HR 7477, the CERTS Tax Exemption Act, ensures that grants provided under the Coronavirus Economic Relief for Transportation Services Act are tax-free for eligible transportation service providers. The bill directly affects companies and organizations providing transportation services that receive these specific federal grants. Key provisions state that grant amounts cannot be counted as taxable income, deductions related to grant-funded costs cannot be denied, and tax attributes (like basis increases) must be treated as tax-free for partnerships and S corporations. This change simplifies tax treatment for recipients by preventing unintended tax liabilities on relief funds.
This bill allows Medicare beneficiaries to contribute to Health Savings Accounts (HSAs) without losing eligibility. It amends the tax code to treat Medicare coverage as an "HSA-qualified health plan," removing the prior barrier that prevented Medicare enrollees from using HSAs. Specifically, it excludes Medicare premiums from HSA out-of-pocket expense calculations and updates IRS definitions to include Medicare as HSA-compatible. This directly affects seniors enrolled in Medicare Part A or Part B who previously could not contribute to HSAs.
Public Service Loan Forgiveness Payment Completion Fairness Act or the PSLF Payment Completion Fairness Act This bill removes the requirement that a borrower must be employed in a public service job at the time of loan forgiveness under the Public Service Loan Forgiveness (PSLF) program. Under the current PSLF program, the Department of Education must cancel the balance of interest and principal due on a borrower's Federal Direct Loans after the borrower makes 120 monthly loan payments while employed in a public service job and, at the time of loan forgiveness, the borrower is employed in a public service job. This bill removes the requirement that the borrower must be working in a public service job at the time of loan forgiveness.
Freedom of Association in Higher Education Act of 2022 This bill addresses freedom of association protections for college students in single-sex social organizations. Specifically, the bill gives students (or groups of students) enrolled at institutions of higher education (IHEs) the right to form or join social organizations, including single-sex social organizations. Additionally, the bill prohibits IHEs that participate in federal student-aid programs from taking adverse actions against single-sex social organizations or students who are members or prospective members of such organizations based solely on the practice of limiting membership to only individuals of one sex; taking actions that require or coerce members or prospective members of such organizations to waive protections provided under the bill, including as a condition of enrolling in the IHE; or imposing a recruitment restriction on a single-sex social organization that is not imposed upon other student organizations, unless the organization and IHE have entered into a written agreement allowing the restriction.
Rural Hospital Support Act This bill modifies and extends certain payment adjustments for rural hospitals under Medicare's inpatient prospective payment system. Specifically, the bill indexes payment adjustments for sole community hospitals and Medicare-dependent hospitals to FY2016 operating costs, if it results in higher payments for such hospitals. The bill also makes payment adjustments for Medicare-dependent hospitals and low-volume hospitals permanent (the adjustments currently expire at the end of FY2022).
Human Rights Violators Act of 2022 This bill establishes additional statutory grounds for barring a non-U.S. national ( alien under federal law) from admission into the United States, including for participating in female genital mutilation. The bill also addresses other issues, such as establishing the Human Rights Violators and War Crimes Center to coordinate efforts to bar foreign human rights abusers from entering the United States and support efforts to remove such individuals from the United States.
Comprehensive Southern Border Strategy Act This bill requires the Department of Homeland Security to report to Congress a comprehensive southern border strategy. The strategy must include (1) an overview of current security risks along the southern border; and (2) an assessment of the barriers, technologies, and tools that are necessary to achieve and maintain situational awareness and operational control of the border.
Russian Federation Suspension Act of 2022 This bill requires U.S. representatives to various international organizations to advocate and vote for certain positions relating to Russia, such as (1) calling for the U.N. Human Rights Council to convene a special session on Russia's human rights violations committed during its invasion of Ukraine, (2) opposing Russia's access to International Criminal Police Organization (INTERPOL) systems, and (3) opposing financial assistance to Russia other than assistance that would support a core U.S. interest. The bill also prohibits U.S. law enforcement and executive agencies from recognizing INTERPOL Red Notices issued by Russia. (INTERPOL is an international police organization that facilitates cooperation in law enforcement matters. A Red Notice is a request from an INTERPOL member state seeking the location and arrest of wanted persons for extradition or a similar action.)
Small Lenders Exempt from New Data and Excessive Reporting Act or the Small LENDER Act This bill exempts certain financial institutions and transactions from the Consumer Financial Protection Bureau (CFPB) reporting requirements with respect to data about small business credit applications. Under the bill, the requirements apply only to financial institutions that originate at least 500 credit transactions to small businesses in each of the preceding two years. The bill further defines small businesses as those with annual revenue of $1 million or less. Currently, the CFPB has proposed a rule that the requirements apply only to financial institutions that originate at least 25 annual credit transactions to small businesses in each of the preceding two years. The rule further defines small businesses as those with annual revenue of $5 million or less.
Hearing Small Businesses Act of 20 22 This bill requires the U.S. Fish and Wildlife Service and the Internal Revenue Service to seek and consider the advice of small entities about a proposed or interim final rule before publishing the rule if the rule will have a significant economic impact on a substantial number of small entities.
This resolution calls on the Biden administration and its officials to maintain the sanctions on the repressive regimes in Venezuela and Iran. The resolution also expresses the sense of the House of Representatives that American energy independence should be achieved again for the sake of U.S. national security and the security of U.S. allies; and President Biden should immediately rescind his Executive Orders that prohibit the approval of new leases on federal lands and waters, and should immediately take actions to reestablish American energy independence.
Supply Chain Disruptions Relief Act This bill modifies the treatment of liquidations of new motor vehicle inventory as qualified LIFO (last in first out accounting method) inventory. It allows new motor vehicle dealers to elect to wait until the end of 2025 to replace their inventory for purposes of determining income attributable to the sale of such inventory during 2020 and 2021.
