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Proposed Tax Legislation - December 2019

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

  • To amend the Internal Revenue Code of 1986 to repeal opportunity zones (House of Representatives Bill 5252): This bill, introduced Nov. 22, proposes to eliminate Opportunity Zones from the federal tax code.
  • Universal Charitable Giving Act of 2019 (House of Representatives Bill 5293): This bill, introduced Dec. 3, proposes to amend the Internal Revenue Code of 1986 to allow above-the-line deductions for charitable contributions for individuals not itemizing deductions.
  • Advancing Support for Working Families Act (House of Representatives Bill 5296): This bill, introduced Dec. 4, proposes to amend the Internal Revenue Code of 1986 to provide an election to advance future child tax credits in the year of birth or adoption.
  • Freedom To Invest in Tomorrow’s Workforce Act (House of Representatives Bill 5339): This bill, introduced Dec. 6, proposes to amend the Internal Revenue Code of 1986 to permit certain expenses associated with obtaining or maintaining recognized postsecondary credentials to be treated as qualified higher education expenses for purposes of 529 accounts.
  • E. Cooper Brown Ocean Clean Energy Act of 2019 (House of Representatives Bill 5375): This bill, introduced Dec. 10, proposes to amend the Internal Revenue Code of 1986 to allow the energy credit for certain ocean thermal energy equipment.
  • Restoring Tax Fairness for States and Localities Act (House of Representatives Bill 5337): This bill, introduced Dec. 10, proposes To amend the Internal Revenue Code of 1986 to modify the limitation on deduction of State and local taxes, and for other purposes.

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