SRES 324 is a non-binding Senate resolution expressing concern over actions taken by the Trump Administration. It criticizes policies that drastically reduced federal agency staff, froze critical funding, and dismantled agencies, stating these actions harm communities and raise costs for families. The resolution specifically highlights impacts on programs serving 32 million patients through health centers, Social Security/Medicare access, veterans' services, small business support, and medical research. It does not create new policy but formally states the Senate’s view that these actions are destructive and harmful. The resolution lists 12 specific areas affected, including housing assistance, disability education programs, and foreign aid reductions.
This bill disallows tax deductions for interest and depreciation on rental properties owned by individuals or entities holding 50 or more single-family homes (defined as properties with four or fewer units). It directly affects large-scale landlords, including corporations or investors who own extensive rental portfolios, by removing these deductions from taxable income. Exceptions apply if the property is sold to an individual for their primary residence or to a qualified nonprofit organization focused on affordable housing (like community land trusts or housing nonprofits). The law aims to limit tax benefits for investors who own many rental homes, while preserving deductions for sales that support housing affordability. It takes effect for taxable years after enactment.
S 187, the ALIGN Act, permanently allows businesses to immediately deduct the full cost of qualified property (like machinery or equipment) instead of depreciating it over time. This directly affects businesses that purchase qualifying property after September 27, 2017, by eliminating the previous requirement to spread deductions across multiple years. The key provision changes the tax code to set the "applicable percentage" for such property at 100% permanently. This simplifies tax treatment for eligible investments without altering other tax rules. The bill does not change tax rates or affect individual taxpayers.
HR 2918, the "Family Business Legacy Act of 2025," would create a new estate tax deduction for bequests to specific nonprofit organizations. It allows estates to deduct the full value of transfers to organizations exempt under IRS sections 501(c)(4), (5), or (6), reducing the taxable value of an estate. This applies to estates of people who die after December 31, 2025, and directly affects individuals leaving assets to qualifying nonprofits like community foundations or social welfare groups. The bill does not change tax rates or directly support family-owned businesses, as the title suggests, but rather modifies how certain charitable bequests are treated for estate tax purposes.
The CHOICE Act creates a new type of employer-funded health benefit called a "CHOICE arrangement," allowing small employers to reimburse employees for individual health insurance costs. It directly affects small businesses (not large employers under ACA rules) and their employees who choose individual marketplace coverage or specific government health programs. Key provisions include employer tax credits ($100/month for the first year, $50/month for the second year per employee), strict rules to prevent discrimination in plan access, and requirements for employees to maintain qualifying health coverage. The law takes effect for plan years beginning after December 31, 2025, providing a new option for small employers to offer health benefits without traditional group plans.
The Universal Savings Account Act of 2025 creates a new tax-advantaged savings account type (Universal Savings Account or USA) for individual taxpayers. These accounts would be exempt from income tax on growth and earnings, with annual contribution limits starting at $10,000 (capped at $25,000) and adjusted annually for inflation. The bill directly affects individual savers who open USAs through qualifying financial institutions (like banks), subject to rules requiring cash-only contributions, non-forfeitable balances, and restrictions on life insurance investments. It amends the Internal Revenue Code to establish this new account structure, effective for taxable years after December 31, 2024.
HR 2660 exempts certain student loan bonds issued by state or local governments from two tax restrictions: the federal volume cap (which limits bond issuance) and the alternative minimum tax (AMT). This means states and localities can issue more of these bonds to fund student loans without hitting the volume cap limit or facing AMT calculations. The bill defines "qualified student loan bonds" as those meeting specific criteria under existing tax code, ensuring the exemption applies only to bonds directly supporting student lending. This change aims to make it easier for governments to finance student loan programs by reducing tax barriers for the bonds they issue.
This bill expands the tax deduction for qualified business income to include interest dividends from certain business development companies (BDCs), aligning them with the existing treatment for real estate investment trust (REIT) dividends. It specifically adds "qualified BDC interest dividends" to the list of eligible income under Section 199A of the tax code, allowing investors in qualifying BDCs to deduct 20% of these dividends. The change applies to taxable years beginning after December 31, 2026, and directly affects investors in BDCs that meet specific criteria as regulated investment companies. This policy modifies tax eligibility without altering the deduction rate or creating new tax obligations.
The True Shutdown Fairness Act requires U.S. government agencies to pay standard wages, benefits, and allowances to covered employees (including contract workers, military members on active duty, and furloughed staff) during a government shutdown beginning October 1, 2025. It mandates agencies to adjust contract prices for contractors who incurred costs compensating furloughed workers or restoring paid leave during the shutdown. The bill also prohibits agencies from implementing layoffs or placing employees in administrative leave for more than 10 work days during the shutdown period. These provisions apply retroactively to shutdowns starting September 30, 2025, and fund the payments through existing Treasury appropriations.
This bill modifies tax rules for public school bonds to make certain financing more accessible. It allows school districts to issue bonds for building, repairing, or acquiring school facilities (with 100% of funds used for these purposes) and treat them as tax-exempt, reverting to the pre-December 2017 tax treatment. The key provision reopens a prior tax rule that had expired, enabling districts to use advance refunding bonds for school construction without triggering tax penalties. It directly affects public school districts seeking to finance physical school infrastructure through bond financing. The change applies to bonds issued after the bill's enactment date.
