The following is an overview of some of the tax proposals discussed or introduced in Congress in August 2020. 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.
- Military Spouses Retirement Security Act (House of Representatives Bill 7927): This bill, introduced Aug. 4, 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.
- MMEDS Act of 2020 (Senate Bill 4467): This bill, introduced Aug. 6, proposes to rescue domestic medical product manufacturing activity by providing incentives in economically distressed areas of the United States and its possessions.
- Multi-State Worker Tax Fairness Act of 2020 (House of Representatives Bill 7968): This bill, introduced Aug. 7, proposes to amend title 4 of the United States Code to limit the extent to which States may tax the compensation earned by nonresident telecommuters and other multi-State workers.
- Payments for the People Act (House of Representatives Bill 7960): This bill, introduced Aug. 7, proposes To amend the Internal Revenue Code of 1986 to provide direct payments to individuals in response to the coronavirus pandemic, and for other purposes.
- School Choice Now Act (House of Representatives Bill 8100): This bill, introduced Aug. 25, proposes to provide for emergency education freedom grants, to amend the Internal Revenue Code of 1986 to establish tax credits to encourage individual and corporate taxpayers to contribute to scholarships for students through eligible scholarship-granting organizations, 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