Proposed Tax Legislation – November 2019

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

Foster Opportunity EITC Act of 2019 (Senate Bill 2790): 

This bill, introduced Nov. 6, proposes to amend the Internal Revenue Code of 1986 to strengthen the earned income tax credit and expand eligibility for childless individuals, homeless youth, and youth formerly in foster care.

Opportunity Zone Reporting and Reform Act (Senate Bill 2787): 

This bill, introduced Nov. 6, proposes to amend the Internal Revenue Code of 1986 to require reporting for qualified opportunity funds, to make modifications to opportunity zones, and for other purposes.

Primary Care Patient Protection Act of 2019 (Senate Bill 2793): 

This bill, introduced Nov. 6, proposes to amend the Internal Revenue Code of 1986 to require coverage without a deductible of certain primary care services by high deductible health plans.

Millionaires Surtax Act (Senate Bill 2809): 

This bill, introduced Nov. 7, proposes to amend the Internal Revenue Code of 1986 to impose a surtax on high income individuals.

Lifetime Learning Credit Enhancement Act (Senate Bill 2819): 

This bill, introduced Nov. 7, proposes to amend the Internal Revenue Code of 1986 to increase the income-based limitations for the Lifetime Learning Credit, and for other purposes.

Farmers’ Access to Resources and Machinery Act (House of Representatives Bill 5007): 

This bill, introduced Nov. 8, proposes to amend the Internal Revenue Code of 1986 to expand certain exceptions to the private activity bond rules for first-time farmers, and for other purposes.

Investing in American Workers Act (House of Representatives Bill 5012): 

This bill, introduced Nov. 8, proposes to amend the Internal Revenue Code of 1986 to provide a credit for employer-provided worker training.

Opportunity Zone Accountability and Transparency Act (House of Representatives Bill 5011): 

This bill, introduced Nov. 8, proposes to amend the Internal Revenue Code of 1986 to require reporting by qualified opportunity funds.

Support Our Start-Ups Act (Senate Bill 2841): 

This bill, introduced Nov. 13, proposes to amend the Internal Revenue Code of 1986 to increase the limitations for deductible new business expenditures and to consolidate provisions for start-up and organizational expenditures.

Rural Broadband Investment Tax Credit Act (Senate Bill 2867): 

This bill, introduced Nov. 14, proposes to amend the Internal Revenue Code of 1986 to provide an investment credit for qualified broadband projects.

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