The following is an overview of some of the tax proposals discussed or introduced in Congress in September 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.
Affordable Housing Incentives Act of 2019 (House of Representatives Bill 4239):
This bill, introduced Sept. 6, proposes to amend the Internal Revenue Code of 1986 to allow for non-recognition of gain on real property sold for use as affordable housing.
Fair Share for Workers Act (Senate Bill 2445):
This bill, introduced Sept. 9, proposes to amend the Internal Revenue Code of 1986 to impose a surtax on corporations with significant disparities in employee wages.
Cutting Local Taxes by Reinstating SALT Act (House of Representatives Bill 4274):
This bill, introduced Sept. 10, proposes to amend the Internal Revenue Code of 1986 to repeal the limitation on the deduction for certain taxes, including state and local property and income taxes, to limit the step-up in basis allowed in the case of property acquired from a decedent, and to deem a sale on any contribution of property to a private foundation.
Tax Refund Responsibility Act (House of Representatives Bill 4262):
This bill, introduced Sept. 10, proposes to amend the Internal Revenue Code of 1986 to exclude the portion of a lump-sum social security benefit payment that relates to periods prior to the taxable year from the determination of household income.
E-Cigarette Tax Parity Act (Senate Bill 2463):
This bill, introduced Sept. 11, proposes to amend the Internal Revenue Code of 1986 to provide for regulation and taxation of electronic cigarettes and alternative nicotine products.
Hurricane Dorian Charitable Giving Act (Senate Bill 2476):
This bill, introduced Sept. 12, proposes to provide a temporary increase in the limitation on deductible contributions made for relief efforts related to Hurricane Dorian.
End Discriminatory State Taxes for Automobile Renters Act of 2019 (House of Representatives Bill 4311):
This bill, introduced Sept. 12, proposes to protect consumers from discriminatory state taxes on motor vehicle rentals.
Child Tax Credit Extension Act (Senate Bill 2490):
This bill, introduced Sept. 17, proposes to amend the Internal Revenue Code of 1986 to make permanent certain changes made by Public Law 115-97 to the child tax credit.
Compassionate Retirement Act of 2019 (Senate Bill 2495):
This bill, introduced Sept. 18, proposes to amend the Internal Revenue Code of 1986 to establish an exception to the penalty on early distributions from qualified plans for individuals diagnosed with certain terminal illnesses.
Worker Dividend Act of 2019 (House of Representatives Bill 4419):
This bill, introduced Sept. 19, proposes to amend the Internal Revenue Code of 1986 to ensure that workers and communities that are responsible for record corporate profits benefit from the wealth that those workers and communities help to create, 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