The WAGES Act of 2026 creates a new tax credit to encourage employers to hire and train workers through registered apprenticeship programs. Eligible businesses can claim a credit equal to 50% of qualified wages and program expenses for each apprentice, with specific caps on the amount that can be claimed per quarter. The bill also clarifies that certain awards given to apprentices, such as those for completing training milestones, are treated as non-taxable employee achievement awards rather than taxable income. These changes are designed to provide financial incentives for companies to invest in on-the-job training while expanding career pathways for workers without four-year degrees.
The Increasing Opportunity For Reindustrialization Act modifies the tax code to allow former military installations closed during base realignment rounds to be designated as Qualified Opportunity Zones. This change directly affects communities located on these former Department of Defense sites, enabling them to access federal tax incentives typically reserved for low-income areas. Under the new provisions, census tracts containing these closed installations can be nominated as Opportunity Zones even if they do not strictly meet the usual low-income thresholds, while also increasing the total number of such zones a state can designate. The bill aims to stimulate economic development and job creation in these specific areas by leveraging existing tax benefits for investors.
The Workforce Housing Tax Credit Act creates a new federal tax credit to encourage the development and rehabilitation of affordable housing for middle-income families. This credit applies to buildings where at least 60% of units are rent-restricted and occupied by individuals earning 100% or less of the area median income, with at least 20% of those units specifically targeted for middle-income households. The bill establishes a 15-year credit period based on a percentage of the building's qualified basis, which is determined by factors such as the building's cost, location, and whether it is new or existing. To qualify, developers must enter into binding agreements with housing agencies that include long-term commitments to maintain affordable rents and prevent the displacement of tenants, while also adhering to specific financial feasibility and reporting requirements.
The Rental Housing Investment Act provides tax incentives to encourage the development of new long-term residential rental properties in the United States. It allows developers to take an accelerated depreciation deduction of up to $150,000 per unit for buildings containing at least two dwelling units, with an increased limit of $250,000 per unit for projects designated as affordable housing. To ensure these properties remain available for rent, the bill includes rules that require the buildings to be used for rental purposes for at least 10 years, or 15 years for affordable housing, before the tax benefits are recaptured. These changes apply to properties placed in service after a 12-month delay following the law's enactment.
This bill modifies tax rules to help low-income communities invest in new businesses by adjusting how they calculate eligible population density. It specifically targets rural counties where the federal government owns at least 30% of the land, allowing these areas to use a lower density threshold for tax credit purposes. The law excludes military installations and tribal trust lands from the federal land count to ensure accurate assessments. These changes take effect for investments made after the bill is enacted or after December 31, 2025, depending on the specific section.
The American Families Gas Tax Relief Act temporarily eliminates federal excise taxes on gasoline, diesel, and kerosene for a period of 120 days starting on the date of enactment. This tax break is intended to lower fuel prices for consumers, with provisions requiring producers and dealers to pass the savings directly to buyers. The President has the authority to extend this holiday by an additional 90 days if economic conditions warrant it. To maintain funding for infrastructure and environmental programs, the government will transfer the lost tax revenue from the general treasury to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund.
The LIFT Act creates a new tax incentive for states and municipalities by allowing them to receive a direct credit from the federal government on interest payments made for specific infrastructure bonds. To qualify for this credit, the bonds must be used entirely for capital projects or maintenance, and the interest would normally be tax-exempt, with the credit amount varying by the bond's maturity date. The legislation also clarifies rules for refinancing these bonds and adjusts tax limits for financial institutions that issue certain types of tax-exempt debt. These changes are designed to lower the cost of borrowing for local infrastructure projects while maintaining strict guidelines on how the funds can be used.
The Gas Tax Suspension Act temporarily eliminates the federal excise tax on gasoline and diesel fuel for purchases made between the date of enactment and a specified end date. To prevent this tax break from reducing government revenue, the bill requires the Treasury Secretary to transfer money from the general fund to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund to make up for the lost tax income. The tax holiday is set to last for at least 90 days, but the President has the authority to extend it to 180 days if economic conditions warrant it.
The Jersey Pride Tax Credit Act of 2026 creates a new tax incentive for businesses that sell products promoting the state of New Jersey. Under this bill, eligible businesses can claim a tax credit equal to 25 percent of the sales revenue from these specific products. Additionally, the legislation requires Port Authorities to give preference when renting commercial space to businesses selling such promotional items. These changes apply to products sold after December 31, 2025.
This bill proposes to increase estate and gift taxes for individuals with significant wealth while directing the additional revenue to the Social Security Trust Fund. It raises the estate tax exemption to $3.5 million and adjusts tax rates for estates valued over $1 million, with changes taking effect after December 31, 2026. The legislation also consolidates the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund into a single Social Security Trust Fund, which would receive 100% of certain payroll and income taxes. These structural changes aim to strengthen Social Security funding through higher taxes on dynastic wealth and administrative consolidation of existing trust funds.
