The following is an overview of some of the tax proposals discussed or introduced in Congress in October 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.
- Protecting Financial Privacy Act of 2021 (Senate Bill 2953): This bill, introduced Oct 7, proposes to prohibit the Internal Revenue Service from requiring financial institutions to report on the financial transactions of their customers.
- Primary and Virtual Care Affordability Act (House of Representative Bill 5541): This bill, introduced Oct 8, proposes to amend the Internal Revenue Code of 1986 to extend the exemption for telehealth services from certain high deductible health plan rules, and for other purposes.
- Work Opportunity Tax Credit (Senate Bill 3044): This bill, introduced Oct 21, proposes to amend the Internal Revenue Code of 1986 to include individuals receiving Social Security Disability Insurance benefits under the work opportunity credit and to increase the work opportunity credit for vocational rehabilitation referrals, qualified SSI recipients, and qualified SSDI recipients.
- Gig Is Up Act (House of Representative Bill 5704): This bill, introduced Oct 22, proposes to amend the Internal Revenue Code of 1986 to require payroll tax withholding on independent contractors of certain large businesses.
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