Search Results for keywords:"tax amendment"

Search Results: keywords:"tax amendment"

S. 1371 — To amend the Internal Revenue Code of 1986 to increase the number of eligible shareholders of an S corporation.
April 09, 2025
Status:Introduced in Senate
Congress:119
Words:212
S. 1371 is a bill introduced to amend the Internal Revenue Code of 1986. The bill seeks to increase the number of eligible shareholders in an S corporation from 100 to 250. This change aims to provide more flexibility and opportunities for forming S corporations. The...
Simple Explanation
S. 1371 is a bill that wants to let more people own a special kind of business called an S corporation, increasing from 100 to 250 people. This change would start after December 31, 2025, so the companies can invite more friends to join them.
H. R. 2014 — To amend the Internal Revenue Code of 1986 for purposes of the tax on private foundation excess business holdings to treat as outstanding any employee-owned stock purchased by a business enterprise pursuant to certain employee stock ownership retirement plans.
March 10, 2025
Status:Introduced in House
Congress:119
Words:492
H.R. 2014 seeks to amend the Internal Revenue Code of 1986 to address how private foundations handle excess business holdings, specifically regarding employee-owned stock. The bill proposes that any stock bought by a business from an employee stock ownership plan (ESOP) should be considered...
Simple Explanation
This bill wants to change the rules about how some special stocks that employees can own, called ESOPs, are counted for taxes. It says these stocks should count as normal stocks, but only if counting them doesn't make one group own too much of the company, and it won't count for very new ESOPs.
H. R. 1432 — To amend the Internal Revenue Code of 1986 to provide for the deductibility of charitable contributions to certain organizations for members of the Armed Forces.
January 18, 2024
Status:Reported in House
Congress:118
Words:572
H.R. 1432 proposes an amendment to the Internal Revenue Code, allowing charitable contributions made to specific organizations linked to the Armed Forces to be tax-deductible. The bill targets organizations that meet the criteria outlined under section 501(c)(19) of the...
Simple Explanation
Imagine a new rule that says if someone gives money to special groups that help people in the military, they can pay a little less on their taxes. This rule only works for certain big groups that are approved by the government.
S. 1314 — To amend the Internal Revenue Code of 1986 to provide that floor plan financing includes the financing of certain trailers and campers.
April 07, 2025
Status:Introduced in Senate
Congress:119
Words:263
The bill S. 1314, titled the “Travel Trailer and Camper Tax Parity Act,” aims to amend the Internal Revenue Code of 1986. It proposes to include trailers and campers, specifically those designed for temporary living quarters like for camping or recreational use, under the...
Simple Explanation
The bill wants to make a small change in the tax rules so that people who sell trailers and campers, which are like little homes you can take on trips, can get the same kind of financing deals as car sellers. This change would start working in 2025.
H. R. 10503 — To amend the Internal Revenue Code of 1986 to determine global intangible low-taxed income without regard to certain income derived from services performed in the Virgin Islands.
December 18, 2024
Status:Introduced in House
Congress:118
Words:627
H.R. 10503, known as the "Restore Economic Vitality and Investment in the Virgin Islands Act" or "REVIVE VI Act," aims to amend the Internal Revenue Code of 1986. This amendment seeks to exclude certain income from global intangible low-taxed income calculations, specifically...
Simple Explanation
The REVIVE VI Act is a plan to change the tax rules so that money made by some companies for work done in the Virgin Islands doesn't count when figuring out how much low-taxed money they have. This change is for certain people and companies in the U.S. who have shares in those Virgin Islands companies.
H. R. 444 — To amend the Internal Revenue Code of 1986 to permit individuals eligible for Indian Health Service assistance to qualify for health savings accounts.
January 15, 2025
Status:Introduced in House
Congress:119
Words:283
The Native American Health Savings Improvement Act (H. R. 444) seeks to amend the Internal Revenue Code of 1986. This bill allows individuals who are eligible for assistance from the Indian Health Service to also qualify for health savings accounts (HSAs). It ensures that...
Simple Explanation
The Native American Health Savings Improvement Act lets people who get help from special health services for Native Americans also use a kind of savings account for health expenses without losing their eligibility. This means they can save money for medical costs starting in 2025 while still getting these special services.
S. 4014 — To amend the Internal Revenue Code of 1986 to provide that income received by a regulated investment company from precious metals shall be treated as qualifying income.
March 21, 2024
Status:Introduced in Senate
Congress:118
Words:254
S. 4014, introduced by Ms. Cortez Masto in the Senate, aims to amend the Internal Revenue Code of 1986. The bill proposes that income earned by a regulated investment company from precious metals should be considered qualifying income, similar to income from various...
Simple Explanation
S. 4014 is a plan from Congress that wants to change the rules so that when some companies make money from things like gold or silver, it counts as special income that can get them certain benefits, just like if they made money from cash.
H. R. 6772 — To amend the Internal Revenue Code of 1986 to reduce the age for making catch-up contributions to retirement accounts to take into account time out of the workforce to provide dependent care services.
December 13, 2023
Status:Introduced in House
Congress:118
Words:877
H. R. 6772 aims to amend the Internal Revenue Code to allow individuals who have taken time away from work to provide care for dependents to make retirement account catch-up contributions at a younger age than currently allowed. The bill defines an "eligible individual" as...
Simple Explanation
H. R. 6772 is a bill that wants to let people who take time away from their jobs to care for family members save more money for when they're older and not working. It lets them start saving extra money earlier because they missed work to help take care of others.
H. R. 6938 — To amend the Internal Revenue Code of 1986 to reinstate the deduction for personal casualty losses as in effect prior to the enactment of Public Law 115–97 (commonly referred to as the Tax Cuts and Jobs Act).
January 10, 2024
Status:Introduced in House
Congress:118
Words:468
H.R. 6938 aims to amend the Internal Revenue Code of 1986 to bring back the deduction for personal casualty losses, which was removed by the Tax Cuts and Jobs Act. The bill would allow taxpayers to claim casualty loss deductions on returns for tax years starting after...
Simple Explanation
In a bill called H.R. 6938, Congress wants to let people count certain bad things that happened to them, like a house getting damaged in a storm, on their taxes to help them pay less. This was allowed before but got taken away, and now they want to bring it back so people can fix their old taxes and maybe get some money back.
H. R. 7470 — To amend the Internal Revenue Code of 1986 to treat spaceports like airports for purposes of exempt facility bond rules.
February 28, 2024
Status:Introduced in House
Congress:118
Words:926
H.R. 7470 is a bill that aims to amend the Internal Revenue Code to treat spaceports similarly to airports concerning rules for exempt facility bonds. The bill defines a spaceport as a facility near a launch or reentry site that is used for various space-related activities,...
Simple Explanation
H.R. 7470 is a bill that wants to treat spaceports, where spaceships take off and land, just like airports when it comes to special money rules. This means that these spaceports can get some financial help without having to be open for everyone to use.
S. 989 — To amend the Internal Revenue Code of 1986 to provide that income received by a regulated investment company from precious metals shall be treated as qualifying income.
March 12, 2025
Status:Introduced in Senate
Congress:119
Words:267
S. 989 proposes an amendment to the Internal Revenue Code of 1986 to change the way income from precious metals is treated for investment companies. The bill suggests treating income that investment companies earn from precious metals as “qualifying income,” similar to how...
Simple Explanation
Imagine there's a big piggy bank that makes money by dealing with shiny, special metals like gold and silver. This bill wants to change the rules so when the piggy bank makes money from these shiny metals, it's counted in a way that helps it follow the rules, just like when it makes money from pretend money tricks.
S. 467 — To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for attorney fees and costs in connection with consumer claim awards.
February 06, 2025
Status:Introduced in Senate
Congress:119
Words:794
S. 467 aims to change the Internal Revenue Code of 1986 to allow individuals to deduct attorney fees and costs related to consumer claim awards directly from their income. This deduction would apply specifically to claims involving violations of consumer protection laws,...
Simple Explanation
In S. 467, people would be able to subtract the money they spend on lawyer fees for certain consumer problems, like when companies break rules about products and services, from their income before paying taxes. This change might make it tricky to understand all the different rules and who’s in charge, but it could help people save money when they win or settle these types of cases.
H. R. 7418 — To amend the Internal Revenue Code of 1986 to exclude from gross income certain compensation to clinical trial participants.
February 20, 2024
Status:Introduced in House
Congress:118
Words:443
H.R. 7418 proposes an amendment to the Internal Revenue Code of 1986 to ensure that money received by individuals as compensation for participating in clinical trials is not counted as part of their gross income for tax purposes. This includes payments made directly to...
Simple Explanation
H.R. 7418 is like a rule that says when people get paid for helping scientists by being part of clinical trials, they don't have to pay extra money to the government from that payment. This rule helps them save some of their money if they joined after the end of 2023.
H. R. 1697 — To amend the Internal Revenue Code of 1986 to provide equitable treatment for residents of Puerto Rico with respect to the refundable portion of the child tax credit.
February 27, 2025
Status:Introduced in House
Congress:119
Words:386
H. R. 1697, titled the "Child Tax Credit Relief for Puerto Rican Families Act," aims to amend the Internal Revenue Code of 1986 to ensure that residents of Puerto Rico receive fair treatment regarding the refundable part of the child tax credit. The bill proposes changes that...
Simple Explanation
H. R. 1697 is a plan to help families in Puerto Rico get fairer money support for having kids, like families in the rest of the United States do, starting after December 2024.
H. R. 10104 — To amend the Internal Revenue Code of 1986 to prevent a double benefit with respect to second generation biofuels under the clean fuel production credit and the alcohol fuels credit and to extend the application of alcohol fuels credit with respect to such biofuels.
November 08, 2024
Status:Introduced in House
Congress:118
Words:366
H. R. 10104 is a bill introduced in the House of Representatives aimed at amending the Internal Revenue Code of 1986. The purpose of the bill is to prevent double benefits for second generation biofuels by ensuring that these fuels cannot receive both the clean fuel...
Simple Explanation
The bill wants to make sure that special cars running on certain plant-based fuels don't get two treats when they should only get one. It also gives these special fuels a longer time to enjoy their treats.
S. 4730 — To amend the Internal Revenue Code of 1986 to extend the energy credit with respect to electrochromic glass.
July 23, 2024
Status:Introduced in Senate
Congress:118
Words:365
S. 4730, titled the “Dynamic Glass 2.0 Act,” seeks to amend the Internal Revenue Code of 1986. The bill proposes to extend the energy credit for electrochromic glass, which uses electricity to adjust its light transmission to help heat or cool a building. The amendment sets...
Simple Explanation
S. 4730 is a bill that wants to give more time for special glass called electrochromic glass, which can change how much light it lets in to help keep buildings warm or cool, to get a tax break. For this plan to work, people need to start building with this glass before 2033.
H. R. 1959 — To amend the Internal Revenue Code of 1986 to protect small businesses from unemployment insurance premium increases by reason of unrepaid State advances.
March 06, 2025
Status:Introduced in House
Congress:119
Words:295
H. R. 1959 proposes changes to the Internal Revenue Code of 1986 to shield small businesses from increased unemployment insurance premiums that result from unpaid state advances. The bill specifies that small businesses with fewer than 500 employees will not have their...
Simple Explanation
H.R. 1959 is a new idea to help small businesses with fewer than 500 workers by making sure they don't have to pay more money for jobless insurance if their state hasn't paid back certain loans. It aims to start working once it becomes a law.
H. R. 332 — To amend the Internal Revenue Code of 1986 to provide that floor plan financing includes the financing of certain trailers and campers.
January 13, 2025
Status:Introduced in House
Congress:119
Words:256
H.R. 332 aims to modify the Internal Revenue Code of 1986 by expanding the definition of floor plan financing to include certain trailers and campers. The bill specifies that trailers and campers designed for recreational, camping, or seasonal use, and meant to be towed by or...
Simple Explanation
H.R. 332 wants to change the rules about how certain loans work, making it easier for places that sell trailers and campers (like the ones people use for camping or during the summer) to get special help with their finances. This change would start at the beginning of 2025.
H. R. 1942 — To amend the Internal Revenue Code of 1986 to increase the standard charitable mileage rate for delivery of meals to elderly, disabled, frail, and at-risk individuals.
March 06, 2025
Status:Introduced in House
Congress:119
Words:338
H.R. 1942, also known as the "Delivering Elderly Lunches and Increasing Volunteer Engagement and Reimbursements Act of 2025" or the "DELIVER Act of 2025," aims to amend the Internal Revenue Code of 1986. The bill proposes to increase the mileage rate for charitable driving...
Simple Explanation
H.R. 1942 wants to make it so people who use their cars to take meals to old or sick people get the same money for gas as people who drive for work. This means these helpers can save more money when filling up their cars.

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