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Bill· HRH.R. 4173 (117th)referred
United States · United States Congress · 25 June 2021
Tax-Free Pell Grant Act This bill excludes from gross income, for income tax purposes, any amount received as a federal Pell Grant. It also expands the definition of qualified tuition and related expenses under the American Opportunity and Lifetime Learning tax credit to include computer or peripheral equipment (up to a maximum of $1,000), child and dependent care expenses, and course materials.
Bill· HRH.R. 4177 (117th)referred
United States · United States Congress · 25 June 2021
Expanding Opportunity Zones Act of 2021 This bill revises provisions relating to tax-exempt opportunity zones to increase the number of low-income communities that may be designated as qualified opportunity zones, and to extend the periods of election and deferral of gain invested with respect to such zones.
Bill· HRH.R. 4186 (117th)referred
United States · United States Congress · 25 June 2021
Patriotic Corporations of America Act of 2021 This bill establishes new requirements for federal contracts, including Department of Defense contracts, with respect to issues of labor, environmental sustainability, taxes, and private equity firms. Specifically, the bill prohibits an executive agency from awarding a contract unless the offeror, among other requirements pays employees wages that meet certain minimums; agrees to sign a neutrality agreement with respect to efforts to form a labor organization and an agreement not to hire replacement workers in any strike; submits to the agency an actionable plan to address natural disasters and health crises, including policies and plans for paid family and medical leave and for whistleblower protections; and submits to the agency an actionable plan to recruit and promote people of color, women, LGBTQ+ people, people with disabilities, and veterans. The bill sets forth additional provisions to assure that the offeror meets specified requirements with respect to the payment of environmental penalties, federal income tax liability and financial performance, and a controlling private equity firm meeting certain labor and environmental requirements. The bill establishes specified contract preferences (e.g., in favor of an offeror that does not outsource jobs outside the United States and that has a collective bargaining agreement with employees).
Bill· HRH.R. 4174 (117th)referred
United States · United States Congress · 25 June 2021
Expand American Educational Opportunity Act of 2021 This bill replaces the Hope Scholarship and Lifetime Learning tax credits with a modified American Opportunity Tax Credit that (1) allows an income tax credit of up to $2,500 of the qualified tuition and related expenses of a student who is carrying at least one half of a normal course load, (2) allows a lifetime dollar limitation for the credit of $15,000 for all taxable years, and (3) increases the refundable portion of the credit to a maximum of $1,500. The bill defines qualified tuition and related expenses as tuition, fees, computer or peripheral equipment, child and dependent care expenses, and course materials for the taxpayer, the taxpayer's spouse, and dependents at certain postsecondary educational institutions. The bill also allows an exclusion from gross income, for income tax purposes, of any amount received as a Federal Pell Grant.
Report· HearingH.Hrg.117published
United States · United States House of Representatives · 24 June 2021
Report· HearingH.Hrg.117published
United States · United States House of Representatives · 24 June 2021
Report· HearingS.Hrg.117published
United States · United States Senate · 24 June 2021
Report· HearingH.Hrg.117published
United States · United States House of Representatives · 24 June 2021
Bill· HRH.R. 4141 (117th)referred
United States · United States Congress · 24 June 2021
Promotion and Expansion of Private Employee Ownership Act of 2021 This bill expands tax incentives and federal assistance for employee stock ownership plans (ESOPs) that are sponsored by S corporations. The bill provides additional tax incentives for ESOPs by (1) extending to all domestic corporations, including S corporations, provisions allowing deferral of tax on gain from the sale of employer securities to an ESOP; and (2) allowing a tax deduction for 50% of the interest received by a bank on loans to S corporation-sponsored ESOPs for the purchase of employer securities. The Department of the Treasury must establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations. The bill defines an ESOP business concern for purposes of the Small Business Act as a business concern that was eligible for a loan, preference, or other program under such Act before more than 49% of the business concern was acquired by an ESOP.
Bill· HRH.R. 4165 (117th)referred
United States · United States Congress · 24 June 2021
Uplifting First-Time Homebuyers Act of 2021 This bill increases from $10,000 to $20,000 the lifetime limitation on penalty-free distributions from tax-exempt retirement plans for first-time homebuyers.
Bill· HRH.R. 4154 (117th)referred
United States · United States Congress · 24 June 2021
Lead-Free America Bonds Act of 2021 This bill allows issuers of qualified lead drinking water service line bonds a credit for interest payments under such bonds. The bill defines qualified lead drinking water service line bond as any bond issue (other than a private activity bond) if 100% of the available project proceeds of such issue are used to replace lead components of one or more eligible public water systems that are not lead free.
Bill· HRH.R. 4164 (117th)referred
United States · United States Congress · 24 June 2021
Charitable Conservation Easement Program Integrity Act of 2021 This bill imposes a limitation on the tax deduction for qualified conservation contributions made by certain partnerships if the amount of the contribution exceeds 2.5% times the sum of each partner's relevant basis in the partnership. This limitation also applies to other pass-thru entities, such as S corporations.
Bill· SS. 2257 (117th)referred
United States · United States Congress · 24 June 2021
Expanding Access to Affordable Prescription Drugs and Medical Devices Act This bill requires the Department of Health and Human Services (HHS) to provide assistance to certain nonprofit manufacturers of drugs or medical devices, establishes requirements in statute for a manufacturer to qualify as a tax-exempt nonprofit organization, and addresses related issues. Generally, to be a tax-exempt nonprofit drug (or biological product) or device manufacturer under this bill, an organization must (1) only manufacture drugs or devices that further a public health objective, such as addressing barriers related to availability or price; (2) sell each drug or device at a public list price that is not above a certain amount as determined by various costs; (3) not compensate any employee an amount more than 40 times the compensation of the lowest-compensated employee or applicable contractor; and (4) meet various existing requirements for being a tax-exempt organization. HHS must provide assistance to tax-exempt nonprofit organizations that meet certain requirements by awarding cooperative agreements, providing low-interest revolving loans, and waiving certain user fees. For awarding such cooperative agreements and loans, HHS shall prioritize organizations expecting to market an eligible drug or device (1) at a price lower than existing treatments, or (2) that HHS has identified as a public health priority. The Food and Drug Administration may prioritize the review of an application for market approval of a qualifying drug or medical device from a tax-exempt nonprofit organization if the organization commits to a specific price that is significantly lower than similar treatments on the market.
Bill· SS. 2234 (117th)referred
United States · United States Congress · 24 June 2021
Affordable Housing Opportunities Made Equitable Act or the Affordable HOME Act This bill addresses the availability and affordability of housing. Among other provisions for low-income and homeless individuals, the bill requires the Department of Housing and Urban Development (HUD) to construct and preserve multifamily rental housing projects in rural areas, specifies the number of low-income housing choice vouchers HUD must provide in FY2022-2031, and provides FY2022-2031 appropriations for HUD to assist permanent supportive housing. The bill also repeals the limitation on construction of new public housing units, commonly known as the Faircloth limit or the Faircloth amendment; prohibits discrimination in housing based on source of income; and provides additional FY2021 appropriations for the Housing Trust Fund, which provides assistance to states to produce and preserve affordable housing. For individuals experiencing unemployment or income shortfalls during periods of increased state unemployment or during certain disasters, the bill establishes an emergency assistance fund to provide housing assistance. For qualifying homeowners, the bill requires HUD to provide grants for down payment assistance and establishes a 15% annual mortgage interest tax credit. Among other provisions for residential renters, the bill requires notice and specific cause for eviction, provides funding to state and local governments that have established a right to counsel in certain housing cases, and requires certain landlords to provide renters an opportunity to purchase before selling or transferring the rental property. The bill also provides grants for acquisition and preservation of manufactured home communities.
Bill· SS. 2206 (117th)referred
United States · United States Congress · 24 June 2021
Young American Savers Act of 2021 This bill directs the Department of the Treasury to establish as a permanent program the Federal Child Savings Account Program not later than December 31, 2022. A program account shall be tax-exempt and distributions from an account shall be excludible from a child's gross income. The program allows the parent or guardian of a child under the age of 18 and a U.S. resident to make contributions to an account for the child's educational expenses. An account may also fund a Roth Individual Retirement account and an ABLE (i.e., Achieving a Better Life Experience) account for disabled individuals. Distributions from such accounts may begin on the earlier of the date such child attains the age of 26, receives an associate's or bachelor's degree, or enlists in active duty miliary service.
Resolution· SCONRESS.Con.Res. 10 (117th)referred
United States · United States Congress · 24 June 2021
This concurrent resolution expresses the sense of Congress that tax-exempt fraternal benefit societies provide critical benefits to the people and communities of the United States and their work should continue to be promoted.
Bill· SS. 2230 (117th)referred
United States · United States Congress · 24 June 2021
This bill increases the applicable dollar amount of the carbon oxide sequestration tax credit for taxable years after 2021.
Bill· SS. 2306 (117th)referred
United States · United States Congress · 24 June 2021
Maintaining and Enhancing Hydroelectricity and River Restoration Act of 2021 This bill allows a new tax credit for maintaining and enhancing hydroelectric dams that is equal to 30% of the basis of any qualified dam safety, environmental, and grid resilience enhancement property placed in service in a taxable year. It also allows a 30% credit for qualified obsolete river obstruction removal expenditures for demolishing and removing certain nonpowered or hydroelectric dams.
Bill· SS. 2289 (117th)referred
United States · United States Congress · 24 June 2021
Lead-Free America Bonds Act of 2021 This bill allows issuers of qualified lead drinking water service line bonds a credit for interest payments under such bonds. The bill defines qualified lead drinking water service line bond as any bond issue (other than a private activity bond) if 100% of the available project proceeds of such issue are used to replace lead components of one or more eligible public water systems that are not lead free.
Bill· SS. 2215 (117th)referred
United States · United States Congress · 24 June 2021
Veterinary Medicine Loan Repayment Program Enhancement Act This bill modifies the requirements for calculating taxable income to exclude from gross income payments under the federal veterinary medicine loan repayment program or any state loan repayment or forgiveness program that is intended to provide for increased access to veterinary services in such state.
Bill· SS. 2262 (117th)referred
United States · United States Congress · 24 June 2021
Low Carbon Biofuel Credit Act This bill allows certain taxpayers (defined by this bill as an oxygenate blender and a retailer ) a new business-related income tax credit for the sale or blending of E15 gasoline (more than 13 and no more than 15 volume percent ethanol) and other fuels containing more than 15 volume percent ethanol.
Bill· SS. 2266 (117th)referred
United States · United States Congress · 24 June 2021
Historic Tax Credit Growth and Opportunity Act of 2021 This bill increases the rehabilitation tax credit and modifies certain requirements for the credit. The bill increases the rate of the credit to 30% for small projects (rehabilitation expenditures not exceeding $3.75 million) and caps the credit for such projects at $750,000 for all taxable years. The bill also expands the types of buildings eligible for rehabilitation by decreasing the rehabilitation threshold from 100% to 50% of project expenses. It also eliminates the basis adjustment requirement for the credit and modifies rules relating to the eligibility of tax-exempt use property for the credit.
Bill· SS. 2263 (117th)referred
United States · United States Congress · 24 June 2021
Sustainable Skies Act This bill allows a business-related tax credit through 2031 for each gallon of sustainable aviation fuel used by a taxpayer in the production of a qualified mixture (i.e., a mixture of sustainable aviation fuel and kerosene that is sold for use in certain U.S. aircraft). The bill generally defines sustainable aviation fuel as liquid fuel that consists of synthesized hydrocarbons, meets certain recognized international standards, is derived from biomass, waste streams, renewable energy sources, or gaseous carbon oxides, is not derived from palm fatty acid distillates, and achieves at least a 50% life cycle greenhouse gas emissions reduction in comparison with petroleum-based jet fuel. To be eligible for such credit, a taxpayer must meet certification requirements showing that the sustainable aviation fuel conforms with one of the life cycle greenhouse gas emissions reduction tests set forth in this bill.
Bill· SS. 2291 (117th)referred
United States · United States Congress · 24 June 2021
Zero-Emission Nuclear Power Production Credit Act of 2021 This bill allows a new business-related tax credit through 2031 for the production of electricity from zero-emission nuclear power. It also allows an election for direct payments of such credit and requires a recapture of the credit for contractors who pay their laborers or mechanics less than the prevailing wage rate. Contractors must ensure that at least 15% of their work force is composed of qualified apprentices. The bill requires the Government Accountability Office to report on the effectiveness the tax credit.
Bill· SS. 2218 (117th)referred
United States · United States Congress · 24 June 2021
Trade Adjustment Assistance For Workers Reauthorization Act of 2021 This bill reauthorizes through FY2028 and otherwise revises the Trade Adjustment Assistance Program, including by expanding program eligibility to additional workers and authorizing the Department of Labor to reimburse workers for certain out-of-pocket training expenses. The bill also permanently extends the tax credit for health insurance costs and increases the percentage of such credit.
Bill· SS. 2222 (117th)referred
United States · United States Congress · 24 June 2021
Protect Taxpayers' Privacy Act This bill increases to $250,000 the criminal penalty for unauthorized disclosures of taxpayer information by federal employees and tax return preparers. It also lowers the evidentiary requirements for removal of employees from federal service who disclose tax return information without authorization.
Bill· SS. 2256 (117th)referred
United States · United States Congress · 24 June 2021
Charitable Conservation Easement Program Integrity Act of 2021 This bill imposes a limitation on the tax deduction for qualified conservation contributions made by certain partnerships if the amount of the contribution exceeds 2.5% times the sum of each partner's relevant basis in the partnership. This limitation also applies to other pass-thru entities, such as S corporations.
Bill· SS. 2267 (117th)referred
United States · United States Congress · 24 June 2021
Clean Fuels Vehicle Act of 2021 This bill allows a new business-related tax credit through 2031 for the production of flexible fuel vehicles (i.e., motor vehicles engineered and designed to be operated on a petroleum fuel and on a methanol or ethanol fuel, or on any mixtures of such fuels). The amount of such credit in a taxable year is equal to the product of $200, and the number of vehicles produced and sold by the taxpayer to an unrelated person in the United States. The bill also repeals limitations on manufacturing incentives for dual fuel automobiles and repeals the maximum fuel economy increase for alternative fuel automobiles.
Report· HearingH.Hrg.117published
United States · United States House of Representatives · 23 June 2021
Report· HearingH.Hrg.117published
United States · United States House of Representatives · 23 June 2021
Report· HearingH.Hrg.117published
United States · United States House of Representatives · 23 June 2021
Report· HearingS.Hrg.117published
United States · United States Senate · 23 June 2021
Report· HearingS.Hrg.117published
United States · United States Senate · 23 June 2021
Report· HearingH.Hrg.117published
United States · United States House of Representatives · 23 June 2021
Report· HearingS.Hrg.117published
United States · United States Senate · 23 June 2021
Report· HearingH.Hrg.117published
United States · United States House of Representatives · 23 June 2021
Report· HearingS.Hrg.117published
United States · United States Senate · 23 June 2021
Bill· HRH.R. 4093 (117th)referred
United States · United States Congress · 23 June 2021
Tribal Transportation Equity and Transparency Improvement Act of 2021 This bill revises certain programs related to tribal transportation. First, the bill revises the Tribal Transportation Program (TTP) by directing the Department of the Interior to (1) request proposals from Indian tribes to include additional transportation facilities in the National Tribal Transportation Facility Inventory, and (2) ensure that all nonconfidential information from the inventory is made available on its website. Next, the bill specifies that funding allocations (i.e., tribal shares) under the TTP must be determined using the facility inventory for the most recent fiscal year for which data is available instead of using FY2012 data. It also requires each Indian tribe that intends to include a proposed road in the inventory to complete and submit certain documentation for the road. It also requires independent audits by the inspectors general of Interior and the Department of Transportation, as well as the Government Accountability Office, to review the administration of the TTP. Additionally, the bill permits Indian tribes to use funds for carrying out highway safety programs in cooperation with states, counties, and other local subdivisions. It also increases the federal share for Indian tribes under the Nationally Significant Federal Lands and Tribal Projects Program and allows Indian tribes to use planning and design funds for grant applications under the program. Finally, the bill establishes the Tribal Transportation Advisory Committee, which must provide advice to Interior and study issues related to tribal transportation.
Bill· HRH.R. 4086 (117th)referred
United States · United States Congress · 23 June 2021
School Infrastructure Modernization Act of 2021 This bill allows rehabilitation expenditures for public school buildings to qualify for the rehabilitation tax credit during a specified five-year period.
Bill· HRH.R. 4107 (117th)referred
United States · United States Congress · 23 June 2021
IRS Whistleblower Program Improvement Act of 2021 This bill modifies provisions of the Internal Revenue Code relating to whistleblower protections. Specifically, the bill revises the standard for review of whistleblower awards in the Tax Court to require a de novo review standard (currently, the standard is abuse of discretion); exempts whistleblower awards from reductions due to budget sequestration; establishes a rebuttable presumption that whistleblowers would suffer harm if their identities were disclosed in a Tax Court proceeding; modifies the Internal Revenue Service (IRS) whistleblower report to require inclusion of a list and description of the top 10 tax avoidance schemes disclosed by whistleblowers; requires the IRS to pay interest on whistleblower awards if not paid within one year of receipt of proceeds collected from whistleblower disclosures, allows the IRS to retain 3% of whistleblower proceeds (up to $10 million) to pay administrative costs of the whistleblower program; and allows payment of the attorney fees of whistleblowers regardless of whether the whistleblower award was paid through the mandatory or the discretionary whistleblower award program.
Bill· HRH.R. 4095 (117th)referred
United States · United States Congress · 23 June 2021
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Bill· SS. 2202 (117th)referred
United States · United States Congress · 23 June 2021
Enhancing Credit Opportunities in Rural America Act of 2021 or the ECORA Act of 2021 This bill modifies the requirements for calculating taxable income to exclude from gross income interest received by a lender from real estate loans secured by agricultural real estate or by a leasehold mortgage (with a status as a lien) on agricultural real estate. Agricultural real estate includes real property that is substantially used for the production of one or more agricultural products. It also includes any single family residence that is (1) the principal residence of its occupant, (2) located in a rural area which is not within a Metropolitan Statistical Area and has a population of 2,500 or less, and (3) is purchased or improved with the proceeds of a loan secured by agricultural real estate or by a household mortgage.
Bill· SS. 2191 (117th)referred
United States · United States Congress · 23 June 2021
Workforce Development Through Post-Graduation Scholarships Act of 2021 This bill excludes from gross income, for income tax purposes, any amount received by an individual taxpayer as a post-graduation scholarship grant by a tax-exempt charitable organization for the payment of certain education expenses or for the repayment of education loans. The bill requires reports on the post-graduation scholarship grant program by the Department of the Treasury and the Government Accountability Office.
Report· HearingS.Hrg.117published
United States · United States Senate · 22 June 2021
Bill· HRH.R. 4042 (117th)open
United States · United States Congress · 22 June 2021
Aviation Funding Stability Act of 20 21 This bill provides continuing appropriations to the Federal Aviation Administration (FAA) from the Airport and Airway Trust Fund if an appropriations bill for the FAA has not been enacted before a fiscal year begins or a joint resolution making continuing appropriations for the FAA is not in effect. The bill provides appropriations at the rate of operations that was provided for the prior fiscal year to continue programs, projects, and activities for which funds were provided in the preceding fiscal year.
Bill· SS. 2172 (117th)reported
United States · United States Congress · 22 June 2021
Building Solutions for Veterans Experiencing Homelessness Act of 2021 This bill addresses various Department of Veterans Affairs (VA) grants, programs, and assistance related to services for homeless veterans. The bill removes certain funding limitations on grants that assist eligible entities in establishing or modifying programs to furnish outreach, rehabilitative services, vocational counseling and training, and transitional housing assistance to homeless veterans. Under the bill, grant recipients must not be subject to certain property disposition requirements. The bill increases the maximum rate of per diem payments provided to grant recipients furnishing services to homeless veterans. Under the Supportive Services for Veterans Families program, not less than 2% of the amounts available in any fiscal year may be available to provide technical assistance to entities providing supportive services to very low-income veteran families occupying permanent housing. Among other requirements, the VA must provide training and technical assistance to grant recipients regarding the planning, development, and provision of services for which the grant is made; establish and carry out a program to provide services to assist veterans with navigating housing and health care resources; and implement three pilot programs to provide improved public transportation, nursing staff, and substance use disorder and alcohol use disorder treatment services to certain veterans. The bill (1) extends through FY2025 the authority for appropriations for homeless veterans reintegration programs, and (2) increases the amount authorized to be appropriated annually for such programs from $50 million to $75 million.
Bill· HRH.R. 4061 (117th)referred
United States · United States Congress · 22 June 2021
Fair Accounting for Condominium Construction Act This bill exempts certain residential construction contracts from the requirement to use the percentage of completion method of accounting. The percentage of completion method is a tax accounting method in which the revenues and expenses of long-term contracts are recognized as a percentage of the work completed in a particular period.
Bill· HRH.R. 4054 (117th)referred
United States · United States Congress · 22 June 2021
Tribal Tax and Investment Reform Act of 2021 This bill treats Indian tribal governments as states for purposes of the annual allocation of the tax-exempt bond volume cap. It also repeals provisions that limit an Indian tribal government's eligibility to issue tax-exempt bonds or to be exempt from specified excise taxes to transactions involving the exercise of an essential government function customarily performed by state and local governments. The bill (1) treats employee benefit or pension plans maintained by Indian tribes and domestic relations orders issued pursuant to tribal law in the same manner as plans maintained by states and domestic relations orders issued pursuant to state law; and (2) treats tribal charities and foundations in the same manner as charities and foundations funded and controlled by other governmental entities for purposes of the tax-exempt status of, and deduction for contributions to, such organizations. The bill gives Indian tribes or tribal organizations access to the Federal Parent Locator Service if they are eligible for a grant to operate a child support enforcement program. It makes those tribes and tribal organizations eligible to participate in the program that collects past-due support from individual tax refunds. An Indian tribal government may determine whether a child has special needs for the purpose of the tax credit for the adoption of a child with special needs.
Bill· SS. 2176 (117th)referred
United States · United States Congress · 22 June 2021
Travel Trailer and Camper Tax Parity Act This bill modifies the tax deduction for floor plan financing interest to include in the term motor vehicles eligible for such financing any trailer or camper that is designed to provide temporary living quarters for recreational, camping, or seasonal use and is designed to be towed by, or affixed to, a motor vehicle.
Bill· SS. 2165 (117th)referred
United States · United States Congress · 22 June 2021
Education Savings Accounts for Military Families Act of 2021 This bill directs the Department of Education (ED) to establish a program to provide children with parents on active duty in the uniformed services with funds to pay educational expenses. Specifically, ED must establish a tax-exempt Military Education Savings Account for dependent children of parents in the uniformed services for the payment of the children's educational expenses. Funds in the savings account may be used for specified purposes, including the cost of attendance at a private elementary or secondary school or institution of higher education, private tutoring, or costs associated with an apprenticeship or other vocational training program.