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Proposed Tax Legislation

July 13, 2022 by dmcjoe

The following is an overview of several recent tax proposals discussed or introduced in Congress over the past several weeks. It is important that you not treat these proposals as passed legislation. Many hurdles remain before any of these legislative ideas become law. In the meantime, it is useful to see what types of tax laws may be affecting you in the future.

  • Freight RAILCAR Act of 2022 (House of Representatives Bill 7902): This bill, introduced May 27, proposes to amend the Internal Revenue Code of 1986 to provide a tax credit to encourage the replacement or modernization of inefficient, outdated freight railcars.
  • Complete America’s Great Trails Act (House of Representatives Bill 7913 and Senate Bill 4346): This bill, introduced May 26, proposes to amend the Internal Revenue Code of 1986 to allow a credit against income tax for qualified conservation contributions which include National Scenic Trails.
  • Police and Fire Health Care Protection Act of 2022 (Senate Bill 4312): This bill, introduced May 25, proposes to amend the Internal Revenue Code of 1986 to repeal the direct payment requirement on the exclusion from gross income of distributions from governmental plans for health and long-term care insurance.
  • DELIVER Act of 2022 (House of Representatives Bill 7872 and Senate Bill 4291): This bill, introduced May 24, proposes to amend the Internal Revenue Code of 1986 to increase the standard charitable mileage rate for delivery of meals to elderly, disabled, frail, and at-risk individuals.
  • People Over Petroleum Act (House of Representatives Bill 7871): This bill, introduced May 24, proposes to amend the Internal Revenue Code of 1986 to repeal fossil fuel subsidies for oil companies and to establish gas price rebates to individuals for 2022.
  • Rural IRS Accountability Act (House of Representatives Bill 7844): This bill, introduced May 19, proposes to amend the Internal Revenue Code of 1986 to improve tax filing efforts in rural areas.
  • Public Safety Officer Health Improvement Act of 2022 (Senate Bill 4267): This bill, introduced May 19, proposes to amend the Internal Revenue Code of 1986 to create a tax credit for qualified health insurance premiums of eligible retired public safety officers.
  • Inflation-Adjusted Education Investment Act (Senate Bill 4265): This bill, introduced May 19, proposes to amend the Internal Revenue Code of 1986 to increase and provide an inflation adjustment for the limitation on distributions from qualified tuition programs that may be used for elementary and secondary tuition.

IMPORTANT: The above are proposals. There are many steps each bill must go through before they are signed into law.

Information retrieved from: GovTrack.us https://www.govtrack.us/congress/bills/subjects/taxation/6342

Questions on this proposed legislation? Schedule a time with one of our financial experts to discuss this in more detail. https://bas-pc.com/appointment-center/.

Filed Under: Blog Tagged With: Accountant, Accountants in New Jersey, Accounting Finance Consultant, accounting help, accounting services, business accounting systems, Congress, legislation, tax help, Tax Laws, tax legislation, tax planning, tax Preparation New Jersey, Tax preparation Services NJ, tax proposals, tax services, tax tips, Top Accounting Firms in NJ

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