Rep. Adrian Smith

Maddy summaryHR 2788, the AIM Act, permanently extends a tax provision allowing businesses to deduct certain depreciation, amortization, or depletion costs when calculating their business interest expense limits. This change directly affects businesses that calculate business interest deductions under the Internal Revenue Code. The bill removes the previous expiration date (for taxable years beginning before January 1, 2022), making the deduction rule permanent for all future taxable years. It does not alter the underlying tax rules but ensures the specific deduction method remains available indefinitely.

Maddy summaryHR 2743 prohibits large financial institutions (over $100 billion in assets) from denying banking services to lawful businesses based on subjective political reasons, industry type, or reputational concerns. It requires these institutions to use objective, risk-based assessments for service decisions and provide written justifications for denials. The law applies to banks, credit unions, and payment networks, with civil penalties for violations including fines up to $10,000 per incident. It specifically ensures businesses operating legally under federal law receive fair access to financial services without discrimination. The bill mandates that denials be based on documented risk factors, not political bias or category-based exclusion.

American Innovation and R&D Competitiveness Act of 2023 This bill eliminates the five-year amortization requirement for research and experimental expenditures, thus allowing continued expensing of such expenditures in the taxable years in which they are incurred.

Maddy summaryHJRES 27 is a congressional resolution seeking to block a federal rule that redefined which waterways fall under the Clean Water Act's protections. It targets a rule submitted by the Army Corps of Engineers, Department of Defense, and Environmental Protection Agency (EPA) on January 18, 2023, which aimed to revise the "Waters of the United States" definition. The resolution would formally disapprove this rule under a specific federal procedure (Chapter 8 of Title 5), preventing it from taking effect. This would directly affect how federal agencies regulate pollution and development near water bodies, including wetlands and smaller streams.

Eliminating Paperwork for Startups Act This bill requires the Internal Revenue Service to allow the election relating to property transferred in connection with services (i.e., to include in gross income the amount of such property in the year of transfer) to be made in electronic form.

Maddy summaryHR 2630, the Safe Step Act, requires group health plans and health insurance issuers to establish a clear, transparent process for patients or their doctors to request exceptions to medication step therapy protocols. These protocols typically force patients to try cheaper drugs first before covering more expensive alternatives. The bill mandates that plans must approve exceptions when prior treatments failed, delay would cause serious harm, a treatment is unsafe, or a patient is stable on a previously approved drug, with strict 72-hour (or 24-hour in emergencies) decision timelines. It also requires plans to publish the exception process online and limit documentation requests to only necessary medical information. This law directly affects health insurers, employers offering health plans, and patients using step therapy for prescription drugs.

Maddy summaryHR 2620, the Federal Firearms Licensee Protection Act of 2023, increases penalties for crimes targeting firearms licensees. It amends Section 924 of Title 18 to impose mandatory minimum sentences of 3 years for burglaries or 5 years for robberies committed at the business premises of licensed firearms dealers, manufacturers, or importers. The bill specifically targets violations of Section 922(u), which prohibits unauthorized access to these premises, and adds "attempts to do so" to the penalties. This directly affects licensed firearms businesses by strengthening legal protections against theft or violence at their locations. The law creates clearer, harsher consequences for crimes committed during burglaries or robberies at these specific business sites.

Maddy summaryThis bill terminates the national emergency declared by the President on March 13, 2020, under the National Emergencies Act. It ends the executive branch's authority to use emergency powers related to that specific declaration. The resolution passed both chambers in early 2023 and took effect April 10, 2023, without creating new policies or affecting specific groups.

This resolution expresses the sense of the House of Representatives that the United States should negotiate and enforce rules on digital trade and the digital economy with like-minded countries as part of its broader trade and economic strategy.

Maddy summaryThe ALIGN Act (HR 2406) permanently allows businesses to deduct the full cost of qualified equipment and machinery in the year of purchase, rather than spreading the deduction over multiple years. This applies to property placed in service after September 27, 2017, directly affecting businesses that make capital investments in eligible assets like manufacturing equipment or commercial facilities. The bill eliminates the previous requirement to depreciate these costs over time, reducing taxable income in the purchase year. It makes a temporary 2017 tax provision permanent, impacting businesses across various industries that purchase qualifying property.