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Bill· HRH.R. 5515 (116th)referred
United States · United States Congress · 19 December 2019
Stop Taxing Our Potential Act of 201 9 This bill prohibits a state from imposing on a person obligations related to collecting or paying a sales tax, use tax, or similar tax unless the person had a physical presence in the state during the calendar quarter with respect to which the obligation is imposed. A person is physically present if the person's business activities in the state include maintaining a commercial or legal domicile in the state; owning, holding, leasing, or maintaining certain property in the state; having one or more employees, agents, or independent contractors in the state who provide on-site design, installation, or repair services on behalf of the remote seller; having one or more employees, exclusive agents or exclusive independent contractors present in the state who engage in activities that substantially assist the person to establish or maintain a market in the state; or maintaining an office in the state at which three or more employees are regularly employed. The bill specifies certain activities and agreements that indicate a de minimis physical presence that is excluded from the definition of "physical presence." The bill also specifies that U.S. district courts have original jurisdiction over civil actions to enforce this bill.
Bill· HRH.R. 5523 (116th)referred
United States · United States Congress · 19 December 2019
Energy Sector Innovation Credit Act of 2019 This bill allows new tax credits for investment in emerging energy technology and for the production of electricity from such technology. The bill also allows an energy tax credit for energy storage technologies, including equipment which receives, stores, and delivers energy using batteries, compressed air, pumped hydropower, hydrogen storage (including hydrolysis), thermal energy storage, regenerative fuel cells, flywheels, capacitors, superconducting magnets, or other technologies.
Bill· HRH.R. 5520 (116th)referred
United States · United States Congress · 19 December 2019
Research and Development Tax Credit Expansion Act of 2019 This bill modifies the refundable research tax credit for new and small businesses to (1) increase the limit on refundability to $500,000, with an adjustment for inflation; (2) allow refundable amounts to cover all payroll taxes paid by such businesses; and (3) extend eligibility for the credit to small businesses with less than $10 million in gross receipts (currently, less than $5 million). The bill also increases the rate of the alternative simplified tax credit for such businesses.
Bill· HRH.R. 5512 (116th)referred
United States · United States Congress · 19 December 2019
Tanning Tax Repeal Act of 2019 This bill repeals the excise tax on indoor tanning services.
Bill· HRH.R. 5494 (116th)referred
United States · United States Congress · 19 December 2019
Catastrophe Loss Mitigation Incentive and Tax Parity Act of 2019 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. 5490 (116th)referred
United States · United States Congress · 19 December 2019
This bill requires the President's annual budget submission to Congress to include estimates of the cost per individual taxpayer for (1) the public debt, and (2) any projected budget deficit for the fiscal year.
Resolution· HRESH.Res. 772 (116th)passed
United States · United States Congress · 19 December 2019
Sets forth the rule for consideration of the bill (H.R. 5377) to amend the Internal Revenue Code of 1986 to modify the limitation on deduction of State and local taxes.
Bill· SS. 3136 (116th)referred
United States · United States Congress · 19 December 2019
Small Business Start-up Savings Accounts Act of 2019 This bill allows an individual or eligible small business (500 or fewer employees) to establish a small business start-up savings account. The taxpayer may deduct contributions to such start-up accounts in the amount of $10,000, or $150,000, reduced by aggregate contributions for all taxable years, whichever is the lesser amount. Qualified distributions (e.g, for purchase of equipment, marketing, training, or accounting fees) from such accounts are excluded from gross income, for income tax purposes. The bill also imposes penalty taxes on excess contributions to a small business start-up savings account and for nonqualified distributions from such an account.
Bill· SS. 3134 (116th)referred
United States · United States Congress · 19 December 2019
This bill expands the E-3 visa program to cover Irish nationals. The E-3 visa is a nonimmigrant visa currently only available to Australian nationals coming to the United States for employment in a specialty occupation. For Irish E-3 initial applications, the Department of State may approve each fiscal year no more than 10,500 minus the number of Australian initial applications approved the previous fiscal year.
Bill· SS. 3125 (116th)open
United States · United States Congress · 19 December 2019
This bill establishes the Alzheimer's Research and Caregiving Trust Fund to pay for research regarding the treatment or cure of Alzheimer's disease and for education, counseling, respite, and other supportive services for individuals with Alzheimer's disease and their families, caregivers, and health care professionals. The bill allows taxpayers an election to contribute a whole dollar amount to the trust fund when they file their tax returns.
Bill· SS. 3112 (116th)referred
United States · United States Congress · 19 December 2019
Personalized Care Act of 2019 This bill revises provisions relating to health savings accounts (HSAs), including to redefine eligible individual for HSA purposes to allow increased participation in HSAs, increase the limit on contributions to HSAs, permit the payment of health insurance premiums from HSAs, include within the definition of qualified medical expenses periodic fees paid for medical services and amounts paid by a member of a health care sharing ministry, treat periodic provider fees as deductible medical expenses, allow payment of over-the-counter medicines or drugs from HSAs, and lower the 20% penalty for nonqualified distributions from HSAs to 10%. .
Bill· SS. 3107 (116th)referred
United States · United States Congress · 19 December 2019
Electric Power Infrastructure Improvement Act This bill allows a tax credit for investment in a qualifying electric power transmission line property. The bill defines qualifying electric power transmission line property as (1) any overhead, submarine, or underground transmission facility that is capable of transmitting electricity at a voltage of not less than 345 kilovolts, has a transmission capacity of not less than 1,000 megawatts, is an alternating current or direct transmission line, and delivers power produced in either a rural area or offshore; and (2) conductors or cables, or other specified equipment, necessary for the proper operation of the facility.
Bill· SS. 3106 (116th)referred
United States · United States Congress · 19 December 2019
Reforestation Act of 2019 This bill addresses the need for reforestation of National Forest System (NFS) lands following certain unplanned events, including wildfires, weather events, and infestations of insects or diseases. The bill requires the Department of Agriculture (USDA) to transmit to Congress annually, for 10 years, an estimate of the funds needed to replant and otherwise treat an acreage equal to the acreage to be cut over that year plus a sufficient portion of the backlog of lands in need of treatment to eliminate the backlog in the 10-year period. The Forest Service shall create a priority list of projects that promote effective reforestation following specified unplanned events. The bill sets 2029 as the target year for when the renewable resources of the NFS must be operating where there are no longer any backlogs and the major portion of planned intensive multiple-use sustained-yield management procedures must be installed and operating on an environmentally-sound basis. The bill increases the amount that may be transferred to the reforestation trust fund for any fiscal year. The land management goals of Forest Service stewardship end result contracting projects may include reforestation in accordance with the priority list. USDA may enter into good neighbor agreements for reforestation activities in accordance with the priority list.
Bill· HRH.R. 5487 (116th)reported
United States · United States Congress · 18 December 2019
Veterans Cemetery Grants Improvement Act This bill increases to $10 million (currently $5 million) the maximum amount the Department of Veterans Affairs may grant in a fiscal year to states and tribal organizations for operating and maintaining veterans' cemeteries.
Bill· SS. 3101 (116th)referred
United States · United States Congress · 18 December 2019
This bill repeals the limitation on the amount of distilled spirits excise taxes covered over (paid) to the treasuries of the Virgin Islands and Puerto Rico. The bill also requires the Department of the Treasury to transfer a portion of the amount required to be covered over to Puerto Rico to the Puerto Rico Conservation Trust Fund.
Bill· HRH.R. 5457 (116th)referred
United States · United States Congress · 17 December 2019
Carbon Reduction and Tax Credit Act This bill imposes an excise tax based on the carbon content of fuel. The tax is equal to $40 per ton of carbon contained in fuel (1) produced at a coal mine or an oil or gas well located in the United States; or (2) entered into the United States for consumption, use, or warehousing. The bill requires the tax rate to be adjusted for inflation. The bill also allows a refundable tax credit of up to $1,000 for each individual taxpayer and each dependent of the taxpayer. The credit must be reduced by a specified amount if the taxpayer's adjusted gross income exceeds $314,000 ($157,000 in the case of a return other than a joint return). The bill requires that the dollar amounts of the credit be adjusted for inflation and specifies that nonresident aliens are ineligible for the credit.
Bill· HRH.R. 5433 (116th)referred
United States · United States Congress · 13 December 2019
Transparency in Executive Branch Official Finances Act This bill establishes disclosure requirements for the President, Vice President, and senior government officials, and it establishes penalties for political appointees who engage in certain conduct. Specifically, the bill requires the President and Vice President, and any candidate for such offices, to disclose their federal income tax returns for the previous five years. The Office of Government Ethics must publish such tax returns after making redactions to prevent identity theft or physical danger. In addition, the bill requires senior government officials to make certain disclosures with respect to (1) any foreign business relationship, and (2) any ownership interest of at least 10% of the outstanding shares in a private enterprise or corporation or any intellectual property protected or enforced by a foreign country. Further, the bill establishes penalties for any political appointee who solicits or receives a payment from a foreign-owned business, organization affiliated with a foreign-owned business or foreign government, or a foreign national.
Bill· HRH.R. 5422 (116th)referred
United States · United States Congress · 12 December 2019
Modernizing Agricultural and Manufacturing Bonds Act This bill amends the Internal Revenue Code, with respect to qualified small issue bonds for manufacturing purposes, to expand the definition of "manufacturing facility" to include a facility that (1) is used in the creation or production of intangible property; or (2) is functionally related, subordinate to, and located on the same site as a facility used in the manufacturing or production of tangible or intangible personal property. The bill also increases from $10 million to $30 million the maximum bond size limitation. The bill also modifies requirements for private activity bond financing for first-time farmers. The modified provisions (1) increase from $450,000 to $552,500 (adjusted annually for inflation) the amount of bond proceeds that may be used by a first-time farmer to acquire land for farming purposes, (2) repeal the separate dollar limitation on the use of bond proceeds for used farm equipment, and (3) modify the definition of "substantial farmland" to determine farm size by reference to the average (instead of median) size of a farm in the county in which the farm is located.
Bill· HRH.R. 5419 (116th)referred
United States · United States Congress · 12 December 2019
Gig Is Up Act This bill requires employers to pay employer and employee portions of Social Security and Medicare taxes when they contract with at least 10,000 independent contractors and gross at least $100 million in a calendar year.
Bill· HRH.R. 5409 (116th)referred
United States · United States Congress · 12 December 2019
Incentivizing New and Valuable Energy Storage Technology (INVEST) Act of 2019 This bill provides for tax credits for energy storage technologies, including a residential energy efficient property credit for battery storage technology expenditures.
Bill· SS. 3032 (116th)referred
United States · United States Congress · 12 December 2019
Renewable Energy Transferability Act This bill allows tax credits for renewable energy to be transferred to project partners. The bill applies to the tax credits for (1) renewable electricity production, (2) investments in renewable energy property, and (3) carbon oxide sequestration.
Bill· HRH.R. 5402 (116th)referred
United States · United States Congress · 11 December 2019
Protecting America's Life Saving Medicines Act of 2019 This bill directs the Food and Drug Administration (FDA) to conduct a study on drugs that are currently being tested and are unlikely to be approved, but would, if approved, address an unmet medical need for the treatment of a serious or life threatening disease or condition or a rare disease or condition (high-risk, high-reward drugs). The FDA must submit to the Department of the Treasury a list of such high-risk, high-reward drugs not later than 180 days after the completion of the study. The bill also allows a new tax credit for 25% of the clinical testing expenses for high-risk, high-reward drugs.
Bill· HRH.R. 5393 (116th)referred
United States · United States Congress · 11 December 2019
Affordable American-made Automobile Act This bill expands the tax credit for electric drive motor vehicles to include new and used battery electric motor vehicles. It reinstates and extends through 2030 the tax credit for alternative fuel vehicle refueling property and eliminates the limitation on such credit. The bill also makes the refueling credit applicable to electric vehicle charging stations. The bill allows the use of private activity bonds to finance a qualified battery electric motor vehicle manufacturing facility or a qualified electric vehicle battery manufacturing facility.
Bill· HRH.R. 5392 (116th)referred
United States · United States Congress · 11 December 2019
Social Security Enhancement and Protection Act of 2019 This bill makes various changes to the Old-Age, Survivors, and Disability Insurance program (commonly known as Social Security) to increase payroll tax rates and certain benefits. Under current law, Social Security has a taxable earnings base , which refers to the maximum amount of a worker's earnings that are subject to Social Security payroll taxes (set at $137,700 in 2020). Additionally, the taxable earnings base serves as the maximum amount of earnings used to calculate a worker's Social Security benefits. This bill gradually increases the Social Security payroll tax rate from 6.2% to 6.5% over six years. It also phases out the taxable earnings base, thereby applying the payroll taxes to a greater amount of a worker's earnings, and revises the method to calculate a worker's Social Security benefits to account for earnings in excess of the taxable earnings base. Other changes to benefits include establishing a new method to calculate benefits for lifetime low earners and increasing benefits for certain beneficiaries on account of long-term eligibility. In addition, an eligible child of a retired, disabled, or deceased worker may continue to receive benefits through age 26, provided the child is a full-time student.
Bill· HRH.R. 5377 (116th)referred
United States · United States Congress · 10 December 2019
Restoring Tax Fairness for States and Localities Act This bill increases the tax deduction for state and local taxes in 2019 to $20,000 for persons filing a joint tax return. It eliminates the current $10,000 cap on the deduction in 2020 and 2021. The bill increases the top marginal income tax rate to 39.6% beginning in 2020, and reduces the dollar amount at which the increased tax rate begins.
Resolution· HRESH.Res. 758 (116th)open
United States · United States Congress · 10 December 2019
Sets forth the rule for consideration of the bill (H.R. 3) to establish a fair price negotiation program, protect the Medicare program from excessive price increases, and establish an out-of-pocket maximum for Medicare part D enrollees, and for other purposes; providing for consideration of the bill (H.R. 5038) to amend the Immigration and Nationality Act to provide for terms and conditions for nonimmigrant workers performing agricultural labor or services, and for other purposes; and providing for consideration of the conference report to accompany the bill (S. 1790) to authorize appropriations for fiscal year 2020 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe military personnel strengths for such fiscal year.
Bill· SS. 3009 (116th)open
United States · United States Congress · 10 December 2019
Prevent Government Shutdowns Act of 2019 This bill provides continuing appropriations to prevent a government shutdown if any of the appropriations bills for a fiscal year have not been enacted before the fiscal year begins and continuing appropriations are not in effect. The bill also limits official travel, congressional recesses or adjournments, and the consideration of legislation that is unrelated to appropriations after the beginning of a fiscal year if both chambers of Congress have not passed the appropriations bills for the year.
Bill· HRH.R. 5375 (116th)referred
United States · United States Congress · 10 December 2019
E. Cooper Brown Ocean Clean Energy Act of 2019 This bill allows an energy tax credit for the cost of ocean thermal energy equipment. The bill defines "ocean thermal energy equipment" as equipment that converts ocean thermal energy to usable energy or that uses ocean water as a thermal energy sink to cool a structure.
Law· HRH.R. 5363 (116th)enacted
United States · United States Congress · 9 December 2019
Fostering Undergraduate Talent by Unlocking Resources for Education Act or the FUTURE Act This bill permanently authorizes funding for minority-serving institutions of higher education and increases the authorization of appropriations for Pell Grants.
Bill· HRH.R. 5368 (116th)referred
United States · United States Congress · 9 December 2019
Faster Access to Federal Student Aid Act of 2019 This bill directs the Internal Revenue Service (IRS), upon the written request of the Department of Education, to disclose to any authorized person, tax return information to determine eligibility for recertifications for income-contingent or income-based repayments, discharges of loans based on total and permanent disability, and the amount of student financial aid. The IRS must also establish and implement procedures for recertifying income for purposes of this bill and for requesting tax return information.
Bill· SS. 3001 (116th)referred
United States · United States Congress · 9 December 2019
Permanent Relief for Seniors and Medicare, Medicaid, Human Services Extension Act of 2019 This bill modifies several health care taxes (e.g., repeals the medical device excise tax) and temporarily extends several Medicare, Medicaid, and public health programs (e.g., outreach and enrollment programs). The bill also renames the Temporary Assistance for Needy Families program as the Jobs and Opportunity with Benefits and Services program, reauthorizes the program through FY2024, and makes changes relating to work requirements for beneficiaries.
Bill· SS. 2999 (116th)referred
United States · United States Congress · 9 December 2019
Primary Care Enhancement Act of 2019 This bill permits a taxpayer with a primary care service arrangement whose fixed periodic fee does not exceed $150 a month to participate in and contribute to a health savings account.
Bill· SS. 2998 (116th)referred
United States · United States Congress · 9 December 2019
Tax Payment Clarification Act This bill amends the Internal Revenue Code to provide that installment payment of taxes on deferred foreign income shall not prevent a credit or refund of overpayments of tax or an increase in estimated taxes.
Bill· HRH.R. 5331 (116th)referred
United States · United States Congress · 6 December 2019
Fairness for All Act This bill prohibits discrimination on the basis of sex, sexual orientation, or gender identity, while providing certain benefits and exemptions to religious providers. An otherwise qualified religious provider shall be eligible to receive federal financial assistance for a particular service without regard to the provider's religious views or teachings. Agencies authorized to administer federal financial assistance for the support of adoption and foster care services shall issue final rules within two years of this bill's enactment to create an indirect funding program that delivers such assistance to eligible prospective parents for the purpose of obtaining adoption and foster care services through a qualified private agency that they select. The bill (1) exempts a church or religious organization from claims of employment discrimination because of sexual orientation or gender identity under specified circumstances; and (2) prohibits sanctions for certain employee speech regarding the employee's religious, political, or moral beliefs in the workplace. The bill establishes certain anti-bullying policies for public elementary and secondary schools, including cyber bullying. Any determination of the tax-exempt status of a charitable organization shall be made without regard to the organization's religious beliefs or practices concerning marriage, family, or sexuality, except insofar as such practices pertain to race or criminal sexual offenses punishable under constitutionally valid federal or state law.
Bill· HRH.R. 5359 (116th)referred
United States · United States Congress · 6 December 2019
Decreasing Employees Burdensome Taxes from Student Loans Act of 2019 or the DEBT Act of 2019 This bill amends the Internal Revenue Code, with respect to the tax treatment of student loan payments, to (1) expand the tax exclusion for employer-provided educational assistance programs to include an employer's payment of any qualified education loan incurred by an employee, (2) increase the maximum amount that may be excluded from the gross income of an employee under employer-provided educational assistance programs, and (3) increase the maximum tax deduction and the income limitation for interest on education loans.
Bill· HRH.R. 5352 (116th)referred
United States · United States Congress · 6 December 2019
Supporting America's Teachers Act of 2019 This bill increases the tax deduction for the expenses of elementary and secondary school teachers from $250 to $500.
Bill· HRH.R. 5351 (116th)referred
United States · United States Congress · 6 December 2019
Short Sea Shipping Act of 2019 This bill exempts certain commercial cargo from the harbor maintenance excise tax. The exemption is for commercial cargo, other than bulk cargo, that (1) is loaded at a port in the United States mainland (i.e., the continental United States not including Alaska) and is unloaded at another port in the U.S. mainland after transport solely by coastal route or river, or a port in Canada located in the Great Lakes St. Lawrence Seaway System; or (2) is loaded at a port in Canada located in the Great Lakes St.. Lawrence Seaway System and is unloaded at a port in the U.S. mainland.
Bill· HRH.R. 5342 (116th)referred
United States · United States Congress · 6 December 2019
Supporting America's First Responders Act of 2019 This bill allows a deduction from gross income (above-the-line deduction) for expenses of first responders up to $500. Those expenses are for (1) tuition or fees for professional development courses related to service as a first responder, or (2) uniforms used by the first responder. The bill defines "first responder" as any individual who is a law enforcement officer, firefighter, paramedic, or emergency medical technician for at least 1,000 hours during the taxable year.
Bill· HRH.R. 5339 (116th)referred
United States · United States Congress · 6 December 2019
Freedom To Invest in Tomorrow's Workforce Act This bill amends the Internal Revenue Code to allow the use of funds in a qualified tuition program (commonly known as a 529 account) to pay for expenses associated with obtaining or maintaining recognized postsecondary credentials.
Bill· HRH.R. 5313 (116th)referred
United States · United States Congress · 5 December 2019
Multifamily Depreciation Parity Act of 2019 This bill allows the depreciation of certain residential rental property placed in service prior to January 1, 2018, over a 30-year period (currently, such property is subject to a 40-year depreciation period).
Bill· SS. 2994 (116th)referred
United States · United States Congress · 5 December 2019
Improving and Reinstating the Monitoring, Prevention, Accountability, Certification, and Transparency Provisions of Opportunity Zones or the IMPACT Act This bill provides statutory authority for annual reporting requirements by qualified opportunity funds and taxpayers investing in such funds and sets forth the information required in the reports. The bill imposes penalties for failure to comply with such reporting requirements. The bill requires the Department of the Treasury to make publicly available annual reports on qualified opportunity funds, including, among other things, the number of such funds and the aggregate amount of assets held in such funds. Treasury must also provide additional information in every fifth year on the impacts and outcomes of a designation of a census tract as a qualified opportunity zone using specified economic indicators. Treasury must also establish procedures to protect against disclosure of return information that can be associated with any particular taxpayer or competitive or proprietary information.
Bill· SS. 2984 (116th)referred
United States · United States Congress · 5 December 2019
Multifamily Depreciation Parity Act of 2019 This bill allows the depreciation of certain residential rental property placed in service prior to January 1, 2018, over a 30-year period (currently, such property is subject to a 40-year depreciation period).
Bill· HRH.R. 5296 (116th)referred
United States · United States Congress · 4 December 2019
Advancing Support for Working Families Act This bill allows individual taxpayers an election to advance up to $5,000 of the child tax credit in the year of birth or adoption of an applicable qualifying child (a child, other than an eligible foster child, who has a specified relationship to the taxpayer and meets certain age, residency, and support requirements). The bill sets forth a special rule for parents who do not qualify for the full refundable portion of the child tax credit. The advance amount for such parents is the lesser of $5,000, or 25% of their earned income amount for the taxable year. The bill requires the Government Accountability Office to report to Congress on matters relating to taxpayers who make an election to advance the child tax credit.
Bill· SS. 2976 (116th)referred
United States · United States Congress · 4 December 2019
Advancing Support for Working Families Act This bill allows individual taxpayers an election to advance up to $5,000 of the child tax credit in the year of birth or adoption of an applicable qualifying child (a child, other than an eligible foster child, who has a specified relationship to the taxpayer and meets certain age, residency, and support requirements). The bill sets forth a special rule for parents who do not qualify for the full refundable portion of the child tax credit. The advance amount for such parents is the lesser of $5,000, or 25% of their earned income amount for the taxable year. The bill requires the Government Accountability Office to report to Congress on matters relating to taxpayers who make an election to advance the child tax credit.
Bill· SS. 2967 (116th)open
United States · United States Congress · 3 December 2019
Restore the Partnership Act This bill establishes the Commission on Intergovernmental Relations of the United States. The commission shall, among other things, provide a forum for discussing ways to improve the administration and coordination of federal grant-in-aid, regulatory, tax, and other programs requiring intergovernmental cooperation, and identify the intergovernmental impacts of rulings by the U.S. Supreme Court on federal, state, tribal, and local governments.
Bill· HRH.R. 5289 (116th)referred
United States · United States Congress · 3 December 2019
Home Defense and Competitive Shooting Act of 2019 This bill removes short-barreled rifles (barrels of less than 16 inches in length) from the definition of firearms for purposes of the National Firearms Act. It also eliminates the prohibition on the transportation of such rifles in interstate commerce and treats persons who acquire or possess a short-barreled rifle as meeting the registration or licensing requirements for such rifle where such requirements are determined by reference to the National Firearms Act. The bill preempts state or local laws that impose a tax or recordkeeping requirements on short-barreled rifles. The Department of Justice must destroy records relating to the registration of certain rifles within one year after the enactment of this bill.
Bill· HRH.R. 5293 (116th)referred
United States · United States Congress · 3 December 2019
Universal Charitable Giving Act of 2019 This bill allows individual taxpayers a deduction from gross income (above-the-line deduction) for charitable contributions even if such taxpayers do not elect to itemize deductions for the taxable year. The deduction may not exceed one-third of the taxpayer's standard deduction amount.
Bill· SS. 2962 (116th)referred
United States · United States Congress · 2 December 2019
Higher Education Loan Payment and Enhanced Retirement Act of 2019 or the HELPER Act of 2019 This bill permits annual tax and penalty-free withdrawals of up to $5,250 from 401(k) plans for higher education expenses and penalty-free withdrawals from individual retirement accounts (IRAs) for student loan expenses. The bill also excludes from gross income, for income tax purposes, distributions up to $5,250 from employer-sponsored student loan and tuition payment plans. It repeals the limitation on the deduction of interest on student loans and increases from $15,000 to $25,000 (adjusted for inflation) the maximum contribution amounts for certain tax-preferred retirement plans. The bill allows employees an election to treat contributions to a 401(k) plan as Roth contributions (thus exempting withdrawals from such plans from tax at retirement).
Bill· HRH.R. 5271 (116th)referred
United States · United States Congress · 26 November 2019
Worker Relief and Credit Reform Act of 2019 or the WRCR Act of 2019 This bill amends the Internal Revenue Code, with respect to the earned income tax credit, to (1) make the credit available to certain students, (2) modify the age requirement for the credit, (3) include care-giving and learning as compensated work for purposes of the credit, (4) revise the definition of "qualifying dependents" eligible for the credit, (5) increase the credit for certain unmarried individuals with two or more qualifying children, and (6) require the Internal Revenue Service (IRS) to establish a program for making direct advance monthly payments of the credit to eligible taxpayers. The bill directs the IRS to establish a program to educate taxpayers about the availability of the earned income tax credit and the advance monthly payments of such credit.
Bill· HRH.R. 5252 (116th)open
United States · United States Congress · 22 November 2019
This bill repeals the investment tax incentive known as qualified opportunity zones on the day after the enactment date of this bill and also repeals the special basis rule for investments in such zones held for at least 10 years.