Economic Modernization Act

Summary

Economic Modernization Act This bill amends the Internal Revenue Code to allow additional tax credits and deductions to assist employees who work in declining or short-supply fields. A "declining field" has experienced a decline in the level of average employment of at least 8% over the most recent 3-year period. A "short-supply" field: (1) requires theoretical and practical application of a body of highly specialized knowledge and certain degrees or experience in the specialty; and (2) has an insufficient number of U.S. citizens or residents who are qualified, willing, and able to satisfy the demand for labor in the occupation or field of work. For employers, the bill allows an economic transition tax credit for payroll taxes paid over a three-year period with respect to employees who previously worked in a declining field. For individuals employed in short-supply fields, the bill: increases the limit for the exclusion from gross income for employer-provided educational assistance programs and expands the exclusion to include payments of education loans, increases the limit for the deduction for interest on education loans, and increases the limit for the deduction for qualified tuition and related expenses. The bill also allows a deduction for companies that rehabilitate certain abandoned buildings. The deduction is equal to a portion of the income attributable to the rehabilitated building and may not exceed 50% of the wages paid by the company.

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Timeline

1. 11 April 2018

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 11 April 2018

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 11 April 2018 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 11 April 2018

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 11 April 2018

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 11 April 2018

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Nelson, Bill [D-FL] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → Employer Participation in Student Loan Assistance Act
• related to → Employer Participation in Repayment Act of 2017