Search Results: keywords:"unrelated business income"

  • H. R. 7306 — To amend the Internal Revenue Code of 1986 to include publication of written news articles as a tax-exempt purpose for organizations, and for other purposes.
    Status:Introduced in House
    Words:429

    H.R. 7306, titled the “Saving Local News Act,” proposes amendments to the Internal Revenue Code of 1986 to recognize organizations that publish written news articles, including digital publications, as having a tax-exempt purpose under section 501(c)(3). This change means that advertising...

    Simple Explanation

    H.R. 7306 is a new idea to let groups that write news stories, including online ones, not have to pay certain taxes, just like charities. This could help these groups save money, especially from ads, but it also needs careful rules to stop people from misusing it.

  • H. R. 955 — To amend the Internal Revenue Code of 1986 to reform health provisions, and for other purposes.
    💰
    Status:Introduced in House
    Words:4,312

    H.R. 955 proposes amendments to the Internal Revenue Code to establish HOPE Accounts, a new type of savings account aimed at covering qualified medical expenses. The bill outlines that these accounts will be tax-exempt, and individuals can contribute a specified amount each...

    Simple Explanation

    H.R. 955 wants to create special savings accounts called HOPE Accounts where people can save money without paying taxes to help pay for medical things, but they have to be careful not to spend it on other stuff or they could get a big penalty.