Rep. Mike Carey

Maddy summaryHR 662 amends the tax code to change how oil and gas companies calculate taxable income related to intangible drilling and development costs. It allows companies to disregard certain depreciation and depletion expenses recorded on their financial statements when computing taxable income, effectively reducing their tax burden on these specific costs. The bill directly affects oil and gas producers who use intangible drilling costs in their operations. The changes apply to taxable years beginning after December 31, 2025. This is a tax code adjustment, not a direct policy change for energy production.

Maddy summaryHR 640, the Chemical Tax Repeal Act, eliminates excise taxes on specific chemicals previously levied under Internal Revenue Code Chapter 38. It directly affects chemical manufacturers and distributors who paid these taxes on certain substances. The bill repeals the relevant tax provisions by amending the Internal Revenue Code, removing subchapters B and C of Chapter 38. This change takes effect on January 1, 2024, ending the tax requirement for covered chemicals.

Maddy summaryThe ALIGN Act (HR 574) allows businesses to immediately deduct the full cost of certain qualifying equipment and property (like machinery or tools) instead of spreading the deduction over several years. This permanent tax change directly affects businesses that invest in eligible property placed in service after September 2017. The key provision eliminates the previous depreciation rules for these assets, providing an immediate tax benefit to encourage capital investment. It does not change tax rates or apply to all business expenses, only specific types of equipment meeting the defined criteria.

Maddy summaryThis bill requires the Treasury Secretary to regularly report to Congress about foreign countries that impose taxes on U.S. businesses or individuals considered unfair (extraterritorial or discriminatory taxes). For countries identified in these reports, it authorizes the U.S. to increase tax rates on income and withholdings from those countries, starting at 5% and increasing up to 20% over time. The bill also allows the U.S. to prohibit federal government purchases from entities in those countries and to consider these tax policies when negotiating tax treaties or trade agreements. It would directly affect U.S. businesses and individuals doing business with countries that have these tax policies, as well as those countries' businesses operating in the U.S.

Chiropractic Medicare Coverage Modernization Act of 2025 This bill expands Medicare coverage of chiropractic services to include all services provided by chiropractors, rather than only subluxation corrections through manual manipulation of the spine.

This bill increases the annual limit on the tax credit for qualified railroad track maintenance expenses (also referred to as the short line railroad tax credit) and expands eligibility for claiming the credit. Under current law, the tax credit is limited each tax year to $3,500 multiplied by the sum of the number of miles of railroad track owned or leased by the taxpayer (miles owned or leased) and the number of railroad track miles assigned to the taxpayer by a Class II or III railroad (miles assigned). This bill increases the annual limit to $6,100 multiplied by the sum of miles owned or leased and miles assigned. The $6,100 amount used in the calculation of the tax credit limit is adjusted for inflation for tax years beginning after 2025. The bill also expands eligibility for the tax credit to include gross expenses for maintaining railroad tracks owned or leased as of January 1, 2024. Under current law, the tax credit is limited to gross expenses for maintaining railroad tracks owned or leased as of January 1, 2015.

Maddy summaryThis bill creates special tax rules for certain Taiwanese residents with income from U.S. sources, primarily addressing double taxation concerns. It reduces withholding tax rates on interest, dividends, and royalties from 30% to 10% (or 15% for certain dividends) for qualified Taiwanese residents, and eliminates tax on certain wages paid to Taiwanese workers in the U.S. It also sets a $30,000 annual limit on tax-free income from entertainment or athletic activities. To qualify, individuals must meet specific residency and ownership criteria, and the bill requires reciprocal tax benefits from Taiwan before taking effect. This legislation is designed to facilitate economic activity between the U.S. and Taiwan without requiring a formal tax treaty.

This joint resolution recognizes the sacrifice of veterans of the Vietnam War and commends them for their sacrifice to the United States. The joint resolution also urges the President to formally acknowledge the widespread mistreatment of such veterans as part of the ongoing Vietnam War Commemoration and issue a formal apology to the veterans and their families. Additionally, the joint resolution expresses urgent support for increased education to better reflect the sacrifice and treatment of Vietnam veterans.

Maddy summaryHR 429, the Rosie the Riveter Commemorative Coin Act, authorizes the U.S. Treasury to mint and sell three types of commemorative coins ($5 gold, $1 silver, and half-dollar) to honor women who worked on the U.S. home front during World War II. The coins will be sold at face value plus surcharges ($35 for gold, $10 for silver, $5 for half-dollar), with all surcharge revenue directed to the Rosie the Riveter Trust to support the Rosie the Riveter WWII Home Front National Historical Park and related educational programs. The coins must be issued between January 1, 2028, and December 31, 2028, in specified quantities (50,000 gold, 400,000 silver, 750,000 half-dollar), with all costs covered by the sales revenue to avoid net government expense.

Maddy summaryThe FAIR PREP Act of 2025 prohibits the IRS from preparing individual tax returns or refund claims, except for the existing IRS Free File Program and certain qualified return preparation services. It clarifies that the IRS may still provide fillable tax forms with automated calculations and correct mathematical or clerical errors without violating the prohibition. The bill also bans the IRS from developing or operating new electronic tax preparation services after enactment without explicit new congressional authorization. This directly affects how the IRS delivers tax filing assistance, preserving current free options while restricting new government-run tools.