Budget & Taxes (Tax Credits)

in committee · United States · Senate Feb 13, 2025

S 586: Flood Insurance Affordability Tax Credit Act

This bill creates a 33% refundable tax credit for flood insurance premiums paid by homeowners for their primary residences through the National Flood Insurance Program. It directly affects homeowners in flood-prone areas who purchase required flood insurance, with the credit phased out for higher-income households (above 350% of the federal poverty line). The credit reduces income tax liability and is refundable, meaning it can result in a cash payment even if no tax is owed. The bill also prevents deducting premiums covered by the credit and establishes advance payments through the IRS to provide upfront financial assistance.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides refundable tax credit for flood insurance premiums, targeting lower/middle-income homeowners (phased out above 350% poverty line), reducing tax burden directly.95% confidence

Sub-Topics Income Tax Tax Credits

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in committee · United States · House Mar 14, 2025

HR 2097: Education, Achievement, and Opportunity Act

HR 2097 creates a new federal tax credit allowing parents to claim up to $10,000 annually per child for qualified elementary and secondary education expenses at public, private, parochial, or religious schools. It covers tuition, required fees, specific technology, tutoring, disability services, and transportation to private schools, but excludes uniforms, athletics, or nonacademic fees. The credit phases out for households earning above $75,000 (single) or $150,000 (joint). This directly affects families paying for K-12 education, expanding tax relief beyond current education benefits. The policy change takes effect for tax years after the bill’s enactment.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax credit for education expenses targeting middle-income families (phases out above $75k/$150k), reducing tax burden. Aligns with tax relief indicators.90% confidence ✓ EducationSupports EducationProvides $10k tax credit for K-12 education expenses, expanding access to public/private schools and funding qualified costs like tuition and tutoring.95% confidence

Sub-Topics Tax Credits K-12 Education School Choice Student Financial Aid

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in committee · United States · Senate May 8, 2025

S 1697: RAISE Act of 2025

The RAISE Act of 2025 creates a refundable tax credit for K-12 teachers and early childhood educators based on their school's student poverty rate, with a base $1,000 credit plus potential additional amounts up to $14,000 for K-12 teachers and $9,000 for early childhood educators without bachelor's degrees. It also increases the deductible expense limit for teachers from $250 to $500 per year and establishes mandatory funding for school districts that maintain or increase teacher salaries, reserving 20% of funds over $2.2 billion for teacher salary incentive grants. The bill includes provisions to prevent employers from using the tax credit in collective bargaining or changing teacher assignments to avoid providing the credit. Eligibility requires specific teaching credentials and employment in qualifying schools with high poverty rates. These changes would apply to taxable years beginning after the bill's enactment date.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides refundable tax credits for teachers (up to $14k) and mandates school district funding, advancing fiscal support for educators through tax relief and public spending.95% confidence ✓ EducationSupports EducationProvides tax credits for teachers, increases deductible expenses, and mandates funding for salary increases - directly supports educator compensation and school funding.95% confidence ✓ Labor & EmploymentSupports Labor & EmploymentBill provides tax credits, increases deductible expenses, and mandates funding for teacher salary increases, directly supporting educator compensation and employment conditions.90% confidence

Sub-Topics Tax Credits Early Childhood K-12 Education Teachers Collective Bargaining

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in committee · United States · House Jul 22, 2025

HR 4589: Port Crane Tax Credit Act of 2025

This bill creates two new federal tax credits to support U.S. port crane manufacturing. It offers a 25% tax credit for businesses investing in new port crane manufacturing facilities (e.g., buildings, equipment) and a production credit of 40% or 60% of the sale price for port cranes sold domestically, with the higher rate requiring 90% U.S.-made component materials. The credits apply to facilities and production through 2035, directly affecting manufacturers of port cranes, their components, or related equipment located in the U.S. The legislation specifies exact definitions for "port crane" (e.g., gantry cranes at ports) and "component materials" to determine eligibility.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates federal tax credits for port crane manufacturers, reducing tax liability for qualifying businesses through 2035, directly advancing tax incentive policy.95% confidence ✓ TransportationSupports TransportationDirectly funds port crane manufacturing via tax credits, supporting port infrastructure - a key component of transportation infrastructure.95% confidence

Sub-Topics Tax Credits Tax Incentives Ports

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in committee · United States · House Apr 3, 2025

HR 2637: Home Run for Kids Act

The Home Run for Kids Act would create a new federal tax credit allowing parents or guardians to deduct up to $200 per year for equipment costs related to their dependent children's participation in organized sports, games, or hobby programs for kids under 19. The credit applies only to equipment (not fees or other expenses) and phases out for taxpayers with adjusted gross income above $150,000. It would take effect for tax returns filed in 2024 and later.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax credit for middle-income families' sports equipment costs, reducing taxable income for qualifying households under $150k AGI - aligns with tax relief indicator.95% confidence

Sub-Topics Tax Credits

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in committee · United States · House Mar 25, 2025

HR 2320: Mobility Means Freedom Tax Credit Act

This bill creates a 50% tax credit for individuals purchasing qualified mobility devices, such as wheelchairs, walkers, canes, braces, or prosthetics. The credit applies to costs paid after the bill's enactment, covers up to three devices per year, and prevents double benefits by reducing other deductions for the same expenses. It directly affects people who buy these devices for mobility needs, allowing them to claim the credit on their federal income tax returns. The credit is designed to offset out-of-pocket costs for essential mobility equipment.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates 50% tax credit for mobility device purchases, providing direct tax relief to individuals, aligning with tax relief support indicators.95% confidence ✓ HealthcareSupports HealthcareProvides tax credit for mobility devices (wheelchairs, prosthetics), improving access to essential healthcare equipment for disabled individuals.95% confidence

Sub-Topics Income Tax Procurement Tax Credits

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in committee · United States · Senate Dec 11, 2025

S 3432: Working Families Disaster Tax Relief Act

This bill allows disaster victims to use their previous year's income instead of current year's income when calculating eligibility for the child tax credit and earned income credit. It directly affects taxpayers whose homes or workplaces were in a federally declared disaster zone during the disaster period, or those displaced from their homes due to the disaster. Key provisions let eligible individuals elect to substitute their prior taxable year's earned income for the current year in credit calculations, simplifying access to relief after income disruptions. The changes apply to tax years beginning after December 31, 2024.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides direct tax relief for disaster victims by allowing prior year's income for child tax credit/earned income credit eligibility, supporting lower-income taxpayers affected by disasters.95% confidence

Sub-Topics Income Tax Tax Credits

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in committee · United States · Senate Dec 17, 2025

S 3531: A bill to amend the Internal Revenue Code of 1986 to establish a tax credit for qualified combined heat and power system property, and for other purposes.

This bill creates a 10% federal tax credit for businesses that install qualified combined heat and power (CHP) systems - systems generating both electricity and useful thermal energy (like steam or heating) with at least 60% overall efficiency. It directly affects commercial entities, industrial facilities, and organizations building new CHP systems that meet specific efficiency standards (producing at least 20% thermal energy and 20% electrical power). The credit includes a 10% bonus for systems using domestically manufactured components or located in designated energy communities, and excludes systems exceeding 50 megawatts in capacity. The credit applies to systems placed in service after December 31, 2024, with detailed definitions for qualifying systems in the tax code.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill creates a 10% federal tax credit for businesses installing qualified CHP systems, directly providing tax relief through tax policy to advance energy efficiency goals.95% confidence ✓ EnergySupports EnergyBill provides 10% tax credit for efficient CHP systems (60%+ overall efficiency), directly promoting energy efficiency and clean energy infrastructure adoption per legislative intent.95% confidence ✓ EnvironmentSupports EnvironmentBill provides tax credit for CHP systems (60%+ efficiency), promoting energy efficiency and reducing emissions through clean energy adoption.92% confidence

Sub-Topics Tax Credits

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in committee · United States · House Jul 17, 2025

HR 4514: Local Journalism Sustainability Act

The Local Journalism Sustainability Act creates three tax credits to support local news organizations. Individuals can claim a credit of up to $250 per year for local newspaper subscriptions (80% in first year, 50% after), with newspapers required to serve local communities and employ local journalists. Local newspaper publishers can receive a payroll tax credit for hiring local news journalists (50% for first four quarters, 30% after), and small businesses with fewer than 50 full-time employees can claim a credit for advertising in local media (up to $5,000 in first year, $2,500 thereafter). All credits expire after five years and apply only to qualifying local newspapers, radio stations, or television stations serving specific communities.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax credits for individuals and publishers to support local journalism, aligning with tax relief and funding public service initiatives.95% confidence ✓ Labor & EmploymentSupports Labor & EmploymentPayroll tax credit for hiring local journalists directly incentivizes employment in news sector, advancing workforce opportunities per bill's language.90% confidence

Sub-Topics Tax Credits

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in committee · United States · Senate Apr 30, 2025

S 1536: Building Ships in America Act of 2025

The Building Ships in America Act of 2025 creates a tax credit for investments in U.S. shipbuilding, equal to 33% of the cost of building qualifying vessels, with potential additional credits (up to 5% for U.S. insurance and 2% for U.S. classification standards). To qualify, vessels must be U.S. flag cargo ships built in the U.S., operating in U.S. foreign trade, meeting specific safety requirements, and operating under a 10-year agreement with the Maritime Administration. The bill also establishes a separate credit for shipyard construction and excludes certain maritime security payments from taxable income. These provisions aim to strengthen the U.S. maritime industry by making domestic shipbuilding more economically attractive while meeting national security requirements.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates 33% tax credit for U.S. shipbuilding, advancing fiscal incentive policy through targeted tax relief for qualifying businesses.95% confidence ✓ TransportationSupports TransportationFunds U.S. shipbuilding via tax credits (33% cost) for maritime transportation infrastructure, directly advancing vessel construction and U.S. flag cargo operations.90% confidence

Sub-Topics Tax Credits Freight Ports

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