The following is an overview of some of the tax proposals discussed or introduced in Congress in September 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.
- Taxpayer Penalty Protection Act of 2021 (House of Representatives Bill 5155): This bill, introduced Sept 3, proposes to provide for a temporary safe harbor for certain failures by individuals to pay estimated income tax.
- Incentivizing Solar Deployment Act of 2021 (House of Representative Bill 5175): This bill, introduced Sept 13, proposes to amend the Internal Revenue Code of 1986 to extend the production tax credit for electricity produced from solar energy.
- Filing Relief for Natural Disasters Act (Senate Bill 2748): This bill, introduced Sept 13, proposes to amend the Internal Revenue Code of 1986 to modify the rules for postponing certain deadlines by reason of disaster.
- Home Educators Are Teachers Act of 2021 (House of Representatives Bill 5284): This bill, introduced Sept 17, proposes to amend the Internal Revenue Code of 1986 to include home-schooling supplies in the educator expense deduction.
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