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Records whose title is actually about this topic. Use a country filter if the list is still too broad.
51 records in US in 2023
United States · United States Congress · 22 December 2023
True Cost Act 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 a fiscal year.
United States · United States Congress · 19 December 2023
United States · United States Congress · 19 December 2023
United States · United States Congress · 14 December 2023
This bill imposes a 10% transfer fee on money transfers (remittances) sent to recipients outside of the United States, to be paid by the sender. Individuals who violate the bill are subject to criminal and civil penalties. Foreign countries that aid or harbor violators are ineligible for foreign assistance and immigration programs. The bill also establishes for U.S. citizens a tax credit equal to the amount that the citizen taxpayer paid in such transfer fees for any taxable year. The bill also provides funding for various border-related activities, such as employing and training additional U.S. Border Patrol agents, building a barrier along the U.S.-Mexico border, and building detention facilities for individuals residing in the United States without lawful immigration status. The funding shall be equal to the amount collected by the transfer fee minus the tax credits allowed.
United States · United States Congress · 14 December 2023
Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023 This bill allows a new tax credit for the domestic production of rare earth magnets. The magnets must be manufactured or produced in the ordinary course of the taxpayer's trade or business. The credit is disallowed if any component rare earth material used to produce such magnets is produced in a non-allied foreign nation. The bill defines rare earth magnet as a permanent magnet comprised of an alloy of neodymium, iron, and boron, or an alloy of samarium and cobalt, which may also include other material.
United States · United States Congress · 14 December 2023
Bettering Employee Skills and Talents Act or the BEST Act This bill allows a new tax credit against employment taxes for 30% of qualified workforce training expenses paid by an employer. The bill defines qualified workforce training expenses as amounts paid by an employer to provide entry-level employees without a bachelor's degree with skills training recognized by governmental and private organizations.
United States · United States Congress · 14 December 2023
Achieving Choice in Education Act or the ACE Act This bill modifies provisions of qualified tuition programs (i.e., 529 plans) and provides other tax incentives to promote education. Specifically, the bill expands the definition of qualified higher education expense to include tuition, books or instructional material, fees, and educational therapies for disabled students. It also increases to $20,000 the limitation on distributions from 529 plans for elementary and secondary school expenses. Further, the bill provides for an increased gift tax exclusion for contributions to 529 plans and limits tax-exempt bond financing to states that implement school choice laws.
United States · United States Congress · 14 December 2023
Improve and Enhance the Work Opportunity Tax Credit Act This bill increases the work opportunity tax credit (WOTC) for wages paid during the first year of employment to certain employees. The bill also eliminates the maximum age limit applicable to Supplemental Nutrition Assistance Program (SNAP) benefit recipients for purposes of the WOTC. Under current law, an employer generally may claim a WOTC in the amount of 40% of up to $6,000 (or of up to $24,000 for certain veterans, $3,000 for summer youth employees, and $10,000 for long-term family aid recipients) of qualified wages paid during the first year of employment to an employee who is a member of a targeted group. (Exceptions and limitations apply.) The bill increases the WOTC to (1) 50% of up to $6,000 (or of up to $24,000 for certain veterans) of qualified first-year wages paid to an employee who is a member of a targeted group (other than a summer youth employee or recipient of long-term family aid), and (2) 50% of up to $12,000 (or of up to $48,000 for certain veterans) of qualified wages paid during the first year of employment to such employee if the employee works at least 400 hours during the year. Finally, the bill eliminates the maximum age limit applicable to SNAP benefit recipients and, thus, allows an employer to claim the WOTC for qualified first-year wages paid to an employee who is at least 18 years old and receiving SNAP benefits for a certain period of time.
United States · United States Congress · 14 December 2023
This bill imposes a 10% transfer fee on money transfers (remittances) sent to recipients outside of the United States, to be paid by the sender. Individuals who violate the bill are subject to criminal and civil penalties. Foreign countries that aid or harbor violators are ineligible for foreign assistance and immigration programs. The bill also establishes for U.S. citizens a tax credit equal to the amount that the citizen taxpayer paid in such transfer fees for any taxable year. The bill also provides funding for various border-related activities, such as employing and training additional U.S. Border Patrol agents, building a barrier along the U.S.-Mexico border, and building detention facilities for individuals residing in the United States without lawful immigration status. The funding shall be equal to the amount collected by the transfer fee minus the tax credits allowed.
United States · United States Congress · 14 December 2023
This bill increases the excise tax (from 1.4% to 35%) on the net investment income of private educational institutions whose assets had a aggregate fair market value of at least $10 billion in the preceding taxable year.
United States · United States Congress · 14 December 2023
This bill allows certain tax-exempt organizations to claim the employee retention tax credit for employers affected by qualified disasters against its Medicare hospital insurance tax liability.
United States · United States Congress · 14 December 2023
Achieving Choice in Education Act or the ACE Act This bill modifies provisions of qualified tuition programs (i.e., 529 plans) and provides other tax incentives to promote education. Specifically, the bill expands the definition of qualified higher education expense to include tuition, books or instructional material, fees, and educational therapies for disabled students. It also increases to $20,000 the limitation on distributions from 529 plans for elementary and secondary school expenses. Further, the bill provides for an increased gift tax exclusion for contributions to 529 plans and limits tax-exempt bond financing to states that implement school choice laws.
United States · United States Congress · 13 December 2023
Public Banking Act of 2023 This bill allows for the federal charter of public banks (i.e., banks that are wholly owned and controlled by a state, tribe, or local government). Under the bill, the Board of Governors of the Federal Reserve System must charter public banks or recognize non-federally chartered banks if they meet certain criteria. These public banks are eligible for membership in the Federal Reserve System. The Federal Reserve must offer specified services to member public member banks, including grants, payment accounts, digital dollar services, and facilities for credit, loans, and liquidity. These public banks must have a democratic governance structure, establish an environmental policy, and comply with certain lending policies. For example, these public banks must require that loan recipients do not oppose or resist unionization efforts involving projects that utilize public funds. Public banks under the bill are also prohibited from providing financial services to certain companies, including those that (1) support specified industries such as gun manufacturers or fossil fuel producers; (2) have unfair or unsafe labor practices; or (3) have a history of tax avoidance. The bill also requires the establishment of a regulatory framework for the federal recognition of securities issued by public banks. The Federal Deposit Insurance Corporation must provide unlimited deposit insurance to federally recognized public banks. The United States Postal Service must partner with these public banks to provide account and payment services at post offices.
United States · United States Congress · 13 December 2023
Protecting American Advanced Manufacturing Act This bill prohibits companies associated with governments of foreign adversaries from receiving the advanced manufacturing production tax credit. This includes companies that are owned, controlled by, operated by, or under the influence of a foreign adversary, any company whose equity interests are held by a foreign adversary (not less than 10%), or any company that is controlled by a foreign adversary through certain debt, lease, or manufacturing arrangements.
United States · United States Congress · 13 December 2023
United States · United States Congress · 13 December 2023
Expanding Access to Retirement Savings for Caregivers Act This bill allows an individual to make annual catch-up contributions to a retirement account before reaching age 50 if the individual leaves the workforce to provide dependent care services. Specifically, the individual must have been unemployed, and have had no earned income, as a result of providing care to (1) a dependent under the age of 13, or (2) a spouse physically or mentally incapable of self-care.
United States · United States Congress · 13 December 2023
Segal AmeriCorps Education Award Tax Relief Act of 2023 This bill exludes from gross income amounts received as AmeriCorps educational awards provided under the National and Community Serivce Act of 1990.
United States · United States Congress · 13 December 2023
United States · United States Congress · 13 December 2023
Intelligence Community Workforce Agility Protection Act of 2023 This bill allows a current tax deduction for the moving and traveling expenses of an employee or new appointee of the intelligence community who moves due to a change in assignment that requires relocation. It also allows a current tax exclusion for such employees or appointees for moving expense reimbursements. Under current law, the tax deduction and exclusion for the moving expenses of other taxpayers are suspended for the period beginning in 2018 through 2025.
United States · United States Congress · 13 December 2023
This bill denies tax-exempt status to certain professional sports leagues with gross receipts exceeding $1 billion during any of the five preceding taxable years.
United States · United States Congress · 13 December 2023
Protecting American Advanced Manufacturing Act This bill prohibits companies associated with governments of foreign adversaries from receiving the advanced manufacturing production tax credit. This includes companies that are owned, controlled by, operated by, or under the influence of a foreign adversary, any company whose equity interests are held by a foreign adversary (not less than 10%), or any company that is controlled by a foreign adversary through certain debt, lease, or manufacturing arrangements.
United States · United States Congress · 13 December 2023
No Tax Dollars for the United Nations Climate Agenda Act This bill prohibits using federal agency funds to make contributions to or for the Intergovernmental Panel on Climate Change, the United Nations Framework Convention on Climate Change, or the Green Climate Fund.
United States · United States Congress · 13 December 2023
Segal AmeriCorps Education Award Tax Relief Act of 2023 This bill excludes from gross income amounts received as AmeriCorps educational awards provided under the National and Commuity Service Act of 1990.
United States · United States Congress · 12 December 2023
Eliminate Congressional Slush Funds Act This bill rescinds specified unobligated funds that were provided for the Department of Commerce Nonrecurring Expenses Fund by the Fiscal Responsibility Act of 2023. The bill also prohibits the budgetary effects of this bill from being counted for the purposes of certain budget enforcement procedures and spending allocations for congressional committees.
United States · United States Congress · 12 December 2023
Rent Relief Act of 2023 This bill allows a refundable income tax credit for individuals who pay rent for a principal residence that exceeds 30% of their adjusted gross income for the taxable year. The amount of the credit ranges from 25% to 100% of the excess rent, depending on the adjusted gross income of the taxpayer. The credit is not available for taxpayers with adjusted gross incomes that exceed $100,000. Rent that exceeds 100% of the small area fair market rent (including the utility allowance) for the residence may not be taken into account in determining the amount of the credit. The Department of the Treasury must establish a program for making advance payments of the credit on a monthly basis and provide for an outreach program to increase enrollment of taxpayers in the renter tax credit program.
United States · United States Congress · 12 December 2023
Woke Endowment Security Tax Act of 2023 or the WEST Act of 2023 This bill imposes a 6% excise tax on certain private educational instutions with endowments of at least $12.2 billion and institutions with endowments of at least $9 billion that also operate a state contract college.
United States · United States Congress · 11 December 2023
This bill allows a new income-based tax credit for qualified organized sport equipment expenses, up to $200 for a taxable year. The bill defines qualified organized sport equipment expenses as expenses for the participation of a taxpayer dependent in an organized sport, game, or hobby program that is primarily for unrelated individuals who have not attained age 19 to engage in such sport, game, or hobby.
United States · United States Congress · 11 December 2023
This bill allows a nonrefundable income tax credit for eligible elementary and secondary school supply expenses . The allowable amount of such credit may not exceed $200, reduced by certain modified adjusted gross income levels. The bill defines eligible elementary and secondary school supply expenses as expenses for books, supplies, and other equpment in connection with the enrollment or attendance of a taxpayer dependent at a public, private, or religious school.
United States · United States Congress · 11 December 2023
This bill increases to $600 the allowable amount of the tax deduction for the expenses of elementary and secondary school teachers.
United States · United States Congress · 11 December 2023
End Double Taxation of Successful Consumer Claims Act This bill allows a deduction from gross income (above-the-line deduction) for attorney fees and court costs in connection with a claim of a consumer protection violation.
United States · United States Congress · 11 December 2023
Impact Aid Infrastructure Partnership Act This bill authorizes certain construction grants under the Impact Aid program for four fiscal years. The Impact Aid program provides funding to local educational agencies (LEAs) that have lost property tax revenue due to the presence of tax-exempt federal property or to those that have experienced increased expenditures due to enrollment of federally connected children (e.g., children living on Indian lands or military bases). Specifically, the bill directs the Department of Education (ED), based on applications submitted by LEAs that are eligible to receive payments under the Impact Aid program, to establish a priority listing for grant awards based on facility condition. Further, ED must comply with specified requirements when making grant payments under this bill. For example, ED must provide a grant in full to an LEA that (1) has a facility in violation of a building code that represents a health hazard and which fails to meet other standards, and (2) has no capacity to issue bonds. ED must also require an LEA that has the capacity to issue bonds to pay a percentage of the total cost of the project supported with grant funds. ED must annually report to Congress on the projects carried out under this bill and make the report publicly available.
United States · United States Congress · 11 December 2023
End Double Taxation of Successful Consumer Claims Act This bill allows a deduction from gross income (above-the-line deduction) for attorney fees and court costs in connection with a claim of a consumer protection violation.
United States · United States Senate · 7 December 2023
United States · United States Congress · 7 December 2023
United States · United States Congress · 7 December 2023
Parking Cash-Out Act of 2023 This bill denies a tax exclusion for qualified parking fringe benefits unless employers providing such benefits offer their employees the option to receive, in lieu of the parking benefit, the fair market value of the parking (e.g., an equivalent cash benefit or alternative tax-exempt fringe benefit).
United States · United States Congress · 7 December 2023
Research and Development Tax Credit Expansion Act of 2023 This bill modifies the refundable research tax credit for new and small businesses to (1) provide for an inflation adjustment to the limit on credit refundability; (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.
United States · United States Congress · 7 December 2023
Maintaining and Enhancing Hydroelectricity and River Restoration Act of 2023 This bill establishes a new investment tax credit in the amount of 30% of the basis of any hydropower improvement property. The bill defines hydropower improvement property as property that adds or improves fish passage at a qualified dam; maintains or improves the quality of the water retained or released by a qualified dam; promotes downstream sediment transport and habitat maintenance; upgrades, repairs, or reconstructs a qualified dam to meet safety and security standards; improves public uses of, and access to, public waterways impacted by a qualified dam; removes an obsolete river obstruction; or places into service an approved remote dam. Further, written approval for hydropower improvement property must be obtained from the Federal Energy Regulatory Commission or state or local officials prior to January 1, 2032. The bill also allows an election to claim the investment tax credit for qualified progress expenses for some types of hydropower improvement property in advance of such property being placed into service. Any investment tax credit amount claimed for qualified progress expenses reduces the amount of the investment tax credit that may be claimed once the hydropower improvement property is placed into service. The bill authorizes certain entities, including tax-exempt and governmental entities, to treat the investment tax credit for hydropower improvement property as a payment of tax and receive a refund of any overpayment (also known as elective pay). Finally, the investment tax credit for hydropower improvement property may be transferred (i.e., sold).
United States · United States Congress · 7 December 2023
United States · United States Congress · 7 December 2023
United States · United States Senate · 6 December 2023
United States · United States Senate · 6 December 2023
United States · United States Congress · 6 December 2023
United States · United States Congress · 6 December 2023
Community Development Investment Tax Credit Act of 2023 This bill allows investors a business-related tax credit for investment in a Community Development Financial Institution (CDFI). The applicable percentage of such credit is 3% for the first 10 years of investment in a CDFI with a 1% increase after the initial credit allowance date and for investments without a fixed term or duration. The tax credit is available to investors who invest in various CDFIs to provide financial support for increasing wealth in low- and moderate-income communities. The national limitation on the credit is $1 billion for 2022, $1.5 billion for 2023, and $2 billion for 2024 and each year thereafter, with adjustments for inflation.
United States · United States Congress · 6 December 2023
United States · United States Congress · 6 December 2023
American Neighborhoods Protection Act of 2023 This bill imposes an excise tax, with certain exclusions, on individuals who own more than 75 single family homes. The amount of such tax is the product of $10,000 and the excess of the number of homes owned over 75. The bill establishes a Housing Trust Fund into which the excise tax amounts shall be deposited and used to provide grants for down payment assistance to families purchasing a home.
United States · United States Congress · 6 December 2023
Climate Change Resiliency Fund for America Act of 2023 This bill provides support to address the impacts of climate change. Specifically, the bill authorizes the Department of the Treasury to issue up to $1 billion in climate change obligations (e.g., bonds) in a fiscal year, with bond proceeds going into the Climate Change Resiliency Fund established by this bill. The fund must be used for a program that finances projects that reduce the economic, social, and environmental impact of the adverse effects of climate change. A percentage of those funds must be used to benefit communities that experience disproportionate impacts from climate change. The Climate Change Advisory Commission, established by this bill, must provide recommendations and guidelines for the program and identify categories of the most cost-effective investments and projects that emphasize multiple benefits to commerce, human health, and ecosystems.
United States · United States Congress · 6 December 2023
United States · United States Congress · 5 December 2023
Bipartisan Workforce Pell Act This bill expands student eligibility for Pell Grants by establishing the Workforce Pell Grant Program. The bill also places conditions on certain private educational institutions. Specifically, the bill requires the Department of Education (ED) to award Workforce Pell Grants to students enrolled in eligible workforce programs. Eligible programs are those that provide at least 150 clock hours (but less than 600 clock hours) of instruction during a minimum of 8 weeks (but less than 15 weeks). A state workforce development board must first make a determination that the program (1) provides education aligned with the requirements of high-skill, high-wage, or in-demand industry sectors or occupations; (2) meets the hiring requirements of potential employers; and (3) satisfies any applicable educational prerequisite requirement for professional licensure or certification in the state or states in which the program is offered. Furthermore, an eligible program must lead to a recognized postsecondary credential that is portable across multiple employers and accepted toward requirements for a certificate or degree, as determined by an accrediting agency or association recognized by ED. Next, ED must determine if a program meets verified completion and job placement rates. ED must also collect and publish information regarding eligible workforce programs. The bill also places certain conditions on private educational institutions that are subject to an excise tax (also known as the endowment tax) on their net investment income. For example, the bill prohibits these institutions from awarding federal student loans to eligible students.
United States · United States Congress · 5 December 2023
End Hedge Fund Control of American Homes Act This bill imposes an excise tax on hedge fund taxpayers that own a certain number of single-family residences in excess of a specified amount. The bill establishes the Housing Downpayment Trust Fund into which tax revenues from this bill shall be deposited to provide grants for down payment assistance to taxpayers purchasing a single-family residence.
United States · United States Congress · 5 December 2023
Generating Relief for Academic Debt Using Assisted Tax Efficiency Act or the GRADUATE Act This bill expands the tax deduction for student loan interest to include payments toward principal. It also increases the maximum allowable amount of the deduction.