Income Tax Deductions

Federal
US Congress 115th Congress

Support Our Start-Ups Act [HB-111] [Taxes ] [Small Business ] [Economic Development ]
Support Our Start-Ups Act This bill amends the Internal Revenue Code to extend the tax deduction for new business expenditures to organizational expenditures, generally defined as expenditures incident to the creation of a corporation or a partnership. The bill also increases the maximum deduction amount for start-up and organizational expenditures from $5,000 to $20,000 and increases from $50,000 to $120,000 the threshold amount after which the maximum deduction amount for such expenditures is reduced.

  

Sponsored by: Rep. Carlos Curbelo Introduced In House on 01/03/2017

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Federal
US Congress 115th Congress

Fair Tax Act of 2017 [S.18] [Taxes ] [Budget and Spending ] [Medicare and Medicaid ] [Social Security ] [Healthcare ] [Poverty ]
Fair Tax Act of 2017 This bill is a tax reform proposal that imposes a national sales tax on the use or consumption in the United States of taxable property or services in lieu of the current income and corporate income tax, employment and self-employment taxes, and estate and gift taxes. The rate of the sales tax will be 23% in 2019, with adjustments to the rate in subsequent years. There are exemptions from the tax for used and intangible property, for property or services purchased for business, export, or investment purposes, and for state government (continued...)

  

Sponsored by: Sen. David Perdue Read Twice And Referred To The Committee On Finance. on 01/03/2017

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Federal
US Congress 115th Congress

Shiloh National Military Park Boundary Adjustment and Parker's Crossroads Battlefield Designation Act [HB-88] [Public Lands and National Parks ] [Military ] [Arts and Culture ] [Recreation ] [Community Development ] [Funding ] [Grants ] [Tourism ]
Shiloh National Military Park Boundary Adjustment and Parker's Crossroads Battlefield Designation Act (Sec. 3) This bill modifies the boundary of Shiloh National Military Park in Tennessee and Mississippi to include the Fallen Timbers Battlefield, the Russell House Battlefield, and the Davis Bridge Battlefield. The Department of the Interior may acquire such lands, which shall be administered as part of the park. (Sec. 4) The bill establishes the Parker's Crossroads Battlefield in Tennessee as an affiliated area of the National Park System. The (continued...)

  

Sponsored by: Sen. Marsha Blackburn Message On House Action Received In Senate And At Desk: House Amendment To Senate Amendment. on 12/21/2018

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Federal
US Congress 115th Congress

FairTax Act of 2017 [HB-25] [Taxes ] [Budget and Spending ] [Medicare and Medicaid ] [Social Security ] [Healthcare ] [Senior Citizens ] [Poverty ]
FairTax Act of 2017 This bill is a tax reform proposal that imposes a national sales tax on the use or consumption in the United States of taxable property or services in lieu of the current income and corporate income tax, employment and self-employment taxes, and estate and gift taxes. The rate of the sales tax will be 23% in 2019, with adjustments to the rate in subsequent years. There are exemptions from the tax for used and intangible property, for property or services purchased for business, export, or investment purposes, and for state government (continued...)

  

Sponsored by: Rep. Ted Poe Introduced In House on 01/03/2017

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Federal
US Congress 115th Congress

New IDEA Act New Illegal Deduction Elimination Act [HB-176] [Immigration ] [Taxes ] [Labor, Jobs, Employment ] [Social Security ]
New IDEA Act New Illegal Deduction Elimination Act This bill amends the Internal Revenue Code to deny a tax deduction for wages and benefits paid to or on behalf of an unauthorized alien. The bill also extends to six years the period for assessing and collecting underpayments of tax due to deductions claimed for wages paid to unauthorized aliens. The Social Security Administration (SSA), the Department of Homeland Security (DHS), and the Department of the Treasury must jointly establish a program to share information that may lead to the identification (continued...)

  

Sponsored by: Rep. Andy Biggs Referred To The Subcommittee On Immigration And Border Security. on 01/13/2017

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Federal
US Congress 115th Congress

Bank on Students Emergency Loan Refinancing Act [HB-2477] [Student Loans ] [Taxes ] [Education ]
Bank on Students Emergency Loan Refinancing Act This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to establish a program that allows eligible students with loans under the Federal Direct Loan program (a Federal Direct Stafford Loan, a Federal Direct Unsubsidized Stafford Loan, a Federal Direct PLUS Loan, or a Federal Direct Consolidation Loan) to refinance their loans down to the lower rates offered to new federal borrowers in the 2016-2017 school year under certain circumstances. In addition, the bill allows student (continued...)

  

Sponsored by: Rep. Sean Maloney Introduced In House on 05/17/2017

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Federal
US Congress 115th Congress

Bank on Students Emergency Loan Refinancing Act [S.1162] [Student Loans ]
Bank on Students Emergency Loan Refinancing Act

  

Sponsored by: Sen. Robert Casey Read Twice And Referred To The Committee On Finance. (sponsor Introductory Remarks On Measure: Cr S3015) on 05/17/2017

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Federal
US Congress 115th Congress

FILM Act of 2017 Facilitating Investments in Local Markets Act of 2017 [HB-2450] [Film Production ] [Taxes ] [Arts and Culture ] [Small Business ] [Economic Development ]
FILM Act of 2017 Facilitating Investments in Local Markets Act of 2017 This bill amends the Internal Revenue Code to extend through 2018 provisions that allow the expensing of the costs of qualified film, television, and live theatrical productions.

  

Sponsored by: Rep. Judy Chu Introduced In House on 05/16/2017

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Federal
US Congress 115th Congress

Faith in Health Savings Accounts Act of 2017 [HB-2310] [Healthcare ] [Taxes ] [Insurance ]
Faith in Health Savings Accounts Act of 2017 This bill amends the Internal Revenue Code to treat membership in a tax-exempt health care sharing ministry as coverage under a high deductible health plan for purposes of the tax deduction for contributions to a health savings account.

  

Sponsored by: Rep. Alexander Mooney Introduced In House on 05/03/2017

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Federal
US Congress 115th Congress

Capital Access for Small Business Banks Act [HB-2339] [Finance ] [Taxes ] [Small Business ]
Capital Access for Small Business Banks Act This bill amends the Internal Revenue Code to allow a bank or a depository institution holding company which is an S corporation to: (1) have 500 shareholders (the current limit is 100 shareholders), and (2) issue qualified preferred bank stock. The bill makes a distribution of qualified preferred bank stock to a shareholder includible in the gross income of the shareholder and allows the bank or holding company to deduct the amount of such distribution.

  

Sponsored by: Rep. Lynn Jenkins Introduced In House on 05/03/2017

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Federal
US Congress 115th Congress

Clean Vehicles Incentive Act of 2017 [HB-2253] [Taxes ] [Energy ] [Air Quality ] [Environmental ] [Transportation and Motor Vehicles ] [Small Business ] [Climate Change ]
Clean Vehicles Incentive Act of 2017 This bill amends the Internal Revenue Code to allow certain businesses a general business tax credit for the cost of certain clean-fuel vehicle property and the use of clean-burning fuel if the businesses are located in areas designated as nonattainment areas under the Clean Air Act or have qualified clean-fuel vehicle property that is used substantially within a nonattainment area. The bill also allows a new qualified hybrid motor vehicle tax credit for hybrid vehicles placed in service after December 31, 2016, (continued...)

  

Sponsored by: Rep. Jose Serrano Introduced In House on 04/28/2017

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Federal
US Congress 115th Congress

Paying a Fair Share Act of 2017 [S.955] [Taxes ] [Budget and Spending ] [Inflation ]
Paying a Fair Share Act of 2017 This bill amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million (high-income taxpayer) to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax). The amount of the tax is the excess (if any) of the tentative fair share tax over the excess of: (1) the sum of the taxpayer's regular tax liability, the alternative minimum (continued...)

  

Sponsored by: Sen. Jack Reed Read Twice And Referred To The Committee On Finance. on 04/27/2017

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Federal
US Congress 115th Congress

Paying a Fair Share Act of 2017 [HB-2159] [Taxes ] [Budget and Spending ] [Inflation ]
Paying a Fair Share Act of 2017 This bill amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million (high-income taxpayer) to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax). The amount of the tax is the excess (if any) of the tentative fair share tax over the excess of: (1) the sum of the taxpayer's regular tax liability, the alternative minimum (continued...)

  

Sponsored by: Rep. Barbara Lee Introduced In House on 04/26/2017

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Federal
US Congress 115th Congress

Motorsports Fairness and Permanency Act [HB-2091] [Taxes ] [Sports ]
Motorsports Fairness and Permanency Act This bill amends the Internal Revenue Code to make permanent the accelerated depreciation (seven-year recovery period) of motorsports entertainment complexes.

  

Sponsored by: Rep. Matthew Cartwright Introduced In House on 04/12/2017

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Federal
US Congress 115th Congress

Promotion and Expansion of Private Employee Ownership Act of 2017 [HB-2092] [Taxes ] [Small Business ] [Labor, Jobs, Employment ] [Economic Development ]
Promotion and Expansion of Private Employee Ownership Act of 2017 This bill amends the Internal Revenue Code to: (1) extend to all domestic corporations, including S corporations, provisions allowing deferral of tax on gain from the sale of employer securities to an S corporation-sponsored employee stock ownership plan (ESOP); and (2) allow a tax deduction for 50% of the interest incurred on loans to S corporation-sponsored ESOPs for the purchase of employer securities. The Department of the Treasury must establish the S Corporation Employee Ownership (continued...)

  

Sponsored by: Rep. Janice Schakowsky Introduced In House on 04/12/2017

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Federal
US Congress 115th Congress

SMART Act Simplified, Manageable, And Responsible Tax Act [S.893] [Taxes ] [Budget and Spending ] [Pensions ] [Retirement ]
SMART Act Simplified, Manageable, And Responsible Tax Act This bill amends the Internal Revenue Code to replace the marginal income tax rates with a single rate of 17% on individual taxable income. The bill redefines "taxable income" to mean the amount by which wages, retirement distributions, and unemployment compensation exceed the standard deduction. It also: increases the basic standard deduction, includes an additional standard deduction for dependents, and includes the taxable income of each dependent child under the age of 14 in an individual's (continued...)

  

Sponsored by: Sen. Richard Shelby Read Twice And Referred To The Committee On Finance. on 04/07/2017

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Federal
US Congress 115th Congress

Tax Fairness and Transparency Act [HB-2057] [Finance ] [Taxes ] [International ]
Tax Fairness and Transparency Act This bill amends the Internal Revenue Code to limit the tax deduction of the interest expense of a U.S. corporation that is a member of a financial reporting group (a group that prepares consolidated financial statements according to accepted accounting principles or international financial reporting standards) to: (1) the amount of interest on indebtedness of the corporation includible in the corporation's gross income for the taxable year plus its proportionate share of the group's net interest expense in the (continued...)

  

Sponsored by: Rep. Raul Grijalva Introduced In House on 04/06/2017

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US Congress 115th Congress

Stop Tax Haven Abuse Act [HB-1932] [Finance ] [Taxes ] [Trade ] [Small Business ] [Cybersecurity ] [Economic Development ] [Law Enforcement ] [National Security ] [Crime ]
Stop Tax Haven Abuse Act This bill authorizes the Department of the Treasury to impose restrictions on foreign jurisdictions or financial institutions to counter money laundering and efforts to significantly impede U.S. tax enforcement. The bill amends the Internal Revenue Code to: expand reporting requirements for certain foreign investments and accounts held by U.S. persons, establish a rebuttable presumption against the validity of transactions by institutions that do not comply with reporting requirements under the Foreign Account Tax Compliance (continued...)

  

Sponsored by: Rep. Raul Grijalva Introduced In House on 04/05/2017

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Federal
US Congress 115th Congress

Stop Tax Haven Abuse Act [S.851] [Finance ] [Taxes ] [Trade ] [International ] [Small Business ] [Investments ] [Law Enforcement ] [National Security ] [Economic Development ] [Crime ]
Stop Tax Haven Abuse Act This bill authorizes the Department of the Treasury to impose restrictions on foreign jurisdictions or financial institutions to counter money laundering and efforts to significantly impede U.S. tax enforcement. The bill amends the Internal Revenue Code to: expand reporting requirements for certain foreign investments and accounts held by U.S. persons, establish a rebuttable presumption against the validity of transactions by institutions that do not comply with reporting requirements under the Foreign Account Tax Compliance (continued...)

  

Sponsored by: Sen. Sheldon Whitehouse Read Twice And Referred To The Committee On Finance. on 04/05/2017

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US Congress 115th Congress

Expanding Broadcast Ownership Opportunities Act of 2017 [HB-1883] [Telecommunications ] [Taxes ] [Media and Advertising ] [Small Business ] [Race and Civil Rights ] [Technology and Innovation ] [Economic Development ]
Expanding Broadcast Ownership Opportunities Act of 2017 This bill amends the Communications Act of 1934 and the Internal Revenue Code to reestablish a tax certificate program under which the Federal Communications Commission (FCC) certifies a person's sale of an interest in a broadcast station to socially and economically disadvantaged minorities or women in order for the seller to elect to treat the sale as an involuntary conversion for which no gain is recognized for tax purposes or as an unrecognized gain to reduce the basis for determining gain (continued...)

  

Sponsored by: Rep. G. Butterfield Referred To The Subcommittee On Communications And Technology. on 04/07/2017

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