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.

  • 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.

  • 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.

  • 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. 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.