The following is an overview of some of the tax proposals discussed or introduced in Congress in April 2020. 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.
- Small Business Investor Tax Parity Act of 2020 (House of Representatives Bill 6458): This bill, introduced April 7, proposes to amend section 199A of the Internal Revenue Code of 1986 to allow the deduction under that section to apply to qualified Business Development Center interest dividends in the same manner as qualified Real Estate Investment Trust dividends.
- CHARITY 2022 Act (House of Representatives Bill 6490): This bill, introduced April 10, proposes to amend the Internal Revenue Code of 1986 to allow above-the-line deductions for charitable contributions for individuals not itemizing deductions.
- Recovery Rebates Improvement Act (House of Representatives Bill 6485): This bill, introduced April 10, proposes to amend the Internal Revenue Code of 1986 to allow 2020 recovery rebates for individuals filing a joint return if one spouse satisfies the valid identification number requirement.
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