Information Station

A collection of wealth improvement articles


Proposed Tax Legislation - February 2021

The following is an overview of some of the tax proposals discussed or introduced in Congress in February 2021. 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.

  • Stop Subsidizing Multimillion Dollar Corporate Bonuses Act (Senate Bill 178): This bill, introduced Feb. 2, proposes to amend the Internal Revenue Code of 1986 to expand the denial of deduction for certain excessive employee remuneration, and for other purposes.
  • Stop Subsidizing Multimillion Dollar Corporate Bonuses Act (House of Representatives Bill 697): This bill, introduced Feb. 2, proposes to amend the Internal Revenue Code of 1986 to expand the denial of deduction for certain excessive employee remuneration, and for other purposes.
  • EV CHARGE Act of 2021 (House of Representatives Bill 698): This bill, introduced Feb. 2, proposes to amend the Internal Revenue Code of 1986 to modify the alternative fuel refueling property credit.
  • Retail Revitalization Act of 2021 (House of Representatives Bill 840): This bill, introduced Feb. 4, proposes to amend the Internal Revenue Code of 1986 to modify rules related to rents received by real estate investment trusts from related parties.
  • GREEN Act of 2021 (House of Representatives Bill 848): This bill, introduced Feb. 4, proposes to amend the Internal Revenue Code of 1986 to provide incentives for renewable energy and energy efficiency, and for other purposes.
  • Education Freedom Scholarships and Opportunity Act (House of Representatives Bill 889): This bill, introduced Feb. 5, proposes to amend the Internal Revenue Code of 1986 to establish tax credits to encourage individual and corporate taxpayers to contribute to scholarships for elementary and secondary students through eligible scholarship-granting organizations, and for other purposes.
  • Small Business PPE Tax Credit Act (House of Representatives Bill 885): This bill, introduced Feb. 5, proposes to amend the Internal Revenue Code of 1986 to provide tax credits for personal protective equipment to small businesses, non-profits, independent contractors, veterans' organizations, and farmers, among other entities, in any year in which the President declares a national emergency relating to COVID-19.

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