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Proposed Tax Legislation - May 2021

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

  • PHIT Act of 2021 (House of Representatives Bill 3109): This bill, introduced May 11, proposes to amend the Internal Revenue Code of 1986 to treat certain amounts paid for physical activity, fitness, and exercise as amounts paid for medical care.
  • Carried Interest Fairness Act of 2021 (Senate Bill 1598): This bill, introduced May 12, proposes to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities.
  • Student Loan Marriage Penalty Elimination Act of 2021 (House of Representatives Bill 3196): This bill, introduced May 13, proposes to allow married couples to apply the student loan interest deduction limitation separately to each spouse, and for other purposes.
  • Paying a Fair Share Act of 2021 (Senate Bill 1652): This bill, introduced May 17, proposes to ensure high-income earners pay a fair share of Federal taxes.

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