Budget & Taxes

in committee · United States · Senate Jun 12, 2025

S 2056: CREATE JOBS Act

The CREATE JOBS Act (S 2056) changes U.S. tax rules to accelerate business deductions. It allows immediate 100% expensing for qualified property (like equipment) placed in service after 2017, eliminating step-by-step depreciation. For residential and commercial real estate, it introduces a "neutral cost recovery" adjustment that modifies annual depreciation deductions based on economic changes. It also eliminates the option to amortize research and experimental expenses over 60 months, requiring businesses to deduct these costs immediately in the year incurred. These changes directly affect businesses purchasing equipment, owning rental properties, or conducting R&D, aiming to boost investment and cash flow.

Topics ✗ Budget & TaxesOpposes Budget & TaxesAccelerates business tax deductions (100% expensing) and eliminates research amortization, reducing government revenue via corporate tax breaks, aligning with oppose indicators.90% confidence

Sub-Topics Business Taxes Procurement Tax Incentives Tags Economic Development

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in committee · United States · House Mar 4, 2025

HR 1833: Working Families Tax Cut Act

HR 1833, the Working Families Tax Cut Act, renames the "standard deduction" to "guaranteed deduction" in the tax code but does not change existing deduction amounts. It adds a temporary "bonus guaranteed deduction" for tax years 2026-2027, increasing the deduction by $4,000 for joint returns/surviving spouses, $3,000 for heads of household, and $2,000 for others. This bonus deduction phases out for taxpayers with modified adjusted gross income above $400,000 (joint), $300,000 (head of household), or $200,000 (other filers). The bill affects all individual taxpayers who claim the deduction, with the new provisions applying to returns filed for 2026 and 2027.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides temporary tax relief for middle/lower income families through increased deductions, phasing out for high earners above $400k joint income.95% confidence

Sub-Topics Income Tax Tax Credits

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passed · United States · Senate May 4, 2026

S 2975: PIPELINE Safety Act of 2025

This bill, the PIPELINE Safety Act of 2025, updates and strengthens pipeline safety regulations across the United States. It increases funding for pipeline safety programs through fiscal year 2030, requires risk-based inspections of pipeline facilities, and establishes a voluntary information-sharing system for pipeline safety data. The bill also addresses safety concerns related to emerging gases like hydrogen and carbon dioxide, and improves emergency response planning requirements. It directly affects pipeline operators, state pipeline safety programs, and the Pipeline and Hazardous Materials Safety Administration (PHMSA).

Topics ✓ Budget & TaxesSupports Budget & TaxesBill explicitly increases funding for pipeline safety programs through FY2030, aligning with fiscal responsibility and funding essential infrastructure programs.95% confidence

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in committee · United States · Senate Mar 25, 2025

S 1121: Performing Artist Tax Parity Act of 2025

This bill creates a new tax deduction for individual performing artists (such as actors, musicians, and dancers) to deduct work-related expenses directly from their taxable income. It includes a phaseout that reduces the deduction by 10% for every $2,000 earned above $100,000 annually (or $200,000 for joint filers). The bill also raises the threshold for small employer tax breaks from $200 to $500 per year and clarifies that commissions paid to an artist’s manager or agent count as deductible expenses. These changes apply to tax years beginning after December 31, 2024.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill creates tax deduction for performing artists, providing tax relief for eligible earners within income phaseout thresholds.90% confidence ✓ Labor & EmploymentSupports Labor & EmploymentProvides tax deduction for work-related expenses, expanding financial benefits for performing artists (a subset of workers) under employment standards.75% confidence

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in committee · United States · House Apr 30, 2025

HR 3126: Promoting Submetering for Affordable Housing Act

HR 3126, the Promoting Submetering for Affordable Housing Act, increases tax credits for affordable housing projects that implement water submetering. It adds a 5% credit increase to the eligible basis for buildings with four or more units that use submeters for individual tenant billing and provide tenants access to meter readings within 72 hours of a request. This applies to projects receiving housing credit allocations after the bill's enactment. The law directly affects affordable housing developers and property owners who build or renovate qualifying properties to meet these submetering requirements.

Topics ✓ Budget & TaxesSupports Budget & TaxesAdds 5% tax credit increase for affordable housing submetering, providing tax relief to qualifying projects under Budget & Taxes.95% confidence ✓ EnvironmentSupports EnvironmentPromotes water conservation via submetering incentives, reducing waste in affordable housing, aligning with environmental protection goals.85% confidence ✓ HousingSupports HousingIncreases tax credits for affordable housing projects implementing water submetering, directly funding and advancing affordable housing initiatives through financial incentives.95% confidence

Sub-Topics Drinking Water Affordable Housing Historic Preservation Housing Finance

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in committee · United States · Senate Aug 1, 2025

S 2648: Protecting Public Naval Shipyards Act of 2025

This bill (S 2648) prohibits workforce reductions or hiring freezes at public naval shipyards due to budget cuts, fund reprogramming, or probationary status. It directly protects specific shipyard worker positions, including welders, pipefitters, nuclear technicians, engineers, apprentices, and roles supporting infrastructure maintenance and the Shipyard Infrastructure Optimization Program. The law exempts these listed roles from workforce cuts but does not restrict the Secretary of Defense from managing staff for misconduct or poor performance under existing procedures. This creates a permanent safeguard for these critical shipyard jobs during fiscal challenges.

Topics ✓ Budget & TaxesSupports Budget & TaxesPrevents budget-driven workforce cuts at public shipyards, protecting existing funding allocations for essential defense jobs without tax changes.90% confidence ✓ Labor & EmploymentSupports Labor & EmploymentProhibits workforce reductions for specific shipyard roles (welders, engineers, etc.), directly protecting employment security and job stability for covered workers.95% confidence

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in committee · United States · Senate May 22, 2025

S 1919: Buying American Cotton Act of 2025

This bill creates a new tax credit for businesses that sell products containing U.S.-grown cotton. Manufacturers can claim a credit equal to 18-24% of the value of certified U.S. cotton used in products sold to consumers, depending on whether the cotton was processed only in the U.S. or in countries with U.S. trade agreements. The credit requires digital tracing of cotton from U.S. origin through the supply chain to the final product, with higher rates (24%) for cotton processed entirely in the U.S. or in designated trade agreement countries. It directly affects textile manufacturers and retailers selling cotton-based products like clothing or fabric, reducing their tax liability when using domestically sourced cotton. The credit applies to the first sale to an unrelated consumer and takes effect January 20, 2025.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill creates tax credit (18-24%) for U.S. cotton manufacturers, directly providing tax relief through incentives. Explicitly impacts tax policy by reducing business tax liability via government fiscal mechanism.95% confidence

Sub-Topics Tax Credits

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in committee · United States · Senate Mar 27, 2025

S 1169: Freedom from Unfair Gun Taxes Act

S 1169, the "Freedom from Unfair Gun Taxes Act," prohibits states and local governments from imposing excise taxes on the sale of firearms, ammunition, or firearm parts during interstate or foreign commerce. This directly affects firearm manufacturers and dealers who sell across state lines, preventing them from facing state-level taxes on those transactions. The bill explicitly states it does not change the Pittman-Robertson Wildlife Restoration Act, which allows separate federal excise taxes on firearms for conservation funding. The key provision is a blanket ban on state taxes for interstate firearm sales, aiming to standardize tax treatment across state lines.

Topics ✗ Budget & TaxesOpposes Budget & TaxesProhibits state excise taxes on firearm sales, restricting a tax revenue source for state budgets95% confidence

Sub-Topics Sales Tax

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in committee · United States · House Mar 11, 2025

HR 2036: Credit for Caring Act of 2025

The Credit for Caring Act of 2025 creates a federal tax credit for family caregivers of elderly or disabled relatives. It allows eligible caregivers (with over $7,500 in earned income) to claim a credit equal to 30% of qualified caregiving expenses exceeding $2,000, capped at $5,000 per year. Qualified expenses include human assistance, home modifications, respite care, counseling, lost wages for unpaid time off, and transportation, all requiring certification from a licensed healthcare provider that the care recipient has long-term needs. The credit phases out for higher earners (over $75,000 single/$150,000 joint) and requires documentation of expenses and care recipient certification.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax credit for caregivers, reducing taxable income for middle-income families, aligning with tax relief indicators.90% confidence ✓ HealthcareSupports HealthcareProvides tax credit for healthcare-related caregiving expenses (respite care, counseling, transportation) requiring healthcare provider certification, supporting access to essential services.90% confidence ✓ Labor & EmploymentSupports Labor & EmploymentProvides tax credit for lost wages during unpaid caregiving, directly supporting workers' financial stability and balancing work-family needs.95% confidence

Sub-Topics Income Tax Tax Credits Long-Term Care Professional Licensing

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in committee · United States · House Feb 6, 2025

HR 1040: Senior Citizens Tax Elimination Act

HR 1040, the Senior Citizens Tax Elimination Act, would stop taxing Social Security benefits for seniors by repealing the current tax rule that includes some benefits in gross income. It directly affects senior citizens who currently pay federal income tax on portions of their Social Security payments. The bill adds a provision stating Section 86 of the tax code (which taxes Social Security benefits) no longer applies after enactment. To offset the lost tax revenue, the bill requires the government to appropriate funds to the Social Security and Railroad Retirement trust funds, ensuring they remain fully funded without requiring tax increases.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill eliminates tax on Social Security benefits for seniors, providing direct tax relief to lower-income seniors. This alignates with tax relief indicators for middle/lower income groups.90% confidence

Sub-Topics Income Tax Revenue Tags Seniors

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