The following is an overview of some of the tax proposals discussed or introduced in Congress in February 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.
- NEST Act of 2020 (House of Representatives Bill 5782): This bill, introduced Feb. 6, proposes to amend the Internal Revenue Code of 1986 to provide for a credit against tax for qualified special law enforcement officers.
- SECURE Fix Act of 2020 (House of Representatives Bill 5792): This bill, introduced Feb. 6, proposes to amend the Internal Revenue Code of 1986 to repeal the restrictions on which designated beneficiaries may receive over the life of the beneficiary the required distributions from a defined contribution plan.
- To amend the Internal Revenue Code of 1986 to provide for reporting by certain investors with respect to certain medical care providers (House of Representatives Bill 5825): This bill, introduced Feb. 10, proposes to amend the Internal Revenue Code of 1986 to provide for reporting by certain investors with respect to certain specified medical care providers.
- Homecare for Seniors Act (Senate Bill 3261): This bill, introduced Feb. 10, proposes to amend the Internal Revenue Code of 1986 to allow qualified distributions from health savings accounts for certain home care expenses.
- Increased Transparency in 501(c)(4) Organizations Act of 2020 (House of Representatives Bill 5834): This bill, introduced Feb. 10, proposes to amend the Internal Revenue Code of 1986 to require the disclosure of notifications of intent to operate under Section 501(c)(4) of the Internal Revenue Code.
- Investing in Your Family’s Future Act (House of Representatives Bill 5837): This bill, introduced Feb. 10, proposes to amend the Internal Revenue Code of 1986 to permit treatment of child care payments as elective deferrals for purposes of employer matching contributions, and for other purposes.
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
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