Income Tax Deductions

Federal
US Congress 115th Congress

Government Settlement Transparency and Reform Act [S.803] [Taxes ] [Finance ] [Law Enforcement ] [Budget and Spending ]
Government Settlement Transparency and Reform Act This bill 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, or at the direction of, any governmental entity relating to the violation of any law or the investigation or inquiry into a potential violation of law. The bill 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 (continued...)

  

Sponsored by: Sen. Jack Reed Read Twice And Referred To The Committee On Finance. (sponsor Introductory Remarks On Measure: Cr S2176-2177) on 04/03/2017

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Federal
US Congress 115th Congress

Responsibly Addressing the Marijuana Policy Gap Act of 2017 [S.780] [Cannabis ] [Crime ] [Law Enforcement ]
Responsibly Addressing the Marijuana Policy Gap Act of 2017

  

Sponsored by: Sen. Ron Wyden Read Twice And Referred To The Committee On Finance. on 03/30/2017

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Federal
US Congress 115th Congress

Small Business Tax Equity Act of 2017 [HB-1810] [Cannabis ] [Finance ] [Taxes ] [Small Business ]
Small Business Tax Equity Act of 2017 This bill amends the Internal Revenue Code to exempt a trade or business that conducts marijuana sales in compliance with state law from the prohibition against allowing business-related tax credits or deductions for expenditures in connection with trafficking in controlled substances.

  

Sponsored by: Rep. Barbara Lee Introduced In House on 03/30/2017

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Federal
US Congress 115th Congress

Race Horse Cost Recovery Act of 2017 [HB-1804] [Taxes ] [Sports ]
Race Horse Cost Recovery Act of 2017 This bill amends the Internal Revenue Code to modify the accelerated depreciation allowance for race horses to allow a three-year recovery period for any race horse. (Current law limits the three-year recovery period to race horses placed in service before January 1, 2017, and race horses placed in service after December 31, 2016, that are more than two years old when placed in service by the purchaser.)

  

Sponsored by: Rep. Garland Barr Introduced In House on 03/30/2017

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Federal
US Congress 115th Congress

Responsibly Addressing the Marijuana Policy Gap Act of 2017 [HB-1824] [Cannabis ] [Finance ] [Taxes ] [Healthcare ] [Veterans ] [Criminal Justice ] [Housing ] [Immigration ] [Student Loans ]
Responsibly Addressing the Marijuana Policy Gap Act of 2017 This bill amends various provisions of law and sets forth new provisions: to eliminate regulatory controls and administrative, civil, and criminal penalties under the Controlled Substances Act for marijuana-related activities authorized by state or tribal law (i.e., state-authorized); to allow businesses that sell marijuana in compliance with state or tribal law to claim certain federal tax credits and deductions; to eliminate restrictions on print and broadcast advertising of state-authorized (continued...)

  

Sponsored by: Rep. Barbara Lee Referred To The Subcommittee On Crime, Terrorism, Homeland Security, And Investigations. on 04/24/2017

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Federal
US Congress 115th Congress

Artist-Museum Partnership Act of 2017 [HB-1830] [Arts and Culture ] [Taxes ]
Artist-Museum Partnership Act of 2017 This bill amends the Internal Revenue Code to allow taxpayers who create literary, musical, artistic, scholarly compositions, or similar property a fair market value (determined at the time of contribution) tax deduction for contributions of such properties, the copyrights thereon, or both, to certain tax-exempt organizations, if such properties are properly appraised and are donated no less than 18 months after their creation. The bill limits the amount of the deduction based upon the donor's artistic adjusted (continued...)

  

Sponsored by: Rep. John Lewis Introduced In House on 03/30/2017

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Federal
US Congress 115th Congress

DELIVER Act of 2017 Delivering Elderly Lunches and Increasing Volunteer Engagement and Reimbursements Act of 2017 [HB-1821] [Senior Citizens ] [Taxes ] [Transportation and Motor Vehicles ] [Food ] [Human Services ]
DELIVER Act of 2017 Delivering Elderly Lunches and Increasing Volunteer Engagement and Reimbursements Act of 2017 This bill amends the Internal Revenue Code to increase the standard mileage rate for the tax deduction for the charitable use of a passenger automobile to deliver meals to homebound individuals who are elderly, disabled, frail, or at risk. The bill increases the rate from the standard charitable rate of 14 cents per mile to the standard business mileage rate, which is 53.5 cents per mile for 2017.

  

Sponsored by: Rep. Barbara Lee Introduced In House on 03/30/2017

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Federal
US Congress 115th Congress

Small Business Tax Equity Act of 2017 [S.777] [Cannabis ] [Finance ] [Taxes ] [Small Business ]
Small Business Tax Equity Act of 2017 This bill amends the Internal Revenue Code to exempt a trade or business that conducts marijuana sales in compliance with state law from the prohibition against allowing business-related tax credits or deductions for expenditures in connection with trafficking in controlled substances.

  

Sponsored by: Sen. Ron Wyden Read Twice And Referred To The Committee On Finance. on 03/30/2017

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Federal
US Congress 115th Congress

Improving Access To Affordable Prescription Drugs Act [HB-1776] [Healthcare ] [Medicare and Medicaid ] [Pharmaceuticals ] [Consumer Protection ] [Public Health ] [Funding ] [Grants ] [Taxes ]
Improving Access To Affordable Prescription Drugs Act This bill amends provisions of various laws relating to prescription-drug pricing and affordability. Specifically, the bill: expands reporting requirements for drug manufacturers and establishes corresponding civil penalties for noncompliance; adds reporting requirements for certain nonprofit patient-assistance programs; requires the Government Accountability Office (GAO) to report to Congress on the impact of patient-assistance programs on prescription-drug pricing and expenditures; requires (continued...)

  

Sponsored by: Rep. Sean Maloney Referred To The Subcommittee On Health. on 04/05/2017

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Federal
US Congress 115th Congress

Expanding Employee Ownership Act of 2017 [HB-1792] [Labor, Jobs, Employment ] [Taxes ] [Small Business ]
Expanding Employee Ownership Act of 2017 This bill amends the Internal Revenue Code to exclude from the gross income of an employee: (1) shares of employer securities received in a qualified employee stock distribution as compensation for services that do not exceed the lowest number of employer securities received by any employee in such distribution; (2) any gain on such securities if held by an employee for not less than 10 years; and (3) in the case of any qualified disposition of an employer security that meets such 10-year holding requirement, (continued...)

  

Sponsored by: Rep. Collin Peterson Introduced In House on 03/29/2017

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Federal
US Congress 115th Congress

Improving Access To Affordable Prescription Drugs Act [S.771] [Healthcare ] [Medicare and Medicaid ] [Pharmaceuticals ] [Consumer Protection ] [Public Health ] [Funding ] [Grants ] [Taxes ]
Improving Access To Affordable Prescription Drugs Act This bill amends provisions of various laws relating to prescription-drug pricing and affordability. Specifically, the bill: expands reporting requirements for drug manufacturers and establishes corresponding civil penalties for noncompliance; adds reporting requirements for certain nonprofit patient-assistance programs; requires the Government Accountability Office (GAO) to report to Congress on the impact of patient-assistance programs on prescription-drug pricing and expenditures; requires (continued...)

  

Sponsored by: Sen. Jack Reed Read Twice And Referred To The Committee On Finance. on 03/29/2017

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Votes for: 2 Votes against: 0