Sen. Patrick J. Toomey

This bill excludes certain persons from being considered a broker for tax reporting purposes. Under current law, the transfer of digital assets from a broker to a nonbroker requires the broker to file a return beginning on January 1, 2024. The bill provides that a broker does not include any person solely engaged in the business of (1) validating distributed ledger transactions, or (2) selling hardware or software for which the sole function is to permit access to digital assets on a distributed ledger.

Virtual Currency Tax Fairness Act This bill excludes from gross income, for income tax purposes, a limited amount of gain from the sale or exchange of virtual currency, unless such sale or exchange is for cash or cash equivalents, property used in the active conduct of a trade or business, or property held for the production of income. The exclusion does not apply if the total value of the sale or exchange exceeds $50, or the total gain exceeds $50 (both amounts adjusted annually for inflation). The bill defines virtual currency as a digital representation of value that functions as a unit of account, a store of value, or a medium of exchange, and is not a representation of the U.S. dollar or any foreign currency.

This resolution remembers former Prime Minister of Japan Shinzo Abe and his work to strengthen the alliance between the United States and Japan. It also extends condolences to his family and the people of Japan.

Chase COVID Unemployment Fraud Act of 2022 This bill addresses fraud and overpayments of pandemic unemployment assistance, including by allowing states to retain a specified percentage of recovered funds and prohibiting the Department of Labor from allowing blanket waivers of overpayments.

Educational Choice for Children Act This bill allows individuals and corporations a new tax credit after 2022 for charitable contributions to tax-exempt organizations that provide scholarships to elementary and secondary school students. Such students must be members of a household with incomes not greater 300% of the area median gross income and be eligible to enroll in a public elementary or secondary school. The bill excludes from the gross income of taxpayer dependents any scholarship amount for the elementary or secondary education expenses of eligible students. It also prohibits governmental control over scholarship granting organizations.

INvestor Democracy is EXpected Act or the INDEX Act This bill establishes guidelines for passively managed funds (e.g., index funds) that vote shares on behalf of fund investors in proxy shareholder votes. Under the bill, these funds generally must vote shares on a proportional basis according to instructions from fund investors. The bill establishes an exemption for routine matters and matters requiring approval of a majority of outstanding securities. Additionally, the bill establishes a safe harbor from these requirements for investment advisers.

This resolution celebrates 100 years of continuous diplomatic relations between the United States and Estonia, Latvia, and Lithuania (the Baltic States). The resolution also commits to providing continued support for the Baltic States through economic and security cooperation, including through the Baltic Security Initiative.

Protecting Public Safety Employees' Timely Retirement Act of 2022 This bill modifies the eligible age (age 50) for the exemption from the retirement plan early withdrawal penalty for public safety officers. The bill establishes the age eligibility at age 50 or 25 years of service under the plan, whichever is earlier.

Maddy summarySRES 643 is a Senate resolution designating the week of May 15-21, 2022, as "National Police Week" to honor law enforcement officers who serve and sacrifice in their communities. The resolution recognizes the service of law enforcement officers, particularly those killed or injured in the line of duty, and acknowledges their sacrifices during the COVID-19 pandemic. It expresses support for officers' needs for proper equipment, training, and resources, and encourages the public to observe the week by honoring law enforcement personnel. This designation serves as a formal recognition of law enforcement service without creating new legal requirements or policy changes.

Maddy summarySRES 630 is a Senate resolution expressing support for designating the week of May 1-7, 2022, as "National Small Business Week" to honor small businesses and entrepreneurs nationwide. It highlights that small businesses support over 61 million jobs and demonstrate resilience amid pandemic challenges, though the resolution does not create new legal requirements or funding. The resolution symbolically recognizes their economic contributions and role in community rebuilding without imposing binding obligations. As a commemorative measure, it aligns with longstanding presidential designations dating to 1963.