Sen. Tina Smith

Maddy summaryThis bill imposes a 50% tax on new single-family home acquisitions by large investment firms (defined as hedge funds or entities managing $50 million+ in assets). It also levies an annual tax of $50,000 per excess property held beyond legally allowed limits - starting at zero for hedge funds and gradually increasing for other investors over time. Revenue from these taxes funds a new down payment assistance program, prioritizing first-time homebuyers purchasing properties previously owned by these firms. The law directly affects major real estate investment entities, not individual homeowners or small landlords.

Maddy summaryThe Mental Health Justice Act of 2023 provides $250 million over five years in federal grants to states, tribes, and local governments to establish programs where mental health professionals respond to certain emergencies instead of police. It directly affects individuals in mental health crises, substance use situations, or with intellectual/developmental disabilities who call 911 or emergency hotlines, as well as dispatch centers and first responder agencies. Key provisions require grantees to train mental health responders in de-escalation techniques, link individuals to voluntary community services, track outcomes like reduced incarceration, and report quarterly on dispatch data. The bill mandates data disaggregation by race, gender, and disability status to prevent institutionalization and includes safeguards ensuring police remain available for imminent threats.

Maddy summaryThis bill requires the U.S. Postal Service to review and implement specific recommendations from an Inspector General report (Report No. 21-262-R23, dated December 16, 2022) about improving delivery operations for undelivered and partially delivered routes. It directly affects the U.S. Postal Service, mandating they act on these recommendations within one year of the bill becoming law. The key mechanism is a binding requirement for the Postal Service to adopt the IG’s suggested improvements to address delivery issues. The bill focuses on operational accountability, not broader policy changes, and specifies the exact report and deadline for compliance.

Maddy summaryThe Billionaires Income Tax Act requires individuals with annual income over $100 million or assets over $1 billion to pay taxes annually on their wealth gains, rather than deferring taxes through strategies like "buy, borrow, die." It eliminates tax deferral by implementing mark-to-market taxation, requiring billionaires to pay tax on asset appreciation each year as if they had sold the assets. The bill closes loopholes that allow the ultra-wealthy to transfer assets tax-free to heirs, requiring heirs to pay tax on gains when they sell assets. This means billionaires would pay taxes on their income as it's earned, just like working people pay taxes on wages.

Maddy summaryThe PREP Act creates a dedicated Office of Prison Education within the Bureau of Prisons to improve educational opportunities for incarcerated individuals in Federal correctional facilities. The office will coordinate quality programs including adult literacy, high school equivalency, postsecondary education, and workforce development, while collecting data on outcomes like recidivism and employment. The bill authorizes $170 million annually (2024-2030) for these programs and establishes a repository of research and best practices for State and local correctional systems. This legislation directly affects Federal prison inmates by expanding educational opportunities designed to improve post-release outcomes and reduce recidivism.

Maddy summarySRES 473 is a ceremonial Senate resolution designating October 2023 as "National Principals Month." It honors elementary, middle, and high school principals across the United States for their roles in educational leadership, school improvement, and student success. The resolution does not create new laws or funding but symbolically recognizes principals' contributions to school communities. It was introduced by Senators Smith, Collins, King, Durbin, Hirono, and Van Hollen and passed unanimously.

Maddy summarySRES 470 is a symbolic Senate resolution designating November 16, 2023, as "National Rural Health Day." It commemorates rural communities' contributions to health care and acknowledges the unique challenges rural health providers and patients face, including access barriers and hospital closures. The resolution recognizes the efforts of rural health care workers and the millions they serve, while expressing a commitment to future policy improvements for rural health care. It does not create new laws, funding, or direct obligations - it serves solely as a formal acknowledgment of rural health issues.

Maddy summaryThis Senate resolution (SRES 471) expresses formal support for National Adoption Day (observed November 18, 2023) and National Adoption Month (November 2023). It promotes awareness about children in foster care awaiting adoption, celebrates adoption success stories, and encourages U.S. citizens to support efforts securing permanent, safe homes for all children. The resolution does not create new laws or funding but serves as a symbolic gesture to highlight adoption needs. It specifically references foster care statistics (e.g., 114,000 children awaiting adoption) to underscore its purpose.

Ending the Carried Interest Loophole Act This bill revises the tax treatment of partnership interests received in connection with the performance of services. It eliminates the concept of carried interest, a form of compensation received by certain partners in private equity, real estate, or hedge funds for investment management services. Under current law, such compensation can be deferred from taxation until income is realized by the partnership. The bill requires partners to recognize deemed compensation received from a partnership annually, taxed at ordinary income tax rates and subject to self-employment taxation. The bill eliminates a partner's ability to defer tax on such compensation.

Maddy summaryThe Child Care Nutrition Enhancement Act of 2023 increases federal reimbursements for child care providers participating in the Child and Adult Care Food Program (CACFP). It adds a fixed 10-cent payment per meal or snack served, adjusted annually, to existing reimbursement rates for all CACFP providers, including child care centers and family day care homes. This change applies to all meals and supplements served under the program and takes effect in the first month after the bill is enacted. The amendment modifies multiple sections of the National School Lunch Act to incorporate this additional reimbursement into payment calculations.