Rep. Bryan Steil

Maddy summaryThe ACRE Act of 2023 amends the tax code to exclude interest income from certain rural and agricultural loans from taxable income for eligible lenders. It directly affects banks, savings associations, and their wholly-owned entities that provide qualified loans secured by rural or agricultural real estate, including single-family homes in designated rural areas (with a $750,000 loan balance cap) or aquaculture facilities. The key provision allows these lenders to exclude interest earned on qualifying loans from their gross income, effectively reducing their tax liability on such lending activity. The bill applies to loans made after its enactment date and aligns with existing definitions of rural property from the Agricultural Credit Act of 1987.

No Sanctions Relief for Terrorists Act This bill prohibits granting a waiver or license to conduct transactions with certain Iranian individuals and entities unless the President certifies to Congress that the individual or entity has ceased involvement in terrorism. The bill's prohibition applies to Iranian individuals and entities included on the January 20, 2021, list of specially designated nationals and blocked persons pursuant to Executive Order 13224 . (U.S. persons are usually prohibited from transacting with individuals or entities on this list, also called the SDN list, although a license or waiver can allow transactions that would otherwise be prohibited.)

Maddy summaryHRES 321 is a procedural resolution permitting the House of Representatives to take official photographs during its actual sessions on a date chosen by the Speaker. It allows the House to cover the costs of taking, preparing, and distributing these photos using existing House funds. This resolution directly affects the House itself by authorizing a specific administrative action during sessions, without changing any substantive laws or policies. It does not impact constituents, committees, or other government entities.

Maddy summaryHR 2771, the Portal for Appraisal Licensing Act of 2023, creates a central online system called the "Portal for Appraiser Credentialing and AMC Registration Information" to streamline licensing for appraisers and appraisal management companies (AMCs). The portal will handle license applications, renewals, background checks (via FBI access), fee payments, and education course tracking, connecting state licensing agencies with appraisers and AMCs. It directly affects appraisers, AMCs, and state licensing agencies by replacing fragmented state processes with a single, standardized system. The bill ensures states retain final authority over licensing decisions while using the portal for data sharing and administrative efficiency.

Strategic Petroleum Reserve Transparency Act This bill directs the Department of Energy to report to Congress about any drawdown or sale of petroleum products from the Strategic Petroleum Reserve that occurs five months before a regularly scheduled federal general election. The report must provide the reason for such drawdown or sale.

American Innovation and R&D Competitiveness Act of 2023 This bill eliminates the five-year amortization requirement for research and experimental expenditures, thus allowing continued expensing of such expenditures in the taxable years in which they are incurred.

Maddy summaryThe Latonya Reeves Freedom Act of 2023 strengthens the Americans with Disabilities Act's requirement that individuals with disabilities receive long-term services and supports in community settings rather than institutions. It defines "community-based" services to include specific housing options where individuals with disabilities can live independently with maximum control over their lives, including access to integrated housing, employment, and community participation. The bill requires states to develop transition plans to move people from institutional settings to community-based services within 12 years, with measurable annual targets for reducing institutionalization. It establishes enforcement mechanisms through the Department of Justice and Department of Health and Human Services to ensure compliance with these requirements.

Maddy summaryHJRES 27 is a congressional resolution seeking to block a federal rule that redefined which waterways fall under the Clean Water Act's protections. It targets a rule submitted by the Army Corps of Engineers, Department of Defense, and Environmental Protection Agency (EPA) on January 18, 2023, which aimed to revise the "Waters of the United States" definition. The resolution would formally disapprove this rule under a specific federal procedure (Chapter 8 of Title 5), preventing it from taking effect. This would directly affect how federal agencies regulate pollution and development near water bodies, including wetlands and smaller streams.

Maddy summaryThis bill changes the definition of a "well-known seasoned issuer" (WKSIs) under federal securities laws. It maintains the $75 million threshold for the market value of an issuer's voting and non-voting common equity held by non-affiliates but removes a separate requirement about minimum worldwide market value. This simplifies the qualification process for publicly traded companies seeking WKSIs status, which allows them to use streamlined SEC registration procedures for future offerings. The change directly affects companies aiming to access these simplified capital-raising pathways.

Maddy summaryHR 2624, the "Helping Startups Continue To Grow Act," raises the revenue threshold for companies classified as "emerging growth companies" under securities laws. It increases the cap from $1 billion to $2 billion in annual revenue, allowing more startups to retain simplified regulatory requirements for up to 10 years instead of 5. This directly affects early-stage businesses seeking to raise capital through public markets, reducing their compliance burden during critical growth phases. The bill modifies key provisions in the Securities Act of 1933 and Securities Exchange Act of 1934 to implement this change.