This bill repeals the ability to claim or refund the Employee Retention Tax Credit (ERTC) after January 31, 2024, requiring all claims to be filed by that date (Section h). It increases penalties for tax professionals or promoters who helped businesses improperly claim ERTC refunds, including fines up to $200,000 per violation and treating failure to follow due diligence rules as proof of intent (Sections a, b, c, d). The bill also extends the IRS's assessment period for ERTC claims to six years from the latest filing date (Section i), ensuring the agency has more time to review disputed claims. These changes primarily affect businesses seeking ERTC refunds and tax professionals advising on such claims.
HR 9660, the SEEK HELP Act, provides legal protections for individuals responding to opioid overdoses. It shields people from civil lawsuits for administering opioid reversal drugs (like naloxone) in good faith and protects those seeking medical help during overdoses from criminal prosecution or asset forfeiture related to drug possession. The bill requires the federal government to run public awareness campaigns about these protections and allows states to use grant funds for overdose response education. It also mandates a GAO report to evaluate how effectively these protections encourage overdose reporting and reduce fatalities. The law directly affects bystanders, emergency responders, and law enforcement officers handling overdose situations.
HR 9614, the ENABLE Act, permanently extends key tax benefits for ABLE accounts, which help people with disabilities save money without losing government benefits. The bill removes an expiration date (previously set for January 1, 2026) for higher contribution limits and the savers credit for ABLE accounts, and allows permanent rollovers of funds from 529 college savings plans into ABLE accounts. These changes directly affect individuals with disabilities and their families who use ABLE accounts for savings. The bill makes these provisions permanent, applying to future taxable years and distributions after enactment.
The SIMSA Act of 2024 creates a new Schedule A for synthetic drugs that have chemical structures substantially similar to existing controlled substances but aren't yet listed in the Controlled Substances Act. It allows the Attorney General to temporarily or permanently schedule these substances based on their chemical structure and effects, with a 30-day notice period and a maximum 5-year temporary period. The bill increases penalties for violations involving Schedule A substances (up to 20 years in prison for first offenses), requires specific labeling for Schedule A substances, and establishes registration requirements for importers and exporters. It also includes provisions for research on substances newly added to Schedule A and allows for sentencing review if a substance is later descheduled.
HR 705, the Veterans 2nd Amendment Protection Act, prohibits the Department of Veterans Affairs (VA) from automatically sending veterans' personal information to the national background check system solely because a fiduciary (like a guardian) manages their benefits. It specifically blocks the VA from sharing this data with the Justice Department without a court order finding the veteran a danger to themselves or others. This directly affects veterans who have a fiduciary appointed due to incapacity but are not deemed dangerous, preventing automatic barriers to firearm purchases based only on their fiduciary status. The bill amends 38 U.S.C. § 5501B to require judicial authorization before such data can be transmitted.
The Safe and Secure Transportation of American Energy Act amends a federal criminal law to expand penalties for interfering with energy transportation infrastructure, such as pipelines and power lines. It broadens prohibited acts to include vandalism, tampering, disrupting operations, and preventing construction of these systems. This change directly affects individuals who engage in such actions, increasing legal consequences for disrupting energy infrastructure projects. The bill does not create new infrastructure but strengthens existing legal protections for energy transportation networks.
The Protecting American Agriculture from Foreign Adversaries Act of 2024 requires the Secretary of Agriculture to join the Committee on Foreign Investment in the United States (CFIUS) when reviewing transactions involving U.S. agricultural land, biotechnology, or agricultural industry sectors (including transportation, storage, and processing) with foreign entities from China, North Korea, Russia, or Iran. It mandates that the Secretary of Agriculture notify CFIUS about transactions where a foreign person from one of these "covered countries" is acquiring agricultural land, and CFIUS must then determine whether to initiate a review. This applies only to transactions already reportable under the 1978 Agricultural Foreign Investment Disclosure Act and expires for any covered country once it is removed from the official list of foreign adversaries. The law directly affects foreign investors from specified countries seeking to purchase U.S. agricultural assets and the federal review process for such transactions.
HJRES 125 is a congressional resolution seeking to block a Federal Reserve rule requiring large financial institutions to manage climate-related financial risks. It targets the rule published in the Federal Register on October 30, 2023 (88 Fed. Reg. 74183), which established "Principles for Climate-Related Financial Risk Management." The resolution would prevent this rule from taking effect by invoking a specific legal process under Title 5 of the U.S. Code. This disapproval resolution directly affects major banks and financial firms subject to the Federal Reserve's oversight.
The PAW Act of 2024 amends the tax code to allow taxpayers to treat certain veterinary expenses for service animals or pets as medical care expenses deductible on their federal income taxes. It specifically covers up to $1,000 annually per pet for veterinary care (including diagnostic tests, medicine, and surgery) or pet health insurance, applying to the taxpayer, their spouse, or dependents. This affects individuals with qualifying service animals (defined by existing federal regulations) or pets meeting the Agriculture Improvement Act's definition. The provision applies to expenses paid after the bill's enactment, with the $1,000 limit adjusted annually for inflation.
HJRES 167 cancels a U.S. Department of Agriculture rule that would have allowed electronic eartags as official identification for cattle and bison. The resolution directs that the rule published in the Federal Register on May 9, 2024 (89 Fed. Reg. 39540), has no force or effect. This directly affects ranchers and farmers who would have been required to use electronic identification systems for livestock. The bill halts the implementation of this specific regulatory change without creating new requirements.
HR 8153, the Bank Risk Reduction Act of 2024, exempts covered banking institutions (like insured banks and their holding companies) from certain regulatory requirements when using interest rate swaps to hedge interest rate risk on debt securities or loans held on their balance sheets. Specifically, it removes mandatory clearing and margin rules for these swaps, allows banks to use hedge accounting for such hedges, and eliminates accounting restrictions that previously limited how banks could report these hedges. The bill directly affects banks that hold debt securities or loans on their balance sheets, providing them more flexibility in managing interest rate risk without triggering specific regulatory or accounting constraints. This is a technical regulatory change focused on financial reporting and risk management for banking institutions.
HR 3161, the CDFI Fund Transparency Act, requires the Treasury Secretary (or their designee) to annually testify before the House Financial Services Committee and Senate Banking Committee about the operations of the Community Development Financial Institutions (CDFI) Fund. This testimony would cover the Fund's activities from the previous year and is requested at the discretion of the committee chairs. The bill does not change how the CDFI Fund provides funding but mandates regular reporting to Congress on its operations. It directly affects the Treasury Department's reporting obligations and the congressional committees overseeing the Fund. This is a procedural transparency measure, not a substantive policy change.
