Budget & Taxes (Business Taxes) in United States

in committee · United States · House Apr 2, 2025

HR 2603: Small Business Tax Fairness and Compliance Simplification Act

The Small Business Tax Fairness and Compliance Simplification Act (HR 2603) extends a tax credit for employer social security taxes on employee tips in beauty service businesses (like salons, barbershops, and spas) if tips exceed 15% of the business's gross receipts from those services. It creates a "safe harbor" for employers: if they educate employees on tip reporting, track monthly tip income (for amounts $20+), and maintain records for four years, the IRS cannot audit them for tip reporting issues. Additionally, landlords renting space to beauty service businesses must report annual rental payments of $600+ per tenant to the IRS, including tenant details and payment history, with a statement provided to each tenant by January 31. These provisions target small beauty service businesses and their landlords to simplify tax compliance and clarify reporting requirements.

Topics ✓ Budget & Taxes

Sub-Topics Audits & Accountability Business Taxes Tax Credits Tags Small Business

in committee · United States · House May 13, 2025

HR 3376: Water Affordability, Transparency, Equity, and Reliability Act of 2025

HR 3376 creates the Water Affordability, Transparency, Equity, and Reliability Trust Fund, funded by increasing the corporate tax rate from 21% to 24.5% starting in 2025, with annual funding capped at $35 billion or 1/20th of 20-year infrastructure needs. The bill allocates funds to clean water programs (42%), safe drinking water programs (42.5%), household water well systems (1%), colonias assistance (0.5%), and Indian health services (3%), requiring specific prioritization of low-income and minority communities for many programs. It mandates an EPA study on water affordability, discriminatory practices, and civil rights violations in water service, including data collection on service disconnections affecting vulnerable populations. The bill also includes provisions for lead service line replacement, PFAS contamination response, and job training grants for water system operators with specific requirements to prioritize low-income communities.

Topics ✓ Budget & Taxes ✓ Environment

Sub-Topics Business Taxes Drinking Water Water Quality

in committee · United States · House Jun 12, 2025

HR 3967: CREATE JOBS Act

The CREATE JOBS Act changes business tax rules to provide more immediate deductions. It allows businesses to immediately deduct 100% of the cost for qualifying equipment and machinery (instead of depreciating over time), eliminates the 60-month amortization requirement for research costs (allowing immediate deduction), and creates a new real estate depreciation system that adjusts deductions based on inflation with a minimum annual 3% increase. These changes primarily affect businesses that purchase equipment, conduct research, or own rental properties. The bill's provisions apply to property placed in service before, on, or after enactment, with research-related changes applying to taxable years beginning after December 31, 2021.

Topics ✓ Budget & Taxes

Sub-Topics Business Taxes Tax Incentives

in committee · United States · House Sep 11, 2025

HR 5298: Tax Excessive CEO Pay Act of 2025

This bill imposes a corporate tax penalty on large companies where CEO pay exceeds 50 times the average worker's pay. Specifically, corporations with a pay ratio above 50:1 face a tax rate increase of 0.5% to 5% (depending on how high the ratio is), effective for taxable years starting after 2025. It applies only to corporations with average annual revenue of at least $100 million over the prior three years, exempting smaller businesses. The penalty is calculated using a 5-year average of compensation data from SEC filings, and the Treasury will issue rules to prevent avoidance tactics like shifting to contractor workforces.

Topics ✓ Budget & Taxes ✓ Labor & Employment

Sub-Topics Business Taxes Labor Standards

in committee · United States · House Jul 23, 2025

HR 4739: SHARE Plan Act

This bill creates a tax incentive for U.S. corporations to distribute company stock to employees. To qualify, corporations must have 500+ full-time U.S. employees, be U.S.-domiciled, and meet specific share distribution requirements (e.g., distributing at least 1% of shares to employees or maintaining a 5% "SHARE ratio" of shares granted). Eligible corporations receive a 3% reduction in corporate income tax and can deduct the fair market value of distributed stock. Employee stock received under these plans is excluded from taxable income, directly benefiting workers at qualifying companies while lowering tax liability for the corporations.

Topics ✗ Budget & Taxes

Sub-Topics Business Taxes Income Tax Tax Incentives

in committee · United States · House Aug 22, 2025

HR 5019: CEO Accountability and Responsibility Act

HR 5019, the CEO Accountability and Responsibility Act, would require publicly traded corporations to pay higher federal income taxes based on their CEO-to-median-employee pay ratio. Specifically, corporations with a ratio exceeding 100:1 would face incremental tax rate increases (up to 3 percentage points for ratios over 400:1), with additional tax hikes if they reduce U.S. full-time staff while increasing contracted or foreign workers. The bill also directs federal agencies to prioritize contracting with companies maintaining a pay ratio below 50:1. These provisions directly affect publicly traded corporations subject to U.S. income tax, altering their tax liability based on pay equity metrics rather than revenue or profits.

Topics ✓ Budget & Taxes ✓ Labor & Employment

Sub-Topics Business Taxes Income Tax Employment Discrimination

in committee · United States · Senate Feb 12, 2025

S 541: ELITE Vehicles Act

The ELITE Vehicles Act repeals three key tax credits for electric vehicles under the Internal Revenue Code: the clean vehicle credit (Section 30D), the credit for previously-owned clean vehicles (Section 25E), and the credit for qualified commercial clean vehicles (Section 45W). It also excludes electric vehicle recharging property from the alternative fuel vehicle refueling credit. These changes directly affect individuals and businesses purchasing new or used electric vehicles, as well as those installing EV charging infrastructure, by eliminating the associated tax benefits. The repeal applies to vehicles purchased or under binding contract after 30 days following the bill's enactment.

Topics ✗ Budget & Taxes ✗ Energy ✗ Environment ✗ Technology ✗ Transportation

Sub-Topics Business Taxes Procurement Tax Credits Electric Vehicles Electric Vehicles

in committee · United States · Senate Feb 27, 2025

S 796: Book Minimum Tax Repeal Act

S 796, the Book Minimum Tax Repeal Act, repeals a corporate minimum tax provision in the Internal Revenue Code that previously applied to certain businesses. The bill removes the requirement for corporations to pay a minimum tax based on their alternative minimum taxable income, effectively eliminating this specific tax obligation for affected corporations. Key provisions amend Section 55 of the tax code to delete corporate minimum tax calculations and related references, treating corporations as having a zero tentative minimum tax. This change directly affects corporations that would have been subject to this minimum tax, with the repeal taking effect for taxable years beginning after December 31, 2024.

Topics ✓ Budget & Taxes

Sub-Topics Business Taxes Tax Credits

in committee · United States · Senate Feb 6, 2025

S 445: Carried Interest Fairness Act of 2025

The Carried Interest Fairness Act of 2025 would change how investment fund managers are taxed on their "carried interest" - the share of profits they earn for managing investment funds. Currently, this is often taxed at lower capital gains rates, but the bill would require it to be taxed as ordinary income instead. It creates new rules for "investment services partnership interests" and specifies that gains and losses from these interests must be treated as ordinary income or loss. The bill directly affects investment fund managers and aims to align their tax treatment more closely with how other business income is taxed.

Topics ✓ Budget & Taxes

Sub-Topics Business Taxes Income Tax

passed · United States · Senate May 26, 2025

S 129: No Tax on Tips Act

This bill creates a new federal tax deduction for cash tips received by workers in occupations that traditionally accept tips (like servers, barbers, and nail technicians) on or before December 31, 2023. It allows a deduction of up to $25,000 per year for tips reported to employers, excluding employees earning over $250,000 from the same employer in the prior year. The Treasury must publish a list of qualifying occupations within 90 days, and the deduction applies to all taxpayers (not just itemizers). The changes take effect for tax years beginning after December 31, 2024.

Topics ✓ Budget & Taxes ✓ Labor & Employment

Sub-Topics Business Taxes Tax Credits Labor Standards Minimum Wage

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