Search Results for keywords:"tax compliance"

Search Results: keywords:"tax compliance"

H. R. 262 — To amend the Internal Revenue Code of 1986 to provide a special rule for certain casualty losses of uncut timber.
January 09, 2025
Status:Introduced in House
Congress:119
Words:1,025
The Disaster Reforestation Act seeks to amend the Internal Revenue Code to offer a special rule for determining tax deductions for certain casualty losses of uncut timber, such as those due to fire, storms, theft, or other events. The bill mandates that the deduction amount...
Simple Explanation
The bill wants to change the tax rules so that people can get a tax break if their trees, meant for selling, are damaged by things like storms or fires. To get this help, they have to know how much the trees were worth before the damage, and they must plant new trees within five years.
H. J. RES. 25 — Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales.
March 28, 2025
Status:Enrolled Bill
Congress:119
Words:129
H. J. RES. 25 is a resolution that expresses Congress's disapproval of a rule from the Internal Revenue Service (IRS). This rule was about "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales," which means reporting on the...
Simple Explanation
In this bill, Congress is saying "no" to a rule that asked certain people who help sell digital money, like Bitcoin, to tell the government about the money made from those sales. This means those helpers won’t have to follow that rule now.
H. R. 6757 — To amend the Internal Revenue Code of 1986 to permit the rollover contributions from Roth IRAs to designated Roth accounts.
December 13, 2023
Status:Introduced in House
Congress:118
Words:449
H.R. 6757 proposes changes to the Internal Revenue Code of 1986 to allow Roth IRA funds to be transferred directly into designated Roth accounts through a trustee-to-trustee transfer. It specifies how these transfers are treated for tax purposes, ensuring they qualify as...
Simple Explanation
H.R. 6757 wants to allow people to move money straight from one type of savings account called a Roth IRA to another, called a designated Roth account, kind of like moving toys from one toy box to another, without causing any trouble with the rules.
S. 4621 — To amend the Internal Revenue Code of 1986 to eliminate the application of the income tax on cash tips through a deduction allowed to all individual taxpayers.
June 20, 2024
Status:Introduced in Senate
Congress:118
Words:675
S. 4621 aims to modify the Internal Revenue Code of 1986 to eliminate income tax on cash tips received by individual taxpayers. It introduces a new deduction for cash tips included in reports to employers, allowing even those who do not itemize their deductions to benefit....
Simple Explanation
S. 4621 is a plan to change the rules so that people won't have to pay income tax on cash tips they get at work. This means that waiters, hairdressers, and others who earn tips can keep more of their money without it being taxed.
H. R. 10314 — To amend the Internal Revenue Code of 1986 to establish a National Resilience and Recovery Fund, and for other purposes.
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December 05, 2024
Status:Introduced in House
Congress:118
Words:3,444
The bill H. R. 10314, known as the "National Resilience and Recovery Fund Act," aims to amend the Internal Revenue Code of 1986 to create a fund focused on national resilience and recovery. This fund will help finance various federal programs related to disaster mitigation...
Simple Explanation
The bill wants to make a new money-saving piggy bank called the "National Resilience and Recovery Fund" by collecting some extra pennies from big companies that drill oil and gas. This piggy bank would help pay for fixing things when storms and disasters happen, but people are concerned because they aren't sure exactly how it will all work or if it will be fair to everyone.
S. 3798 — To amend the Internal Revenue Code of 1986 to require taxpayers claiming the child and earned income tax credits, and their qualifying children, to have a valid social security number for employment purposes.
February 12, 2024
Status:Introduced in Senate
Congress:118
Words:736
S. 3798 aims to change the rules in the Internal Revenue Code of 1986 so that individuals claiming the child tax credit or earned income tax credit must have a valid social security number for themselves and their children. This change would ensure that only taxpayers...
Simple Explanation
The bill wants to make sure that people claiming the child tax credit or earned income tax credit have a real social security number to show they are allowed to work in the U.S., starting from 2024. This means only those with the right paperwork can get these special tax benefits.
S. 4924 — To amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property.
August 01, 2024
Status:Introduced in Senate
Congress:118
Words:995
The bill titled "Renewing Investment in American Workers and Supply Chains Act" proposes changes to how depreciation is handled for specific types of properties under the Internal Revenue Code. It seeks to set a 20-year recovery period for both nonresidential real property and residential...
Simple Explanation
The bill wants to change how businesses and landlords count the cost of their buildings for taxes, letting them say the buildings lose value over 20 years instead of a longer time. It also suggests a new way to figure out how costs change with the economy, to make the tax amount fairer without changing what the building is worth for taxes.
H. R. 1494 — To amend the Internal Revenue Code of 1986 to treat certain marketplace providers as importers for purposes of the excise tax on sporting goods.
February 21, 2025
Status:Introduced in House
Congress:119
Words:791
H.R. 1494 is a bill aimed at updating how certain companies are identified for tax purposes when they import sporting goods into the United States. It proposes to categorize certain companies that act as intermediaries in sales, known as "marketplace providers," as importers...
Simple Explanation
This bill wants to change the rules so that online stores and apps that help people buy sports stuff from other countries have to pay a special tax, like paying a fee, when they bring those items into the U.S. to sell.
H. R. 2230 — To amend the Internal Revenue Code of 1986 to provide tax credits for carriage of independent programmers by certain multichannel video programming distributors.
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March 18, 2025
Status:Introduced in House
Congress:119
Words:1,800
H.R. 2230, known as the "Independent Programmers Tax Incentive Act," aims to amend the Internal Revenue Code to provide tax credits for certain video programming distributors that carry independent programmers. The bill introduces a new tax credit, specifically for eligible distributors, like...
Simple Explanation
H.R. 2230 wants to give money back to TV services like cable companies if they show programs made by small creators, but it has some tricky rules and might accidentally let too many companies get this money.
S. 5234 — To amend the Internal Revenue Code of 1986 to impose an excise tax on certain investments of private colleges and universities.
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September 25, 2024
Status:Introduced in Senate
Congress:118
Words:1,538
S. 5234 aims to amend the Internal Revenue Code of 1986 by imposing an excise tax on certain investments made by private colleges and universities. The bill targets investments linked to entities listed on specific government-maintained lists, such as the Entity List and the...
Simple Explanation
S. 5234 is a new rule that wants to make some big schools pay extra money if they put their savings into companies the government doesn’t trust. They would have to pay a big fee when they buy these investments and give all the money they make from them to the government.
H. R. 8102 — To amend the Internal Revenue Code of 1986 to provide an above-the-line deduction for flood insurance premiums.
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April 20, 2024
Status:Introduced in House
Congress:118
Words:850
H. R. 8102, known as the "Flood Insurance Relief Act," proposes changes to the Internal Revenue Code to allow individuals to deduct flood insurance premiums from their taxable income. This deduction applies to premiums for insurance under the National Flood Insurance Program...
Simple Explanation
H. R. 8102 is a bill that would allow people to subtract flood insurance costs from their income when paying taxes, but only if they make less than $200,000 a year (or $400,000 if a couple).
H. R. 524 — To amend the Internal Revenue Code of 1986 to deny certain green energy tax benefits to companies connected to certain countries of concern.
January 16, 2025
Status:Introduced in House
Congress:119
Words:627
H.R. 524 proposes changes to the Internal Revenue Code of 1986 to prevent companies associated with certain countries from receiving green energy tax benefits. These "countries of concern" include China, Russia, Iran, and North Korea. It defines a "disqualified company" as...
Simple Explanation
H.R. 524 is a plan to stop certain companies from countries like China, Russia, Iran, and North Korea from getting special green energy money-saving perks, because these countries are seen as less friendly to the U.S.
S. 5188 — To amend the Internal Revenue Code of 1986 to incentivize the divestiture of certain securities connected to the People’s Republic of China.
September 25, 2024
Status:Introduced in Senate
Congress:118
Words:2,160
The bill, known as the "Patriotic Investment Act," aims to encourage the sale of certain securities tied to the People's Republic of China by changing how profits from these sales are taxed. It proposes treating gains from selling these "disqualified PRC securities" as regular income, subject...
Simple Explanation
The bill wants people to sell certain types of stocks related to China by making taxes on these sales higher, and it lets them pay their taxes in smaller parts over three years. This helps encourage people to invest less in China and more in the U.S. instead.
H. R. 517 — An Act To amend the Internal Revenue Code of 1986 to modify the rules for postponing certain deadlines by reason of disaster.
March 31, 2025
Status:Engrossed in House
Congress:119
Words:615
The bill H.R. 517, titled the “Filing Relief for Natural Disasters Act,” proposes changes to the Internal Revenue Code of 1986. It gives the Secretary of the Treasury the authority to postpone federal tax deadlines for disasters declared by states, similar to those declared...
Simple Explanation
The Filing Relief for Natural Disasters Act helps people and businesses get more time to pay taxes after a big storm or flood, no matter if the President or just the Governor says it's a disaster. It gives them 120 days instead of 60 to do this.
H. R. 8599 — To amend the Internal Revenue Code of 1986 to include over-the-counter oral healthcare products as qualified medical expenses which can be purchased with HSA and FSA funds.
June 03, 2024
Status:Introduced in House
Congress:118
Words:513
H.R. 8599, known as the "Oral Health Products Inclusion Act," aims to change the Internal Revenue Code of 1986. It proposes that over-the-counter oral healthcare products such as toothbrushes, water flossers, and certain dental care items should be classified as qualified...
Simple Explanation
H.R. 8599 is like a new rule that lets people use special savings accounts, called HSAs or FSAs, to buy things like toothbrushes and water sprayers for their teeth. It makes it easier to use these savings to take care of your teeth!
H. R. 1882 — To amend the Internal Revenue Code of 1986 to reinstate the exception for de minimis payments by third party settlement organizations with respect to returns relating to payments made in settlement of payment card and third party network transactions, as in effect prior to the enactment of the American Rescue Plan Act, and for other purposes.
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March 05, 2025
Status:Introduced in House
Congress:119
Words:761
H.R. 1882, known as the “Saving Gig Economy Taxpayers Act,” aims to modify how certain small payments are reported by third-party settlement organizations, like payment apps or marketplaces, under the Internal Revenue Code of 1986. Specifically, it reinstates the previous thresholds for...
Simple Explanation
H.R. 1882 is a bill that wants to make it easier for people who work using apps like Uber or Etsy to report their earnings to the government; it says they only need to tell the government about their earnings if they make more than $20,000 and have over 200 payments in a year.
S. 5316 — To amend the Internal Revenue Code of 1986 to extend the period of time for making S corporation elections, and for other purposes.
November 14, 2024
Status:Introduced in Senate
Congress:118
Words:1,373
The bill S. 5316, known as the "Tax Administration Simplification Act," proposes changes to the Internal Revenue Code to make it easier for small businesses to elect to be S corporations. It extends the time allowed for making these elections to align with the due date for...
Simple Explanation
The bill wants to make it easier for small businesses to choose a special tax status called "S corporation," by giving them more time to decide and file. It also makes sure that when people send their tax forms online, it's okay if they send them right at the deadline.
H. R. 2233 — To amend the Internal Revenue Code of 1986 to increase the information reporting threshold for slot winnings.
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March 18, 2025
Status:Introduced in House
Congress:119
Words:421
H. R. 2233, known as the "Shifting Limits on Thresholds Act of 2025" or the "SLOT Act of 2025," is proposed legislation aimed at changing tax reporting rules for slot machine winnings in the United States. The bill seeks to amend the Internal Revenue Code of 1986 so that reporting is only...
Simple Explanation
In a fun land called Congress, there is a new rule called the "SLOT Act of 2025" that says if someone wins a lot of money, like $5,000, from playing slot machines, they have to tell the tax people. But if they win less, they don’t have to tell, and next year the amount needed to tell will go up a little bit, like how a balloon floats higher.
H. R. 9743 — To amend the Internal Revenue Code of 1986 to allow a deduction for traveling expenses for Federal disaster relief workers away from home for more than 1 year.
September 20, 2024
Status:Introduced in House
Congress:118
Words:285
H.R. 9743 aims to change the Internal Revenue Code to offer tax deductions to Federal disaster relief workers for their travel expenses if they are away from home for more than a year. This bill proposes that such workers, certified by FEMA, can deduct these travel costs for...
Simple Explanation
In the DEPLOY Tax Relief Act, the plan is to let people who work to help during big emergencies get some money back from taxes if they travel away from home for more than a year. This means they won't have to pay as much in taxes for the costs of being far from home while they do their important jobs.
H. R. 8941 — To amend the Internal Revenue Code of 1986 to eliminate the application of the income tax on cash tips through a deduction allowed to all individual taxpayers.
July 08, 2024
Status:Introduced in House
Congress:118
Words:663
H.R. 8941, known as the "No Tax on Tips Act," aims to change the Internal Revenue Code of 1986 to allow a tax deduction for cash tips. Under this bill, individuals would be able to deduct the full amount of cash tips they report to their employers from their taxable income....
Simple Explanation
H.R. 8941 wants to let people who get cash tips, like waiters or delivery people, not pay extra taxes on those tips, so they can keep more of their money. This change would start after the year 2024, and everyone can use this rule, whether they use special tax forms or not.
H. R. 1691 — To amend the Internal Revenue Code of 1986 to allow unreimbursed employee expenses to be taken into account as miscellaneous itemized deductions.
February 27, 2025
Status:Introduced in House
Congress:119
Words:481
H. R. 1691, titled the “Employee Business Expense Deduction Reinstatement Act of 2025,” proposes changes to the Internal Revenue Code of 1986. The bill aims to amend tax laws to allow employees to deduct 85% of unreimbursed expenses for food, lodging, travel, or...
Simple Explanation
This bill wants to let workers get some money back on their taxes for things they spent money on at work, like travel or food. It would make it easier for them to claim these costs when they do their taxes, changing the rules so they can claim 85% of these costs, and start counting from a smaller portion of their earnings.
H. R. 8873 — To amend the Internal Revenue Code of 1986 to provide an exception from certain reporting requirements with respect to the foreign accounts of individuals who live abroad.
June 27, 2024
Status:Introduced in House
Congress:118
Words:778
H. R. 8873 proposes changes to the Internal Revenue Code of 1986, specifically offering exceptions to certain financial reporting requirements for Americans living abroad. The bill aims to exclude certain foreign accounts from being reported by both foreign financial...
Simple Explanation
H. R. 8873 is like a rule change that helps people who live in other countries not have to fill out as many forms about their money kept in banks over there. It makes things simpler for these people so they don't have to worry about complicated money rules.
S. 695 — To amend the Internal Revenue Code of 1986 to modify the exclusion for gain from qualified small business stock.
February 24, 2025
Status:Introduced in Senate
Congress:119
Words:1,424
S. 695, also known as the "Small Business Investment Act of 2025," aims to modify the tax treatment of gains from qualified small business stock under the Internal Revenue Code. It proposes a phased increase in the percentage of gain that can be excluded from taxes, depending...
Simple Explanation
The bill wants to make it easier for people to invest in small companies by letting them pay less tax on the money they make if they keep their investment for a few years, starting with fewer years than before. This means people might be more interested in helping small businesses grow.
H. R. 8895 — To amend the Internal Revenue Code of 1986 to provide that certain payments to foreign related parties subject to sufficient foreign tax are not treated as base erosion payments.
June 28, 2024
Status:Introduced in House
Congress:118
Words:639
H.R. 8895 proposes an amendment to the Internal Revenue Code of 1986, which would change how certain payments to foreign related parties are treated. Specifically, the bill states that if the payments to these foreign parties are subject to a foreign income tax rate of at least 15%, they will...
Simple Explanation
H.R. 8895 is about a rule that says when companies pay money to their related companies in another country, and if that money gets taxed at least 15% in the other country, it won't be counted against them for certain tax calculations in the U.S. They want to make sure companies and the people who collect taxes understand exactly what they need to do, but it might be a bit tricky to figure out.
H. R. 9081 — To provide for emergency tax relief for taxpayers affected by the severe storms, flooding, straight-line winds, and tornadoes in certain Iowa counties.
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July 22, 2024
Status:Introduced in House
Congress:118
Words:3,244
H. R. 9081 is a bill proposed in the 118th Congress to offer emergency tax relief to individuals impacted by severe storms, flooding, winds, and tornadoes in certain Iowa counties. It allows affected residents to make tax-favored withdrawals from their retirement plans,...
Simple Explanation
H. R. 9081 is a proposed bill that helps people in certain parts of Iowa affected by bad weather, like storms and tornadoes, by letting them use money from their piggy bank (retirement funds) without the usual extra costs and by making it easier for them to give money to help others.
H. R. 10222 — To amend the Internal Revenue Code of 1986 with respect to the application of the excise tax on tobacco to pipe and waterpipe tobacco.
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November 21, 2024
Status:Introduced in House
Congress:118
Words:422
H. R. 10222, known as the “Hookah Clarification Act of 2024,” proposes changes to the Internal Revenue Code of 1986 to address taxes on pipe and waterpipe tobacco. It aims to impose a tax of $2.8311 per pound on both pipe and waterpipe tobacco, which includes products...
Simple Explanation
The bill wants to change the way taxes are collected on special kinds of tobacco used in pipes and waterpipes, like hookahs, by setting a specific tax amount for each pound of this tobacco. It is like saying, "For every big bag of this special tobacco, you will pay a certain amount of money in tax."
H. R. 9624 — To amend the Fair Labor Standards Act of 1938 to eliminate the separate minimum wage for tipped employees, and for other purposes.
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September 17, 2024
Status:Introduced in House
Congress:118
Words:1,122
H.R. 9624, titled the “Tipped Income Protection and Support Act” or “TIPS Act,” proposes changes to the Fair Labor Standards Act of 1938. It aims to eliminate the separate, lower minimum wage for tipped employees, ensuring they receive at least the standard federal minimum...
Simple Explanation
The TIPS Act says that people who get tips at work should be paid the same as everyone else, not less. It also helps them save some money on taxes for the cash tips they get, as long as their income isn't too high.
H. R. 8619 — To amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes.
June 04, 2024
Status:Introduced in House
Congress:118
Words:6,297
The H.R. 8619 bill aims to reform how S corporations are taxed and operates under the Internal Revenue Code of 1986. It includes provisions for handling gains when a shareholder dies, allows nonresident aliens and IRAs to be shareholders, and increases the amount of passive...
Simple Explanation
The H.R. 8619 bill is about changing some rules for a special type of company called an S corporation, so they can do things like have more types of people as owners and make more money in different ways without getting extra penalties. It's like updating the rules for a game to make it fairer and more fun for everyone playing.
S. 684 — To amend the Internal Revenue Code of 1986 to extend the period of time for making S corporation elections, and for other purposes.
February 24, 2025
Status:Introduced in Senate
Congress:119
Words:1,373
The bill, S. 684, also known as the "Tax Administration Simplification Act," proposes changes to the Internal Revenue Code of 1986. It aims to extend the time allowed for S corporations to file elections and amend processes related to their filing. Additionally, it modifies deadlines for...
Simple Explanation
The bill wants to make it easier for small businesses to tell the government when they are changing how they pay their taxes and to help them do this online instead of using paper.
H. R. 2667 — To amend the Internal Revenue Code of 1986 to allow distributions from a health flexible spending arrangement or health reimbursement arrangement directly to a health savings account in connection with establishing coverage under a high deductible health plan.
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April 07, 2025
Status:Introduced in House
Congress:119
Words:885
H.R. 2667, also known as the "Flexible Savings Arrangements for a Healthy Robust America Act," aims to amend the Internal Revenue Code of 1986. It provides a way for employees to transfer money from their health flexible spending arrangements or health reimbursement arrangements directly into...
Simple Explanation
The bill lets people move money from one type of health account to another, so they can save more for medical costs if they choose a special kind of doctor plan that costs less every month but has higher out-of-pocket costs.
H. R. 2759 — To amend the Internal Revenue Code of 1986 to provide an exception to percentage of completion method of accounting for certain residential construction contracts.
April 09, 2025
Status:Introduced in House
Congress:119
Words:409
H. R. 2759 proposes changes to the Internal Revenue Code of 1986 aimed at amending how the percentage of completion method of accounting is applied to certain residential construction contracts. Specifically, it introduces an exception for residential construction contracts...
Simple Explanation
H. R. 2759 wants to change some rules about how builders of houses can count their money, letting them use a 3-year plan instead of a 2-year one, but it might make things a bit confusing because they don't clearly say which types of houses they're talking about.
H. R. 1447 — To amend the Internal Revenue Code of 1986 to maintain the prohibition on allowing any deduction or credit associated with a trade or business involved in trafficking marijuana.
February 21, 2025
Status:Introduced in House
Congress:119
Words:387
H.R. 1447 seeks to amend the Internal Revenue Code of 1986, ensuring that businesses involved in marijuana trafficking cannot claim any tax deductions or credits. Under this bill, any business expenditures related to the trade or business of trafficking marijuana or other...
Simple Explanation
H.R. 1447 is a rule that says businesses can’t save money on taxes if they sell marijuana, because selling it isn’t legal under federal law, even if some states say it's okay.
S. 4808 — To amend the Internal Revenue Code of 1986 to exclude from gross income de minimis gains or losses from certain sales or exchanges of virtual currency, and for other purposes.
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July 25, 2024
Status:Introduced in Senate
Congress:118
Words:713
S. 4808 is a proposed law that aims to change the Internal Revenue Code to allow small gains or losses from selling or exchanging virtual currency not to be taxed. Specifically, if the gain or loss from such transactions doesn't exceed $200, it won't be considered taxable...
Simple Explanation
S. 4808 is a proposed law that says if someone makes a small amount, like less than $200, from trading digital money that isn't regular cash, they won't have to pay tax on it. The law aims to make it easier for people to handle these small digital money trades starting in 2025.
H. R. 1491 — An Act To amend the Internal Revenue Code of 1986 to make the postponement of certain deadlines by reason of disasters applicable to the limitation on credit or refund, and to take postponements into account for purposes of sending collection notices.
April 01, 2025
Status:Engrossed in House
Congress:119
Words:438
The Disaster Related Extension of Deadlines Act (H.R. 1491) proposes changes to the Internal Revenue Code of 1986. It aims to extend deadlines for certain tax-related actions, such as filing tax returns and paying taxes, when extensions are needed due to disasters like...
Simple Explanation
Congress is working on a bill to help people and businesses get more time to deal with their taxes if something really bad, like a big fire or a war, happens. This means they might not have to rush and can avoid getting into trouble for being late.
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.
March 14, 2025
Status:Introduced in House
Congress:119
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. 998 — To amend the Internal Revenue Code of 1986 to require additional information on math and clerical error notices.
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March 27, 2025
Status:Reported in House
Congress:119
Words:1,309
H.R. 998 aims to make changes to the Internal Revenue Code of 1986 by requiring clearer and more detailed information on notices of math or clerical errors sent to taxpayers by the IRS. The bill mandates these notices to include specifics about the error, such as its type and...
Simple Explanation
In H.R. 998, the bill says that when the IRS tells someone there's a mistake on their tax papers, they should explain it clearly and say exactly where the mistake is. They also want to try sending these messages in a way that makes sure people get them and understand them better.
S. 1375 — To amend the Internal Revenue Code of 1986 to reinstate the exception for de minimis payments by third party settlement organizations with respect to returns relating to payments made in settlement of payment card and third party network transactions, as in effect prior to the enactment of the American Rescue Plan Act, and for other purposes.
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April 09, 2025
Status:Introduced in Senate
Congress:119
Words:660
S. 1375 seeks to amend the Internal Revenue Code to bring back an earlier exception for small payments made through third party settlement organizations, like the ones used in credit card and online payment networks, that existed before the American Rescue Plan Act....
Simple Explanation
S. 1375 is a bill that wants to make it so people and companies using things like credit cards and PayPal only have to tell the government about their payments if they are over $20,000 for the year or if they make more than 200 payments. It's like saying, "Only tell us if it's a lot of money or a lot of buying and selling!"
H. R. 1857 — To amend the Internal Revenue Code of 1986 to provide for the indexing of certain assets for purposes of determining gain or loss.
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March 05, 2025
Status:Introduced in House
Congress:119
Words:3,141
The bill H. R. 1857 aims to amend the Internal Revenue Code to allow certain assets, such as stocks, digital assets, and tangible property, to be adjusted for inflation when calculating gains or losses. This adjustment applies only to assets held for more than three years and...
Simple Explanation
The bill wants to change the rules about how people pay taxes when they sell things like stocks or digital assets, by letting them adjust the price they paid for them to account for inflation, but only if they've owned them for more than three years. This means if something has become worth more just because of inflation, they might not have to pay as much in taxes when they sell it.
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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February 06, 2025
Status:Introduced in House
Congress:119
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.
H. R. 1003 — 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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February 05, 2025
Status:Introduced in House
Congress:119
Words:770
H. R. 1003, known as the “Enhancing Energy Recovery Act,” proposes changes to the Internal Revenue Code of 1986 to adjust the carbon oxide sequestration credit. The bill aims to ensure fair treatment for different methods of using and storing carbon oxide. It includes...
Simple Explanation
H. R. 1003 is a plan to change how the government gives money back to people or companies when they save carbon gas in special ways, like putting it underground. They want to make sure all the different ways of storing carbon gas are treated the same and start using this new plan after 2024, but it might be tricky for everyone to get ready in time.
H. R. 2603 — To amend the Internal Revenue Code of 1986 to simplify reporting requirements, promote tax compliance, and reduce tip reporting compliance burdens in the beauty service industry.
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April 02, 2025
Status:Introduced in House
Congress:119
Words:1,584
H.R. 2603 aims to amend the Internal Revenue Code to make tax reporting easier for beauty service businesses. It extends tax benefits related to employer social security taxes to businesses where tipping is common, like salons and spas. The bill establishes a safe harbor to...
Simple Explanation
H.R. 2603 is a proposed law that tries to make it easier for beauty salons and spas to deal with taxes. It helps them with rules about reporting tips and rent payments, aiming to save them money and make paperwork simpler.
H. R. 1990 — To amend the Internal Revenue Code of 1986 to restore the deduction for research and experimental expenditures.
March 10, 2025
Status:Introduced in House
Congress:119
Words:1,787
H.R. 1990, titled the “American Innovation and R&D Competitiveness Act of 2025,” aims to amend the Internal Revenue Code of 1986 to restore the deduction for research and experimental expenditures. This bill allows taxpayers to treat these expenditures as expenses instead...
Simple Explanation
The American Innovation and R&D Competitiveness Act of 2025 lets people who spend money on research and experiments take those expenses off their taxes instead of having to count them slowly over time. This makes it easier for them to save money on taxes right away when they try new things.

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