Search Results: keywords:"internal revenue code 1986"

  • H. R. 8290 — To amend the Internal Revenue Code of 1986 to require the public disclosure of grants made by certain tax-exempt organizations to foreign entities.
    Status:Reported in House
    Words:768

    H.R. 8290, called the "Foreign Grant Reporting Act," proposes changes to the Internal Revenue Code of 1986. It requires certain tax-exempt organizations to publicly disclose details about grants they give to foreign entities. These organizations need to report the foreign...

    Simple Explanation

    H.R. 8290 is a rule that says some special groups, who don’t pay taxes, have to tell everyone about money they give to help people or places in other countries. They need to say who they gave the money to, where these people are, and if they also don’t pay taxes in their own country, just like the special groups here.

  • H. R. 1436 — To amend the Internal Revenue Code of 1986 to make certain provisions with respect to qualified ABLE programs permanent.
    Status:Introduced in House
    Words:614

    H. R. 1436 proposes changes to the Internal Revenue Code of 1986 to make certain existing rules about ABLE programs, which help people with disabilities save money, permanent. It removes the expiration date for higher contribution limits to ABLE accounts and allows ABLE...

    Simple Explanation

    H. R. 1436 wants to let people with disabilities keep putting extra money into special saving accounts called ABLE accounts forever and makes sure that people can always move money from college savings accounts to these special accounts if they need to.

  • H. R. 111 — To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for health insurance premiums.
    Status:Introduced in House
    Words:408

    H.R. 111 proposes changes to the Internal Revenue Code of 1986 to allow individuals to deduct the cost of health insurance premiums from their taxable income, even if they do not itemize other deductions. The bill outlines that this deduction is for the taxpayer, their...

    Simple Explanation

    H.R. 111 is a plan that would let people pay less in taxes by allowing them to subtract the money they spend on health insurance from their income, even if they don't usually itemize deductions. This change is meant to make paying for health insurance easier and would start in 2025.

  • H. R. 480 — To amend the Internal Revenue Code of 1986 to establish a methane border adjustment mechanism.
    Status:Introduced in House
    Words:1,708

    H.R. 480 proposes to amend the Internal Revenue Code of 1986 by creating a methane border adjustment mechanism. This mechanism would impose a tax on imported methane adjustment substances, like petroleum and natural gas, based on their production-related methane emissions....

    Simple Explanation

    H.R. 480 wants to put a special tax on stuff like oil and gas that the U.S. gets from other countries if making those things creates a lot of a gas called methane, and it hopes to work with other countries to do the same.

  • H. R. 1103 — To amend the Internal Revenue Code of 1986 to permanently extend the new markets tax credit, and for other purposes.
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    Status:Introduced in House
    Words:693

    H.R. 1103 aims to make the new markets tax credit a permanent feature of the tax code by updating the Internal Revenue Code of 1986. The bill ensures that the tax credit is available every year starting in 2020 and adjusts the credit for inflation starting in 2025. It also...

    Simple Explanation

    H.R. 1103 wants to make sure a special tax credit that helps businesses invest in certain communities stays around forever and grows a little each year to keep up with rising costs, starting in 2025. It also gives special tax help to new investments starting in 2025, but some people think this might not be fair to everyone.

  • S. 3514 — To amend the Internal Revenue Code of 1986 to increase the excise tax on net investment income of certain private colleges and universities.
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    Status:Introduced in Senate
    Words:281

    S. 3514 proposes an amendment to the Internal Revenue Code of 1986, aiming to increase the excise tax on net investment income for certain private colleges and universities. Specifically, it targets those institutions that are not religious and have assets, excluding those...

    Simple Explanation

    The bill wants some big colleges that have lots of money, but aren't religious, to pay more taxes, raising the amount from a little bit (1.4%) to a big chunk (35%) of their extra money made from investments. This change would affect only those colleges with a LOT of extra money, over $10 billion, and is meant to start happening after the end of 2023.

  • H. R. 311 — To amend the Internal Revenue Code of 1986 to repeal the alcohol fuels credit, the biodiesels fuel credit, the sustainable aviation fuel credit, the clean fuel production credit, the alcohol fuel, biodiesel, and alternative fuel mixtures credit, and other related provisions.
    Status:Introduced in House
    Words:2,112

    The bill, titled the "Restoring Fuel Market Freedom Act of 2025," aims to amend the Internal Revenue Code of 1986 by eliminating several fuel-related tax credits. It specifically repeals the alcohol fuels credit, biodiesels fuel credit, sustainable aviation fuel credit, clean...

    Simple Explanation

    The bill wants to stop giving special money rewards, called tax credits, to people or companies that make or use certain types of clean fuels like alcohol fuel and biodiesel. This means that they won't get extra money help from the government anymore for doing that.

  • H. R. 2146 — To amend the Internal Revenue Code of 1986 to provide refunds with respect to certain dyed fuels that are exempt from tax and with respect to which tax was previously paid.
    Status:Introduced in House
    Words:796

    H. R. 2146 proposes changes to the Internal Revenue Code of 1986 to help people who have paid taxes on certain dyed fuels, such as diesel or kerosene, that are exempt from taxes. If the tax was paid on these fuels and not refunded, the bill allows for a refund to be issued....

    Simple Explanation

    This bill wants to give people their money back when they accidentally paid taxes on special fuels, like certain kinds of gas that have a special color, and weren't supposed to pay taxes on them in the first place. It's like getting a refund on a toy you bought but didn't need to pay for!

  • H. R. 810 — To amend the Internal Revenue Code of 1986 to expand and improve health savings accounts, and for other purposes.
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    Status:Introduced in House
    Words:2,235

    H.R. 810, titled the “Personalized Care Act of 2025,” proposes amendments to the Internal Revenue Code of 1986. The bill aims to expand and improve health savings accounts (HSAs) by broadening eligibility criteria, increasing contribution limits, allowing HSAs to pay for health insurance...

    Simple Explanation

    The bill wants to let people put more money into their special health savings piggy banks, use those savings to help pay for things like doctor fees and health insurance, and not punish them as much if they take money out for the wrong reasons.

  • S. 4877 — To amend title II of the Social Security Act and the Internal Revenue Code of 1986 to make improvements in the old-age, survivors, and disability insurance program.
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    Status:Introduced in Senate
    Words:3,304

    The bill S. 4877, known as the "Protecting and Preserving Social Security Act," aims to improve Social Security programs by introducing several key changes. It proposes the creation of a new Consumer Price Index for Elderly Consumers to better calculate cost-of-living...

    Simple Explanation

    The Protecting and Preserving Social Security Act is a plan to make Social Security better by changing how they figure out money for older people, and they're making sure that people who work and earn a lot after 2024 get the right amount of benefits.

  • H. R. 2565 — To amend the Internal Revenue Code of 1986 to exclude enlistment and reenlistment bonuses for members of the armed forces from gross income.
    Status:Introduced in House
    Words:589

    The bill H. R. 2565 aims to amend the Internal Revenue Code of 1986 to make enlistment and reenlistment bonuses for U.S. armed forces members exempt from being counted as gross income. This would mean that these bonuses would not be subject to federal income tax. The bill...

    Simple Explanation

    The bill wants to change the rules so that when soldiers get extra money for joining or staying in the army, they don’t have to give some of it away for taxes.

  • H. R. 2552 — To amend the Internal Revenue Code of 1986 to repeal the firearm transfer tax, and for other purposes.
    Status:Introduced in House
    Words:596

    H.R. 2552, also known as the "Repealing Illegal Freedom and Liberty Excises Act" or the "RIFLE Act," aims to change the Internal Revenue Code by removing the tax related to firearm transfers. The bill specifically repeals Section 5811 of the Code, which previously imposed the firearm transfer...

    Simple Explanation

    H.R. 2552 is a plan to stop a special tax that people have to pay when they want to give or sell guns to each other, and it makes sure these guns aren't handled like toys by the group that checks if things are safe for people.

  • S. 35 — To amend the Internal Revenue Code of 1986 to create an above the line deduction for certain homeowners insurance premiums.
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    Status:Introduced in Senate
    Words:465

    S. 35, titled the “Homeowners Premium Tax Reduction Act of 2025,” proposes changes to the Internal Revenue Code of 1986. It aims to allow individuals to deduct up to $10,000 of eligible homeowners insurance premiums annually from their taxable income, potentially lowering...

    Simple Explanation

    S. 35 is a bill that wants to help people pay less taxes by letting them subtract some money they spend on their house insurance from their income, so they owe less tax overall. It lets them save up to $10,000 a year, but doesn't cover extra insurances like flood or earthquake.

  • H. R. 2410 — To amend the Internal Revenue Code of 1986 to provide an investment credit for converting non-residential buildings to affordable housing.
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    Status:Introduced in House
    Words:3,390

    H.R. 2410, called the “Revitalizing Downtowns and Main Streets Act,” proposes changes to the Internal Revenue Code of 1986 to introduce a 20% investment tax credit. This credit applies to the expenses involved in converting non-residential buildings into affordable housing....

    Simple Explanation

    H.R. 2410 is about giving money back to people who change old buildings into homes for people who need them, especially in places that need more help, like the countryside or towns that need fixing up. It can be a bit confusing and might work differently in different places, depending on the area's rules.

  • S. 425 — To amend the Internal Revenue Code of 1986 to modify the carbon oxide sequestration credit to ensure parity for different uses and utilizations of qualified carbon oxide.
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    Status:Introduced in Senate
    Words:795

    The bill S. 425 proposes changes to the Internal Revenue Code of 1986 to update the carbon oxide sequestration credit. It seeks to establish equal treatment for different ways qualified carbon oxide can be used or stored, including using it in oil or gas projects, and adjusts...

    Simple Explanation

    The bill wants to change how we give rewards or tax credits for keeping carbon dioxide safely stored or used in different ways, like in oil projects. It makes sure everyone gets treated fairly and adjusts the credits based on how much money can buy, starting in 2025.

  • S. 4237 — To amend the Internal Revenue Code of 1986 to repeal the credit for new clean vehicles, and for other purposes.
    Status:Introduced in Senate
    Words:1,262

    S. 4237, also known as the "Eliminate Lavish Incentives To Electric Vehicles Act" or the "ELITE Vehicles Act," aims to remove tax credits related to clean vehicles from the Internal Revenue Code of 1986. This bill proposes to repeal the tax credit for new and previously-owned...

    Simple Explanation

    S. 4237, also called the "ELITE Vehicles Act," is a proposal to stop giving money back to people and companies when they buy electric cars or charging stations, which might make people less likely to choose cars that are better for the environment.

  • H. R. 9918 — To exclude from gross income certain relief payments to the victims of the Chiquita Canyon elevated temperature landfill event.
    Status:Introduced in House
    Words:396

    H.R. 9918, also known as the “Chiquita Canyon Tax Relief Act,” is a bill introduced in the House of Representatives to help the victims of the Chiquita Canyon elevated temperature landfill event. The bill proposes that any relief payments received by individuals as compensation for losses or...

    Simple Explanation

    H.R. 9918 is a bill that says if people get money to help fix problems from a big landfill mishap that happened in California in 2022, they don't have to pay taxes on that money. The bill also lists who could give this money, like the government or a specific company, starting from March 2024.