Budget & Taxes (Business Taxes)

in committee · United States · Senate Jan 23, 2025

S 213: Main Street Tax Certainty Act

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.

Topics ✓ Budget & TaxesSupports Budget & TaxesMakes qualified business income tax deduction permanent for small businesses, providing ongoing tax relief and certainty - directly supporting tax policy for middle-income earners.95% confidence

Sub-Topics Business Taxes Tax Incentives Tags Small Business

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in committee · United States · House Jan 3, 2025

HR 110: Small Business Prosperity Act of 2025

The Small Business Prosperity Act of 2025 increases tax relief for small business owners by raising the Qualified Business Income (QBI) deduction rate from 20% to 43% (47% after 2025), removes wage-based limits on eligibility, and expands the deduction to include professions like law and medicine. It also prevents taxable events when businesses restructure without changing ownership and repeals the federal estate tax for deaths after 2024. These changes directly affect pass-through business owners (e.g., sole proprietors, partnerships, S corporations) in the U.S. and Puerto Rico, lowering their federal tax burden. The bill takes effect for tax returns filed in 2025 and later.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases QBI tax deduction for small businesses, removes eligibility limits, and expands relief - direct tax cuts supporting business owners per bill summary.95% confidence

Sub-Topics Business Taxes Tags Small Business

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in committee · United States · Senate Apr 8, 2025

S 1345: America's First Fuels Act

This bill increases tax incentives for residential and commercial biomass heating systems. It raises the energy efficient home improvement credit cap to $2,000 for certain biomass stoves/boilers and $10,000 for others, effective after 2025. It also creates a new 30% investment tax credit for qualifying "open-loop biomass heating property" (systems using biomass for space heating, hot water, or industrial heat) that meet specific efficiency (75% minimum), size (under 50 MMBtu), and emissions control requirements. These changes directly affect homeowners and businesses installing eligible biomass heating equipment by reducing their tax burden for qualifying purchases.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill explicitly expands tax incentives via increased credit caps and new investment tax credits for biomass heating systems, directly advancing tax relief for residential/commercial adoption.95% confidence ✓ EnergySupports EnergyBill provides tax incentives for biomass heating systems, a renewable energy source, increasing adoption through credits and efficiency standards.95% confidence ✓ EnvironmentSupports EnvironmentBill incentivizes biomass heating systems meeting 75% efficiency and emissions standards, promoting cleaner energy use per tax credit provisions.85% confidence

Sub-Topics Business Taxes Tax Credits

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in committee · United States · House May 21, 2025

HR 3549: Critical Businesses Preparedness Act

HR 3549, the Critical Businesses Preparedness Act, creates a 30% federal tax credit for businesses designated as "critical" (like hospitals, grocery stores, and gas stations) that install electric generators in areas at high risk of flooding or hurricanes. The credit covers the full cost of purchasing and installing generators placed in service after the bill's enactment. Businesses cannot claim both this tax credit and a deduction for the same generator expenses. This policy directly supports essential businesses in disaster-prone regions by reducing their tax burden for emergency power infrastructure.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill creates 30% federal tax credit for critical businesses to install generators, providing direct tax relief. This advances tax policy by offering targeted tax incentives, aligning with support indicator of 'provides tax relief'.95% confidence ✓ HealthcareSupports HealthcareBill provides tax credits for hospitals and other critical healthcare facilities to install generators, improving disaster preparedness and maintaining healthcare access during emergencies.75% confidence

Sub-Topics Business Taxes Procurement Tax Credits

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in committee · United States · Senate May 6, 2025

S 1613: Tax Relief for New Businesses Act

This bill, S 1613 (Tax Relief for New Businesses Act), simplifies tax deductions for new businesses forming corporations or partnerships. It combines "start-up" and "organizational" expenses into one deductible category, increasing the annual deduction limit from $5,000 to $50,000 (and the phaseout threshold from $50,000 to $150,000). It also creates special rules allowing new businesses to treat start-up/organizational losses separately when calculating net operating loss carryforwards, with more favorable tax treatment for these losses. The changes apply to expenses paid or incurred in taxable years beginning after December 31, 2025.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases tax deductions for new businesses, providing direct tax relief under tax policy.90% confidence

Sub-Topics Business Taxes Tags Small Business

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in committee · United States · House Feb 13, 2025

HR 1347: AIMM Act

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.

Topics ✗ Budget & TaxesOpposes Budget & TaxesPermanently extends business tax deduction, creating tax break for corporations, aligning with 'oppose' indicator of favoring wealthy entities.95% confidence

Sub-Topics Business Taxes

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in committee · United States · Senate Jun 11, 2025

S 2021: Close the Round-Tripping Loophole Act

This bill amends U.S. tax law to close a loophole allowing companies to artificially shift profits between U.S. and foreign subsidiaries to reduce taxes. It directly affects U.S. corporations with foreign subsidiaries that engage in "round-tripping" - moving profits through transactions involving U.S.-sold property or services without proper documentation of foreign use. The key mechanism creates a "round-tripping ratio" that reduces tax benefits for profits tied to these practices by calculating the percentage of income derived from such transactions relative to total foreign income. Small businesses with average annual gross receipts under $100 million are exempt from this calculation. The changes apply to tax years beginning after the bill's enactment.

Topics ✓ Budget & TaxesSupports Budget & TaxesCloses corporate tax loophole, increasing government revenue and promoting fiscal responsibility through stricter tax enforcement.95% confidence

Sub-Topics Business Taxes

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in committee · United States · Senate Jun 9, 2025

S 1998: Small Business Tax Fairness and Compliance Simplification Act

This bill extends a tax credit for employer social security taxes related to tips earned by employees in beauty service businesses (including barbering, nail care, esthetics, and spa treatments). It requires that tips from these services exceed 15% of the business's gross receipts to qualify for the credit. The bill also creates a "tip reporting safe harbor" for beauty service employers who implement training programs, monthly tip reporting by employees, and maintain records for four years, shielding them from IRS tip examinations unless an employee complaint arises. Additionally, it mandates that landlords renting space to two or more beauty service businesses (with $600+ in annual rent) must report rental income details to the IRS. These provisions apply to taxable years beginning after 2024 or 2025, depending on the section.

Topics ✓ Budget & TaxesSupports Budget & TaxesExtends tax credit for beauty service businesses, reducing tax burden and simplifying compliance through tip reporting requirements.90% confidence

Sub-Topics Business Taxes Tax Credits Tags Small Business

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in committee · United States · House Aug 8, 2025

HR 4933: Research and Development Tax Credit Expansion Act of 2025

HR 4933, the Research and Development Tax Credit Expansion Act of 2025, expands tax benefits for small businesses conducting research. It increases the refundable R&D credit rate to 20% (from 14%) for qualified small businesses, adjusts credit amounts for inflation annually, and allows the credit to be refunded against unemployment taxes instead of just income taxes. The bill broadens eligibility by raising the gross receipts threshold from $5 million to $10 million for "qualified small businesses" and modifies rules for calculating credits in early years of research activity. These changes apply to taxable years beginning after December 31, 2025, directly affecting qualifying small businesses with under $25 million in annual revenue.

Topics ✓ Budget & TaxesSupports Budget & TaxesExpands refundable R&D tax credit for small businesses, increasing rate to 20% and broadening eligibility, directly providing tax relief and incentivizing business investment.95% confidence ✓ TechnologySupports TechnologyExpands R&D tax credits for small businesses, directly funding technology innovation and development through increased refundable credits and broader eligibility.95% confidence

Sub-Topics Business Taxes Tax Credits Tax Incentives Tags Small Business

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in committee · United States · Senate Sep 16, 2025

S 2818: Tax Excessive CEO Pay Act of 2025

S 2818, the Tax Excessive CEO Pay Act of 2025, imposes a corporate tax penalty on large U.S. corporations with a CEO-to-worker pay ratio exceeding 50:1. The penalty increases the standard 21% corporate tax rate by 0.5% to 5% based on how high the ratio climbs (e.g., 0.5% for 50-100:1, up to 5% for ratios over 500:1). It directly affects corporations with average annual gross receipts over $100 million, requiring them to calculate a 5-year average pay ratio using SEC-mandated methodology. Smaller companies with under $100 million in average revenue are exempt from reporting requirements. The law takes effect for taxable years beginning after December 31, 2025, with regulations to prevent avoidance tactics like shifting to contractor labor.

Topics ✓ Budget & TaxesSupports Budget & TaxesImposes corporate tax penalties (0.5%-5%) on firms with CEO-worker pay ratios >50:1, closing a tax loophole for excessive executive compensation.95% confidence ✓ Labor & EmploymentSupports Labor & EmploymentTargets excessive CEO pay relative to workers (ratios >50:1) with tax penalties, aiming to reduce income inequality and protect workers' pay relative to executives, thus supporting labor and employment rights.95% confidence

Sub-Topics Business Taxes Labor Standards

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