Budget & Taxes (Income Tax)

in committee · United States · House Jun 30, 2026

HR 9537: Boat Loan Interest Deduction Act of 2026

The Boat Loan Interest Deduction Act of 2026 expands the tax deduction for interest paid on consumer loans to include recreational motorboats, alongside existing vehicles like cars and trucks. This change allows taxpayers who take out loans for boats assembled in the United States to deduct the interest they pay on their federal income tax returns, provided the boat is used primarily for recreation. The law applies to debts incurred after December 31, 2025, and requires taxpayers to report the boat's hull identification number on their tax filings.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill expands tax deductions for boat loan interest, providing tax relief to taxpayers and aligning with fiscal management by allowing deductions for recreational assets.85% confidence

Sub-Topics Income Tax

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in committee · United States · House Jul 14, 2026

HR 9555: Home Mortgage Interest Credit Act of 2026

This bill creates a new tax credit for homeowners who pay interest on loans used to buy, build, or improve their primary residences. The credit allows taxpayers to directly reduce their federal income tax liability by up to $2,000 annually, or $1,000 for married individuals filing separately, provided their modified adjusted gross income does not exceed specific thresholds that vary by filing status. The amount of the credit is reduced by $20 for every $1,000 that a taxpayer's income exceeds these limits, and the provision includes an automatic inflation adjustment mechanism starting in 2028. This legislation applies to taxable years beginning after December 31, 2026, and excludes nonresident aliens from claiming the benefit.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill provides a tax credit for homeowners, offering direct tax relief and reducing federal income tax liability for eligible taxpayers.85% confidence ✓ HousingSupports HousingBill provides tax credits to homeowners for mortgage interest, financially supporting housing ownership and development.85% confidence

Sub-Topics Income Tax Tax Credits Mortgages

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in committee · United States · Senate Jun 15, 2026

S 4780: A bill to amend the Internal Revenue Code of 1986 to exclude micro-grants for food security from gross income.

This bill proposes to change federal tax rules so that eligible organizations do not have to pay income tax on micro-grants they receive for food security. It directly affects the specific entities defined by the Agriculture Improvement Act of 2018 that distribute these funds. The key provision adds a new section to the Internal Revenue Code to explicitly exclude these financial assistance amounts from the organizations' gross income. This change would allow the organizations to retain the full value of the grants without using part of the funding to cover potential tax liabilities. The rule would apply to any grants received after the bill is enacted into law.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill excludes micro-grants for food security from gross income, providing tax relief to eligible organizations and strengthening funding for essential food security programs.90% confidence

Sub-Topics Income Tax

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in committee · United States · House Jun 24, 2026

HR 9426: Affordable Youth Enrichment Opportunities Act

The Affordable Youth Enrichment Opportunities Act creates a new tax deduction allowing individuals to claim up to $5,000 for expenses related to youth programs for dependents under age 19. These eligible programs include tutoring, academic enrichment, athletics, and the arts, covering costs such as fees, equipment, and digital platform access. The deduction is subject to income limits, phasing out for taxpayers with modified adjusted gross income exceeding $100,000 to $200,000 depending on filing status, and cannot be claimed if the dependent is already claimed by another taxpayer. The provision applies to taxable years beginning after December 31, 2026, with the dollar amounts subject to inflation adjustments after 2027.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill creates a new tax deduction for youth program expenses, providing tax relief and encouraging investment in essential services.90% confidence ✓ EducationSupports EducationBill provides tax deductions for youth educational expenses like tutoring and enrichment, expanding access and funding for student programs.90% confidence

Sub-Topics Income Tax Tax Credits

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in committee · United States · House May 14, 2026

HRES 1292: To acknowledge the Black Women Best framework to empower and improve life for all through guaranteed income, expanding child and income tax credit, increasing access to equitable health care and government assistance, prohibiting policing in schools, and prioritizing restorative justice.

This resolution formally acknowledges the Black Women Best framework, a policy blueprint designed to address historical economic disparities faced by Black women in the United States. It highlights specific strategies such as implementing guaranteed income, expanding tax credits, improving healthcare access, removing police from schools, and prioritizing restorative justice. The measure serves as a non-binding statement of support rather than a law that directly changes federal programs or mandates new actions. By recognizing this framework, the House encourages policymakers to use it as a guide for creating more equitable legislation that centers the lived experiences of Black women.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill explicitly supports expanding child and income tax credits and guaranteed income, which aligns with providing tax relief and funding essential social programs.85% confidence ✓ Criminal JusticeSupports Criminal JusticeBill explicitly supports restorative justice and prohibits policing in schools, key criminal justice reform measures.90% confidence ✓ EducationSupports EducationBill removes police from schools and prioritizes restorative justice, directly improving the educational environment and student safety.85% confidence ✓ HealthcareSupports HealthcareBill explicitly aims to improve healthcare access and equity through the Black Women Best framework.90% confidence

Sub-Topics Income Tax Tax Credits Policing

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in committee · United States · House Jun 11, 2026

HR 9308: Tax Relief for First Responder Beneficiaries Act

The Tax Relief for First Responder Beneficiaries Act expands tax benefits for families of public safety officers who die in the line of duty. It allows surviving beneficiaries, not just dependents, to receive certain compensation without paying federal income tax, and it extends survivor annuity benefits to children or beneficiaries of life insurance policies. These changes apply to taxable years starting after December 31, 2022, ensuring broader financial support for the families of fallen first responders.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill provides tax relief to beneficiaries of public safety officers, aligning with the indicator of providing tax relief.95% confidence ✓ Labor & EmploymentSupports Labor & EmploymentBill expands tax benefits and survivor annuity protections for families of public safety officers, strengthening financial support for workers' families.85% confidence

Sub-Topics Income Tax

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in committee · United States · House Jun 18, 2026

HR 9356: Veteran Headstone Honor Act

The Veteran Headstone Honor Act creates a tax credit for private cemeteries that attach official veteran headstone medallions to deceased individuals' markers. This financial incentive allows eligible cemeteries to claim a dollar-for-dollar reduction in their federal income tax liability for the specific costs of affixing these medallions. To receive the credit, the cemetery must certify to the IRS that the medallion has been installed and provide an itemized statement of the expenses incurred. The legislation applies to medallions defined under existing federal law and takes effect for expenses paid or incurred after the bill is enacted.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill creates a tax credit for private cemeteries to encourage veteran headstone installation, providing fiscal relief and promoting veteran honors.80% confidence ✓ VeteransSupports VeteransBill provides tax credits to facilitate the installation of veteran headstone medallions, directly supporting recognition and honors for veterans.95% confidence

Sub-Topics Income Tax Tax Credits Memorials & Recognition

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in committee · United States · House Jun 8, 2026

HR 9179: Cost of Living Tax Cut Act

The Cost of Living Tax Cut Act allows individual income tax brackets to automatically adjust based on the specific cost of living in a taxpayer's region starting in the 2027 tax year. The bill requires the Treasury to calculate multipliers for different statistical areas using a new cost-of-living index, which will increase tax thresholds for areas where living costs are significantly higher than the national average. This mechanism ensures that the tax rates themselves remain unchanged while the dollar amounts defining each bracket rise to reflect local economic conditions. The law applies to individuals living in metropolitan or non-metropolitan areas and takes effect for taxable years beginning after December 31, 2026.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill provides tax relief by adjusting brackets for cost of living, protecting taxpayers in high-cost areas.90% confidence

Sub-Topics Income Tax

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in committee · United States · House May 26, 2026

HR 9031: Young Adult Tax Credit Act

The Young Adult Tax Credit Act creates a new $500 monthly tax credit for individuals aged 18 to 24 who are U.S. citizens or residents, with the amount adjusted annually for inflation. This credit is refundable, meaning eligible recipients can receive the full benefit even if they owe no federal taxes, and it is distributed through monthly advance payments starting after December 31, 2026. To manage these payments, the bill establishes an online portal for taxpayers to manage their accounts and includes specific rules to prevent fraud and ensure funds are not subject to garnishment for debts like child support. The legislation also mandates a government outreach campaign to help eligible young adults, particularly those from underrepresented populations, understand and claim the credit.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill introduces a refundable tax credit for young adults, providing direct financial relief and reducing their tax burden.90% confidence

Sub-Topics Income Tax Tax Credits

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in committee · United States · House May 20, 2026

HR 8917: No Tax on Border Patrol Agent Overtime Act

The No Tax on Border Patrol Agent Overtime Act modifies federal tax laws to exclude specific overtime earnings from border patrol agents from taxation. This change directly affects U.S. Customs and Border Protection officers by allowing them to keep more of their extra pay without paying income tax on those amounts. The bill defines "qualified overtime compensation" to include various forms of extra pay, such as premiums for working on holidays or weekends, but explicitly excludes hazardous duty pay. These tax benefits will only become effective for work performed in taxable years starting after December 31, 2025.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill provides tax relief to border patrol agents by excluding overtime earnings from taxation, directly advancing the topic of tax policy.90% confidence ✓ Labor & EmploymentSupports Labor & EmploymentBill increases net wages for border patrol agents by exempting overtime from taxation, directly advancing worker financial benefits.90% confidence

Sub-Topics Income Tax Labor Standards

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