Budget & Taxes (Business Taxes)

in committee · United States · Senate Feb 27, 2025

S 796: Book Minimum Tax Repeal Act

S 796, the Book Minimum Tax Repeal Act, repeals a corporate minimum tax provision in the Internal Revenue Code that previously applied to certain businesses. The bill removes the requirement for corporations to pay a minimum tax based on their alternative minimum taxable income, effectively eliminating this specific tax obligation for affected corporations. Key provisions amend Section 55 of the tax code to delete corporate minimum tax calculations and related references, treating corporations as having a zero tentative minimum tax. This change directly affects corporations that would have been subject to this minimum tax, with the repeal taking effect for taxable years beginning after December 31, 2024.

Topics ✓ Budget & TaxesSupports Budget & TaxesRepeals corporate minimum tax, eliminating tax obligation for businesses and reducing corporate tax burden, aligning with tax relief indicators.95% confidence

Sub-Topics Business Taxes Tax Credits

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in committee · United States · Senate Feb 6, 2025

S 445: Carried Interest Fairness Act of 2025

The Carried Interest Fairness Act of 2025 would change how investment fund managers are taxed on their "carried interest" - the share of profits they earn for managing investment funds. Currently, this is often taxed at lower capital gains rates, but the bill would require it to be taxed as ordinary income instead. It creates new rules for "investment services partnership interests" and specifies that gains and losses from these interests must be treated as ordinary income or loss. The bill directly affects investment fund managers and aims to align their tax treatment more closely with how other business income is taxed.

Topics ✓ Budget & TaxesSupports Budget & TaxesCloses tax loophole for investment fund managers by taxing carried interest as ordinary income instead of capital gains, promoting fiscal equity and closing preferential tax treatment.95% confidence

Sub-Topics Business Taxes Income Tax

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passed · United States · Senate May 26, 2025

S 129: No Tax on Tips Act

This bill creates a new federal tax deduction for cash tips received by workers in occupations that traditionally accept tips (like servers, barbers, and nail technicians) on or before December 31, 2023. It allows a deduction of up to $25,000 per year for tips reported to employers, excluding employees earning over $250,000 from the same employer in the prior year. The Treasury must publish a list of qualifying occupations within 90 days, and the deduction applies to all taxpayers (not just itemizers). The changes take effect for tax years beginning after December 31, 2024.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates federal tax deduction for service workers' tips, reducing taxable income for lower/middle earners (excludes high earners >$250k), aligning with tax relief indicators.92% confidence ✓ Labor & EmploymentSupports Labor & EmploymentProvides tax deduction for tips, increasing net income for service workers in tip-dependent roles, directly supporting wage compensation.95% confidence

Sub-Topics Business Taxes Tax Credits Labor Standards Minimum Wage

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in committee · United States · Senate Feb 6, 2025

S 448: CIRCUIT Act

The CIRCUIT Act (S 448) expands a federal tax credit for advanced manufacturing to include distribution transformers, which are critical components in electrical power distribution systems. It provides a 10% tax credit for the production costs of these transformers, directly benefiting manufacturers that produce them. The bill defines "distribution transformer" using an existing term from the Energy Policy and Conservation Act and sets the credit to apply to transformers produced and sold 90 days after enactment. This policy change creates a new financial incentive for companies manufacturing these essential electrical infrastructure components.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides 10% tax credit for transformer manufacturers, directly expanding federal tax incentives under tax policy.95% confidence ✓ EnergySupports EnergyExpands tax credit for distribution transformers (critical energy infrastructure components), directly funding manufacturers of power distribution systems.95% confidence

Sub-Topics Business Taxes Tax Credits Energy Storage Renewable Energy Solar

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in committee · United States · Senate Jan 23, 2025

S 213: Main Street Tax Certainty Act

S 213, the Main Street Tax Certainty Act, makes the qualified business income deduction permanent for small business owners. It directly affects pass-through business owners (like sole proprietors and small partnerships) who currently benefit from this tax break. The bill removes the temporary expiration of Section 199A of the tax code, providing long-term certainty for these taxpayers by ensuring they can continue deducting up to 20% of their qualified business income.

Topics ✓ Budget & TaxesSupports Budget & TaxesMakes qualified business income tax deduction permanent for small businesses, providing ongoing tax relief and certainty - directly supporting tax policy for middle-income earners.95% confidence

Sub-Topics Business Taxes Tax Incentives Tags Small Business

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in committee · United States · House Jan 3, 2025

HR 110: Small Business Prosperity Act of 2025

The Small Business Prosperity Act of 2025 increases tax relief for small business owners by raising the Qualified Business Income (QBI) deduction rate from 20% to 43% (47% after 2025), removes wage-based limits on eligibility, and expands the deduction to include professions like law and medicine. It also prevents taxable events when businesses restructure without changing ownership and repeals the federal estate tax for deaths after 2024. These changes directly affect pass-through business owners (e.g., sole proprietors, partnerships, S corporations) in the U.S. and Puerto Rico, lowering their federal tax burden. The bill takes effect for tax returns filed in 2025 and later.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases QBI tax deduction for small businesses, removes eligibility limits, and expands relief - direct tax cuts supporting business owners per bill summary.95% confidence

Sub-Topics Business Taxes Tags Small Business

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in committee · United States · Senate Apr 8, 2025

S 1345: America's First Fuels Act

This bill increases tax incentives for residential and commercial biomass heating systems. It raises the energy efficient home improvement credit cap to $2,000 for certain biomass stoves/boilers and $10,000 for others, effective after 2025. It also creates a new 30% investment tax credit for qualifying "open-loop biomass heating property" (systems using biomass for space heating, hot water, or industrial heat) that meet specific efficiency (75% minimum), size (under 50 MMBtu), and emissions control requirements. These changes directly affect homeowners and businesses installing eligible biomass heating equipment by reducing their tax burden for qualifying purchases.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill explicitly expands tax incentives via increased credit caps and new investment tax credits for biomass heating systems, directly advancing tax relief for residential/commercial adoption.95% confidence ✓ EnergySupports EnergyBill provides tax incentives for biomass heating systems, a renewable energy source, increasing adoption through credits and efficiency standards.95% confidence ✓ EnvironmentSupports EnvironmentBill incentivizes biomass heating systems meeting 75% efficiency and emissions standards, promoting cleaner energy use per tax credit provisions.85% confidence

Sub-Topics Business Taxes Tax Credits

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in committee · United States · House May 21, 2025

HR 3549: Critical Businesses Preparedness Act

HR 3549, the Critical Businesses Preparedness Act, creates a 30% federal tax credit for businesses designated as "critical" (like hospitals, grocery stores, and gas stations) that install electric generators in areas at high risk of flooding or hurricanes. The credit covers the full cost of purchasing and installing generators placed in service after the bill's enactment. Businesses cannot claim both this tax credit and a deduction for the same generator expenses. This policy directly supports essential businesses in disaster-prone regions by reducing their tax burden for emergency power infrastructure.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill creates 30% federal tax credit for critical businesses to install generators, providing direct tax relief. This advances tax policy by offering targeted tax incentives, aligning with support indicator of 'provides tax relief'.95% confidence ✓ HealthcareSupports HealthcareBill provides tax credits for hospitals and other critical healthcare facilities to install generators, improving disaster preparedness and maintaining healthcare access during emergencies.75% confidence

Sub-Topics Business Taxes Procurement Tax Credits

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in committee · United States · Senate May 6, 2025

S 1613: Tax Relief for New Businesses Act

This bill, S 1613 (Tax Relief for New Businesses Act), simplifies tax deductions for new businesses forming corporations or partnerships. It combines "start-up" and "organizational" expenses into one deductible category, increasing the annual deduction limit from $5,000 to $50,000 (and the phaseout threshold from $50,000 to $150,000). It also creates special rules allowing new businesses to treat start-up/organizational losses separately when calculating net operating loss carryforwards, with more favorable tax treatment for these losses. The changes apply to expenses paid or incurred in taxable years beginning after December 31, 2025.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases tax deductions for new businesses, providing direct tax relief under tax policy.90% confidence

Sub-Topics Business Taxes Tags Small Business

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in committee · United States · Senate Jun 11, 2025

S 2021: Close the Round-Tripping Loophole Act

This bill amends U.S. tax law to close a loophole allowing companies to artificially shift profits between U.S. and foreign subsidiaries to reduce taxes. It directly affects U.S. corporations with foreign subsidiaries that engage in "round-tripping" - moving profits through transactions involving U.S.-sold property or services without proper documentation of foreign use. The key mechanism creates a "round-tripping ratio" that reduces tax benefits for profits tied to these practices by calculating the percentage of income derived from such transactions relative to total foreign income. Small businesses with average annual gross receipts under $100 million are exempt from this calculation. The changes apply to tax years beginning after the bill's enactment.

Topics ✓ Budget & TaxesSupports Budget & TaxesCloses corporate tax loophole, increasing government revenue and promoting fiscal responsibility through stricter tax enforcement.95% confidence

Sub-Topics Business Taxes

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