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Proposed tax legislation - May 2019

The following is an overview of some of the tax proposals discussed or introduced in Congress in May 2019. 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.

  • Jobs and Premium Protection Act (House of Representatives Bill 2447): This bill, introduced May 1, proposes to repeal the annual fee on health insurance providers enacted by the Patient Protection and Affordable Care Act.
  • No Tax Subsidies for Stadiums Act of 2019 (House of Representatives Bill 2446): This bill, introduced May 1, proposes to amend the Internal Revenue Code of 1986 to ensure that bonds used to finance professional stadiums are not treated as tax-exempt bonds.
  • Gold Star Family Tax Relief Act (House of Representatives Bill 2481): This bill, introduced May 2, proposes to amend the Internal Revenue Code of 1986 to treat certain military survivor benefits as earned income for purposes of the kiddie tax.
  • Preserve Charities and Houses of Worship Act (Senate Bill 1282): This bill, introduced May 2, proposes to amend the Internal Revenue Code of 1986 to repeal certain rules related to the determination of unrelated business taxable income.
  • Clean energy for Americans Act (Senate Bill 1288): This bill, introduced May 2, proposes to amend the Internal Revenue Code of 1986 to provide tax incentives for increased investment in clean energy.
  • Hire Student Veterans Act (House of Representatives Bill 2499): This bill, introduced May 2, proposes to amend the Internal Revenue Code of 1986 to provide the work opportunity tax credit with respect to hiring veterans who are receiving educational assistance under laws administered by the Secretary of Veterans Affairs or Defense.
  • Americans Giving Care to Elders (AGE) Act (Senate Bill 1351): This bill, introduced May 7, proposes to amend the Internal Revenue Code of 1986 to provide an income tax credit for eldercare expenses.
  • Putting First Responders First Act (House of Representatives Bill 2560): This bill, introduced May 7, proposes to amend the Internal Revenue Code of 1986 to exclude certain disability-related first responder retirement payments from gross income.
  • BUILD Act (House of Representatives Bill 2541): This bill, introduced May 7, proposes to amend the Internal Revenue Code of 1986 to increase the national limitation amount for qualified highway or surface freight transfer facility bonds.
  • Make Marriage Great Again (House of Representatives Bill 2604): This bill, introduced May 8, proposes to amend the Internal Revenue Code of 1986 to eliminate the marriage penalty in the income tax rate brackets.

IMPORTANT: The above are proposals. There are many steps each bill must go through before it is signed into law.

Information retrieved from: GovTrack.us https://www.govtrack.us/congress/bills/subjects/taxation/6342