The following is an overview of some of the tax proposals discussed or introduced in Congress in April 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.
- Superfund Reinvestment Act (House of Representatives Bill 2674): This bill, introduced Apr. 20, proposes to amend the Internal Revenue Code of 1986 to provide for the use of funds in the Hazardous Substance Superfund for the purposes for which they were collected, to ensure adequate resources for the cleanup of hazardous substances under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980.
- American Workforce Empowerment Act (House of Representatives Bill 2691): This bill, introduced Apr. 20, proposes to amend the Internal Revenue Code of 1986 to permit 529 plans to be used for certain non-degree technical training certificate programs and apprenticeship programs.
- Tax on Wall Street Speculation Act (House of Representatives Bill 2735): This bill, introduced Apr. 21, proposes to impose a tax on certain trading transactions to invest in our families and communities, improve our infrastructure and our environment, strengthen our financial security, expand opportunity and reduce market volatility.
- Promotion and Expansion of Private Employee Ownership Act of 2021 (Senate Bill 1300): This bill, introduced Apr. 22, proposes to amend the Internal Revenue Code of 1986 and the Small Business Act to expand the availability of employee stock ownership plans in S corporations, 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