Budget & Taxes

The TRIA Program Reauthorization Act of 2026 extends the Terrorism Risk Insurance Act (TRIA) through 2034, replacing its previous 2027 expiration date. It raises the financial threshold requiring federal assistance for terrorism-related insurance losses from $5 million to $25 million per incident. The bill also mandates that the Treasury Secretary publish a Federal Register notice within 30 days of starting a terrorism certification review and requires certification to be completed within 90 days of that notice. Additionally, it updates the program's official name from "Terrorism Insurance Program" to "Terrorism Risk Insurance Program" and adjusts related expiration dates in the law.

This joint resolution proposes a constitutional amendment prohibiting total federal expenditures for a year from exceeding the average annual federal receipts collected in the three prior years, adjusted for changes in the population of U.S. citizens and inflation. Expenditures for payment of debt and receipts derived from borrowing are excluded. Under the amendment, Congress may authorize specific expenditures in excess of the limit with (1) a roll call vote of two-thirds of each chamber, or (2) a roll call vote for any year in which a declaration of war is in effect. The amendment also prohibits any bill to levy a new tax or increase the rate of any tax from becoming law unless it has been approved by a roll call vote of two-thirds of the whole number of each chamber of Congress. The requirements take effect in the fifth year beginning after ratification of the amendment.

HRES 1075 is a procedural resolution that enables the House to debate and vote on two specific bills. It allows consideration of H.R. 4626, which would prevent the Energy Secretary from setting new appliance efficiency standards unless they are both technologically possible and economically reasonable for manufacturers. It also enables consideration of H.R. 4758, which would eliminate federal tax subsidies for home electrification projects under Public Law 117-169. This resolution waives objections to debating these bills and sets rules for their floor consideration. The resolution itself does not change policy but facilitates the legislative process for these two bills.

This joint resolution reinstates provisions of District of Columbia (DC) tax law to conform with federal tax law. As background, DC generally automatically adopts changes to federal tax law (known as rolling conformity). Therefore, upon enactment of the 2025 reconciliation act (commonly known as the One Big Beautiful Bill Act), many of its tax provisions became DC law. DC subsequently enacted its own legislation (the DC Income and Franchise Tax Conformity and Revision Temporary Amendment Act of 2025) that decoupled DC tax law from these federal provisions. This joint resolution nullifies the DC legislation, thereby generally realigning DC tax law with the tax provisions of the 2025 reconciliation act. Specifically, the joint resolution reinstates for DC provisions that •    increase the higher basic standard deduction; •    increase deductible charitable cash contributions (for taxpayers who take the standard deduction); •    establish a $6,000 tax deduction for taxpayers 65 years and older; •    allow a tax deduction of qualified tips, qualified overtime pay, and qualified car loan interest; •    authorize an elective 100% depreciation allowance for nonresidential real property; and •    authorize businesses to deduct 100% of research and experimental costs retroactive to tax year 2022. The DC legislation also amended several other provisions of DC tax law, including restoring the DC child tax credit. The joint resolution negates these changes.

Rescissions Act of 2025 This act rescinds specified unobligated funds that were provided to the Department of State, the U.S. Agency for International Development (USAID), various independent and related agencies, and the Corporation for Public Broadcasting.  The rescissions were proposed by the President under procedures included in the Congressional Budget and Impoundment Control Act of 1974. Under current law, the President may propose rescissions to Congress using specified procedures, and the rescissions must be enacted into law to take effect.  Specifically, the act rescinds funds that were provided to the State Department or the President for Contributions to International Organizations; Contributions for International Peacekeeping Activities; Global Health Programs (excluding funds for programs addressing HIV/AIDS, tuberculosis, malaria, nutrition, or maternal and child health); Migration and Refugee Assistance; the Complex Crises Fund; the Democracy Fund; the Economic Support Fund (excluding funds for assistance to Jordan, Egypt, or the Countering PRC Influence Fund); Contributions to the Clean Technology Fund; International Organization and Programs; Development Assistance (excluding funds for Feed the Future Innovation Labs, the Countering PRC Influence Fund, or commodity-based food aid); Assistance for Europe, Eurasia, and Central Asia; International Disaster Assistance (excluding funds for commodity-based food aid); and Transition Initiatives. The act also rescinds funds that were provided for  USAID Operating Expenses, the Inter-American Foundation, the U.S. African Development Foundation, the U.S. Institute of Peace, and the Corporation for Public Broadcasting.

This joint resolution nullifies requirements for persons effectuating decentralized financial (DeFi) transactions to report certain information regarding digital asset sales to the Internal Revenue Service (IRS). Specifically, the joint resolution nullifies the requirements included in the rule titled Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales and issued by the IRS on December 30, 2024. Decentralized finance refers to the suite of financial activities and services that are facilitated by cryptocurrency and intended to be conducted without any sort of reliance on traditional financial tools or intermediaries.