The following is an overview of some of the tax proposals discussed or introduced in Congress in June 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.
- ELITE Vehicles Act (House of Representatives Bill 3796): This bill, introduced June 8, proposes to amend the Internal Revenue Code of 1986 to terminate the credit for new qualified plug-in electric drive motor vehicles.
- GET Parity Act (House of Representatives Bill 3920): This bill, introduced June 15, proposes to amend the Internal Revenue Code of 1986 to provide tax credit parity for geothermal heat pump property.
- Local Journalism Sustainability Act (House of Representatives Bill 3940): This bill, introduced June 16, proposes to provide tax incentives that support local newspapers and other local media.
- Tax-Free Pell Grant Act (House of Representatives Bill 4173): This bill, introduced June 25, proposes to extend and modify the American Opportunity Tax Credit.
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