Search Results: keywords:"tax equity"

  • H. R. 9069 — To amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property.
    Status:Introduced in House
    Words:1,024

    The bill, H.R. 9069, named the "Renewing Investment in American Workers and Supply Chains Act," proposes changes to the way depreciation is calculated for nonresidential real property and residential rental property in the United States. It sets a 20-year depreciation period for these types...

    Simple Explanation

    H.R. 9069 is a new rule that changes how some buildings, like offices and apartments, lose value over time for taxes. It says these buildings will now do this over 20 years and uses a special math rule to adjust how much they lose based on how the economy is doing.

  • H. R. 246 — To amend the Internal Revenue Code of 1986 to increase the limitation on the amount individuals can deduct for certain State and local taxes.
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    Status:Introduced in House
    Words:247

    H. R. 246, introduced in the 119th Congress, proposes changes to the Internal Revenue Code of 1986. This bill aims to increase the amount that individuals can deduct for certain State and local taxes. Currently, individuals can deduct up to $10,000 ($5,000 for separate...

    Simple Explanation

    H. R. 246 is a proposal for people to pay less money to the U.S. government by allowing them to subtract more state and local taxes when they do their taxes. Right now, they can subtract up to $10,000, but this bill wants to change it so they can subtract up to $15,000, which could help people who live where taxes are high.

  • H. R. 1340 — To amend the Internal Revenue Code of 1986 to increase the exclusion of gain from the sale of a principal residence, and for other purposes.
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    Status:Introduced in House
    Words:545

    H.R. 1340 proposes changes to the Internal Revenue Code of 1986 to increase the tax exclusion for gains made from selling a principal residence. The bill seeks to raise this exclusion from $250,000 to $500,000 for individuals and from $500,000 to $1,000,000 for married...

    Simple Explanation

    H.R. 1340 is a bill that tries to change the rules so that if someone sells their house, they can keep more money from the sale without having to pay taxes on it. It means single people can keep up to $500,000 without taxes and married couples up to $1,000,000, starting in 2025, these numbers will get bigger every year to keep up with rising prices.

  • 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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    Status:Introduced in House
    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.