This bill changes tax rules for specific education loan repayments. It allows graduates to exclude from taxable income amounts received through "post-graduation scholarship grants" that repay part of their student loans. These grants must be provided by qualified nonprofits (like private foundations or community trusts) to individuals who agree to live and work in communities with below-average bachelor's degree attainment rates. The grants require direct payments to loan holders, exclude employees of the granting organization, and include reporting requirements for the Treasury Department on program effectiveness within three years.
HR 3768, the Gas Prices Relief Act of 2025, eliminates the federal gasoline tax for all gasoline sold between its enactment and December 31, 2025. This directly affects gasoline consumers (drivers and businesses) and fuel producers/dealers, who must pass the tax savings to consumers by lowering prices. The bill requires the Treasury to transfer equivalent funds to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund to maintain existing funding streams. It mandates that the tax reduction benefit be immediately reflected in lower consumer prices, with enforcement authority granted to the Secretary to ensure compliance.
HR 1347, the AIMM Act, permanently extends a tax provision allowing businesses to deduct depreciation, amortization, or depletion when calculating their business interest expense limit. This change directly affects manufacturers and other businesses that use these deductions for tax purposes. The bill amends the tax code to remove the previous expiration date (which applied only to years before 2022), making the deduction rule permanent for all future taxable years. The key change is eliminating a temporary provision, providing ongoing certainty for business tax calculations.
This bill reauthorizes and modifies the American Battlefield Protection Program through 2035, extending funding deadlines and increasing grant percentages for battlefield preservation. It raises the maximum federal share for battlefield acquisition, interpretation, and restoration grants from 50% to 75% and sets a $2 million annual appropriation for these programs. The bill also mandates new studies to identify, assess, and propose preservation options for sites tied to the French and Indian War (1754-1763) and Mexican-American War (1846-1848), requiring consultation with states, tribes, and preservation groups. The studies must be completed within two years and reported to Congress, focusing on site significance, threats, and potential preservation strategies.
This bill establishes a carbon tax on fossil fuel emissions starting at $35 per metric ton in 2027, with annual increases tied to inflation. It creates the Rebuilding Infrastructure and Solutions for the Environment (RISE) Trust Fund to distribute tax revenues toward infrastructure projects, climate adaptation, energy sector worker retraining, and carbon capture research. The bill also establishes a National Climate Commission to set emissions reduction goals and assess federal climate policies, while implementing border adjustments to prevent carbon leakage for imported goods. Additional sections address cancer research funding, PFAS contamination at defense sites, voting rights for unaffiliated voters, and restrictions on financial transactions for House members.
HR 5493, the USA Workforce Investment Act, creates a federal tax credit for individual taxpayers who donate cash to approved workforce development or apprenticeship training programs. It directly affects U.S. individual taxpayers who contribute to qualifying 501(c)(3) organizations listed under the Workforce Innovation and Opportunity Act. The bill allows a credit of up to $1,700 per year for such donations, with adjustments for state tax credits and a prohibition on double-deducting the same contribution. Unused credit can be carried forward for up to five years.
This bill suspends federal income tax collection for most wage-earning citizens during any government shutdown (partial or full), meaning no taxes, penalties, or interest accrue on individual income tax payments or returns during that period. It specifically exempts backpay for furloughed federal employees or contractors (under the Government Employee Fair Treatment Act of 2019) from federal income taxation. The Treasury Department must issue guidelines to help employers comply with these tax suspensions for all covered workers, including tipped, hourly, and salaried employees. The law directly affects ordinary wage earners and furloughed federal workers during shutdowns, creating a temporary tax freeze.
HR 3118, the "No Tax on Overtime Act," creates a new tax deduction for workers who earn overtime pay under the Fair Labor Standards Act (FLSA). It allows taxpayers to deduct up to $100 per 100 hours of overtime (capped at 300 hours yearly) from their taxable income, with a phaseout for higher earners ($100 reduction for every $1,000 over $100,000 AGI). Employers must report overtime amounts on W-2 forms, and taxpayers must include the recipient’s Social Security number to claim the deduction. The deduction applies to tax years beginning after December 31, 2024.
The Healthy H2O Act (S 2436) creates a federal grant program to help rural households, renters, small multi-unit property owners (up to 25 units), and licensed child-care facilities with contaminated drinking water. It provides funding for certified point-of-use or point-of-entry water filters, installation by qualified professionals, maintenance, and water testing - targeting contaminants like lead, arsenic, PFAS, and hexavalent chromium. Grants are limited to households with income below 150% of their state’s rural median income and prioritize private well users. The program requires third-party certification for products and installers, mandates annual reporting on water quality trends, and allocates $10 million annually for fiscal years 2026-2030.
This bill allows individual investors to defer paying taxes on capital gains from mutual fund dividends when they automatically reinvest those dividends through a dividend reinvestment plan. The deferred tax is triggered only when the investor sells shares or dies, rather than at the time of dividend receipt. It applies to most individual investors in regulated investment companies (like mutual funds) but excludes dependents and estates. The bill also adjusts holding period rules for reinvested shares, treating them as held for one year and a day from the date of reinvestment.
