Income Tax Exclusion
US Congress 114th Congress
Federal Public Safety Retirement Fairness Act of 2015 [S.969]
[Law Enforcement ]
[Retirement ]
[Pensions ]
[Public Safety ]
[Taxes ]
[Labor, Jobs, Employment ]
[Veterans ]
[Firearms/Gun Control ]
Federal Public Safety Retirement Fairness Act of 2015 This bill amends the Internal Revenue Code to exempt from the 10% additional tax on early distributions from tax-exempt retirement plans distributions from a thrift savings fund to a qualified law enforcement officer who has reached age 50 or has completed 25 years of credible service, whichever is earlier. The bill defines "qualified law enforcement officer" as an individual who is employed by the federal government as a law enforcement officer or as a firefighter and has completed 20 years
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Sponsored by: Sen. Michael Bennet
Read Twice And Referred To The Committee On Finance. on 04/16/2015
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Apprenticeship and Jobs Training Act of 2015 [S.959]
[Labor, Jobs, Employment ]
[Taxes ]
[Education ]
[Retirement ]
[Small Business ]
Apprenticeship and Jobs Training Act of 2015 Amends the Internal Revenue Code to allow employers a business-related tax credit for up to $5,000 for the training of a qualified individual in a qualified apprenticeship program. Defines a "qualified individual" as an individual who: (1) is an apprentice participating in a qualified apprenticeship program, (2) has been employed in such a program for a period of at least seven months that ends within the taxable year, and (3) is not a highly compensated employee or a seasonal worker. Defines a "qualified
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Sponsored by: Sen. Susan Collins
Read Twice And Referred To The Committee On Finance. on 04/15/2015
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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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An original bill to exclude from gross income certain clean coal power grants to non-corporate taxpayers. [S.919]
[Energy ]
[Taxes ]
[Budget and Spending ]
[Mining ]
An original bill to exclude from gross income certain clean coal power grants to non-corporate taxpayers. This bill excludes from gross income, for income tax purposes, any amount received by a non-corporate taxpayer as a clean coal power grant, award, or allowance under the Energy Policy Act of 2005. To the extent that such grant, award, or allowance is related to depreciable property, the adjusted basis of such property is reduced by the amount excluded from gross income. Each non-corporate taxpayer allowed a tax exclusion under this Act must
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Sponsored by: Sen. Orrin Hatch
Committee On Finance. Original Measure Reported To Senate By Senator Hatch. With Written Report No. 114-29. on 04/14/2015
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Don't Tax Our Fallen Public Safety Heroes Act [S.916]
[Taxes ]
[Public Safety ]
[Law Enforcement ]
[Budget and Spending ]
[Veterans ]
Don't Tax Our Fallen Public Safety Heroes Act (Sec. 2) Amends the Internal Revenue Code to exclude from gross income, for income tax purposes, federal public safety officer death benefits or amounts paid under a state program to surviving dependents of a public safety officer who died as the direct and proximate result of a personal injury sustained in the line of duty.
Sponsored by: Sen. Orrin Hatch
Committee On Finance. Original Measure Reported To Senate By Senator Hatch. With Written Report No. 114-26. on 04/14/2015
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An original bill to amend the Internal Revenue Code of 1986 to exclude payments received under the Work Colleges Program from gross income, including payments made from institutional funds. [S.912]
[Taxes ]
[Education ]
[Medicare and Medicaid ]
[Student Loans ]
An original bill to amend the Internal Revenue Code of 1986 to exclude payments received under the Work Colleges Program from gross income, including payments made from institutional funds. (Sec. 1) Amends the Internal Revenue Code to exclude from gross income payments received by a student under a comprehensive student work-learning-service program operated by a work college. Makes this amendment applicable to amounts received in taxable years beginning after the enactment date of this Act. (Sec. 2) Amends the Internal Revenue Code to increase
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Sponsored by: Sen. Orrin Hatch
Committee On Finance. Original Measure Reported To Senate By Senator Hatch. With Written Report No. 114-22. on 04/14/2015
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An original bill to amend the Internal Revenue Code of 1986 to clarify the special rules for accident and health plans of certain governmental entities, and for other purposes. [S.910]
[Healthcare ]
[Medicare and Medicaid ]
[Taxes ]
[Budget and Spending ]
An original bill to amend the Internal Revenue Code of 1986 to clarify the special rules for accident and health plans of certain governmental entities, and for other purposes. (Sec. 1) Amends the Internal Revenue Code, with respect to the exclusion from gross income of payments from an accident or health plan, to: (1) make the exclusion for payments to a beneficiary other than a spouse or dependent child applicable to plans established by or on behalf of a state or political subdivision thereof; and (2) define a "qualified taxpayer," for purposes
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Sponsored by: Sen. Orrin Hatch
Committee On Finance. Original Measure Reported To Senate By Senator Hatch. With Written Report No. 114-21. on 04/14/2015
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Repay Act of 2015 [S.85]
[Student Loans ]
[Education ]
[Taxes ]
Repay Act of 2015 Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Secretary of Education to carry out a simplified income-driven repayment program for students who become new borrowers of William D. Ford Federal Direct Loans (DLs) on or after July 1, 2015. Sets a student's annual repayment obligation under the program at: 10% of the borrower's discretionary income (gross income that exceeds 150% of the federal poverty level) that is less than $25,000, adjusted for inflation; plus 15% of the borrower's discretionary
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Sponsored by: Sen. Susan Collins
Read Twice And Referred To The Committee On Finance. on 01/07/2015
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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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American Opportunity Tax Credit Permanence and Consolidation Act of 2015 [S.699]
[Taxes ]
[Education ]
[Student Loans ]
American Opportunity Tax Credit Permanence and Consolidation Act of 2015 Amends the Internal Revenue Code to replace the Hope Scholarship and Lifetime Learning tax credits with a new American Opportunity Tax Credit that: (1) allows an income tax credit of up to $3,000 of the qualified tuition and related expenses of a student who is carrying at least one half of a normal course load, (2) increases the income threshold for reductions in the credit amount based upon modified adjusted gross income, (3) imposes a lifetime dollar limitation on such credit
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Sponsored by: Sen. Robert Casey
Read Twice And Referred To The Committee On Finance. on 03/10/2015
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Volunteer Responder Incentive Protection Act of 2015 [S.609]
[Taxes ]
[Public Safety ]
[Healthcare ]
[Law Enforcement ]
[Budget and Spending ]
Volunteer Responder Incentive Protection Act of 2015 Amends Internal Revenue Code, with respect to the tax exclusion for benefits paid to volunteer firefighters and emergency medical providers by states and local governments, to: (1) increase the amount of benefits excludible; and (2) make such tax exclusion available for taxable years beginning in 2015, 2016, or 2017.
Sponsored by: Sen. Susan Collins
Read Twice And Referred To The Committee On Finance. on 02/27/2015
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Mortgage Forgiveness Tax Relief Act [S.608]
[Housing ]
[Real Estate ]
[Taxes ]
Mortgage Forgiveness Tax Relief Act Amends the Internal Revenue Code, as amended by the Tax Increase Prevention Act of 2014, to extend the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence that was discharged subject to an arrangement entered into and evidenced in writing before January 1, 2017.
Sponsored by: Sen. Bernard Sanders
Read Twice And Referred To The Committee On Finance. on 02/27/2015
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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,
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Sponsored by: Sen. Thomas Carper
Read Twice And Referred To The Committee On Finance. on 02/24/2015
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Indian Health Service Health Professions Tax Fairness Act of 2015 [S.536]
[Healthcare ]
[Taxes ]
[Native American Affairs ]
[Student Loans ]
Indian Health Service Health Professions Tax Fairness Act of 2015 Amends the Internal Revenue Code to exclude from gross income amounts received under the Indian Health Service Loan Repayment Program and the Indian Health Professions Scholarships Program.
Sponsored by: Sen. Tom Udall
Read Twice And Referred To The Committee On Finance. on 02/24/2015
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SONG Act Saving Our Next Generation Act [S.473]
[Family-Related Legislation ]
[Finance ]
[Labor, Jobs, Employment ]
[Taxes ]
[Healthcare ]
[Human Services ]
[Poverty ]
[Public Health ]
[Mental Health ]
[Children and Youth ]
[Education ]
[Student Loans ]
[Budget and Spending ]
SONG Act Saving Our Next Generation Act Expresses the sense of the Senate that the federal programs most critical to improving child well-being should be fully funded. Establishes the President's Commission on Children. Directs the Secretary of Health and Human Services (HHS) to contract with the Institute of Medicine to study evidence-based best practices and innovations for fostering safe and stable families, including implementing mentoring programs. Requires the Secretary to award grants to eligible entities to implement best practices and innovations
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Sponsored by: Sen. Tom Udall
Read Twice And Referred To The Committee On Finance. on 02/12/2015
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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
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Sponsored by: Sen. Richard Blumenthal
Read Twice And Referred To The Committee On Finance. on 02/11/2015
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Right Start Child Care and Education Act of 2015 [S.446]
[Taxes ]
[Education ]
[Children and Youth ]
[Labor, Jobs, Employment ]
[Small Business ]
[Funding ]
[Grants ]
[Family-Related Legislation ]
Right Start Child Care and Education Act of 2015 Amends the Internal Revenue Code to: (1) increase the rates and maximum allowable amount of the tax credit for employer-provided child care facilities; (2) increase the eligibility threshold amount and rate of the household and dependent care tax credit and make such credit refundable; (3) allow a new $2,000 tax credit for child care providers who hold a bachelor's degree in early childhood education, child care, or a related degree and who provide at least 1,200 hours of child care services in a
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Sponsored by: Sen. Brian Schatz
Read Twice And Referred To The Committee On Finance. on 02/11/2015
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Veterinary Medicine Loan Repayment Program Enhancement Act [S.440]
[Healthcare ]
[Taxes ]
[Student Loans ]
[Agriculture ]
Veterinary Medicine Loan Repayment Program Enhancement Act Amends the Internal Revenue Code to exclude from gross income payments under the federal veterinary medicine loan repayment program or any other state loan repayment or forgiveness program that is intended to provide for increased access to veterinary services in such state.
Sponsored by: Sen. Bernard Sanders
Read Twice And Referred To The Committee On Finance. (sponsor Introductory Remarks On Measure: Cr S902-903) on 02/10/2015