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Proposed Tax Legislation - January 2021

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

  • Presidential Tax Transparency Act (House of Representatives Bill 347): This bill, introduced Jan. 19, proposes to amend the Internal Revenue Code of 1986 to require the disclosure of tax returns of Presidents and Vice Presidents and certain candidates for President and Vice President, and for other purposes.
  • Access Technology Affordability Act of 2021 (House of Representatives Bill 431): This bill, introduced Jan. 21, proposes to amend the Internal Revenue Code of 1986 to allow a refundable tax credit against income tax for the purchase of qualified access technology for the blind.
  • Bicycle Commuter Act of 2021 (House of Representatives Bill 431): This bill, introduced Jan. 21, proposes to amend the Internal Revenue Code of 1986 to modify employer-provided fringe benefits for bicycle commuting.
  • BUILD Act (House of Representatives Bill 451): This bill, introduced Jan. 25, proposes to amend the Internal Revenue Code of 1986 to increase the national limitation amount for qualified highway or surface freight transfer facility bonds.
  • Green Bus Tax Credit Act of 2021 (House of Representatives Bill 543): This bill, introduced Jan. 28, proposes to amend the Internal Revenue Code of 1986 to provide for a credit for zero-emission buses.
  • SALT Deductibility Act (House of Representatives Bill 613): This bill, introduced Jan. 28, proposes to amend the Internal Revenue Code of 1986 to repeal the limitation on the deduction for certain taxes, including State and local property and income taxes.

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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