The following is an overview of some of the tax proposals discussed or introduced in Congress in August 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.
- RAISE the Roof Act (House of Representatives Bill 4922): This bill, introduced Aug 3, proposes to amend the Internal Revenue Code of 1986 to expand the residential energy efficient property credit and energy credit, and for other purposes.
- Automatic Relief for Taxpayers Affected by Major Disasters and Critical Events Act (House of Representative Bill 5027): This bill, introduced Aug 13, proposes to amend the Internal Revenue Code of 1986 to provide relief for taxpayers affected by disasters or other critical events.
- Rare Earth Magnet Manufacturing Production Tax Credit Act of 2021 (House of Representatives Bill 5033): This bill, introduced Aug 13, proposes to amend the Internal Revenue Code of 1986 to establish a credit for the domestic production of rare earth magnets, and for other purposes.
- First Time Homeowner Savings Plan Act (House of Representatives Bill 5078): This bill, introduced Aug 23, proposes to amend the Internal Revenue Code of 1986 to increase the amount that can be withdrawn without penalty from individual retirement plans as first-time homebuyer distributions.
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