This bill repeals Section 136 of the Clean Air Act, which established an incentive program for reducing methane emissions and waste in natural gas and petroleum systems. It directly affects natural gas and petroleum companies that previously participated in this program by eliminating their eligibility for related incentives. The bill also rescinds any unobligated funds allocated under that program before its repeal. This is a direct policy change removing a specific federal incentive mechanism, not a tax change.
This bill, the HONOR Act (S 327), denies U.S. taxpayers a foreign tax credit for taxes paid to the Russian Federation during a specific period. It amends the tax code to block the credit for Russian taxes paid from 30 days after the bill's enactment until normal U.S. trade relations with Russia resume. The key provision directly affects U.S. individuals and businesses that pay taxes to Russia, preventing them from reducing their U.S. tax liability with those Russian payments. The rule takes effect 30 days after enactment, with a 90-day delay for the deduction limitation. The bill explicitly states it applies without regard to U.S. trade treaties with Russia.
The Housing Vouchers Fairness Act (S 1203) directs the federal government to provide additional rental voucher funding annually to public housing agencies (PHAs) serving the fastest-growing U.S. areas. It targets PHAs managing housing assistance in regions with populations over 100,000 that ranked among the top 25 U.S. areas for population growth between 2012 and 2022. The bill authorizes $2 billion for fiscal year 2025 (and subsequent years until expended) to be distributed equitably based on each PHA’s population size, current voucher shortages relative to housing needs, and historical underfunding due to population growth. This funding aims to address gaps in housing affordability for tenants in high-growth communities by adjusting the existing voucher allocation formula.
The ACRE Act of 2025 excludes interest income from certain rural and agricultural loans from taxable income for specific lenders. It directly affects qualified lenders (like banks, farm credit institutions, and insurance companies) and borrowers securing loans for rural property, including single-family homes in rural areas or agricultural land. Key provisions allow lenders to not count interest on qualifying loans as taxable income, provided the loans are secured by eligible rural/agricultural property, don’t exceed $750,000 for single-family homes, and avoid "foreign adversary entities" (like China, Russia, or Iran). The bill also requires a Treasury report on the policy’s impact after five years.
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Agriculture
Rural Communities
This bill, the Disaster Loan Accountability and Reform Act (DLARA), requires the Small Business Administration (SBA) to improve transparency and oversight of disaster loans. Key provisions include mandating monthly reports on loan funding status (e.g., notifying Congress when unobligated funds drop below 10% of the latest appropriation), requiring detailed budget explanations for disaster loan costs, and prohibiting loan forgiveness without congressional authorization. It also restricts the SBA from issuing rules that increase program costs and mandates reviews by the GAO and SBA Inspector General into recent loan program changes and funding shortfalls. The bill directly affects SBA operations and reporting to Congress, focusing on accountability rather than altering loan eligibility or benefits for borrowers.
S 213, the Main Street Tax Certainty Act, makes the qualified business income deduction permanent for small business owners. It directly affects pass-through business owners (like sole proprietors and small partnerships) who currently benefit from this tax break. The bill removes the temporary expiration of Section 199A of the tax code, providing long-term certainty for these taxpayers by ensuring they can continue deducting up to 20% of their qualified business income.
S 1723, the Equitable Access to School Facilities Act, provides federal funding to help states create or improve programs that support charter schools' access to facilities. It authorizes $100 million annually (2026-2030) for competitive grants to state education agencies, prioritizing states that expand charter school access to public buildings, provide tax-exempt financing, or grant charter schools first rights to purchase surplus public property. States using these funds must focus on reducing facility funding gaps between charter schools and traditional public schools, particularly in low-income and rural communities, while supplementing (not replacing) existing state funding. The bill also includes provisions for technical assistance and grants to help charter schools meet building codes and secure facilities.
This bill amends the tax code to allow taxpayers to claim the child tax credit for stillborn children carried for 20 weeks or more. It directly affects parents who experience stillbirths after 20 weeks of pregnancy by treating the unborn child as a "qualifying child" for tax credit purposes, as if the child had been born alive. Key provisions adjust existing tax rules to exclude the stillborn child from standard eligibility restrictions (like requiring a social security number) if the child would have qualified had it been born. The change applies to tax returns filed for years after the bill becomes law.
The Working Waterfronts Act of 2025 provides financial support to coastal communities and industries through multiple programs. It creates a tax credit for hydroelectric facilities that improve fish passage and water quality, offers Department of Agriculture loans and grants for fishing and mariculture businesses, and establishes grants to support rural seafood processing infrastructure. The bill also includes a working waterfronts preservation grant program to protect areas used by commercial fishing, mariculture, and boatbuilding industries, and creates a maritime workforce grant program to support training and education. These provisions directly affect commercial fishing businesses, seafood processors, coastal communities, and maritime workers.
This bill would adjust Social Security and Medicare tax provisions for high-income earners. It would raise the Social Security wage base to $400,000 (so income above this level would no longer be subject to Social Security tax) while adding a new 1.2% tax on wages exceeding $400,000 (or $500,000 for joint returns). It would similarly create a 1.2% tax on self-employment income above $400,000. Additionally, it would impose a 13.6% tax on investment income for individuals with modified adjusted gross income above $400,000. The revenue generated would be allocated to Social Security and Medicare trust funds, with 71.3% going to Old-Age and Survivors, 10.3% to Disability Insurance, and 28.7% to Hospital Insurance.
