Search Results for keywords:"taxable years"

Search Results: keywords:"taxable years"

H. R. 8882 — To amend the Internal Revenue Code of 1986 to treat amounts paid for private umbilical cord blood, or umbilical cord tissue, banking services as medical care expenses.
June 28, 2024
Status:Introduced in House
Congress:118
Words:326
H.R. 8882 proposes an amendment to the Internal Revenue Code of 1986 to classify payments made for the storage of private umbilical cord blood or tissue as medical care expenses. This means that such payments could qualify for tax deductions when filed as medical expenses if...
Simple Explanation
H.R. 8882 is a plan to let people save money on their taxes if they pay for special banks to store something called umbilical cord blood and tissue, which are tiny bits from babies that can help with health in the future. To do this, the special banks must meet certain rules to be safe and good at what they do.
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. 9984 — To amend the Internal Revenue Code of 1986 to permit qualified business trade expenses to be treated as qualified higher education expenses for purposes of 529 accounts.
October 11, 2024
Status:Introduced in House
Congress:118
Words:489
H. R. 9984 is a bill that proposes changes to the Internal Revenue Code of 1986. It aims to allow certain business-related expenses to be counted as qualified higher education expenses for the purposes of 529 accounts, which are savings accounts to help pay for education. The...
Simple Explanation
H. R. 9984 is a bill that wants to make it okay for people to use special savings accounts meant for school to also pay for certain work expenses, but there are concerns it might not be clear which work expenses are allowed.
S. 3699 — To amend the Internal Revenue Code of 1986 to include expenses for certain nonathletic supplies in the above-the-line deduction for eligible educators, and to allow such deduction to interscholastic sports administrators and coaches.
January 31, 2024
Status:Introduced in Senate
Congress:118
Words:349
S. 3699, known as the “Creating Opportunity for Athletic Coaches to Help Educate Students Act” or the “COACHES Act,” proposes changes to the Internal Revenue Code of 1986. The bill aims to expand the above-the-line deduction, which is a tax benefit for eligible educators, to...
Simple Explanation
The COACHES Act wants to change the tax rules so that teachers, sports coaches, and school sports helpers can get some money back when they buy things they need for their work, even if it's not all about sports.
H. R. 8149 — To amend the Internal Revenue Code of 1986 to clarify the tax treatment of digital asset rewards.
April 29, 2024
Status:Introduced in House
Congress:118
Words:439
H.R. 8149 is a bill that seeks to amend the Internal Revenue Code of 1986 to clarify how digital asset rewards are taxed. The bill specifies that when a person receives a digital asset reward through a blockchain consensus mechanism, they will not have to pay taxes on it at that time....
Simple Explanation
H.R. 8149 is a bill that says people don't have to pay taxes right away when they earn digital coins by helping with blockchain puzzles, but they will pay taxes when they sell those digital coins.
S. 4541 — To amend the Internal Revenue Code of 1986 to make certain provisions with respect to qualified ABLE programs permanent.
June 17, 2024
Status:Placed on Calendar Senate
Congress:118
Words:405
S. 4541 is a bill that aims to permanently extend certain provisions concerning ABLE (Achieving a Better Life Experience) programs, which are savings plans that help individuals with disabilities meet their long-term expenses. The bill proposes changes to the Internal Revenue...
Simple Explanation
S. 4541 is a bill that wants to make it forever okay to put more money into special savings accounts called ABLE programs, which help people with disabilities save for future needs, and also to allow money to be moved from education savings to these accounts anytime.
H. R. 6774 — To amend the Internal Revenue Code of 1986 to establish special rules relating to which professional sports leagues qualify to be exempt from taxation.
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December 13, 2023
Status:Introduced in House
Congress:118
Words:311
H.R. 6774 proposes changes to the Internal Revenue Code of 1986, specifically targeting professional sports leagues. The bill aims to apply new rules so that professional sports organizations with annual gross receipts over $1 billion, and involved in activities like managing league business,...
Simple Explanation
Congress is thinking about changing the tax rules so that really big sports leagues, the ones making lots of money, might have to start paying taxes too, especially if they make more than a billion dollars a year. This is like saying super-rich sports teams have to share more of their money with the country.
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. 9059 — To amend the Internal Revenue Code of 1986 to provide an excise tax credit for certain heavy trucks when operated in power take-off mode.
July 18, 2024
Status:Introduced in House
Congress:118
Words:443
H.R. 9059 seeks to amend the Internal Revenue Code of 1986 by introducing an excise tax credit specifically for certain heavy trucks that operate in power take-off mode, such as mobile mounted concrete boom pump vehicles. The bill outlines that if these vehicles do not meet specific...
Simple Explanation
H.R. 9059 is like a special coupon for big trucks that use a lot of fuel when working, like trucks with concrete pumps. If the trucks meet the rules, they get to pay less for their fuel, starting in 2025.
H. R. 6759 — To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for AmeriCorps educational awards.
December 13, 2023
Status:Introduced in House
Congress:118
Words:368
H. R. 6759 aims to amend the Internal Revenue Code of 1986 to make AmeriCorps educational awards exempt from being counted as gross income for tax purposes. The bill proposes to modify specific sections of the tax code so that individuals receiving these awards or having...
Simple Explanation
This bill wants to make a change to the tax rules so that when people earn a special kind of scholarship from AmeriCorps to pay for their education, they won't have to pay extra money to the government because of it. This would mean they get to keep more of their scholarship money to use for school.
S. 3608 — To amend the Internal Revenue Code of 1986 to prohibit treatment of certain distributions and reimbursements for certain abortions as qualified medical expenses.
January 17, 2024
Status:Introduced in Senate
Congress:118
Words:650
S. 3608, titled the "Protecting Life in Health Savings Accounts Act," seeks to amend the Internal Revenue Code of 1986 to change how certain abortion-related expenses are treated. The bill would prohibit health savings accounts (HSAs), Archer medical savings accounts (MSAs), health flexible...
Simple Explanation
The bill says that certain types of money people use for healthcare can't pay for abortions unless they are necessary because of really serious reasons, like if the baby or mom is in danger.
H. R. 7830 — To amend the Internal Revenue Code of 1986 to expand the surviving spouse filing status to individuals whose spouses have died within the last five taxable years.
March 26, 2024
Status:Introduced in House
Congress:118
Words:223
H. R. 7830, introduced by Mr. Van Drew, proposes an amendment to the Internal Revenue Code of 1986. The bill aims to expand the eligibility for the surviving spouse filing status to individuals whose spouses have passed away within the last five taxable years, rather than the...
Simple Explanation
The bill wants to change a rule so that someone whose husband or wife has died can use a special way to do their taxes for five years instead of just two. This is meant to help people have a bit more time to adjust after losing their spouse.
H. R. 8355 — To amend the Internal Revenue Code of 1986 to recognize Indian tribal governments for purposes of determining under the adoption credit whether a child has special needs.
May 10, 2024
Status:Introduced in House
Congress:118
Words:282
H. R. 8355, known as the “Tribal Adoption Parity Act,” aims to amend the Internal Revenue Code to include Indian tribal governments when determining if a child has special needs for adoption credit purposes. This change ensures that children under the jurisdiction of tribal...
Simple Explanation
This bill, called the "Tribal Adoption Parity Act," wants to make sure that when deciding if a child needs special help for adoption, kids who are under the care of Indian tribes are treated the same as those under U.S. states, helping families that adopt from these tribes get the right support.

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