The following is an overview of some of the tax proposals discussed or introduced in Congress in October 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.
American Future Healthcare Act of 2019 (House of Representatives Bill 4651):
This bill, introduced Oct. 11, proposes to amend the Internal Revenue Code of 1986 to expand health savings accounts, and for other purposes.
Excise Narcotics Distribution in the Epidemic Act of 2019 (House of Representatives Bill 4631):
This bill, introduced Oct. 11, proposes to amend the Internal Revenue Code to impose an excise tax on opioid manufacturers, to make the funds collected through such tax available for opioid (including heroin) abuse prevention and treatment programs, and for other purposes.
New Home Energy Efficiency Act (Senate Bill 2595):
This bill, introduced Oct. 15, proposes to amend the Internal Revenue Code of 1986 to extend and update the new energy efficient home credit.
High Rise Fire Sprinkler Incentive Act of 2019 (House of Representatives Bill 4685):
This bill, introduced Oct. 15, proposes to amend the Internal Revenue Code of 1986 to classify certain automatic fire sprinkler system retrofits as 15-year property for purposes of depreciation.
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