Income Tax Exclusion

Federal
US Congress 115th Congress

Teacher Victims' Family Assistance Act of 2017 [HB-167] [Education ] [Taxes ] [Funding ] [Grants ] [Law Enforcement ] [Public Safety ] [Family-Related Legislation ] [Crime ] [Children and Youth ]
Teacher Victims' Family Assistance Act of 2017 This bill directs the Department of Education to provide assistance to the immediate families of teachers or other elementary and secondary school employees who are killed by another person's violent act while performing school duties. Such assistance includes funeral assistance, a death benefit, living assistance, and undergraduate education assistance for dependents. The bill amends the Internal Revenue Code to exempt from income tax: (1) the victim's compensation from school employment in the year (continued...)

  

Sponsored by: Rep. Steve Cohen Referred To The Subcommittee On Crime, Terrorism, Homeland Security, And Investigations. on 01/13/2017

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US Congress 115th Congress

Supporting America's Young Entrepreneurs Act of 2017 [HB-201] [Student Loans ] [Finance ] [Taxes ] [Small Business ] [Economic Development ] [Education ]
Supporting America's Young Entrepreneurs Act of 2017 This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to make eligible for deferment and cancellation under the Federal Direct Loan program a borrower who is an employee or founder of a small business start-up in a distressed area. It also amends the Internal Revenue Code to exclude from an individual's gross income the amount of such canceled student loan debt. The bill establishes a Federal Direct Refinanced Private Loan program to refinance private education loans. (continued...)

  

Sponsored by: Rep. Kathy Castor Introduced In House on 01/03/2017

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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

Mortgage Debt Tax Forgiveness Act of 2017 [HB-110] [Taxes ] [Housing ] [Real Estate ]
Mortgage Debt Tax Forgiveness Act of 2017 This bill amends the Internal Revenue Code to make permanent the exclusion from gross income of income attributable to the discharge of qualified principal residence indebtedness.

  

Sponsored by: Rep. Dina Titus Introduced In House on 01/03/2017

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Federal
US Congress 115th Congress

No Windfalls for Government Service Act [S.13] [Taxes ] [Ethics ]
No Windfalls for Government Service Act This bill amends the Internal Revenue Code to establish a $1 million lifetime limitation on the nonrecognition of a taxpayer's gains from the sale of property pursuant to a certificate of divesture to comply with conflict-of-interest requirements for certain federal government positions.

  

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

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US Congress 115th Congress

Keep Our Pension Promises Act [HB-2412] [Pensions ] [Retirement ] [Labor, Jobs, Employment ] [Finance ] [Taxes ] [Real Estate ] [Budget and Spending ]
Keep Our Pension Promises Act This bill repeals the elimination of the pension anti-cutback provisions under the Multiemployer Pension Reform Act of 2014. The anti-cutback provisions prohibit reductions in pension benefits to participants in multiemployer pension plans. The bill amends the Employee Retirement Income Security Act of 1974 (ERISA), with respect to partitions of eligible multiemployer plans, to modify the procedures and allow plan sponsors to petition the Pension Benefit Guaranty Corporation (PBGC) for a partition of additional financially-troubled (continued...)

  

Sponsored by: Rep. Barbara Lee Introduced In House on 05/11/2017

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US Congress 115th Congress

Keep Our Pension Promises Act [S.1076] [Pensions ] [Retirement ] [Labor, Jobs, Employment ] [Finance ] [Taxes ] [Real Estate ] [Budget and Spending ]
Keep Our Pension Promises Act This bill repeals the elimination of the pension anti-cutback provisions under the Multiemployer Pension Reform Act of 2014. The anti-cutback provisions prohibit reductions in pension benefits to participants in multiemployer pension plans. The bill amends the Employee Retirement Income Security Act of 1974 (ERISA), with respect to partitions of eligible multiemployer plans, to modify the procedures and allow plan sponsors to petition the Pension Benefit Guaranty Corporation (PBGC) for a partition of additional financially-troubled (continued...)

  

Sponsored by: Sen. Jack Reed Read Twice And Referred To The Committee On Finance. on 05/09/2017

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US Congress 115th Congress

Segal AmeriCorps Education Award Enhancement Act of 2017 [S.1042] [Education ] [Taxes ] [Community Development ] [Funding ] [Grants ] [Human Services ]
Segal AmeriCorps Education Award Enhancement Act of 2017 This bill amends the Internal Revenue Code to exclude from gross income any AmeriCorps educational awards provided under the National and Community Service Act of 1990.

  

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

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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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US Congress 115th Congress

SEAL Act Shrinking Emergency Account Losses Act of 2017 [S.940] [Labor, Jobs, Employment ] [Taxes ] [Retirement ] [Unemployment ]
SEAL Act Shrinking Emergency Account Losses Act of 2017 This bill amends the Internal Revenue Code, with respect to loans made from a qualified employer plan, to: (1) extend the period for repayment of loans if a plan terminates or a plan participant becomes unemployed, and (2) prohibit qualified employer plans from making loans using credit cards or any other similar arrangement. The bill also requires the Department of the Treasury to modify regulations governing hardship distributions from qualified employer plans to allow participants to make (continued...)

  

Sponsored by: Sen. Michael Enzi Read Twice And Referred To The Committee On Finance. on 04/25/2017

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US Congress 115th Congress

Sinai Service Recognition Act [HB-2138] [Taxes ] [Veterans ] [Military ]
Sinai Service Recognition Act This bill amends the Internal Revenue Code to require a qualified hazardous duty area to be treated in the same manner as a combat zone for certain tax provisions. A "qualified hazardous duty area" is the Sinai Peninsula of Egypt if a member of the Armed Forces performs services in such location that qualify for special pay for duty subject to hostile fire or imminent danger. The requirement applies to specified tax provisions relating to: the special rule where a deceased spouse was in missing status; the exclusion (continued...)

  

Sponsored by: Rep. Richard Neal Introduced In House on 04/25/2017

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US Congress 115th Congress

Right Start Child Care and Education Act of 2017 [HB-2140] [Taxes ] [Labor, Jobs, Employment ] [Children and Youth ] [Education ] [Small Business ] [Budget and Spending ] [Healthcare ] [Family-Related Legislation ]
Right Start Child Care and Education Act of 2017 This bill 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 (continued...)

  

Sponsored by: Rep. C.A. Ruppersberger Introduced In House on 04/25/2017

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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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US Congress 115th Congress

Carbon Capture Improvement Act of 2017 [HB-2011] [Energy ] [Taxes ] [Climate Change ]
Carbon Capture Improvement Act of 2017 This bill amends the Internal Revenue Code to authorize the issuance of tax-exempt facility bonds for the financing of qualified carbon dioxide capture facilities. A "qualified carbon dioxide capture facility" is any equipment installed in an industrial carbon dioxide facility that satisfies specified capture and storage requirements and: (1) is used for the capture, treatment and purification, compression, transportation, or on-site storage of carbon dioxide produced by the industrial carbon dioxide facility; (continued...)

  

Sponsored by: Rep. Matthew Cartwright Introduced In House on 04/06/2017

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US Congress 115th Congress

Savings Enhancement by Alleviating Leakage in 401(k) Savings Act [HB-2030] [Labor, Jobs, Employment ] [Retirement ] [Unemployment ] [Pensions ]
Savings Enhancement by Alleviating Leakage in 401(k) Savings Act This bill amends the Internal Revenue Code, with respect to loans made from a qualified employer plan, to extend the period for repayment of loans if a plan terminates or a plan participant becomes unemployed. The bill also requires the Department of the Treasury to modify regulations governing hardship distributions from qualified employer plans to allow participants to make additional contributions to a plan during the six-month period following a hardship distribution.

  

Sponsored by: Rep. Vicente Gonzalez 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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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

Carbon Capture Improvement Act of 2017 [S.843] [Energy ] [Taxes ] [Climate Change ]
Carbon Capture Improvement Act of 2017 This bill amends the Internal Revenue Code to authorize the issuance of tax-exempt facility bonds for the financing of qualified carbon dioxide capture facilities. A "qualified carbon dioxide capture facility" is any equipment installed in an industrial carbon dioxide facility that satisfies specified capture and storage requirements and: (1) is used for the capture, treatment and purification, compression, transportation, or on-site storage of carbon dioxide produced by the industrial carbon dioxide facility; (continued...)

  

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

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US Congress 115th Congress

Child and Dependent Care FSA Enhancement Act [HB-1959] [Taxes ] [Family-Related Legislation ] [Children and Youth ]
Child and Dependent Care FSA Enhancement Act This bill amends the Internal Revenue Code to increase to $7,500 the amount of employer-provided dependent care assistance that an employee may exclude from gross income. The bill allows an annual inflation adjustment to such increased amount after 2016.

  

Sponsored by: Rep. Luke Messer Introduced In House on 04/05/2017

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US Congress 115th Congress

ABLE to Work Act of 2017 [S.818] [Taxes ] [Disabilities ] [Retirement ]
ABLE to Work Act of 2017 This bill amends the Internal Revenue Code, with respect to ABLE accounts (tax-exempt savings accounts for persons with a disability), to allow: (1) an ABLE account beneficiary to make additional contributions to an ABLE account equal to the lesser of such beneficiary's compensation or an amount equal to the federal poverty line for a one-person household, and (2) a retirement savings tax credit for contributions to an ABLE account.

  

Sponsored by: Sen. Robert Casey Read Twice And Referred To The Committee On Finance. on 04/04/2017

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