This bill, known as the ABLE MATCH Act, aims to help individuals with disabilities save money by providing a federal tax credit that is automatically deposited into their ABLE savings accounts. The program targets low-income earners by offering a 100% match on up to $2,000 of annual contributions, provided their income falls below 200% of the federal poverty limit, with the credit amount gradually decreasing for higher incomes. To support wider adoption, the legislation also authorizes the Treasury to award $5 million annually in grants to states for promoting these accounts and includes a requirement for collecting demographic data on account holders. These changes are designed to increase financial security for people with disabilities by encouraging savings without jeopardizing their eligibility for other government benefits.
The Employee Ownership Fairness Act of 2026 modifies tax rules for Employee Stock Ownership Plans (ESOPs) to help workers better manage their retirement savings. Currently, money contributed to ESOPs counts toward annual contribution limits, which can prevent employees from making additional contributions to other retirement accounts or receiving full employer matches. This bill changes those limits so that stock contributions and loan repayments for ESOPs do not count toward the caps, allowing employees to diversify their savings more easily. The changes apply to plan years starting after the law is enacted and affect companies that use ESOPs to provide employee ownership.
The Welcome Back to the Health Care Workforce Act establishes a grant program to help internationally educated health care professionals integrate into the U.S. health care system. Under this bill, the Secretary of Health and Human Services would award funds to eligible groups, such as hospitals, universities, and government agencies, after consulting with the Labor and Education departments. Recipients must use at least 20 percent of the money for system-wide improvements like mentoring networks and employer education, while the remaining funds can support individual needs such as licensing fees, language training, and living expenses. Priority is given to projects that address workforce shortages in rural areas or communities with significant gaps in health care staffing. The act also requires annual reporting on the number of professionals supported and their employment outcomes, with funding authorized through fiscal year 2031.
The Disclosure of Tax Havens and Offshoring Act requires large multinational companies to publicly report their financial performance in every country where they operate. Specifically, it mandates that these firms submit detailed reports to the Securities and Exchange Commission showing revenues, profits, taxes paid, and employee counts for each jurisdiction. The law also requires this data to be provided in a machine-readable format and made available online for public access. Companies must follow specific rules for defining which entities and locations are included in these reports, with the Commission expected to issue final regulations within a year of the bill's enactment.
The Water Emergency and Technical Assistance Act of 2026 establishes a funding mechanism to help states and water treatment facilities respond to emergencies that pose a significant danger to public health, such as sewer overflows or cybersecurity incidents. Under this bill, the Environmental Protection Agency Administrator can provide grants and technical assistance for activities that prevent or mitigate health risks but would be too costly for ratepayers to fund on their own. The legislation authorizes $50 million annually from fiscal years 2027 through 2031 to support these emergency efforts and also increases the existing funding for drinking water emergencies during the same period.
The Water Emergency and Technical Assistance Act expands federal funding and support for water systems facing emergencies that threaten public health. It increases the annual budget for drinking water emergency situations from $35 million to $50 million and adds a new program to provide grants for treating sewage overflows and other water crises. These funds are specifically intended for activities that would be too costly for local ratepayers to handle alone and are authorized for use through fiscal year 2031. The legislation also allows the EPA Administrator to offer technical assistance for emergencies caused by issues like cybersecurity events.
This bill proposes new restrictions on retirement savings for high-income individuals who already have large account balances. It would limit annual contributions to traditional retirement plans for taxpayers with modified adjusted gross income exceeding $225,000 to $450,000, depending on filing status, if their total retirement savings surpass a $10 million threshold. Additionally, the legislation would increase the minimum required distributions for these same individuals, forcing them to withdraw more money annually from their accounts starting in 2034. To facilitate these withdrawals, the bill requires retirement plans to allow employees to request specific lump-sum distributions and mandates higher tax withholding on these payments.
The Curtailing Executive Overcompensation (CEO) Act imposes a new excise tax on large companies where the highest-paid CEO earns significantly more than the median worker. This tax applies to employers with over $100 million in annual revenue and over $10 million in wages, charging a fee equal to the lesser of 1% of the pay gap or 1% of the company's gross receipts. The law defines the pay gap as the difference between the CEO's average compensation and 50 times the median wage of all employees earning at least $5,000, with thresholds adjusted for inflation after 2027. Companies found to be manipulating their workforce to avoid the tax could face joint liability, and the IRS will issue regulations to prevent such avoidance.
The Public Service Retirement Tax Relief Act of 2026 limits the federal income tax that individuals receiving state or local government pensions must pay. Starting in 2026, the total tax on these pensions cannot exceed $10,000 for single filers or $20,000 for married couples filing jointly. This cap is calculated by first determining the tax owed on all income except the pension, then adding the maximum allowable pension tax amount to that figure. The bill directly affects public servants who rely on pensions from state or local governments for their retirement income.
The Medicare-X Choice Act of 2026 creates a new public health plan called the Medicare Exchange health plan, which would be available to individuals and small groups starting in 2028. The bill establishes two dedicated funds to finance the plan's creation and technology updates, appropriating $1 billion each for fiscal year 2027. Under the plan, the government would set premiums to cover full costs, and reimbursement rates for doctors and hospitals would generally match current Medicare rates, with potential increases for rural areas. The legislation also requires health care providers who participate in traditional Medicare to also accept patients in this new plan, while prohibiting insurers from placing additional restrictions on enrollees. Additionally, the bill expands tax credits for people buying insurance, fixes the "family glitch" that currently limits subsidy eligibility for some workers, and authorizes the government to negotiate prices for prescription drugs.
