ an average of fewer than 500 employees and include property used for the intake or storage of livestock, the disposal or management of livestock waste, or the packaging, handling, warehousing, or storage of meat products. The bill also allows a refundable income tax credit for the startup and organizational expenditures of livestock processing facilities.
Bill· SS. 2548 (117th)referred
United States · United States Congress · 29 July 2021
Intergenerational Financial Obligations Reform Act This bill requires the Congressional Budget Office, the Office of Management and Budget, and the Government Accountability Office to provide various reports that include a fiscal gap analysis and a generational accounting analysis. Under the bill, the fiscal gap generally refers to the sum of (1) the total amount of Treasury liabilities outstanding on the last day of the budget year, and (2) the discounted present value of the projected difference between federal spending and revenues during the period of the budget year and at least the next 75 fiscal years (excluding spending for net interest and principal payments on Treasury liabilities). A generational accounting analysis addresses the fiscal impact that projected federal spending and tax burdens will have on various generations of individuals.
Resolution· SRESS.Res. 329 (117th)passed
United States · United States Congress · 29 July 2021
This resolution revises the eligibility criteria for the Senate Employee Child Care Center. For FY2022, and each fiscal year afterwards, the Senate shall reimburse the Senate Employee Child Care Center for the cost of the basic pay paid to the Executive Director and the Assistant Director of the center. As a condition of receiving such reimbursement, the center must terminate the enrollment of a child at the center within 120 days of the date on which the child does not have a parent or guardian who is serving as an employee of the Senate, an employee of the center, a congressional employee, or a federal employee. As a condition of receiving reimbursement under this resolution, the center shall provide enrollment first, to a child of an individual serving as a Senate employee or as an employee of the center; second, to a child of an individual serving as a congressional employee; and third, to a child of a federal employee if certain conditions are met. Under the resolution, the center may provide enrollment to the child of a federal employee if there is an enrollment slot available; no child of an individual serving as an employee of the Senate, as an employee of the center, or as a congressional employee accepts the slot; and no currently enrolled child is ready to transition to the class in which the slot is available.
Bill· SS. 2530 (117th)referred
United States · United States Congress · 29 July 2021
Charitable Equity for Veterans Act of 2021 This bill expands the deductibility of charitable contributions to all federally-chartered tax-exempt organizations serving current and former members of the Armed Forces.
Resolution· SCONRESS.Con.Res. 11 (117th)referred
United States · United States Congress · 29 July 2021
Fiscal State of the Nation Resolution This concurrent resolution requires the congressional budget committees to conduct an annual joint hearing to receive a presentation from the Comptroller General regarding (1) the Government Accountability Office's audit of the financial statement of the executive branch, and (2) the financial position and condition of the federal government.
Bill· SS. 2537 (117th)referred
United States · United States Congress · 29 July 2021
Affordable EVs for Working Families Act This bill allows an income-based tax credit for the purchase of a previously-owned qualified plug-in electric drive motor vehicle. The credit is limited to 30% of the sales price of such a vehicle. The bill defines previously-owned qualified plug-in electric drive motor vehicle to mean a motor vehicle the model year of which is at least two years earlier than the calendar year in which the vehicle is acquired and that meets certain requirements under the Clean Air Act.
Bill· HRH.R. 4734 (117th)referred
United States · United States Congress · 28 July 2021
American Science First Act This bill prohibits the National Science Foundation from providing grants or other forms of assistance to any individual or entity that is affiliated or otherwise has a relationship, including but not limited to a research partnership, joint venture, or contract with an entity included on the entity list under the Export Administration Regulations, which identifies foreign entities subject to license requirements for the export, reexport, or transfer of certain items; a Chinese military company operating in the United States or any of its territories or possessions on the list required under the Strom Thurmond National Defense Authorization Act for Fiscal Year 1999, or required under the Mac Thornberry National Defense Authorization Act for Fiscal Year 2021, or any successor list; or any parent, subsidiary, affiliate of, or entity owned by or controlled by any such entity.
Resolution· HRESH.Res. 567 (117th)passed
United States · United States Congress · 28 July 2021
Sets forth the rule for consideration of the bill (H.R. 4346) making appropriations for Legislative Branch for the fiscal year ending September 30, 2022, and for other purposes; providing for consideration of the bill (H.R. 4373) making appropriations for the Department of State, foreign operations, and related programs for the fiscal year ending September 30, 2022, and for other purposes; and providing for consideration of the bill (H.R. 4505) making appropriations for the Departments of Commerce and Justice, Science, and Related Agencies for the fiscal year ending September 30, 2022.
Bill· HRH.R. 4783 (117th)referred
United States · United States Congress · 28 July 2021
This bill treats certain disability payments and other payments made by Indian tribes or Native Corporations to children as the earned income of such children. This exempts such income from the kiddie tax which taxes the unearned income of children at the parent's marginal tax rate.
Bill· HRH.R. 4784 (117th)referred
United States · United States Congress · 28 July 2021
Tribal Economic Development Act of 2021 This bill amends provisions relating to tribal economic development (TED) bonds issued to promote community development projects in Alaskan Indian tribal areas. Specifically, the bill increases the national tribal economic development bond limitation to $4 billion. It also eliminates the requirement that TED bond proceeds be used solely on Indian reservations and permits bond proceeds to be used for economic development by any qualified Native user which includes any tribal entity, Alaska Native Corporation, and entity that is majority-owned and controlled by an Indian tribe or Alaska Native Corporation. The bill also allows third parties to guarantee the repayment of TED bonds.
Bill· HRH.R. 4758 (117th)referred
United States · United States Congress · 28 July 2021
Steel Industry Preservation Act This bill extends and modifies the production tax credit for steel industry fuel. (Under current law, steel industry fuel is a fuel that is (1) produced through a process of liquefying coal waste sludge and distributing it on coal, and (2) used as a feedstock for the manufacture of coke.) Specifically, the bill modifies the tax credit to (1) extend the credit period and the placed-in-service date for steel industry fuel producing facilities, (2) revise the definition of steel industry fuel to allow blends of coal and petroleum coke or other coke feedstock in the fuel, and (3) specify requirements for treating an owner as producing and selling steel industry fuel. The bill also allows a taxpayer that produces steel industry fuel to elect to accept an increased tax credit in lieu of certain deductions for expenses in connection with the production of steel industry fuel.
Bill· HRH.R. 4750 (117th)referred
United States · United States Congress · 28 July 2021
Performing Artist Tax Parity Act of 2021 This bill modifies the tax deduction for the expenses of performing artists (including commissions paid to managers or agents) to provide for a phaseout of such deduction for taxpayers whose adjusted gross income exceeds $100,000 ($200,000 for joint return filers). The $100,000 phaseout threshold is adjusted for inflation annually for taxable years beginning after 2021.
Bill· HRH.R. 4759 (117th)referred
United States · United States Congress · 28 July 2021
Revitalizing Downtowns Act This bill expands the investment tax credit to add a qualified office conversion credit. The amount of such credit is 20% of the qualified conversion expenditures with respect to a qualified converted building. The bill defines qualified converted building as any building if (1) prior to conversion, the building was nonresidential real property which was leased, or available for lease, to office tenants; (2) the building has been substantially converted from an office use to a residential, retail, or other commercial use; (3) the building was initially placed in service at least 25 years prior to the beginning of the conversion, and (4) straight line depreciation is allowable with respect to the building.
Bill· SS. 2511 (117th)referred
United States · United States Congress · 28 July 2021
Revitalizing Downtowns Act This bill expands the investment tax credit to add a qualified office conversion credit. The amount of such credit is 20% of the qualified conversion expenditures with respect to a qualified converted building. The bill defines qualified converted building as any building if (1) prior to conversion, the building was nonresidential real property which was leased, or available for lease, to office tenants; (2) the building has been substantially converted from an office use to a residential, retail, or other commercial use; (3) the building was initially placed in service at least 25 years prior to the beginning of the conversion, and (4) straight line depreciation is allowable with respect to the building.
Bill· SS. 2495 (117th)referred
United States · United States Congress · 28 July 2021
Protecting o ur Pharmaceutical Supply Chain from China Act of 2021 This bill requires the federal government to maintain a registry of certain foreign-sourced drugs, prohibits federal health care programs from purchasing drugs containing ingredients manufactured in China, requires drugs to be labeled for country of origin, and offers domestic manufacturing facility tax incentives. The Food and Drug Administration shall maintain (1) a list of foreign-sourced drugs and active ingredients that are critical for consumer health and safety, and (2) another list identifying such drugs that are produced exclusively in China or use ingredients produced in China. The bill phases in a restriction on federal health care programs purchasing drugs with active ingredients manufactured in China. By January 1, 2024, such programs may not purchase a drug with any active ingredients from China. The Department of Health and Human Services may issue a waiver for an agency or program that is unable to meet this requirement, but no waiver may apply to drugs purchased in or after 2026. Each drug must have labeling listing the country of origin of each active ingredient, and a drug without this labeling shall be deemed misbranded. The bill allows 100% tax expensing for qualified pharmaceutical and medical device manufacturing property placed in service between 2020 and 2026.
Bill· SS. 2523 (117th)referred
United States · United States Congress · 28 July 2021
Tribal Economic Development Act of 2021 This bill amends provisions relating to tribal economic development (TED) bonds issued to promote community development projects in Alaskan Indian tribal areas. Specifically, the bill increases the national tribal economic development bond limitation to $4 billion. It also eliminates the requirement that TED bond proceeds be used solely on Indian reservations and permits bond proceeds to be used for economic development by any qualified Native user which includes any tribal entity, Alaska Native Corporation, and entity that is majority-owned and controlled by an Indian tribe or Alaska Native Corporation. The bill also allows third parties to guarantee the repayment of TED bonds.
Bill· SS. 2522 (117th)referred
United States · United States Congress · 28 July 2021
This bill treats certain disability payments and other payments made by Indian tribes or Native Corporations to children as the earned income of such children. This exempts such income from the kiddie tax which taxes the unearned income of children at the parent's marginal tax rate.
Report· HearingS.Hrg.117-443published
United States · United States Senate · 27 July 2021
Bill· HRH.R. 4714 (117th)referred
United States · United States Congress · 27 July 2021
Disabled Access Credit Expansion Act of 2021 This bill modifies the tax credit allowed to eligible small businesses for expenditures to provide access to disabled individuals to increase (1) the maximum allowable amount of such credit to $20,500, and (2) the limitation on the gross receipts of such businesses to $2.5 million for purposes of determining eligibility for the credit. The bill directs the Department of Justice (DOD) to carry out an ADA (Americans with Disabilities Act) Mediation Program to facilitate voluntary mediation to resolve disputes arising under the ADA and to provide training for mediators. DOD must report to Congress on its ADA Information Line (a toll-free line to provide information and materials to the public about ADA requirements).
Bill· HRH.R. 4720 (117th)passed
United States · United States Congress · 27 July 2021
Energy Sector Innovation Credit Act of 2021 This bill adds new tax credits for investment in qualified emerging technology energy property and for the production of electricity from emerging energy technology. The bill defines qualified emerging energy property as property that is constructed, reconstructed, erected, or acquired by the taxpayer and is (1) a facility for the production of electricity from emerging energy technology, (2) carbon capture equipment, or (3) energy storage technology. The bill also adds a new tax credit for the production of electricity from clean hydrogen. The bill defines clean hydrogen as hydrogen that is produced through a production method for which the rate of the greenhouse gas emission is greater than zero and not greater that 2,500g CO2-e per kilogram of hydrogen produced, or is equal to or less than zero.
Bill· HRH.R. 4702 (117th)open
United States · United States Congress · 27 July 2021
Military Spouse Tax Act This bill provides that a spouse of a service member may retain their personal residence or domicile for purposes of taxation. The bill authorizes a service member and the spouse of the member to elect to use the following locations for purposes of taxation: the residence or domicile of the member, the residence or domicile of the spouse, or the permanent duty station of the member.
Bill· HRH.R. 4726 (117th)referred
United States · United States Congress · 27 July 2021
Student Loan Interest Deduction Act of 2021 This bill modifies the tax deduction for student loan interest to (1) increase the maximum deduction for interest paid on any qualified education loan to $5,000 ($10,000 for married couples filing a joint tax return), and (2) repeal the limitation on the deduction based upon modified adjusted gross income.
Bill· HRH.R. 4730 (117th)referred
United States · United States Congress · 27 July 2021
The Post-Widows Tax Repeal SBP Open Enrollment for Service-Disabled Veterans Act This bill establishes an open enrollment period for the Survivor Benefit Plan for a member or former member of the uniformed services who, on the day before the first day of the enrollment period, discontinued participation in the Survivor Benefit Plan (due to spousal eligibility for dependency and indemnity compensation), and is entitled to retired pay, or would be entitled to retired pay but for the fact the individual is under 60 years of age.
Bill· HRH.R. 4727 (117th)referred
United States · United States Congress · 27 July 2021
STEM K to Career Act This bill provides for loan forgiveness and tax credits related to science, technology, engineering, or mathematics (STEM) education and addresses work-study for students employed in STEM fields. The bill requires the Department of Education to forgive student loan obligations of borrowers employed as full-time teachers of STEM in elementary or secondary schools in which the number of low-income children exceeds a certain percentage. Portions of the student loan debt, including interest, shall be forgiven on the basis of years of service, with 100% forgiven for five years of teacher service. The bill allows (1) an increased tax deduction for expenses of elementary and secondary school teachers for STEM education supplies; (2) a tax credit for the employment of STEM interns; and (3) a tax credit for employment of individuals who participated in an apprenticeship program in a STEM field, with the amount determined according to the degree of completion of the program. Beginning with FY2022, an institution of higher education must use at least 7% of federal work-study funds to compensate students employed in STEM fields.
Bill· SS. 2485 (117th)referred
United States · United States Congress · 27 July 2021
Territory Economic Development Tax Credit Act This bill establishes a new tax credit for wages and tangible investments made by U.S. domestic corporations with branches operating in U.S. territories. It requires that 80% of credible income must be derived from a territory during a 3-year period, and 75% must come from an active trade or business in a territory. The credit is equal to 40% of eligible wages and benefits paid or provided to employees in the territory, subject to certain limitations.
Bill· SS. 2481 (117th)referred
United States · United States Congress · 27 July 2021
Disabled Access Credit Expansion Act of 2021 This bill modifies the tax credit allowed to eligible small businesses for expenditures to provide access to disabled individuals to increase (1) the maximum allowable amount of such credit to $20,500, and (2) the limitation on the gross receipts of such businesses to $2.5 million for purposes of determining eligibility for the credit. The bill directs the Department of Justice (DOD) to carry out an ADA (Americans with Disabilities Act) Mediation Program to facilitate voluntary mediation to resolve disputes arising under the ADA and to provide training for mediators. DOD must report to Congress on its ADA Information Line (a toll-free line to provide information and materials to the public about ADA requirements).
Bill· SS. 2475 (117th)referred
United States · United States Congress · 27 July 2021
Energy Sector Innovation Credit Act of 2021 This bill adds new tax credits for investment in qualified emerging technology energy property and for the production of electricity from emerging energy technology. The bill defines qualified emerging energy property as property that is constructed, reconstructed, erected, or acquired by the taxpayer and is (1) a facility for the production of electricity from emerging energy technology, (2) carbon capture equipment, or (3) energy storage technology. The bill also adds a new tax credit for the production of electricity from clean hydrogen. The bill defines clean hydrogen as hydrogen that is produced through a production method for which the rate of the greenhouse gas emission is greater than zero and not greater that 2,500g CO2-e per kilogram of hydrogen produced, or is equal to or less than zero.
Resolution· HRESH.Res. 555 (117th)passed
United States · United States Congress · 26 July 2021
Sets forth the rule for consideration of the bill (H.R. 4502) making appropriations for the Departments of Labor, Health and Human Services, and Education, and related agencies for the fiscal year ending September 30, 2022, and for other purposes.
Bill· HRH.R. 4697 (117th)referred
United States · United States Congress · 26 July 2021
This bill eliminates a requirement that, to the maximum extent practicable, certain construction subcontracts awarded by the Small Business Administration must be awarded within the county or state where the work is to be performed.
Bill· HRH.R. 4687 (117th)referred
United States · United States Congress · 26 July 2021
Supermarket Tax Credit for Underserved Areas Act This bill expands the tax credits that are available for the establishment of supermarkets in underserved areas. The bill includes provisions that (1) increase the rate of the rehabilitation tax credit for a supermarket building placed in service after December 31, 2021, and before January 1, 2025, in an underserved area; (2) increase by $1,000 the limit on wages eligible for the work opportunity tax credit for employees of a new underserved area supermarket; and (3) allow a business-related tax credit for 15% of the gross receipts from the retail sale of fresh fruits and vegetables in a new underserved area supermarket.
Bill· SS. 2432 (117th)open
United States · United States Congress · 22 July 2021
Disaster Mitigation and Tax Parity Act of 2021 This bill excludes from gross income, for income tax purposes, any qualified catastrophe mitigation payment made under a state-based catastrophe loss mitigation program. A qualified catastrophe mitigation payment means any amount received for making improvements to an individual's residence for the sole purpose of reducing the damage that would be done to such residence by a windstorm, earthquake, or wildfire.
Bill· HRH.R. 4616 (117th)open
United States · United States Congress · 22 July 2021
Adjustable Interest Rate (LIBOR) Act of 2021 This bill provides for the transition of certain financial contracts away from the London Interbank Offered Rate (LIBOR), a reference interest rate based upon the lending terms certain banks offer to each other for various lengths of time. LIBOR is set to be retired in 2023. Various financial contracts reference LIBOR as a benchmark for prevailing interest rates and use LIBOR in calculating certain payments or obligations. In the event a contract referencing LIBOR does not have a fallback or replacement rate provision in effect when LIBOR is retired, or a replacement rate is not selected by a determining person as defined by the bill, the bill provides for a transition to a replacement rate selected by the Board of Governors of the Federal Reserve System. The bill also provides for conforming changes to these contracts, the continuity and enforceability of these contracts, and protections against liability as a result of such a transition. The bill also addresses the tax consequences of such a transition. Specifically, the selection or use of a replacement rate; the determination, implementation, or performance of related conforming changes to a contract; or other application of changes related to the transition shall not be treated as a sale, exchange, or other disposition of property for tax purposes.
Bill· HRH.R. 4669 (117th)referred
United States · United States Congress · 22 July 2021
Capping Costs for Consumers Act of 2021 This bill expands and provides funding for assistance to certain individuals who enroll in plans through health insurance exchanges. Specifically, it increases the premium assistance tax credit by revising, from the second-lowest cost silver plan to the second-lowest cost gold plan, the benchmark plan on which the credit amount is based. The bill also requires individuals to enroll in a gold plan to be eligible for cost-sharing reductions and it extends the reductions to individuals with a higher maximum household income. These changes apply to plan and tax years beginning on or after January 1, 2023.