Modernization of Derivatives Tax Act of 2021 This bill modifies the tax treatment of derivatives. A derivative is any contract (including any option, forward contract, futures contract, short position, swap, or similar contract) the value of which, or any payment or other transfer with respect to which, is (directly or indirectly) determined by reference to another specified item. The bill modifies the tax treatment of derivatives to (1) require mark to market treatment (treating the contracts as if they had been terminated or transferred at fair market value at the end of the year) for derivatives not terminated or transferred during the year, (2) require gains and losses to be taxed at ordinary tax rates and sourced to the taxpayer's country of residence, and (3) revise the reporting requirements and tax rules that apply to taxpayers that use derivatives to hedge capital assets. The bill includes several exceptions for certain real property; hedging transactions; securities lending, sale-repurchase, and similar financing transactions; options received in connection with the performance of services; insurance contracts, annuities, and endowments; derivatives with respect to stock of members of the same worldwide affiliated group; and commodities used in the normal course or trade of business.
Get Toxic Substances Out of Schools Act of 2021 This bill addresses the provision of Environmental Protection Agency (EPA) grants to prevent and eliminate toxic substances, particularly in certain school environments. The EPA is authorized make grants to Indian tribes (in addition to the current authority to provide grants to states) to establish and operate programs to prevent or eliminate unreasonable risks associated with a chemical substance or mixture of which the EPA is unlikely to address during the 24-month period after the grant is made. The bill also authorizes the EPA to partner with the Department of Labor (with respect to enforcement of labor standards) to provide grants to states and Indian tribes to identify, prevent, or eliminate risks associated with the presence of a chemical substance or mixture in eligible facilities (i.e., public school facilities operated by a local educational agency, facilities operated by an early childhood education program, and center-based child care facilities operated by an eligible child care provider). The EPA has permanent authority to provide grants to Indian tribes (in addition to the current authority to provide such grants to states) to (1) provide technical assistance to local educational agencies, early childhood education programs, and eligible child care providers to address environmental concerns in eligible facilities; and (2) develop and implement state and tribal programs to support the remediation of toxic substances in eligible facilities. Under the bill, the EPA must also provide specified outreach and guidelines related to environmental hazards in eligible facilities.
Beyond the Box for Higher Education Act of 2021 This bill requires the Department of Education to issue guidance and recommendations for institutions of higher education to remove criminal and juvenile justice questions from their admission applications.
Protecting Election Administration from Interference Act of 2021 This bill revises preservation and retention requirements for federal election records. It also revises criminal penalties related to election records and the voting process. Under current law, election officials must, for a period of 22 months from the federal election, retain and preserve all election-related records and papers. This bill extends the requirement to electronic records and electronic equipment. Next, the bill directs the Cybersecurity and Infrastructure Security Agency to issue minimum standards and best practices for retaining and preserving records (including electronic records), papers, and electronic equipment, including protocols for observing their preservation, security, and transfer by the Department of Justice (DOJ) and a representative of each political party. In addition, the bill revises the federal criminal offense related to election records or papers to include reckless disregard of election record requirements resulting in the theft, destruction, concealment, mutilation, or alteration of a record, paper, or electronic equipment. Further, the bill allows DOJ to demand electronic records and electronic equipment for inspection and generally prohibits DOJ from disclosing this information. The bill allows DOJ and candidates for federal office to bring an action in a district court to compel compliance with election record requirements. Finally, the bill extends criminal penalties related to voting interference to include intimidating, threatening, or coercing (or attempting to do so) an individual for processing or scanning ballots, tabulating, canvassing, or certifying voting results.
Harlem Hellfighters Congressional Gold Medal Act This bill provides for the award of a Congressional Gold Medal to the 369th Infantry Regiment, commonly known as the Harlem Hellfighters, in recognition of their bravery and outstanding service during World War I.
Environmental Justice Act of 2021 This bill requires agencies to address and mitigate the disproportionate impact of environmental and human health hazards on communities of color, indigenous communities, and low-income communities resulting from agencies' programs and policies. The bill also requires agencies to address cumulative impacts of pollution in permitting decisions and expands the types of legal actions available to individuals regarding charges of federal discriminatory practices. Specifically, the bill provides statutory authority for a variety of existing programs, executive orders, federal guidance, and committees concerning environmental justice, including Executive Order 12898; a guidance issued in 1997 by the Council on Environmental Quality titled Environmental Justice Guidance Under the National Environmental Policy Act ; a guidance issued in 2016 by the Environmental Protection Agency titled EPA Policy on Consultation and Coordination with Indian Tribes: Guidance for Discussing Tribal Treaty Rights ; the National Environmental Justice Advisory Council; the Environmental Justice Small Grants Program; and the Environmental Justice Collaborative Problem-Solving Cooperative Agreement Program. In addition, the bill requires agencies renewing or issuing specified permits under the Clean Water Act or the Clean Air Act to consider the cumulative impacts of pollution. The bill also allows individuals to bring actions under the Civil Rights Act against entities that receive federal assistance and engage in discriminatory practices that have a disparate impact. Currently, individuals must request that federal agencies bring such actions on their behalf.
State Public Option Act This bill allows residents who are not already eligible for Medicaid and not concurrently enrolled in other health insurance coverage to buy into a state Medicaid plan beginning January 1, 2022, at the option of the state. State Medicaid programs may set premiums and cost-sharing requirements for such coverage in accordance with specified limitations. The bill also (1) provides the enhanced Federal Medical Assistance Percentage (i.e., federal matching rate) to every state that expands Medicaid coverage for individuals who are newly eligible under the Patient Protection and Affordable Care Act, regardless of when such expansion takes place; and (2) requires state Medicaid programs to cover comprehensive reproductive health care services, including abortion services.
AuGmenting Research and Educational Sites to Ensure Agriculture Remains Cutting-edge and Helpful Act or the AG RESEARCH Act This bill provides funding for maintenance at agricultural research facilities. The Department of Agriculture (USDA) must (1) revise its review process for evaluating proposals for agricultural research facilities to include consulting with representatives of the National Institute of Food and Agriculture (NIFA) peer review panels; and (2) establish a grant program within NIFA to provide agricultural research facilities with a federal share of the cost for the construction, alteration, acquisition, modernization, renovation, or remodeling of the research facilities or the equipment necessary for agricultural research. Additionally, USDA must use specified Commodity Credit Corporation funds to provide direct payments to research facilities of the Agricultural Research Service for addressing deferred maintenance. USDA must give priority to the most critical structures in accordance with the Agricultural Research Service Capital Investment Strategy (April 2012).
Child Care Access Means Parents In Schools Reauthorization Act or the CCAMPIS Reauthorization Act This bill permanently reauthorizes and revises the Child Care Access Means Parents in School Program. The program awards grants to support the participation of eligible student parents in postsecondary education through the provision of campus-based child care services. Among other revisions to the program, the bill allows grant funds to be used for additional purposes (e.g., child care subsidies and support services) and specifies additional grant application requirements.
Ending the Carried Interest Loophole Act This bill revises the tax treatment of partnership interests received in connection with the performance of services. It eliminates the concept of carried interest, a form of compensation received by certain partners in private equity, real estate, or hedge funds for investment management services. Under current law, such compensation can be deferred from taxation until income is realized by the partnership. The bill requires partners to recognize deemed compensation received from a partnership annually, taxed at ordinary income tax rates and subject to self-employment taxation. The bill eliminates a partner's ability to defer tax on such compensation.
This joint resolution repeals specified authorizations for the use of military force against Iraq.
Right to Vote Act This bill addresses the right to vote in federal elections. Specifically, the bill declares that every citizen of legal voting age shall have the fundamental right to vote in federal elections. In addition, the bill prohibits federal, state, and local governments from substantially impairing the ability to vote in federal elections unless the government action furthers an important and particularized governmental interest. Further, the bill specifies that a government may not diminish the ability to vote in federal elections unless the action uses the least restrictive means to achieve such an interest. A violation of rights created by the bill may be challenged in district court, and a prevailing plaintiff may receive attorney fees. The bill outlines judicial review standards for challenges to voting practices.
