Rep. Jason Smith

Maddy summaryThis bill approves and implements a new trade agreement between the United States and Taiwan, negotiated by the American Institute in Taiwan and Taiwan's Taipei Economic and Cultural Representative Office. The agreement aims to strengthen economic ties by addressing areas like supply chain security, investment screening, health, science, technology, and the digital economy. The bill establishes requirements for the President to consult with Congress before implementation, submit reports on how the agreement benefits US workers and businesses, and provide transparency about future trade negotiations. It also clarifies that the agreement doesn't override US or state laws and requires any future agreements to follow a similar approval process with congressional review.

Maddy summaryThis bill directs the U.S. Treasury to mint commemorative coins marking the Marine Corps' 250th anniversary in 2025. It authorizes three coin types: $5 gold coins (max 50,000), $1 silver coins (max 400,000), and half-dollar coins (max 750,000), with surcharges of $35, $10, and $5 respectively. The surcharge proceeds will fund the Marine Corps Heritage Center's educational programs, with no net cost to taxpayers as the Treasury must recover all minting costs through the surcharges. The coins can only be issued during 2025, and the Treasury must ensure all costs are covered before distributing funds to the Heritage Foundation.

Maddy summaryHR 4695, the Unfair Tax Prevention Act, amends the tax code to create special rules for certain foreign-controlled companies operating under specific foreign tax regimes. It directly affects multinational entities controlled by foreign owners that face "extraterritorial taxes" (taxes based on income connections through ownership chains, not direct ownership). Key provisions include treating these entities as "applicable taxpayers" for base erosion rules, changing a key deadline to the bill's enactment date, and requiring 50% of their cost of goods sold to be counted as a tax benefit. This targets tax avoidance strategies used by some foreign-owned businesses in jurisdictions with complex cross-border tax structures. The changes apply to taxable years beginning after the bill's enactment.

Maddy summaryHR 4709, the U.S.-Israel Anti-Killer Drone Act of 2023, amends a reporting requirement in the National Defense Authorization Act to enhance U.S.-Israel cooperation on countering Iranian drone threats. The bill requires the Secretary of Defense to submit a report within 180 days detailing the status of joint efforts to develop and deploy counter-drone technologies, including assessments of current capabilities and proposed policy changes. It also increases funding for this cooperation from $40 million to $55 million annually. The bill directly affects U.S. and Israeli military operations by mandating formal coordination to address Iran’s growing arsenal of armed drones, which have been used against U.S. allies like Israel and Saudi Arabia. This is a procedural bill focused on improving existing coordination, not on new weapons or sanctions.

Maddy summaryHR 3936, the "Tax Cuts for Working Families Act," renames the standard deduction as a "guaranteed deduction" throughout tax law and adds a temporary bonus deduction for 2024-2025. It increases the deduction by $4,000 for joint filers/surviving spouses, $3,000 for heads of household, and $2,000 for others, with annual inflation adjustments. The bonus deduction phases out for higher earners: 5% reduction above $400,000 (joint) or $300,000 (head of household) modified adjusted gross income. This bill directly affects most individual taxpayers who claim the standard deduction, offering temporary tax relief for working families during 2024-2025. The changes apply to taxable years beginning after December 31, 2023.

Maddy summaryThe Small Business Jobs Act (HR 3937) modifies tax provisions to support small businesses by increasing the threshold for information reporting from $600 to $5,000 with annual inflation adjustments. It changes capital gains treatment for qualified small business stock, allowing greater exclusions based on holding period (50% after 3 years, 75% after 4 years, 100% after 5 years) and increases expensing limits for depreciable business assets to $2.5 million. The bill also establishes special rules for capital gains invested in rural opportunity zones, including deferral options and basis adjustments for long-term investments. Additionally, it creates new reporting requirements for qualified opportunity funds and rural opportunity funds, including detailed information about investments, property, and employment impacts.

Maddy summaryThe Build It in America Act (HR 3938) extends tax incentives for businesses, including allowing immediate expensing of research costs and extending 100% bonus depreciation until 2026. It repeals various clean energy tax credits, such as those for clean electricity production, clean vehicles, and previously-owned clean vehicles. The bill also imposes a 60% tax on foreign entities from designated "countries of concern" (including China, Russia, Iran, North Korea, Cuba, and Venezuela) that purchase U.S. agricultural interests. These provisions primarily affect businesses engaged in research, manufacturing, and agriculture, with the goal of promoting domestic investment and supply chain security.

Maddy summaryHJRES 44 is a congressional resolution seeking to block a 2021 rule by the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF). The rule classified firearms with stabilizing braces as "short-barreled rifles," which would have required additional licensing and regulation. This resolution uses a specific legal process (under Title 5, U.S. Code) to formally disapprove the ATF rule, meaning the rule would no longer be in effect. It directly affects firearm owners, manufacturers, and dealers who would have been subject to the rule’s requirements.

Maddy summaryHJRES 45 is a congressional disapproval resolution targeting a specific Department of Education rule about federal student loans. It seeks to block the rule implementing "One-Time Federal Student Loan Debt Relief" (including modifications to Perkins, FFEL, and Direct Loan programs) by invoking the Congressional Review Act. If passed, this resolution would nullify the rule, preventing the Department of Education from using it to modify or waive student loan obligations. The bill directly affects borrowers who might have qualified for debt relief under the targeted rule.

Maddy summaryHR 277 would require Congress to approve major federal regulations before they take effect. Major rules are defined as those with significant economic impact ($100 million+ annually), major cost increases for consumers or industries, or significant adverse effects on competition, employment, or innovation. Agencies must submit detailed information about these rules to Congress, including cost-benefit analyses, before they can take effect. Congress would have 70 session days to approve the rule with a joint resolution; if they don't act within that timeframe, the rule would not take effect. This would increase congressional oversight of federal regulations and require more detailed information about proposed rules before they become law.