The Reference Section

A collection of wealth improvement articles


Proposed tax legislation - August 2019

The following is an overview of some of the tax proposals discussed or introduced in Congress in August 2019. It is important that you not treat these proposals as passed legislation. Many hurdles remain before any of these legislative ideas become law. In the meantime, it is useful to see what types of tax laws may be affecting you in the future. 

  • Support Working Families Act (Senate Bill 2437): This bill, introduced Aug. 1, proposes to amend the Internal Revenue Code of 1986 to establish a refundable tax credit for parents who take leave from employment following the birth or adoption of a child.
  • Health Savings Account Expansion Act of 2019 (Senate Bill 2441): This bill, introduced Aug. 1, proposes to amend the Internal Revenue Code of 1986 to allow individuals who are not enrolled in a high deductible health plan to have access to health savings accounts, and for other purposes.
  • Qualified Health Savings Account Distribution Act of 2019 (Senate Bill 2440): This bill, introduced Aug. 1, proposes to amend the Internal Revenue Code of 1986 to expand permissible distributions from an employee's health flexible spending account or health reimbursement arrangement to their health savings account.
  • Fairness in Social Security Act of 2019 (House of Representatives Bill 4157): This bill, introduced Aug. 2, proposes to amend the Internal Revenue Code of 1986 to exclude the portion of a lump-sum social security benefit payment that relates to periods prior to the taxable year from the determination of household income.
  • America Wins Act (House of Representatives Bill 4142): This bill, introduced Aug. 2, proposes to amend the Internal Revenue Code of 1986 to rebuild the Nation's infrastructure, provide a consumer rebate to the American people, assist coal country, reduce harmful pollution, and for other purposes. 
  • Religious Freedom Peace Tax Fund Act (House of Representatives Bill 4169): This bill, introduced Aug. 6, proposes to amend the Internal Revenue Code of 1986 to affirm the religious freedom of taxpayers who are conscientiously opposed to participation in war, to provide that the income, estate, or gift tax payments of such taxpayers be used for nonmilitary purposes, to create the Religious Freedom Peace Tax Fund to receive such tax payments, to improve revenue collection, and for other purposes.
  •  Teacher Tax Deduction Enhancement Act of 2019 (House of Representatives Bill 4180): This bill, introduced Aug. 9, proposes to amend the Internal Revenue Code of to increase and expand the above-the-line deduction for certain expenses of school teachers. 
  • Renewable Electricity Tax Credit Equalization Act (House of Representatives Bill 4186): This bill, introduced Aug. 13, proposes to amend the Internal Revenue Code of 1986 to modify the credit for electricity produced from certain renewable resources and the investment credit for certain qualified investment credit facilities.

IMPORTANT: The above are proposals. There are many steps each bill must go through before they are signed into law. 

Information retrieved from: GovTrack.us https://www.govtrack.us/congress/bills/subjects/taxation/6342