Taxation

EXAMINING THE FISCAL YEAR 2024 STATE DEPARTMENT DIVERSITY EQUITY INCLUSION, AND ACCESSIBILITY BUDGET

United States · United States House of Representatives · 13 June 2023

FISCAL YEAR 2024 BUDGET REQUEST FOR NEAR EASTERN AFFAIRS

United States · United States House of Representatives · 13 June 2023

National Infrastructure Bank Act of 2023

United States · United States Congress · 13 June 2023

National Infrastructure Bank Act of 2023 This bill creates the National Infrastructure Bank to facilitate the long-term financing of infrastructure projects. Specifically, the bank must provide loans to entities—including states, public utilities, and public-private partnerships—for financing, developing, or operating eligible infrastructure projects. An eligible project must have a public sponsor as well as local, regional, or national significance. The bill treats the bank as a government corporation exempt from tax and treats contributions to the bank as charitable contributions. The bill also provides for criteria and preferences for deciding whether to provide a loan, such as whether a project promotes job creation or provides environmental benefits. The bank shall issue stock and may also issue bonds and maintain a discount line of credit with the Federal Reserve System. The bank must apply for a national bank charter and, once chartered, accept deposits from individuals, corporations, public entities, or any other source and pay interest on those deposits. The bill imposes requirements related to the bank's operation, such as minimum reserve requirements and requirements for handling loan losses. In addition, the bank must facilitate the organization of at least seven regional economic accelerator planning groups to, among other activities, identify infrastructure needs and priorities. Within five years, the Government Accountability Office must report on the bank's activities.

Opportunity Zones Enhancement Act of 2023

United States · United States Congress · 13 June 2023

Opportunity Zones Enhancement Act of 2023 This bill excludes from gross income, for income tax purposes, certain amounts of interest received by a depository institution on any loan to a qualified opportunity zone business (businesses located in economically-distressed communities that may qualify for preferential tax treatment, such as capital gains tax avoidance).

Disaster Mitigation and Tax Parity Act of 2023

United States · United States Congress · 13 June 2023

Disaster Mitigation and Tax Parity Act of 2023 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 property for the sole purpose of reducing the damage that would be done to such property by a windstorm, earthquake, or wildfire.

Disaster Mitigation and Tax Parity Act of 2023

United States · United States Congress · 13 June 2023

Disaster Mitigation and Tax Parity Act of 2023 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 property for the sole purpose of reducing the damage that would be done to such property by a windstorm, earthquake, or wildfire.

Pay Less at the Pump Act

United States · United States Congress · 13 June 2023

Pay Less at the Pump Act This bill eliminates the excise tax on domestic crude oil and imported petroleum products (known as the petroleum Superfund tax rate) beginning on January 1, 2023. The bill also eliminates the authority for advances to the Hazardous Substance Superfund from the General Fund of the Treasury. Under current law, the petroleum Superfund tax rate imposed is 16.4 cents per barrel (indexed annually for inflation). Amounts collected from this tax are deposited into the Hazardous Substance Superfund, which finances the remediation of certain environmentally contaminated sites.   Further, under current law, the authority for advances to be appropriated to the Hazardous Substance Superfund extends through 2032.

Middle Class Mortgage Insurance Premium Act of 2023

United States · United States Congress · 13 June 2023

Middle Class Mortgage Insurance Premium Act of 2023 This bill increases the adjusted gross income threshold for the phaseout of the mortgage insurance premium tax deduction and makes such deduction permanent.

Dependable Classification of Airports Act

United States · United States Congress · 13 June 2023

Dependable Classification of Airports Act This bill allows the owner or operator of a small hub airport that is designated as a medium hub airport to be treated as a small hub airport for a limited period with respect to laws and regulations. (A small hub airport handles 0.05% to 0.25% of the annual U.S. commercial passenger boardings; a medium hub airport handles 0.25% to 1%. Funding opportunities and legal requirements may vary depending on an airport's hub designation.) Specifically, beginning with the fiscal year in which a small hub airport is designated as a medium hub airport, the owner or operator may elect to continue to be treated as a small hub airport for any period of up to five consecutive fiscal years. The bill applies to any small hub airport designated as a medium hub airport in FY2021 or later.

CERTS Tax Exemption Act

United States · United States Congress · 13 June 2023

CERTS Tax Exemption Act This bill excludes from the gross income of an eligible provider of transportation services, for income tax purposes, grant amounts received under the Coronavirus Economic Relief for Transportation Services Act.

Tanning Tax Repeal Act of 2023

United States · United States Congress · 13 June 2023

Tanning Tax Repeal Act of 2023 This bill repeals the excise tax on indoor tanning services.

Supply Chain Security Act

United States · United States Congress · 12 June 2023

Supply Chain Security Act This bill allows a taxpayer to make an election, without regard to specified Treasury regulations, for purposes of determining whether any Western Hemisphere tax is an income, war profits, or excess profits tax. A Western Hemisphere tax is any tax paid to any U.S. possession or any foreign country (other than Cuba or Venezuela) that is located in North, Central, or South America (including the West Indies).

To amend the Internal Revenue Code of 1986 to allow certain credits and deductions to be taken as a refundable tax credit by Puerto Rico businesses or residents, and to extend such credits and deductions to possessions of the United States.

United States · United States Congress · 12 June 2023

This bill extends the tax credit for expenditures to provide access to disabled individuals to U.S. possessions and makes such credit refundable for bona fide residents of Puerto Rico. The bill permits Puerto Rican residents a refundable tax credit for 21% of amounts otherwise allowable as a tax deduction for expenditures to remove architectural and transportation barriers to the handicapped and elderly. It also requires payment to U.S. possessions for taxable years beginning after December 31, 2022, of an amount equal to the their losses due to the application of the credits and deductions by this bill.

Small Business Regulatory Reduction Act

United States · United States Congress · 9 June 2023

Small Business Regulatory Reduction Act This bill requires the Small Business Administration to ensure that for each fiscal year the cost to small businesses of the administration's rulemaking (including the modification or repeal of a rule) is not greater than zero. The administration also must report on any regulations issued by other federal agencies that have an impact on small businesses.

Tax Cuts for Working Families Act

United States · United States Congress · 9 June 2023

Tax Cuts for Working Families Act This bill renames the standard tax deduction as the guaranteed deduction. It allows an additional bonus amount of $2,000 ($4,000 for married couples filing jointly) in taxable years beginning in 2024 and 2025 but reduces the bonus amount for taxpayers whose modified adjusted gross income exceeds $200,000 ($400,000 for joint filers).

Small Business Jobs Act

United States · United States Congress · 9 June 2023

Small Business Jobs Act This bill provides tax incentives for investment in small businesses. Among other provisions, the bill increases from $600 to $5,000 (adjusted annually for inflation) the general reporting threshold for services performed by an independent contractor or subcontractor, restores reporting requirements for third party network transactions, modifies the exclusion of gain from the sale of qualified small business stock, increases the ceiling for expensing of depreciable business assets, establishes rural opportunity zones, and reinstates reporting requirements for qualified opportunity zones and applies such requirements to qualified rural opportunity zones.

Build It in America Act

United States · United States Congress · 9 June 2023

Build It in America Act This bill provides for tax incentives to encourage investment in the United States. The bill permits the expensing of research and experimental expenditures (including software development costs) through 2025. It extends (1) the allowance for depreciation, amortization, or depletion in determining the limitation on business interest; and (2) the 100% bonus depreciation allowance. The bill terminates the hazardous substance Superfund financing rate. It allows a taxpayer election to disregard specified regulations when determining if any tax is an income, war profits, or excess profits tax. The bill imposes a 60% excise tax on buyers of U.S. farmland by citizens of a country of concern (e.g., a state supporter of terrorism) or by a private business entity that is 10% or more owned by a citizen or business entity domiciled in a country of concern. The bill repeals the clean electricity production tax credit, the clean electricity investment tax credit, the tax credit for previously owned clean vehicles, and the tax credit for qualified commercial clean vehicles. It modifies provisions of the clean vehicle tax credit, including those relating to the base amount and battery capacity.

Proposing an amendment to the Constitution of the United States requiring that the Federal budget be balanced.

United States · United States Congress · 9 June 2023

This joint resolution proposes a constitutional amendment prohibiting total outlays for a fiscal year from exceeding total receipts for that fiscal year or 18% of the U.S. gross domestic product unless Congress authorizes the excess by a two-thirds vote of each chamber. The prohibition excludes outlays for repayment of debt principal and receipts derived from borrowing. The amendment requires a two-thirds vote of each chamber of Congress to levy a new tax, increase the rate of any tax, or increase the debt limit. The amendment provides any Member of Congress with standing and a cause of action to seek judicial enforcement of this amendment if authorized by a petition signed by one-third of the Members of either chamber of Congress. Courts are prohibited from ordering any increase in revenue to enforce this amendment.

Methane Reduction and Economic Growth Act

United States · United States Congress · 9 June 2023

To amend the Internal Revenue Code of 1986 to impose a tax on the acquisition of United States agricultural interests by disqualified persons.

United States · United States Congress · 9 June 2023

Small Business Paperwork Savings Act

United States · United States Congress · 9 June 2023

Small Business Paperwork Savings Act This bill increases from $600 to $5,000 the threshold for reporting income for tax purposes.

COVID–19 Commuter Benefits Distribution Act

United States · United States Congress · 9 June 2023

COVID-19 Commuter Benefits Distribution Act This bill permits a one-time payment of unused transportation fringe benefits to a succeeding month. Under current law, such unused benefits are forfeited.

Student Loan Tax Relief Act

United States · United States Congress · 9 June 2023

Supporting the ratification of the Chilean tax treaty.

United States · United States Congress · 9 June 2023

This resolution recognizes the long-standing United States-Chile partnership. It also (1) reaffirms the importance of expanded bilateral economic ties for advancing the prosperity of both countries, and (2) urges the Senate to provide its advice and consent to ratification of the bilateral tax treaty with Chile.

Neighborhood Homes Investment Act

United States · United States Congress · 9 June 2023

Neighborhood Homes Investment Act This bill allows a business-related tax credit for certain development costs for the acquisition, rehabilitation, or remediation of qualified real property (i.e., real property affixed on a permanent foundation and comprised of four or fewer residential units, a condominium unit, or a house or apartment owned by a cooperative housing corporation). The bill also provides for the exclusion from gross income, for income tax purposes, of the value of any subsidy provided to a taxpayer by any state energy office for purposes of improvements made to a qualified residence.

Visitable Inclusive Tax Credits for Accessible Living (VITAL) Act

United States · United States Congress · 9 June 2023

Visitable Inclusive Tax Credits for Accessible Living (VITAL) Act This bill increases the low-income housing tax credit to serve the housing needs of older people and people with disabilities. Specifically, the bill increases state allocations of the credit and credit amounts for projects for assisting households with disabled individuals. The bill requires each state housing finance agency to establish and operate a Resource Center for the Low-Income Housing Tax Credit Program to support new program applicants and recipients. It also establishes a National Low-Income Housing Tax Credit Advisory Council to provide best practice recommendations to state housing finance agencies and other entities relating to affordable housing trends.

Water and Agriculture Tax Reform Act of 2023

United States · United States Congress · 9 June 2023

TICKET Act

United States · United States Congress · 9 June 2023

Transparency In Charges for Key Events Ticketing Act or the TICKET Act This bill requires ticket sellers (including sellers on the secondary market) for concerts, performances, sporting events, and similar activities to clearly and prominently disclose at the beginning of the transaction, and prior to the selection of a ticket, the total ticket price for the event and an itemized list of the base ticket price and each fee (e.g., service fee, processing fee, delivery fee, facility charge fee, tax, or other charge). The total ticket price must also be disclosed in any advertisement, marketing, or price list. Currently, ticket sellers generally disclose fees at the checkout stage. Additionally, ticket sellers that are offering to sell a ticket that the seller does not have in their actual or constructive possession must clearly and prominently disclose that the ticket is not in their possession before an individual selects a ticket to purchase. The Federal Trade Commission must enforce these requirements.

Water and Agriculture Tax Reform Act of 2023

United States · United States Congress · 8 June 2023

GRATEFUL Act

United States · United States Congress · 8 June 2023

Granting Recognition to Accomplished Talented Employees For Unwavering Loyalty Act or the GRATEFUL Act This bill makes additional visas available under a program that provides special immigrant visas to eligible foreign nationals who were employed by the U.S. government abroad. The bill also modifies a provision that reduces the number of diversity immigrant visas available each fiscal year. Generally, under this program, a foreign national (and their spouse and children) may receive a special immigrant visa if (1) the foreign national has been employed by the U.S. government abroad for at least 15 years, and (2) the Department of State has found that it is in the national interest to award the visa. There are a limited number of such visas available each fiscal year. Specifically, this bill makes additional special immigrant visas available if no visas are immediately available. Up to 3,500 additional visas shall be made available for FY2024, and up to 3,000 shall be made available in each subsequent fiscal year. The bill also modifies a provision related to the annual cap on diversity immigrant visas (i.e., visas awarded to nationals of countries with low rates of immigration to the United States). Current law reduces the number of such visas available each fiscal year based in part on the number of visas awarded under another program. Under this bill, the reduction in the number of diversity immigrant visas shall also take into consideration the number of special immigrant visas awarded under this bill.

EXAMINING THE FISCAL YEAR 2024 BUREAU OF CONSULAR AFFAIRS BUDGET

United States · United States House of Representatives · 7 June 2023

IGNORING OUR ALLIES IN THE WESTERN HEMISPHERE: REVIEWING PRESIDENT BIDEN'S FISCAL YEAR 2024 BUDGET REQUEST

United States · United States House of Representatives · 7 June 2023

Intelligence Authorization Act for Fiscal Year 2024

United States · United States Congress · 7 June 2023

Intelligence Authorization Act for Fiscal Year 2024 This bill authorizes FY2024 appropriations for (1) the conduct of intelligence and intelligence-related activities by the federal government, (2) the Intelligence Community Management Account, and (3) the Central Intelligence Agency Retirement and Disability Fund. The bill also authorizes appropriations as necessary to pay for increases in employee compensation and benefits authorized by law.  

Fiscal Year 2023 Veterans Affairs Major Medical Facility Authorization Act

United States · United States Congress · 7 June 2023

Fiscal Year 2023 Veterans Affairs Major Medical Facility Authorization Act This bill authorizes the Department of Veterans Affairs to carry out specified major medical facility projects during FY2023. The bill also indicates the maximum amount that can be spent on each project.

Mortgage Insurance Tax Deduction Act of 2023

United States · United States Congress · 7 June 2023

Mortgage Insurance Tax Deduction Act of 2021 This bill makes permanent the tax deduction for mortgage insurance premiums.

Mortgage Debt Tax Forgiveness Act of 2023

United States · United States Congress · 7 June 2023

Mortgage Debt Tax Forgiveness Act of 2023 This bill makes permanent the exclusion from gross income of income attributable to the discharge of qualified principal residence indebtedness.

Rural Opportunity Zone and Investment Act

United States · United States Congress · 7 June 2023

Rural Opportunity Zone and Investment Act This bill provides for the deferral of tax until December 31, 2032, on capital gains invested in qualified rural opportunity zones. A q ualified rural opportunity zone is any population census tract that is located in a rural county and is in persistent poverty.

Bob von Schwedler Permanent Health Coverage Tax Credit Expansion Act

United States · United States Congress · 7 June 2023

Bob von Schwedler Permanent Health Coverage Tax Credit Expansion Act This bill permanently reauthorizes and expands the Health Coverage Tax Credit. As previously enacted, the Health Coverage Tax Credit covered 72.5% of health insurance costs for certain Trade Adjustment Assistance (TAA) recipients, alternative TAA recipients, and Pension Benefit Guaranty Corporation pension recipients. The credit expired in December 2021. The bill permanently reauthorizes the credit and expands the credit to cover 80% of health insurance costs.

No Corporate Tax Exemption for Professional Sports Act

United States · United States Congress · 7 June 2023

No Corporate Tax Exemption for Professional Sports Act This bill prohibits tax-exempt status for certain professional sports leagues.

American Family Act

United States · United States Congress · 7 June 2023

American Family Act This bill provides for a new fully refundable child tax credit and monthly advance payments of credit amounts.

Affordable Housing Bond Enhancement Act

United States · United States Congress · 6 June 2023

Affordable Housing Bond Enhancement Act This bill modifies the Mortgage Revenue Bond (MRB) and the Mortgage Credit Certificate (MCC) programs of state housing finance agencies to expand the supply of affordable homes and homeownership for low- and moderate-income homebuyers. The bill requires the Internal Revenue Service to annually report to the congressional banking and tax committees on the use by states of their private activity bond authority for housing investment. It also increases the MRB home improvement loan limit from $15,000 to $50,000. The bill permits states to redesignate their carryforward authority and use it for housing investment and permits MRBs to be used to refinance home loans for borrowers who have incomes below 115% of median family income. The bill modifies the recapture requirement for homeowners who receive a MRB-financed mortgage or an MCC and sell their residences within the first nine years of ownership and reduces the time in which a recapture tax may be assessed from nine to five years. The bill revises the MCC benefit calculation to a simple percentage of the original loan balance. It also extends the MCC revocation period from two to four years. The bill reduces the public notice requirement for MCC issuers from 90 days to 30 days and eliminates certain MCC lendor reporting requirements.

Working Families Tax Cut Act

United States · United States Congress · 6 June 2023

Tax Cuts for Working Families Act This bill renames the standard tax deduction as the guaranteed deduction. It allows an additional bonus amount of $2,000 ($4,000 for married couples filing jointly) in taxable years beginning in 2024 and 2025 but reduces the bonus amount for taxpayers whose modified adjusted gross income exceeds $200,000 ($400,000 for joint filers).

Filing Relief for Natural Disasters Act

United States · United States Congress · 6 June 2023

Filing Relief for Natural Disasters Act This bill authorizes the Internal Revenue Service to postpone federal tax filing deadlines upon the written request of a governor of a state in which an emergency or disaster has been declared. The bill also extends current mandatory extensions from 60 to 120 days. For purposes of this bill, a state includes the District of Columbia, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands.

Filing Relief for Natural Disasters Act

United States · United States Congress · 6 June 2023

Filing Relief for Natural Disasters Act This bill authorizes the Internal Revenue Service to postpone federal tax filing deadlines upon the written request of a governor of a state in which an emergency or disaster has been declared. The bill also extends current mandatory extensions from 60 to 120 days. For purposes of this bill, a state includes the District of Columbia, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands.

Cattle Fever Tick Eradication Program Enhancement Act of 2023

United States · United States Congress · 6 June 2023

Cattle Fever Tick Eradication Program Enhancement Act of 2023 This bill requires the Department of Agriculture (USDA) to enter into a contract to evaluate the Cattle Fever Tick Eradication Program. (Under the program, the Animal and Plant Health Inspection Service works in coordination with the Texas Animal Health Commission to combat the spread of cattle fever ticks, which can spread a serious cattle disease called bovine babesiosis or cattle fever.) Specifically, USDA must enter into a contract to review and report on the Cattle Fever Tick Eradication Program with a (1) land-grant college or university, or (2) non-land-grant college of agriculture. The review must include an evaluation of the program's effectiveness with respect to preventing and reducing the spread of cattle fever ticks; the program's benefits, and the burdens of compliance, to cattle producers; the treatment protocols developed and implemented under the program; and the federal and state funds allocated to support the program for the most recent fiscal year.

Paperwork Burden Reduction Act

United States · United States Congress · 5 June 2023

Paperwork Burden Reduction Act This bill modifies provisions under the Patient Protection and Affordable Care Act so that employers and health insurance providers are no longer required to send tax forms to covered individuals showing proof of minimum essential coverage (1095-B and 1095-C tax forms) unless a form is requested. Currently, employers and health insurance providers that provide minimum essential coverage must report this information for each covered individual to the Internal Revenue Service (IRS) and provide a copy of this information to the covered individual (through 1095-B and 1095-C tax forms) by January 31 of each year. The IRS allows for 1095-B tax forms, which are sent by certain health insurance providers and employers, to be made available to individuals only upon request. The bill provides statutory authority for this flexibility and extends this flexibility to 1095-C tax forms, which are sent by certain large employers. Such requests must be fulfilled by January 31 or 30 days after the date of the request, whichever is later. Employers and health insurance providers must give individuals timely notice of this option, in accordance with any requirements set by the IRS.

Employer Reporting Improvement Act

United States · United States Congress · 5 June 2023

Employer Reporting Improvement Act This bill modifies provisions under the Patient Protection and Affordable Care Act that require employers and health insurance providers to prepare tax forms showing proof of minimum essential coverage (1095-B and 1095-C tax forms). Currently, employers and health insurance providers that provide minimum essential coverage must report this information for each covered individual to the Internal Revenue Service (IRS), including the covered individual's Tax Identification Number (TIN). Employers and providers must also send a copy of this information to the covered individual (through 1095-B and 1095-C tax forms) by January 31 of each year. The IRS allows for an individual's date of birth to be substituted for the individual's TIN if the TIN is not available. The IRS also allows employers and providers to offer 1095-B and 1095-C tax forms to individuals electronically. The bill provides statutory authority for these flexibilities. Additionally, under current law, large employers (generally those with 50 or more full-time employees) are subject to an assessment by the IRS if they do not offer affordable minimum essential coverage. The bill requires the IRS to give large employers at least 90 days to respond after sending its first letter about a proposed assessment (Currently, the IRS generally gives 30 days to respond.) It also establishes a six-year statute of limitations for collecting assessments.

Chronic Disease Flexible Coverage Act

United States · United States Congress · 5 June 2023

Chronic Disease Flexible Coverage Act This bill provides statutory authority for certain guidance from the Internal Revenue Service (IRS) that expands the types of preventive care that may be offered under high deductible health plans (HDHPs) without a deductible. In 2019, the IRS issued guidance that allows HDHPs to cover certain items and services for individuals with chronic conditions without a deductible, including medications and monitoring devices for those with diabetes or heart conditions. The bill provides statutory authority for this guidance. 

CHOICE Arrangement Act

United States · United States Congress · 5 June 2023

Custom Health Option and Individual Care Expense Arrangement Act or the CHOICE Arrangement Act This bill provides statutory authority for regulations that allow employers to offer individual coverage health reimbursement arrangements (ICHRAs). Under ICHRAs, employers agree to reimburse employees for incurred medical expenses up to a limit for a specified period (e.g., a calendar year), and employees obtain their own individual coverage that meets certain requirements of the Patient Protection and Affordable Care Act (coverage of preventive services and no annual or lifetime limits). Payments or reimbursements under an ICHRA are tax-exempt and may only be made for medical care provided when the employee was covered by a plan that meets the requirements. Employees may also pair ICHRAs with Medicare coverage. In 2019, the Department of the Treasury, the Department of Labor, and the Department of Health and Human Services issued regulations that allow employers to offer employees ICHRAs if certain conditions are met: (1) the employer offers ICHRAs to all employees in the same class (e.g., all full-time employees) without the choice of an employer-sponsored group health plan, and (2) the employer offers the ICHRA to all employees within the class on the same terms (i.e., the amount of available funds and the terms and conditions of the benefits). The regulations also specify certain notice and verification requirements with respect to ICHRAs. The bill provides statutory authority for these regulations and generally refers to ICHRAs as custom health option and individual care expense arrangements .

Small Business Flexibility Act

United States · United States Congress · 5 June 2023

Small Business Flexibility Act  This bill requires the Internal Revenue Service to notify employers, particularly small businesses, about the availability of individual coverage health reimbursement arrangements (ICHRAs), qualified small employer health reimbursement arrangements (QSEHRAs), and the small business health care tax credit. Under ICHRAs, employers agree to reimburse employees for incurred medical expenses up to a limit for a specified period (e.g., a calendar year), and employees obtain their own individual coverage that meets certain requirements of the Patient Protection and Affordable Care Act (coverage of preventive services and no annual or lifetime limits). QSEHRAs are available to employers with fewer than 50 full-time employees. The small business health care tax credit is available to employers with fewer than 25 full-time employees.