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Proposed Tax Legislation - July 2021

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

  • Intelligence Community Workforce Agility Protection Act of 2021 (Senate Bill 2341): This bill, introduced July 14, proposes to amend the Internal Revenue Code of 1986 to expand the treatment of moving expenses to employees and new appointees in the intelligence community who move pursuant to a change in assignment that requires relocation.
  • Water and Agriculture Tax Reform Act of 2021 (House of Representatives Bill 4553): This bill, introduced July 20, proposes to amend the Internal Revenue Code of 1986 to facilitate water leasing and water transfers to promote conservation and efficiency.
  • WRCR Act of 2021 (House of Representatives Bill 4665): This bill, introduced July 22, proposes to amend the Internal Revenue Code of 1986 to expand and improve the earned income tax credit.
  • Motorsports Fairness and Permanency Act of 2021 (House of Representatives Bill 4674): This bill, introduced July 22, proposes to amend the Internal Revenue Code of 1986 to make permanent the 7-year recovery period for motorsports entertainment complexes.

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