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Proposed tax legislation - July 2019

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

  • Dollars for the Wall Act (House of Representatives Bill 3717): This bill, introduced July 11, proposes to amend the Internal Revenue Code of 1986 to terminate the designation of income tax payments to the Presidential Election Campaign Fund and to provide for the designation of income tax payments to the Border Wall Trust Fund, and for other purposes. 
  • Veterans Jobs Opportunity Act (Senate Bill 2100): This bill, introduced July 11, proposes to amend the Internal Revenue Code of 1986 to establish a small business start-up tax credit for veterans creating businesses in underserved communities. 
  • Agriculture Environmental Stewardship Act of 2019 (House of Representatives Bill 3744): This bill, introduced July 12, proposes to amend the Internal Revenue Code of 1986 to make qualified biogas property and qualified manure resource recovery property eligible for the energy credit and to permit renewable energy bonds to finance qualified biogas property, and for other purposes.
  •  Stop Corporate Inversions Act of 2019 (Senate Bill 2140): This bill, introduced July 17, proposes to amend the Internal Revenue Code of 1986 to modify the rules relating to inverted corporations.
  • S Corporation Modernization Act of 2019 (Senate Bill 2156): This bill, introduced July 18, proposes to amend the Internal Revenue Code of 1986 to provide for S corporation reform, 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

 

 

 

 


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