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Proposed Tax Legislation - November 2020

The following is an overview of some of the tax proposals discussed or introduced in Congress in November 2020. 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.

  • Home Lead Safety Tax Credit Act of 2020 (Senate Bill 4908): This bill, introduced Nov. 18, proposes to amend the Internal Revenue Code of 1986 to provide a tax credit for taxpayers who remove lead-based hazards.
  • STAR Act of 2020 (House of Representatives Bill 8787): This bill, introduced Nov. 19, proposes to amend the Internal Revenue Code of 1986 to permit withdrawals from certain retirement plans for repayment of student loan debt, and for other purposes.
  • Hospitality and Commerce Job Recovery Act of 2020 (House of Representatives Bill 8802): This bill, introduced Nov. 20, proposes to amend the Internal Revenue Code of 1986 to create a refundable tax credit for travel expenditures, and for other purposes.
  • Retail Revitalization Act of 2020 (House of Representatives Bill 8805): This bill, introduced Nov. 20, proposes to amend the Internal Revenue Code of 1986 to modify rules related to rents received by real estate investment trusts from related parties.
  • Preserving Charitable Incentives Act (House of Representatives Bill 8817): This bill, introduced Nov. 24, proposes to provide incentives to make charitable contributions of certain inventory.

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


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