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Proposed Tax Legislation - December 2020

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

  • ACCESS 45Q Act (House of Representatives Bill 8858): This bill, introduced Dec. 3, proposes to amend the Internal Revenue Code of 1986 to extend and allow an elective payment of the tax credit for carbon oxide sequestration.
  • 45Q Carbon Capture, Utilization, and Storage Tax Credit Amendments Act of 2020 (Senate Bill 4966): This bill, introduced Dec. 7, proposes to amend the Internal Revenue Code of 1986 to provide for a 5-year extension of the carbon oxide sequestration credit, and for other purposes
  • HITS Act (Senate Bill 4955): This bill, introduced Dec. 3, proposes to amend the Internal Revenue Code of 1986 to provide for an election to expense certain qualified sound recording costs otherwise chargeable to capital account.
  • Coronavirus Assistance for American Families Act (House of Representatives Bill 8893): This bill, introduced Dec. 8, proposes to amend the Internal Revenue Code of 1986 to provide supplementary 2020 recovery rebates to eligible individuals.
  • E-QUIP Act (House of Representatives Bill 8930): This bill, introduced Dec. 9, proposes to amend the Internal Revenue Code of 1986 to allow 10-year straight line depreciation for energy efficient qualified improvement property, and for other purposes.
  • Transportation Oriented Development Act of 2020 (House of Representatives Bill 8969): This bill, introduced Dec. 15, proposes to amend the Internal Revenue Code of 1986 to modify the low-income housing credit to incentivize affordable and transit-oriented development, and for other purposes.
  • Save Jobs During the Pandemic Act of 2020 (House of Representatives Bill 8988): This bill, introduced Dec. 16, proposes to amend the Internal Revenue Code of 1986 to reduce the base erosion minimum tax rate for taxable years ending in 2020.
  • Encouraging Americans to Save Act (Senate Bill 5035): This bill, introduced Dec. 16, proposes to amend the Internal Revenue Code of 1986 to provide matching payments for retirement savings contributions by certain individuals.

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