Client Resource Center

Practical answers for your questions

290 MAPLE CT STE 240 • VENTURA, CA 93003
Phone: 805-642-2495 • Fax: 805-642-2974

Proposed tax legislation - June 2019

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

  • Business Activity Tax Simplification Act of 2019 (House of Representatives Bill 3063): This bill, introduced June 3, proposes to regulate certain State taxation of interstate commerce, and for other purposes.
  • Expanding Access to Retirement Savings for Caregivers Act (House of Representatives Bill 3078): This bill, introduced June 4, proposes to amend the Internal Revenue Code of 1986 to reduce the age for making catch-up contributions to retirement accounts to take into account time out of the workforce to provide dependent care services.
  • Affordable Housing Credit Improvement Act of 2019 (Senate Bill 1703): This bill, introduced June 4, proposes to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes. 
  • Student Loan Interest Deduction Act of 2019 (House of Representatives Bill 3098): This bill, introduced June 4, proposes to increase the deduction allowed for student loan interest.
  • Supermarket Tax Credit for Underserved Areas Act (House of Representatives Bill 3123): This bill, introduced June 5, proposes to amend the Internal Revenue Code of 1986 to provide tax incentives for the establishment of supermarkets in certain underserved areas.
  • College Admissions Fairness Act (Senate Bill 1732): This bill, introduced June 5, proposes to amend the Internal Revenue Code of 1986 to provide rules for the disallowance and recapture of certain charitable contributions to colleges and universities, and for other purposes.
  • Taxpayers First Act (House of Representatives Bill 3151): This bill, introduced June 6, proposes to amend the Internal Revenue Code of 1986 to modernize and improve the Internal Revenue Service, and for other purposes.
  • Working Families Tax Relief Act of 2019 (House of Representatives Bill 3157): This bill, introduced June 6, proposes to amend the Internal Revenue Code of to expand the earned income and child tax credits, and for other purposes.
  • Waterway LNG Parity Act of 2019 (Senate Bill 1774): This bill, introduced June 11, proposes to amend the Internal Revenue Code of 1986 to provide for an energy equivalent of a gallon of diesel in the case of liquefied natural gas for purposes of the Inland Waterways Trust Fund financing rate.
  • Ending Tax Breaks for Private Prisons Act (Senate Bill 1827): This bill, introduced June 13, proposes to amend the Internal Revenue Code of 1986 to exclude corporations operating prisons from the definition of taxable REIT subsidiary.

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