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Proposed Tax Legislation - March 2021

The following is an overview of some of the tax proposals discussed or introduced in Congress in March 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.
  • Small Business Emergency Savings Accounts Act of 2021 (House of Representatives Bill 1450): This bill, introduced Mar. 1, proposes to amend the Internal Revenue Code of 1986 to provide emergency savings accounts for small businesses.
  • Military Spouses Retirement security Act (House of Representatives Bill 1453): This bill, introduced Mar. 1, proposes to amend the Internal Revenue Code of 1986 to allow a credit to small employers with respect to each employee who is a military spouse and eligible to participate in a defined contribution plan of the employer.
  • Ultra-Millionaire Tax Act of 2021 (House of Representatives Bill 1459): This bill, introduced Mar. 1, proposes to amend the Internal Revenue Code of 1986 to impose a tax on the net value of assets of a taxpayer, and for other purposes.
  • Universal Giving Pandemic Response and Recovery Act (House of Representatives Bill 1704): This bill, introduced Mar. 9, proposes to amend the Internal Revenue Code of 1986 to modify and extend the deduction for charitable contributions for individuals not itemizing deductions.
  • American Innovation and Jobs Act (Senate Bill 749): This bill, introduced Mar. 15, proposes to amend the Internal Revenue Code of 1986 to enhance tax benefits for research activities.
  • End Double Taxation of Successful Consumer Claims Act (Senate Bill 766): This bill, introduced Mar. 16, proposes to amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for attorney fees and costs in connection with consumer claim awards.

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