Income Tax Deductions
US Congress 114th Congress
A resolution supporting the designation of December 1, 2015, as "#GivingTuesday" and supporting strong incentives for all people of the United States to give generously. [SR-323]
[Nonprofit ]
[Taxes ]
[Funding ]
[Grants ]
[Community Development ]
[Human Services ]
A resolution supporting the designation of December 1, 2015, as "#GivingTuesday" and supporting strong incentives for all people of the United States to give generously. Supports the designation of December 1, 2015, as #Giving Tuesday to: (1) encourage charitable giving; (2) effect positive change; and (3) promote causes dedicated to progress, prosperity, and a better world. Supports strong incentives for all people of the United States to give generously to charitable organizations by: (1) protecting the existing charitable donation tax deduction;
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Sponsored by: Sen. John Thune
Referred To The Committee On Finance. (text Of Measure As Introduced: Cr S8244) on 12/01/2015
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Promotion and Expansion of Private Employee Ownership Act of 2015 Short Titles as Introduced for portions of this bill: Promotion and Expansion of Private Employee Ownership Act of 2015 Official Titles: Official Titles - Senate Official Titles as Introduced: An original resolution expressing the sense of the Committee on Small Business and Entrepreneurship of the Senate relating to easing the burden of Federal tax compliance on small businesses. [SR-252]
[Finance ]
[Taxes ]
[Small Business ]
[Labor, Jobs, Employment ]
[Economic Development ]
Promotion and Expansion of Private Employee Ownership Act of 2015 Short Titles as Introduced for portions of this bill: Promotion and Expansion of Private Employee Ownership Act of 2015 Official Titles: Official Titles - Senate Official Titles as Introduced: An original resolution expressing the sense of the Committee on Small Business and Entrepreneurship of the Senate relating to easing the burden of Federal tax compliance on small businesses. This bill amends provisions of the Internal Revenue Code relating to the taxation of small
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Sponsored by: Sen. David Vitter
By Senator Vitter From Committee On Small Business And Entrepreneurship Filed Written Report Under Authority Of The Order Of The Senate Of 12/10/2016. Report No. 114-424. on 12/20/2016
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US Congress 114th Congress
Small Business Tax Equity Act of 2015 [S.987]
[Cannabis ]
[Finance ]
[Taxes ]
[Small Business ]
Small Business Tax Equity Act of 2015 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. (sponsor Introductory Remarks On Measure: Cr S2249; Text Of Measure As Introduced: Cr S2249) on 04/16/2015
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Invest In Transportation Act [S.981]
[Transportation and Motor Vehicles ]
[Taxes ]
[Infrastructure ]
[Energy ]
[Environmental ]
[Finance ]
[Budget and Spending ]
[Labor, Jobs, Employment ]
[Pensions ]
[Technology and Innovation ]
Invest In Transportation Act This bill amends the Internal Revenue Code to allow a domestic corporation to elect to repatriate its overseas income earned prior to 2015 at an effective tax rate of 6.5%. The corporation must complete the repatriation of such income during a specified five-year period and establish a domestic reinvestment plan under which not less than 25% of such income is used for investment in the United States, including for increased hiring, wages, pension contributions, energy efficiency, environmental and capital improvements,
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Sponsored by: Sen. Roger Wicker
Read Twice And Referred To The Committee On Finance. on 04/16/2015
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A bill to amend the Internal Revenue Code of 1986 to eliminate the taxable income limit on percentage depletion for oil and natural gas produced from marginal properties. [S.948]
[Energy ]
[Taxes ]
[Mining ]
A bill to amend the Internal Revenue Code of 1986 to eliminate the taxable income limit on percentage depletion for oil and natural gas produced from marginal properties. Amends the Internal Revenue Code to make permanent the suspension of the taxable income limitation on percentage depletion for oil and natural gas produced from marginal properties.
Sponsored by: Sen. James Inhofe
Read Twice And Referred To The Committee On Finance. on 04/15/2015
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A bill to amend the Internal Revenue Code of 1986 to permanently extend the depreciation rules for property used predominantly within an Indian reservation. [S.947]
[Taxes ]
[Native American Affairs ]
[Property Tax ]
A bill to amend the Internal Revenue Code of 1986 to permanently extend the depreciation rules for property used predominantly within an Indian reservation. This bill amends the Internal Revenue Code to make permanent the special depreciation rules for property used predominantly within an Indian reservation and to permit a taxpayer to elect not to have such rules apply to any class of property for any taxable year.
Sponsored by: Sen. James Inhofe
Read Twice And Referred To The Committee On Finance. on 04/15/2015
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US Congress 114th Congress
Artist-Museum Partnership Act [S.931]
[Arts and Culture ]
[Taxes ]
[Nonprofit ]
Artist-Museum Partnership Act Amends the Internal Revenue Code to allow taxpayers who create literary, musical, artistic, or 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. Limits the amount of such deduction based upon the donor's artistic adjusted gross income, as defined
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Sponsored by: Sen. Patrick Leahy
Read Twice And Referred To The Committee On Finance. (sponsor Introductory Remarks On Measure: Cr S2174-2175) on 04/14/2015
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US Congress 114th Congress
Good Samaritan Hunger Relief Tax Incentive Extension Act of 2015 [S.930]
[Taxes ]
[Food ]
[Budget and Spending ]
[Nonprofit ]
Good Samaritan Hunger Relief Tax Incentive Extension Act of 2015 Amends the Internal Revenue Code to: (1) modify the tax deduction for charitable contributions of food inventory by limiting the reduction in such deduction to the amount by which the fair market valuation of the contributed food exceeds twice the basis of such food, and (2) make such deduction permanent.
Sponsored by: Sen. Robert Casey
Read Twice And Referred To The Committee On Finance. (sponsor Introductory Remarks On Measure: Cr S2174-2175) on 04/14/2015
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SMART Act Simplified, Manageable, And Responsible Tax Act [S.929]
[Taxes ]
[Budget and Spending ]
[Pensions ]
[Retirement ]
SMART Act Simplified, Manageable, And Responsible Tax Act Amends the Internal Revenue Code to replace the marginal income tax rates with a single rate of 17% on individual taxable income. Redefines "taxable income" to mean the amount by which wages, retirement distributions, and unemployment compensation exceed the standard deduction. Increases the basic standard deduction and includes an additional standard deduction for dependents. Includes in taxable income the taxable income of each dependent child under the age of 14. Replaces the current tax
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Sponsored by: Sen. Richard Shelby
Read Twice And Referred To The Committee On Finance. on 04/14/2015
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US Congress 114th Congress
Corporate Tax Dodging Prevention Act [S.922]
[Taxes ]
[Finance ]
[Trade ]
[Energy ]
Corporate Tax Dodging Prevention Act Amends the Internal Revenue Code, with respect to the taxation of the foreign-source income of domestic corporations, to: eliminate the deferral of tax on the foreign-source income of U.S. corporations for taxable years beginning after December 31, 2015; deny the foreign tax credit to large integrated oil companies that are dual capacity taxpayers; limit the offset of the foreign tax credit to income that is subject to U.S. tax; treat foreign corporations managed and controlled in the United States as domestic
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Sponsored by: Sen. Bernard Sanders
Read Twice And Referred To The Committee On Finance. on 04/14/2015
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Real Estate Investment and Jobs Act of 2015 [S.915]
[Real Estate ]
[Finance ]
[Taxes ]
[Labor, Jobs, Employment ]
[Healthcare ]
[Medicare and Medicaid ]
Real Estate Investment and Jobs Act of 2015 (Sec. 2) This section increases from 5% to 10% the stock ownership threshold in a real estate investment trust (REIT) for exempting such stock as a U.S. real property interest on disposition. (Sec. 3) This section provides for an increase from 10% to 15% of the rate of withholding of tax on dispositions of U.S. real property interests. (Sec. 4) This section requires any corporation that is a U.S. real property holding company during a specified period to disclose such status to the Internal Revenue Service,
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Sponsored by: Sen. Orrin Hatch
Committee On Finance. Original Measure Reported To Senate By Senator Hatch. With Written Report No. 114-25. on 04/14/2015
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Charitable Agricultural Research Act [S.908]
[Agriculture ]
[Taxes ]
[Healthcare ]
[Medicare and Medicaid ]
[Nonprofit ]
[Funding ]
[Grants ]
Charitable Agricultural Research Act (Sec. 2) Amends the Internal Revenue Code to: (1) allow a tax deduction for a charitable contribution to an agricultural research organization directly engaged in the continuous active conduct of agricultural research, and (2) make prohibitions against expenditures to influence legislation applicable to such organizations. (Sec. 3) Increases from 30% to 35% the rate of the continuous levy on payments made after 180 days after the enactment of this Act to Medicare providers and suppliers for unpaid taxes.
Sponsored by: Sen. Orrin Hatch
Committee On Finance. Original Measure Reported To Senate By Senator Hatch. With Written Report No. 114-19. on 04/14/2015
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Slain Officer Family Support Act of 2015 [S.866]
[Taxes ]
[Law Enforcement ]
[Public Safety ]
[Human Services ]
[Family-Related Legislation ]
[Funding ]
[Grants ]
Slain Officer Family Support Act of 2015 This bill authorizes a charitable tax deduction for cash contributions made for the relief of the families of slain New York Police Department Detectives Wenjian Liu and Rafael Ramos even if such contributions are made for the exclusive benefit of such families. A taxpayer who makes such a contribution may claim a deduction in 2014 for contributions made between January 1, 2015, and April 15, 2015. The bill also provides that the recordkeeping requirements for the charitable tax deduction will be satisfied
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Sponsored by: Sen. Kirsten Gillibrand
Read Twice And Referred To The Committee On Finance. on 03/25/2015
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Family Health Care Flexibility Act [S.836]
[Healthcare ]
[Taxes ]
[Medicare and Medicaid ]
[Insurance ]
[Family-Related Legislation ]
Family Health Care Flexibility Act This bill amends the Internal Revenue Code to repeal provisions added by the Patient Protection and Affordable Care Act that: (1) restrict payments from health savings accounts, Archer medical savings accounts, and health flexible spending and reimbursement arrangements for medications to prescription drugs and insulin only (thus allowing payments for over-the-counter medications); and (2) impose a $2,500 limitation on salary reduction contributions to a health flexible spending arrangement under a cafeteria plan.
Sponsored by: Sen. Roger Wicker
Read Twice And Referred To The Committee On Finance. on 03/23/2015
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Bank on Students Emergency Loan Refinancing Act [S.793]
[Student Loans ]
[Education ]
[Taxes ]
[Funding ]
Bank on Students Emergency Loan Refinancing Act Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Secretary of Education to establish a program to refinance the unpaid principal, accrued unpaid interest, and late charges on: (1) the William D. Ford Federal Direct Loans (DLs) of qualified borrowers if the DLs were first disbursed or, in the case of Direct Consolidation Loans, applied for, before July 1, 2015; and (2) the Federal Family Education Loans (FFELs) of qualified borrowers as DLs. (FFELs were not disbursed
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Sponsored by: Sen. Robert Casey
Read Twice And Referred To The Committee On Finance. (sponsor Introductory Remarks On Measure: Cr S1632-1633) on 03/18/2015
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Economic Freedom Zones Act of 2015 [S.790]
[Taxes ]
[Labor, Jobs, Employment ]
[Education ]
[Immigration ]
[Environmental ]
[Small Business ]
[Poverty ]
[Economic Development ]
[Community Development ]
[Budget and Spending ]
[Construction ]
[Real Estate ]
[Finance ]
[Human Services ]
Economic Freedom Zones Act of 2015 Prohibits federal assistance (e.g., loans, loan guarantees, or purchases) from being provided to: (1) a municipality or a zip code (eligible entity), other than an entity that is designated an Economic Free Zone by this Act; (2) a municipality that is a debtor in a bankruptcy proceeding; or (3) a municipality that is insolvent. Sets forth requirements for the designation of an eligible entity that is a municipality as an Economic Freedom Zone for a 10-year period, including bankruptcy eligibility, insolvency, or
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Sponsored by: Sen. Rand Paul
Read Twice And Referred To The Committee On Finance. on 03/18/2015
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Investment Savings Access After Catastrophes Act of 2015 [S.76]
[Taxes ]
[Disaster Relief ]
[Retirement ]
[Budget and Spending ]
[Funding ]
Investment Savings Access After Catastrophes Act of 2015 Defines "Hurricane Isaac disaster area" for purposes of this Act as any parish or county of Louisiana or Mississippi in an area in which a major disaster has been declared before September 10, 2012, under the Robert T. Stafford Disaster Relief and Emergency Assistance Act by reason of Hurricane Isaac. Provides for tax preferences in the Hurricane Isaac disaster area, including: (1) suspension of limitations on the tax deduction for personal casualty losses, (2) an extension of the carryback
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Sponsored by: Sen. David Vitter
Read Twice And Referred To The Committee On Finance. on 01/07/2015
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Dependent Care Savings Account Act of 2015 [S.74]
[Taxes ]
[Healthcare ]
[Family-Related Legislation ]
[Children and Youth ]
Dependent Care Savings Account Act of 2015 Amends the Internal Revenue Code to: (1) establish tax-exempt dependent care savings accounts to pay the employment-related expenses of caring for a dependent of the taxpayer, (2) allow a deduction from gross income (above-the-line deduction) of up to $5,000 in a taxable year for cash contributions to such accounts, (3) set forth rules for the tax treatment of account distributions and for excess contributions to an account, and (4) impose a tax on employers who fail to make comparable contributions to
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Sponsored by: Sen. David Vitter
Read Twice And Referred To The Committee On Finance. on 01/07/2015
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Restoring Access to Medication Act of 2015 [S.709]
[Healthcare ]
[Pharmaceuticals ]
[Taxes ]
[Consumer Protection ]
Restoring Access to Medication Act of 2015 Repeals provisions of the Internal Revenue Code, as added by the Patient Protection and Affordable Care Act, that limit payments for medications from health savings accounts, medical savings accounts, and health flexible spending arrangements to only prescription drugs or insulin (thus allowing distributions from such accounts for over-the-counter drugs).
Sponsored by: Sen. Susan Collins
Read Twice And Referred To The Committee On Finance. on 03/11/2015
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US Congress 114th Congress
ACCTION Act of 2015 Advanced Clean Coal Technology Investment in Our Nation Act of 2015 [S.601]
[Energy ]
[Taxes ]
[Climate Change ]
[Technology and Innovation ]
[Manufacturing ]
[Mining ]
ACCTION Act of 2015 Advanced Clean Coal Technology Investment in Our Nation Act of 2015 This bill amends the Energy Policy Act of 2005 to require the Department of Energy (DOE) to implement a program to demonstrate the integration of systems for the capture, transportation, and injection of carbon dioxide from industrial sources for long-term geological storage or enhanced oil recovery at a commercial scale. The types of activities that must be undertaken under the existing coal and related technologies program are expanded. DOE may carry out a
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Sponsored by: Sen. Tim Kaine
Read Twice And Referred To The Committee On Finance. on 02/26/2015