Income Tax Deductions

Federal
US Congress 114th Congress

COMPETE Act of 2015 Competitiveness and Opportunity by Modernizing and Permanently Extending the Tax Credit for Experimentation Act of 2015 [S.537] [Taxes ] [Small Business ] [Technology and Innovation ] [Science ] [Economic Development ]
COMPETE Act of 2015 Competitiveness and Opportunity by Modernizing and Permanently Extending the Tax Credit for Experimentation Act of 2015 Amends the Internal Revenue Code, with respect to the tax credit for research expenditures, to: (1) increase the rate of such credit to 25% of so much of the taxpayer's qualified research expenses in a taxable year as exceeds 50% of the average expenses for the three preceding taxable years; (2) allow such credit for the basic research expenditures of educational institutions, scientific research organizations, (continued...)

  

Sponsored by: Sen. Thomas Carper Read Twice And Referred To The Committee On Finance. on 02/24/2015

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Federal
US Congress 114th Congress

Veterans TRICARE Choice Act [S.448] [Healthcare ] [Veterans ] [Medicare and Medicaid ] [Taxes ] [Military ]
Veterans TRICARE Choice Act Allows an individual who is eligible to participate in the TRICARE program (a Department of Defense [DOD] managed health care program) to: (1) elect to be ineligible to enroll in such program, (2) make tax deductible contributions to a health savings account during the period such individual elects to be ineligible for TRICARE coverage, and (3) enroll in the TRICARE program at a later date during a special enrollment period. Requires DOD to: (1) submit to the Internal Revenue Service information on each TRICARE-eligible (continued...)

  

Sponsored by: Sen. Richard Blumenthal Read Twice And Referred To The Committee On Finance. on 02/11/2015

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Federal
US Congress 114th Congress

Government Settlement Transparency and Reform Act [S.413] [Taxes ] [Finance ] [Law Enforcement ] [Budget and Spending ]
Government Settlement Transparency and Reform Act Amends the Internal Revenue Code to expand provisions relating to the nondeductibility of fines and penalties to prohibit a tax deduction for any amount paid or incurred to any governmental entity relating to the violation of any law or the investigation or inquiry into a potential violation of law. Exempts from such prohibition: (1) restitution or amounts paid to come into compliance with any law that was violated or otherwise involved in the investigation or inquiry, (2) amounts paid pursuant to (continued...)

  

Sponsored by: Sen. Jack Reed Read Twice And Referred To The Committee On Finance. (sponsor Introductory Remarks On Measure: Cr S860) on 02/09/2015

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Federal
US Congress 114th Congress

Veterans Travel Tax Relief Act of 2015 [S.41] [Taxes ] [Veterans ] [Healthcare ] [Transportation and Motor Vehicles ]
Veterans Travel Tax Relief Act of 2015 Amends the Internal Revenue Code to allow veterans a deduction from gross income, up to $400 a year, for their travel expenses, including those of a family member, to a Department of Veterans Affairs medical center for treatment related to a service-connected disability or for an examination related to a claim for disability compensation or a pension.

  

Sponsored by: Sen. Dean Heller Read Twice And Referred To The Committee On Finance. on 01/07/2015

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Federal
US Congress 114th Congress

Foreign Earnings Reinvestment Act [S.397] [Taxes ] [Trade ] [Labor, Jobs, Employment ] [Economic Development ]
Foreign Earnings Reinvestment Act Amends the Internal Revenue Code to: (1) extend the election allowed to a domestic corporation to deduct current and accumulated dividends received from a controlled foreign corporation to the corporation's last taxable year beginning before the enactment of this Act or the first taxable year which begins during the one-year period beginning on such enactment date, (2) reduce tax rates on foreign earnings of domestic corporations that reinvest such earnings in the United States and that expand their payrolls over (continued...)

  

Sponsored by: Sen. John McCain Read Twice And Referred To The Committee On Finance. (sponsor Introductory Remarks On Measure: Cr S836) on 02/05/2015

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Federal
US Congress 114th Congress

Depreciation Fairness Act of 2015 [S.394] [Taxes ] [Small Business ] [Real Estate ]
Depreciation Fairness Act of 2015 This bill amends the Internal Revenue Code to make permanent the 15-year recovery period for qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property for purposes of the tax deduction for depreciation.

  

Sponsored by: Sen. Robert Casey Read Twice And Referred To The Committee On Finance. on 02/05/2015

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Federal
US Congress 114th Congress

STAGE Act Support Theaters in America Growth and Expansion Act [S.364] [Arts and Culture ] [Film Production ] [Taxes ] [Small Business ] [Economic Development ]
STAGE Act Support Theaters in America Growth and Expansion Act Amends the Internal Revenue Code, with respect to the expensing of the costs of qualified film and television productions, to: (1) extend through 2016 provisions allowing such expensing, (2) allow such expensing for the costs of certain live theatrical productions, and (3) provide for the tax treatment of dispositions of an interest in a live theatrical production as a passive activity.

  

Sponsored by: Sen. Roy Blunt Read Twice And Referred To The Committee On Finance. on 02/04/2015

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Federal
US Congress 114th Congress

Start-up Jobs and Innovation Act [S.341] [Taxes ] [Technology and Innovation ] [Small Business ] [Labor, Jobs, Employment ] [Science ] [Economic Development ]
Start-up Jobs and Innovation Act Amends the Internal Revenue Code to: (1) make permanent the increase to $500,000 of the expensing allowance for business assets, including computer software, and the treatment of qualified real property as depreciable business property; (2) make permanent the 100% exclusion from gross income of gain from the sale or exchange of small business stock; (3) increase and equalize the tax deduction for business start-up expenses and organizational expenditures; (4) increase from $5 million to $10 million the gross receipt (continued...)

  

Sponsored by: Sen. Robert Menendez Read Twice And Referred To The Committee On Finance. on 02/03/2015

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Federal
US Congress 114th Congress

A bill to amend title 31, United States Code, to provide for the issuance of Green Bonds and to establish the United States Green Bank, and for other purposes. [S.3382] [Finance ] [Environmental ] [Energy ] [Climate Change ] [Budget and Spending ] [Funding ] [Grants ]
A bill to amend title 31, United States Code, to provide for the issuance of Green Bonds and to establish the United States Green Bank, and for other purposes.

  

Sponsored by: Sen. Sheldon Whitehouse Read Twice And Referred To The Committee On Finance. on 09/22/2016

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Federal
US Congress 114th Congress

Native American Health Savings Improvement Act [S.3356] [Healthcare ] [Medicare and Medicaid ] [Native American Affairs ]
Native American Health Savings Improvement Act This bill amends the Internal Revenue Code to specify that receiving hospital care or medical services under a medical care program of the Indian Health Service or a tribal organization does not disqualify an individual from being eligible for a health savings account.

  

Sponsored by: Sen. Heidi Heitkamp Read Twice And Referred To The Committee On Finance. on 09/20/2016

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Federal
US Congress 114th Congress

Conservation Easement Incentive Act of 2015 [S.330] [Taxes ] [Public Lands and National Parks ] [Environmental ] [Native American Affairs ] [Real Estate ]
Conservation Easement Incentive Act of 2015 Amends the Internal Revenue Code to: (1) make permanent the tax deduction for charitable contributions by individuals and corporations of real property interests for conservation purposes, and (2) allow Native Corporations an increased tax deduction for donations of conservation easements related to lands conveyed under the Alaska Native Claims Settlement Act.

  

Sponsored by: Sen. Robert Casey Read Twice And Referred To The Committee On Finance. on 02/02/2015

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Federal
US Congress 114th Congress

S Corporation Modernization Act of 2016 [S.3181] [Taxes ] [Small Business ]
S Corporation Modernization Act of 2016

  

Sponsored by: Sen. Benjamin Cardin Read Twice And Referred To The Committee On Finance. on 07/13/2016

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Federal
US Congress 114th Congress

Seniors Tax Hike Prevention Act of 2016 [S.3111] [Taxes ] [Medicare and Medicaid ] [Senior Citizens ] [Healthcare ]
Seniors Tax Hike Prevention Act of 2016 This bill amends the Internal Revenue Code (IRC) to extend, through 2018, the rule that permits individuals who are 65 and older to deduct certain medical expenses that exceed 7.5% of adjusted gross income. (Under current law, the rule that reduces the 10% threshold for the medical expense deduction to 7.5% if a taxpayer or a taxpayer's spouse is 65 or older expires at the end of 2016.) The bill also expresses the sense of the Senate that the reduction in revenues resulting from this bill should be offset (continued...)

  

Sponsored by: Sen. Susan Collins Read Twice And Referred To The Committee On Finance. on 06/29/2016

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Federal
US Congress 114th Congress

Earmark Elimination Act of 2015 [S.309] [Budget and Spending ] [Funding ]
Earmark Elimination Act of 2015 Makes it out of order in the Senate to consider a bill or resolution introduced in either chamber or any other measure that includes an earmark. Permits waiver of a point of order against an earmark only by an affirmative vote of two-thirds of the Senators. Makes this Act inapplicable to any authorization of appropriations to a federal entity if the authorization is not specifically targeted to a state, locality, or congressional district.

  

Sponsored by: Sen. Mike Lee Read Twice And Referred To The Committee On Rules And Administration. on 01/29/2015

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Federal
US Congress 114th Congress

Graduate Student Savings Act of 2016 [S.3025] [Student Loans ] [Taxes ] [Retirement ] [Education ]
Graduate Student Savings Act of 2016 This bill amends the Internal Revenue Code to allow funds paid to an individual to aid in the pursuit of graduate or postdoctoral study or research to be saved in an Individual Retirement Account (IRA). The bill permits the funds to be considered compensation for purposes of current law provisions that limit annual deductible IRA contributions to the lesser of: (1) the deductible amount permitted under current law, or (2) the compensation includible in the individual's gross income for the year.

  

Sponsored by: Sen. Mike Lee Read Twice And Referred To The Committee On Finance. on 06/07/2016

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Federal
US Congress 114th Congress

FAIR Energy Policy Act Fossil Aid is Inefficient and Regressive Energy Policy Act [S.2996] [Energy ] [Taxes ] [Climate Change ]
FAIR Energy Policy Act Fossil Aid is Inefficient and Regressive Energy Policy Act This bill amends the Internal Revenue Code to phase out certain tax provisions that apply to fossil fuels. The bill establishes a schedule for decreasing the benefits of the provisions for major integrated oil companies by specified percentages that reach 100% after December 31, 2019. The affected provisions include: the deduction for intangible drilling costs, the deduction for the percentage of depletion of oil and natural gas wells, the deduction for oil related (continued...)

  

Sponsored by: Sen. Dianne Feinstein Read Twice And Referred To The Committee On Finance. on 05/26/2016

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Federal
US Congress 114th Congress

World's Greatest Healthcare Plan Act of 2016 [S.2985] [Healthcare ]
World's Greatest Healthcare Plan Act of 2016

  

Sponsored by: Sen. Bill Cassidy Read Twice And Referred To The Committee On Finance. on 05/25/2016

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Federal
US Congress 114th Congress

Health Savings Account Expansion Act of 2016 [S.2980] [Healthcare ] [Insurance ] [Taxes ] [Medicare and Medicaid ] [Public Health ]
Health Savings Account Expansion Act of 2016 This bill amends the Internal Revenue Code to modify the requirements for health savings accounts (HSAs). The bill modifies the requirements to: increase the maximum contribution amounts, permit the use of HSAs to pay health insurance premiums and direct primary care expenses, repeal the restriction on using HSAs for over-the-counter medications, eliminate the requirement that a participant in an HSA be enrolled in a high deductible health care plan, and decrease the additional tax for HSA distributions (continued...)

  

Sponsored by: Sen. Jeff Flake Read Twice And Referred To The Committee On Finance. on 05/25/2016

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Federal
US Congress 114th Congress

Stop Subsidizing Childhood Obesity Act [S.2936] [Food ] [Taxes ] [Children and Youth ] [Public Health ] [Education ]
Stop Subsidizing Childhood Obesity Act This bill amends the Internal Revenue Code to deny a tax deduction for: (1) advertising or marketing directed at children (age 14 or under) for food of poor nutritional quality or a brand primarily associated with food of poor nutritional quality; and (2) for related expenses, including for travel, goods or services constituting entertainment, amusement, or recreation, gifts, or other promotion expenses. The Department of the Treasury must enter into a contract with the National Academy of Medicine to develop (continued...)

  

Sponsored by: Sen. Richard Blumenthal Read Twice And Referred To The Committee On Finance. on 05/17/2016

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Federal
US Congress 114th Congress

Steel Industry Preservation Act [S.2823] [Taxes ] [Energy ] [Manufacturing ] [Trade ] [Small Business ] [Economic Development ]
Steel Industry Preservation Act This bill amends the Internal Revenue Code to extend and modify the production tax credit for steel industry fuel. (Under current law, steel industry fuel is a fuel which is: (1) produced through a process of liquefying coal waste sludge and distributing it on coal, and (2) used as a feedstock for the manufacture of coke.) The bill modifies the tax credit for steel industry fuel to: extend the credit period and the placed-in-service date, revise the definition of "steel industry fuel" to allow blends of coal and petroleum (continued...)

  

Sponsored by: Sen. Robert Casey Read Twice And Referred To The Committee On Finance. on 04/20/2016

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