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June 2019 Tax Legislation Proposals

Published by Jake Grimm on 03 Jul 2019

Below is summary of the June 2019 tax legislation proposals that were introduced or discussed in congress in the month of June. These are only proposals and “Not” legislation passed by Congress. Although it may be useful to know tax laws that may have an effect on your future, there are many obstacles that remain before any of these legislative proposals would become law.

Bills introduced on June 3rd.

The Business Activity Tax Simplification Act of 2019 (House of Representatives Bill 3063): This bill suggest the regulation of certain State taxation of interstate commerce, as well as other purposes.

Bills introduced June 4th.capital_circular_stars_9484

  • Expanding Access to Retirement Savings for Caregivers Act (House of Representatives Bill 3078): This bill recommends an amendment to the Internal Revenue Code of 1986. It proposes that the age for making “catch-up contributions” be reduced to take into consideration time out of the workforce to provide dependent care.
  • Affordable Housing Credit Improvement Act of 2019 (Senate Bill 1703): This bill recommends an amendment to the Internal Revenue Code of 1986 that would reform the low-income housing credit, as well as other purposes.
  • Student Loan Interest Deduction Act of 2019 (House of Representatives Bill 3098): This bill is proposing legislation to increase the amount of deductions allowed for student loan interest.

Bills introduced June 5th.

  • Supermarket Tax Credit for Underserved Areas Act (House of Representatives Bill 3123): This bill proposes an amendment of the Internal Revenue Code of 1986 that would provide tax incentives for establishing supermarkets in some underserved areas.
  • College Admissions Fairness Act (Senate Bill 1732): This bill proposes an amendment to the Internal Revenue Code of 1986 to stipulate rules for the disallowance and recapture of certain charitable contributions that go to colleges and universities, as well as other purposes.

Bills introduced June 6th.

  • Taxpayers First Act (House of Representatives Bill 3151): This bill recommends an amendment to the Internal Revenue Code of 1986 that would modernize and improve the Internal Revenue Service, as well as other purposes.
  • Working Families Tax Relief Act of 2019 (House of Representatives Bill 3157): This bill offers an amendment to the Internal Revenue Code that would expand the earned income and child tax credits, as well as other purposes.

Bills introduced June 11th.

  • Waterway LNG Parity Act of 2019 (Senate Bill 1774): This bill recommends an amendment  to the Internal Revenue Code of 1986 that would provide for an energy equivalent of a gallon of diesel in the case of liquefied natural gas for purposes of the Inland Waterways Trust Fund financing rate.

Bills introduced June 13th.

  • Ending Tax Breaks for Private Prisons Act (Senate Bill 1827): This bill recommends an amendment to the Internal Revenue Code of 1986 that would exclude corporations operating prisons from the definition of taxable REIT subsidiary.

As you know, there are many steps to a bill before they are signed into law and the list above are only proposals. As you know, not all bills are signed into law. If you have interest in following any of the above proposals visit GovTrack.us to find out more.

At Summit CPA we offer multiple resources to assist you with all of your tax and financial planning needs. Contact our office at 866-497-9761 to schedule an appointment with our advisors.

 

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