Rep. Adrian Smith

Maddy summaryThis bill requires the Treasury Secretary to report quarterly on foreign countries imposing "extraterritorial" or "discriminatory" taxes targeting U.S. businesses. It mandates progressively higher tax rates (starting at 5% and increasing to 20% over time) on income and payments from foreign individuals and corporations in those countries. The U.S. government can also restrict federal procurement from such entities and consider these taxes in trade negotiations. These measures directly affect foreign businesses operating in the U.S. or conducting transactions with U.S. entities. The policy aims to counter foreign tax policies that the U.S. views as unfair under international tax norms.

Small Business Growth Act This bill increases from $1 million to $2 million to the limitation on expensing of depreciable business assets. It also increases the asset threshold amount used to reduce the expensing limitation.

Maddy summaryThis bill requires that AM radio receivers be included as standard equipment in all new motor vehicles (such as cars and trucks) sold in the United States, with a rule to be issued by the Department of Transportation within one year. The rule must ensure AM radio is easily accessible on the dashboard and allows manufacturers to use digital AM radio technology instead of traditional AM. During the one-year period between the bill's enactment and the rule's effective date, manufacturers must clearly label vehicles without AM radio. The bill also directs a study to evaluate whether an alternative system could deliver emergency alerts as reliably as AM radio across the country, especially during crises.

Maddy summaryHR 3337, the Fuels Parity Act, removes a prohibition that previously excluded corn starch ethanol from being counted as "advanced biofuel" under the Clean Air Act. This change directly affects corn-based ethanol producers by allowing corn starch ethanol to qualify under renewable fuel standards. The bill also requires the EPA to update its methodology for calculating greenhouse gas emissions from corn-based ethanol and biomass-based diesel every five years, starting 90 days after enactment, with the first update mandating the use of the Argonne National Laboratory's GREET model. These provisions aim to standardize how emissions are assessed for these fuels under federal renewable fuel programs.

Maddy summaryHJRES 61 is a resolution seeking to block a Department of Labor rule published in March 2023. The rule would have removed legal requirements related to religious exemptions under the Equal Opportunity Clause in federal employment regulations. If passed, this resolution would prevent the rule from taking effect, maintaining the existing requirements for religious exemptions. It uses a specific congressional disapproval process under Title 5 of the U.S. Code to stop the rule without requiring presidential action.

Permanent Tax Cuts for American Families Act of 2023 This bill permanently increases the standard tax deduction for nonitemizing taxpayers. It also requires an inflation adjustment to the increased deduction amounts.

Maddy summaryThe Beagle Brigade Act of 2023 establishes a National Detector Dog Training Center to train dogs and handlers for detecting foreign pests and diseases threatening U.S. agriculture and natural resources. The Center will collaborate with agencies like U.S. Customs and Border Protection and state agriculture departments to safeguard farms and ecosystems. It requires annual funding for operations and mandates a congressional report within one year detailing pest threats, Center effectiveness, and recommendations for improving detection capabilities. The law directly affects agricultural protection efforts by enhancing canine-based prevention of invasive species.

Maddy summaryThe Protecting Taxpayers and Victims of Unemployment Fraud Act allows states to retain 25% of funds recovered from fraudulent unemployment claims (for pandemic-related benefits) to improve fraud prevention systems. States can use these retained funds to modernize unemployment systems, hire fraud investigators, reimburse administrative costs, or conduct other fraud prevention activities. The bill requires states to use specific data matching systems like the National Directory of New Hires to detect fraud more effectively. It modifies federal rules to ensure states can use recovered funds without violating deposit requirements. This legislation aims to reduce unemployment fraud while protecting taxpayers and victims of fraud.

Maddy summaryHRES 339 is a non-binding House resolution expressing that an "all-of-the-above" energy strategy - including oil, gas, nuclear, coal, hydropower, and renewables - is the most viable approach to U.S. energy policy. It states this strategy would strengthen national security, lower consumer energy prices, and reduce reliance on foreign energy sources. The resolution highlights that domestic energy production supports infrastructure funding, job creation, and energy independence, while noting U.S. energy sources like Gulf of Mexico oil and nuclear power provide clean, reliable electricity. As a statement of congressional opinion, it does not create new laws or policy changes.

Maddy summaryHR 3105 amends the tax code to clarify how financial guaranty insurance companies qualify as "qualifying insurance corporations" under passive foreign investment company (PFIC) rules. It allows these companies to include unearned premium reserves in their insurance liabilities if they meet specific exposure thresholds: at least a 15-to-1 ratio of financial guaranty exposure to total assets (or 9-to-1 for state/local bonds), and they report only reserves within single-risk limits. This bill directly affects financial guaranty insurance companies whose sole business is writing or reinsuring financial guaranty insurance. The change simplifies their tax classification under existing PFIC rules without altering broader tax policy.