Sen. Tina Smith

Maddy summaryThis bill amends the CDFI Bond Guarantee Program to improve how the government guarantees bonds issued by community development financial institutions (CDFIs). It sets a minimum guarantee of $25 million per transaction while capping total annual guarantees at $1 billion, and extends the program's deadline to four years after enactment. The bill also requires the Treasury Secretary to report to Congress on the program's effectiveness within one and three years of enactment. These changes aim to provide CDFIs with more predictable long-term capital to fund projects in underserved communities.

Maddy summaryThe Investment Opportunity Expansion Act amends federal securities law to create a new criterion for individuals to qualify as "accredited investors." It allows an individual to meet the threshold if, for a single investment transaction, their total investment in private securities (without a public offering) does not exceed 10 percent of the greater of their net assets or annual income. This change would expand eligibility for private investment opportunities beyond traditional income or net worth requirements. The bill directly affects individuals seeking to invest in private securities and the financial institutions offering such investments.

Maddy summaryThe GRACE Act establishes a minimum annual refugee admission level of 125,000, requiring the U.S. to admit at least that many refugees each fiscal year unless the President sets a higher number (with 125,000 automatically applying if no determination is made). It mandates that the President consider the United Nations High Commissioner for Refugees' global resettlement needs when setting annual numbers and allocate refugees regionally, including an unallocated reserve for unexpected regional needs after notifying Congress. The bill also requires quarterly reports to Congress on refugee admissions, including regional breakdowns, security clearance rates, processing times, and plans to meet annual goals, enhancing transparency in the refugee admissions process.

Maddy summaryS 3702, the Credit for Caring Act of 2024, creates a tax credit for working family caregivers who provide care for a certified family member needing long-term assistance. Eligible caregivers (with over $7,500 in earned income) can claim a credit equal to 30% of qualified care expenses exceeding $2,000 annually, capped at $5,000 per year. Qualified expenses include human assistance, home modifications, respite care, counseling, lost wages for unpaid care time, and transportation - provided the care recipient (e.g., a parent or spouse) is certified by a healthcare provider as requiring long-term care for at least 180 days. The credit phases out for taxpayers with modified adjusted gross income above $75,000 (single) or $150,000 (joint returns).

Maddy summaryThis bill would create "401Kids Savings Accounts" for every U.S. citizen child under 18, automatically established at birth or naturalization (including children in foster care). The accounts would receive annual government deposits of $500 (or $750 for families receiving the Earned Income Tax Credit), with an additional matching contribution of up to $250 for EITC-eligible families. Account funds could be used for qualified education expenses, home purchases, or rolled into ABLE accounts or Roth IRAs after age 18, with funds generally disregarded for means-tested federal benefits. The program would be administered through either state programs (with federal certification requirements) or a new Federal program established by the Treasury Department. Contributions would be limited to $2,500 per year (excluding government deposits), and the bill includes specific provisions for handling accounts of children in foster care and for deceased account holders.

Maddy summaryThis bill prohibits rental property owners (with 4+ units) and algorithmic services from facilitating price coordination among landlords. It makes it illegal for owners to use "coordinators" (software/data services) that collect and analyze rental data to recommend uniform pricing or lease terms, which could enable tacit rent cartels. Violations would be treated as antitrust violations under federal law, with penalties including triple damages for affected tenants. The Federal Trade Commission and state attorneys general would enforce these provisions, and pre-dispute arbitration agreements related to violations would be unenforceable.

Maddy summarySRES 533 is a Senate resolution expressing support for designating January 21-27, 2024, as "National Board Certified Teachers Week." It recognizes National Board Certified Teachers (NBCTs) for their role in improving student achievement, particularly in high-needs schools, and highlights that 44% of NBCTs serve in Title I schools. The resolution encourages schools, districts, and states to promote NBCT growth and provide incentives for certification, without creating new legal requirements or altering funding. As a symbolic gesture, it does not directly affect policy or individuals but aims to honor educators' contributions.

Maddy summaryThis bill updates the Agricultural Foreign Investment Disclosure Act (AFIDA) to strengthen reporting requirements for foreign ownership of U.S. agricultural land. It requires foreign individuals or entities holding at least 1% interest (directly or through multiple ownership layers) to report holdings, and directs the Farm Production and Conservation Business Center (FPAC-BC) to validate data and ensure compliance. The bill also mandates coordination with the Committee on Foreign Investment in the U.S. (CFIUS), updates the Farm Service Agency handbook using GAO recommendations, and analyzes streamlining electronic reporting. These changes aim to improve transparency and national security oversight of foreign agricultural land investments.

Maddy summaryThis bill increases the Child and Dependent Care Tax Credit for eligible taxpayers. It raises the maximum credit rate from 35% to 50% (with income phaseouts), doubles the annual dollar limits from $3,000/$6,000 to $8,000/$16,000 for one/two or more dependents, and makes the credit refundable for qualifying taxpayers. The credit becomes refundable, meaning families can receive payments even if they owe no income tax. The bill also includes automatic annual inflation adjustments starting in 2025 to maintain the credit's value. It directly benefits working families with childcare costs, particularly those earning between $125,000 and $400,000 in adjusted gross income.

Telemental Health Care Access Act of 2024 This bill eliminates certain restrictions relating to Medicare coverage of mental health services that are provided through telehealth. Current law allows for coverage of such services regardless of the geographic location of the originating site (i.e., the location of the beneficiary), as long as the beneficiary previously received in-person services and continues to receive in-person services at specified intervals (effective January 1, 2025). The bill eliminates these in-person requirements.