Taxation

Refurbishing the Pillars of American Exceptionalism Act of 2020

United States · United States Congress · 31 December 2020

Refurbishing the Pillars of American Exceptionalism Act of 2020 This bill addresses various issues including immigration, health care, firearms, abortion, and taxes. Among other things, this bill limits who may receive citizenship by virtue of being born in the United States; repeals the Patient Protection and Affordable Care Act; prohibits providing an abortion if the fetus has a detectable heartbeat, with some exceptions; removes from federal jurisdiction any case seeking the review of any law or regulation that limits or regulates abortions; repeals certain nutritional standards for national school lunch and school breakfast programs; prohibits the state or local regulation of firearm silencers; makes English the official language of the United States and authorizes a person injured by a violation of this provision to sue; caps noneconomic damages at $250,000 in any health care lawsuit; repeals federal income taxes, payroll taxes, and estate taxes; and establishes a national sales tax.

CASH Act of 2020

United States · United States Congress · 28 December 2020

Caring for Americans with Supplemental Help Act of 2020 or the CASH Act of 2020 This bill increases the 2020 recovery rebate from $1,200 to $2,000 for each individual taxpayer and extends such rebate to taxpayer dependents.

CASH Act of 2020

United States · United States Congress · 24 December 2020

Caring for Americans with Supplemental Help Act of 2020 or the CASH Act of 2020 This bill amends the COVID-related Tax Relief Act of 2020 to increase the recovery rebate amount for individual taxpayers to $2,000 ($4,000 for joint return filers).

To amend the Internal Revenue Code of 1986 to provide for additional recovery rebates for individuals, and for other purposes.

United States · United States Congress · 24 December 2020

This bill provides for additional 2020 recovery rebates (i.e., refundable tax credits) for individual taxpayers whose gross income does not exceed $75,000 ($150,000 for joint return filers). The amount of such rebates are $2,000 for each individual taxpayer ($4,000 for joint return filers) and $600 for each qualifying child of the taxpayer. The Internal Revenue Service may determine eligibility for the recovery rebate based on a taxpayer's 2019 tax return or other information if the taxpayer has not filed a return for 2019. To be eligible for a recovery rebate, a taxpayer must provide a valid identification number (i.e., a Social Security account number). If only one spouse filing a joint return provides a valid identification number, the amount of the recovery rebate is reduced to $2,000. The bill provides a limited exemption from garnishment and other offsets for recovery rebates.

Anti-Corruption and Public Integrity Act

United States · United States Congress · 19 December 2020

Anti-Corruption and Public Integrity Act This bill addresses issues of corruption and public integrity, campaign reform, and ethics in government. Specifically, the bill prohibits members of Congress, cabinet secretaries, federal judges, and other senior government officials from owning and trading individual stock or serving on corporate boards; institutes a lifetime ban on lobbying by former members of Congress, Presidents, and agency heads; requires disclosure of funding or editorial conflicts of interest in rulemaking and establishes an Office of the Public Advocate; requires the Supreme Court to follow the ethics rules for all other federal judges and encourages diversity on the federal bench; creates a new, independent anti-corruption agency dedicated to enforcing federal ethics laws; requires elected officials and candidates for federal office to disclose more financial and tax information and requires increased disclosure of corporate money behind lobbying; and makes changes to the Federal Election Commission.

Supporting America’s Restaurant Workers Act

United States · United States Congress · 18 December 2020

Supporting America's Restaurant Workers Act This bill expands the currrent 50% tax deduction for business meals to 100% of the cost of such meals provided by a restaurant paid or incurred before January 1, 2022.

Anti-Corruption and Public Integrity Act

United States · United States Congress · 18 December 2020

Anti-Corruption and Public Integrity Act This bill addresses issues of corruption and public integrity, campaign reform, and ethics in government. Specifically, the bill prohibits members of Congress, cabinet secretaries, federal judges, and other senior government officials from owning and trading individual stock or serving on corporate boards; institutes a lifetime ban on lobbying by former members of Congress, Presidents, and agency heads; requires disclosure of funding or editorial conflicts of interest in rulemaking and establishes an Office of the Public Advocate; requires the Supreme Court to follow the ethics rules for all other federal judges and encourages diversity on the federal bench; creates a new, independent anti-corruption agency dedicated to enforcing federal ethics laws; requires elected officials and candidates for federal office to disclose more financial and tax information and requires increased disclosure of corporate money behind lobbying; and makes changes to the Federal Election Commission.

Emergency Direct Payments Act

United States · United States Congress · 18 December 2020

Emergency Direct Payments Act This bill provides an additional recovery rebate (i.e., refundable tax credits) beginning in 2020 to individual taxpayers whose adjusted gross income does not exceed $75,000 ($150,000 for joint return filers). The increased amount is $1,200 per taxpayer ($2,400 for joint return filers) and $500 for each dependent of the taxpayer. To be eligible for the increased rebate amount, a taxpayer must provide a valid identification number (i.e., Social Security account number). The bill allows an exemption from the identification requirement for members of the Armed Forces if at least one military spouse provides a valid identification number. It also provides for a qualified exemption for the recovery rebate from garnishments and other offsets. The Department of the Treasury must conduct a public awareness campaign regarding the availability of the recovery rebate.

Upward Mobility Enhancement Act

United States · United States Congress · 18 December 2020

Upward Mobility Enhancement Act This bill increases the maximum amount of the tax exclusion for employer-provided educational assistance.

Improving Access to Retirement Savings Act

United States · United States Congress · 18 December 2020

Improving Access to Retirement Savings Act This bill allows employers who establish a tax-exempt 403(b) pension plan to participate in a multiple employer plan (MEP) and to take the small employer pension plan start-up tax credit for their first three years of participation in a MEP. The bill also establishes a safe harbor to allow certain pension plans to correct errors in administering automatic enrollment and escalation features for plans enrolling in a MEP, if such errors are corrected within a specified time period in a manner favorable to plan participants.

Economic Justice Act

United States · United States Congress · 18 December 2020

Economic Justice Act This bill provides emergency funding to address economic disparities and the impact of COVID-19 (i.e., coronavirus disease 2019) in communities, particularly with respect to low-income and minority populations. Among other programs, the bill provides funding for child care, health services, job training, family support services, small businesses, and housing, as well as for hospital, school, and broadband infrastructure. The bill also includes provisions that raise the federal minimum wage to $15 an hour, incentivize Medicaid expansion, establish a tax credit for first-time homebuyers, and institute clean water and air programs.

Filtering and Retrofitting the Environment for Safe and Healthy Activities Indoors and Revenue (FRESH AIR) for Businesses Act

United States · United States Congress · 18 December 2020

Filtering and Retrofitting the Environment for Safe and Healthy Activities Indoors and Revenue (FRESH AIR) for Businesses Act This bill allows employers a payroll tax credit in each calendar quarter through 2021 equal to 50% of the cost of qualified ventilation, zoning, and air filtration and purification expenses. This includes the purchase and installation of a heating, ventilation, and air conditioning system, updates to such systems, and the purchase of any air filter, air cleaner, or air purifier. The maximum amount of this credit for any employer may not exceed $15,000 for all calendar quarters. The bill requires the Environmental Protection Agency to establish a framework and guidelines for a voluntary label to certify that air pressure, ventilation, zoning, fresh air intake, purification, or filtration systems meet the standards established by this bill.

Home Office Deduction Act of 2020

United States · United States Congress · 17 December 2020

Home Office Deduction Act of 2020 This bill allows a tax deduction for the trade or business expenses of employees during the period beginning on March 13, 2020, and ending on December 31, 2021.

Expressing the sense of the House of Representatives that Congress must pass a pandemic excess profits tax on large corporations who have achieved windfall profits due to the COVID-19 public health crisis.

United States · United States Congress · 17 December 2020

This resolution expresses the sense of the House of Representatives that Congress should reinstate a pandemic excess profits tax on large corporations that have made excess profits due to the COVID-19 (i.e., coronavirus disease 2019) pandemic and direct tax revenues to fund economic relief to small businesses.

To amend the Internal Revenue Code of 1986 to modify the automatic extension of certain deadlines in the case of taxpayers affected by Federally declared disasters, and for other purposes.

United States · United States Congress · 17 December 2020

This bill modifies the mandatory extension of certain tax filing and other tax-related deadlines for taxpayers affected by federally declared disasters and rules for postponing certain tax filing or payment requirements due to service in a combat zone or a contingency operation. It also tolls the deadline for filing a petition in the Tax Court if the location for filing the petition is inaccessible.

Calling on the President of the United States to take Executive action to broadly cancel Federal student loan debt.

United States · United States Congress · 17 December 2020

This resolution calls on the President to take executive action to cancel up to $50,000 in federal student loan debt for borrowers. Further, it encourages the President to (1) ensure that borrowers have no tax liability from the debt cancellation, (2) ensure that the debt cancellation helps close racial wealth gaps, and (3) pause student loan payments and interest accumulation on federal student loans for the duration of the COVID-19 (i.e., coronavirus disease 2019) pandemic.

THE ALZHEIMER'S CRISIS: EXAMINING TESTING AND TREATMENT PIPELINES AND FISCAL IMPLICATIONS

United States · United States Senate · 16 December 2020

A bill to amend the Internal Revenue Code of 1986 to modify the automatic extension of certain deadlines in the case of taxpayers affected by federally declared disasters, and for other purposes.

United States · United States Congress · 16 December 2020

This bill modifies the mandatory extension of certain tax filing and other tax-related deadlines for taxpayers affected by federally declared disasters and rules for postponing certain tax filing or payment requirements due to service in a combat zone or a contingency operation. It also tolls the deadline for filing a petition in the Tax Court if the location for filing the petition is inaccessible.

Progressive Consumption Tax Act of 2020

United States · United States Congress · 16 December 2020

Progressive Consumption Tax Act of 2020 This bill revises the federal income tax system by, among other things, imposing a 10% consumption tax on specified supply items, including (1) the sale or provision of property; (2) the performance of services; (3) the grant, assignment, or surrender of real property; (4) the creation, grant, transfer, assignment, or surrender of any right; (5) financial supplies; and (6) entry into, or release from, an obligation or agreement to perform or refrain from performing an act. The bill specifies certain exempt supplies to which the tax does not apply. The bill reduces to three the number of brackets for the individual income tax and reduces the income tax rate to a maximum level of 28%. It treats long-term capital gains and dividends as ordinary income. It also provides for a family allowance based on filing status. The bill repeals limitations on certain itemized tax deductions and restores previously repealed tax deductions, including the deductions for state and local taxes and personal casualty losses. It eliminates the alternative minimum tax. The bill reduces the corporate income tax rate to 17%.

Encouraging Americans to Save Act

United States · United States Congress · 16 December 2020

Encouraging Americans to Save Act This bill sets forth provisions to provide matching payments for retirement savings and Individual Retirement Account (IRA) contributions for lower income individuals. Specifically, it allows an enhanced 50% tax credit, up to $2,000, for deductible retirement savings contributions and for IRA contributions. The bill also directs the Internal Revenue Service (IRS) to establish the R-Bond Program as a permanent program for the establishment and maintenance of Roth IRAs and directs the IRS to educate taxpayers on the benefits of the savings programs provided by this bill.

Enhancing the Security of the U.S. Pharmaceutical Supply Chain Act of 2020

United States · United States Congress · 16 December 2020

Enhancing the Security of the U.S. Pharmaceutical Supply Chain Act of 2020 This bill provides tax credits for manufacturing certain priority medicines and establishes an expedited review procedure for drug manufacturers seeking to transition from foreign manufacturing to domestic manufacturing. The Department of Health and Human Services (HHS) must publish annually a list of priority drugs and active pharmaceutical ingredients that (1) are necessary for use in a public health emergency, (2) are at high risk of becoming in short supply, and (3) have a vulnerable global supply chain. The bill provides a tax credit for 50% of a manufacturer's direct and indirect costs incurred in a taxable year for the production of a drug or active ingredient that was on this list in any of the five preceding years. Furthermore, the Food and Drug Administration (FDA) must expedite the review and approval of a supplemental application that seeks to transfer manufacturing of an already-approved drug or active pharmaceutical ingredient to a domestic establishment. (A supplemental application generally involves a change, such as a manufacturing change, to an existing application for FDA market approval.) The bill imposes various requirements for this expedited review, including a deadline for the FDA to take action on such a supplemental application within six months of submission. HHS shall also establish the Facility Transfer Working Group to assist with evaluating such applications and provide advice and feedback to applicants upon request.

S Corp Access to Crowdfunding Act

United States · United States Congress · 16 December 2020

S-Corp Access to Crowdfunding Act This bill excludes from the 100 shareholder limitation for S corporations individuals who acquired shares in such corporations through (1) small public offerings, or (2) one or more crowdfunding (i.e., contributions by large numbers of individuals mostly from online solicitations) offerings.

Save Jobs During the Pandemic Act of 2020

United States · United States Congress · 16 December 2020

Save Jobs During the Pandemic Act of 2020 This bill eliminates, for taxable years ending in 2020, the base erosion minimum tax rate applicable to certain large corporations that have deductions with respect to amounts paid or accrued to foreign-related parties exceeding 3% of their total deductions.

Charitable Conservation Easement Program Integrity Act of 2020

United States · United States Congress · 15 December 2020

Charitable Conservation Easement Program Integrity Act of 2020 This bill limits the aggregate amount of a partner's annual tax deductions for qualified conservation contributions of a partnership to 2.5 times the partner's adjusted basis in the partnership. (Under current law, a qualified conservation contribution is the contribution of a qualified real property interest to a qualified organization exclusively for conservation purposes.) The limitation applies for the first three taxable years after the individual becomes a partner in the partnership. It does not apply to certain family partnerships.

Transportation Oriented Development Act of 2020

United States · United States Congress · 15 December 2020

Transportation Oriented Development Act of 2020 This bill increases the low-income housing tax credit for buildings in transit-oriented development areas. The bill defines a transit-oriented development area as a designated area located within 1/4 mile from a rail, bus, harbor, or waterway station and zoned for high density. The bill also directs the Department of Housing and Urban Development to study cost-of-living differences based on geographic location and proximity and accessibility to transit.

Expressing the sense of the House of Representatives on addressing the reckless and unsustainable national debt while committing necessary resources to the COVID-19 pandemic.

United States · United States Congress · 14 December 2020

This resolution expresses the sense of the House of Representatives that (1) the relief measures to address COVID-19 (i.e., coronavirus disease 2019) were required, (2) additional relief measures are required, and (3) further efforts to address COVID-19 must include measures and reforms to help Congress restore the federal government's long-term fiscal health once the pandemic ends and the economy regains its strength.

New Markets Stabilization Act

United States · United States Congress · 14 December 2020

New Markets Stabilization Act This bill modifies provisions of the new markets tax credit (NMTC). Specifically, it increases and extends the NMTC limitation through 2022 and allows a carryback of the credit for five years. The bill also exempts the NMTC from the 75% general business credit limitation, revises debt modification rules for NMTC issuers and borrowers, and permanently exempts the NMTC from the alternative minimum tax.

Government Shutdown Prevention Act of 2020

United States · United States Congress · 11 December 2020

Government Shutdown Prevention Act of 2020 This bill provides continuing appropriations to prevent a government shutdown if any appropriations measure for a fiscal year has not been enacted before the fiscal year begins or a joint resolution making continuing appropriations is not in effect. For an initial 90-day period, the bill provides continuing appropriations at 99% of the rate for the preceding year to continue programs, projects, and activities for which funds were provided in the preceding fiscal year. The bill reduces the continuing appropriations by 1% after the first 90-day period and by an additional 1% for each subsequent 90-day period until the applicable appropriations legislation is enacted.

Communities and Environment First Act of 2020

United States · United States Congress · 10 December 2020

Communities and Environment First Act of 2020 This bill establishes the For Communities Trust Fund to be funded by specified environmental taxes for the purpose of awarding grants to states in cooperative agreements with the Environmental Protection Agency to (1) assist in relocation efforts for individuals or groups who live within five miles of facilities that are a major source or area source of certain emissions, or (2) protect or remediate areas affected by emissions of hazardous air pollutants or releases of hazardous substances from such facilities.

American Indian Land Empowerment Act of 2020

United States · United States Congress · 10 December 2020

American Indian Land Empowerment Act of 2020 This bill directs the Department of the Interior, upon the request of an Indian tribe, to transfer land held in trust for the tribe or land owned in fee by the tribe to the tribe as restricted fee tribal land. Restricted fee tribal land refers to land that is owned by a tribe or tribal member and has restrictions against alienation (i.e., sale or transfer) and taxation.

Emergency Direct Payments for Families and Workers Act of 2020

United States · United States Congress · 10 December 2020

Emergency Direct Payments for Families and Workers Act of 2020 This bill allows individual taxpayers an additional 2020 recovery rebate in the form of a refundable income tax credit in the amount of $1,200 ($2,400 for joint returns). An additional $500 rebate is provided to each qualifying child of the taxpayer. A recovery rebate is a one-time stimulus payment made to eligible taxpayers in response to the COVID-19 (i.e., coronavirus disease 2019) public health emergency. The amount of the recovery rebate is reduced by a specified percentage of the amount an individual's adjusted gross income exceeds $75,000 ($150,000 for joint returns). Individual taxpayers and their children must have a valid identification number (i.e., Social Security account number) to claim a rebate. The Department of the Treasury must conduct a public awareness campaign to inform taxpayers of the availability of the rebate.

Social Security COVID Correction and Equity Act

United States · United States Congress · 9 December 2020

Social Security COVID Correction and Equity Act This bill expands the Old-Age, Survivors, and Disability Insurance (OASDI) benefits program, temporarily expands the Supplemental Security Income (SSI) program, and otherwise modifies these programs. Specifically, the bill revises OASDI benefits by (1) modifying funding formulas, (2) extending eligibility for certain benefits, and (3) increasing income thresholds used to determine the percentage of benefits subject to federal income tax. Changes to OASDI funding formulas include (1) increasing the primary insurance amount, (2) establishing new methods to calculate benefits for individuals with lifetime low earnings and for widows and widowers, and (3) modifiying application of the national average wage index to prevent certain reductions to benefits. In addition, children of a deceased, disabled, or retired worker remain eligible for OASDI benefits through age 22 if they are full-time students. Under current law, they receive benefits through age 18. The bill also extends dependent child benefits under the OASDI program to specified family members other than grandparents or step-grandparents, including in cases where a court grants custody of the dependent child to an eligible family member. To receive benefits under current law, either both parents must be disabled or deceased or a grandparent or step-grandparent must legally adopt the dependent child. The bill also temporarily increases income and resource limits for the SSI program, thereby temporarily expanding eligibility. This program helps aged, blind, and disabled individuals with limited income and resources meet their basic needs.

Federal Gift Shop Tax Act

United States · United States Congress · 9 December 2020

Federal Gift Shop Tax Act This bill allows states to levy a sales tax on purchases made from any gift shop located on federal property or made online through the gift shop.

E–QUIP Act

United States · United States Congress · 9 December 2020

Energy Efficient Qualified Improvement Property Act of 2020 or the E-QUIP Act This bill allow straight line depreciation over a 10-year period of energy efficient qualified improvement property. The bill defines energy efficient qualified improvement property as any improvement to a building that is nonresidential real property, or multifamily residential rental property, first placed in service more than 10 year before the enactment of this bill, and that is installed as part of the lighting system, the heating, cooling, ventilation, or hot water systems, or the building envelope. The improvement must meet specified performance and other requirements.

International Spending Transparency Act

United States · United States Congress · 9 December 2020

International Spending Transparency Act This bill requires the Department of State to establish the Unit to Audit US Contributions to Multilateral and International Organizations to audit and report on the contributions to those organizations during the preceding fiscal year.

Coronavirus Assistance for American Families Act

United States · United States Congress · 8 December 2020

Coronavirus Assistance for American Families Act This bill allows individual taxpayers an additional 2020 recovery rebate in the amount of $1,000 ($2,000 for joint returns), plus $1,000 for each dependent of the taxpayer. The amount of such rebate is phased out for taxpayers whose adjusted gross income exceeds $75,000 ($150,000 for joint returns). A recovery rebate is a stimulus payment for taxpayers and their dependents who are adversely affected by COVID-19 (i.e., coronavirus disease 2019).

Air Source Heat Pump Act of 2020

United States · United States Congress · 8 December 2020

Air Source Heat Pump Act of 2020 This bill allows a new refundable tax credit for qualified air source heat pump expenditures. The bill defines qualified air source heat pump expenditures as expenditures for property that uses an air source heat pump to heat and cool a dwelling unit located in the United States and used as the taxpayer's principal residence. The air source heat pump must also meet specified performance and other requirements.

A bill to amend the CARES Act to extend the excise tax holiday period for aviation taxes.

United States · United States Congress · 7 December 2020

This bill extends the suspension of the imposition of certain aviation taxes until January 1, 2022. Currently, the suspension ends on January 1, 2021.

45Q Carbon Capture, Utilization, and Storage Tax Credit Amendments Act of 2020

United States · United States Congress · 7 December 2020

45Q Carbon Capture, Utilization, and Storage Tax Credit Amendments Act of 2020 This bill extends the tax credi for carbon oxide sequestration through 2028 and allows taxpayers an election to receive payments in lieu of the credit and the credit for qualifying advanced coal projects.

Hydrogen Utilization and Sustainability Act

United States · United States Congress · 7 December 2020

Hydrogen Utilization and Sustainability Act This bill expands the tax credit for producing electricity from renewable resources to include qualified hydrogen (i.e., hydrogen fuel that has been certified as having nonpositive carbon intensity).

Renewable Chemicals Act of 2020

United States · United States Congress · 4 December 2020

Renewable Chemicals Act of 2020 This bill allows a new tax credit for the production of renewable chemicals. Specifically, it allows a credit for up to 15% of the sales price of each pound of a renewable chemical. A renewable chemical is any chemical that is produced in the United States from renewable biomass and is not less than 95% biobased content. The bill also allows a 30% tax credit for investment in renewable chemical production facilities.

ACCESS 45Q Act

United States · United States Congress · 3 December 2020

Accelerating Carbon Capture and Extending Secure Storage through 45Q Act or the ACCESS 45Q Act This bill extends the tax credit for carbon oxide sequestration through 2033 and allows taxpayers an election to receive payments in lieu of the credit.

HITS Act

United States · United States Congress · 3 December 2020

Help Independent Tracks Succeed Act or the HITS Act This bill permits taxpayers to treat as currently deductible expenses the cost of qualified sound recording productions not exceeding $150,000 in a taxable year. The bill defines qualified sound recording production as certain sound recordings produced and recorded in the United States.

Legal Immigration for the U.S. Act

United States · United States Congress · 2 December 2020

Legal Immigration for the U.S. Act This bill makes various changes to immigration law, including by (1) limiting the number of refugees and aliens granted asylum who may receive legal permanent residence to 50,000 each fiscal year, (2) denying a tax deduction for wages and benefits paid to or on behalf of an unauthorized alien, (3) eliminating the EB-5 investor visa, and (4) requiring certain nonimmigrant aliens to post a bond prior to receiving a U.S. entry visa.

Charitable Conservation Easement Program Integrity Act of 2020

United States · United States Congress · 2 December 2020

Charitable Conservation Easement Program Integrity Act of 2020 This bill limits the aggregate amount of a partner's annual tax deductions for qualified conservation contributions of a partnership to 2.5 times the partner's adjusted basis in the partnership. (Under current law, a qualified conservation contribution is the contribution of a qualified real property interest to a qualified organization exclusively for conservation purposes.) The limitation applies for the first three taxable years after the individual becomes a partner in the partnership. It does not apply to certain family partnerships.

American Worker Holiday Relief Act of 2020

United States · United States Congress · 1 December 2020

American Worker Holiday Relief Act of 2020 This bill revises and extends unemployment compensation eligibility requirements for workers affected by COVID-19. It also requires states to offer workers claiming compensation the option to withhold federal income tax from payments and requires states to report to the Department of Labor on backlogs of unemployment claims.

Preserving Charitable Incentives Act

United States · United States Congress · 24 November 2020

Preserving Charitable Incentives Act This bill increases the cap for corporate charitable tax deductions from 25% to 100% of a corporation's taxable income for taxable years beginning in 2020 and 2021. This increase encourages corporate donors (e.g., restaurants and retailers) to donate excess inventory rather than destroying it. The bill allows a carryover of excess inventory into the succeeding taxable year. The bill also directs the Department of the Treasury to revise regulations with respect to the treatment of inventory as costs of goods sold for purposes of the charitable tax deduction.

Hospitality and Commerce Job Recovery Act of 2020

United States · United States Congress · 20 November 2020

Hospitality and Commerce Job Recovery Act of 2020 This bill establishes new tax credits and revises existing credits and deductions to protect the hospitality and restaurant industries. Specifically, the bill allows a convention and trade show restart tax credit for (1) the costs of participation in a convention, seminar, or similar meeting, a business meeting, or a trade show that takes place after 2020; and (2) the costs of reopening an entertainment facility closed due to the COVID-19 (i.e., coronavirus disease 2019) pandemic. It also allows a business-related tax credit for the costs of reopening restaurants or food service businesses forced to close down or reduce operations due to COVID-19. The bill modifies, and increases the rate of, the tax credit for the retention of employees for an employer whose business has been affected by a disaster or public health emergency. It also repeals the increased limitations on the tax deduction for meals and entertainment expenses enacted in 2017. Finally, the bill allows individual taxpayers a new tax credit for travel expenses relating to entertainment activities occurring in the United States between January 1, 2021, and December 31, 2023.

Retail Revitalization Act of 2020

United States · United States Congress · 20 November 2020

Retail Revitalization Act of 2020 This bill modifies rules related to rents received by real estate investment trusts (REITs) from related parties. It increases the permissible stock ownership and constructive stock ownership percentage in a REIT to 50% and modifies rules for taxable REIT subsidiaries.

STAR Act of 2020

United States · United States Congress · 19 November 2020

Student Aid and Tax Advantaged Accounts Reform Act of 2020 or the STAR Act of 2020 . 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 of taxpayers, spouses, children, and grandchildren. 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).