The Complete America's Great Trails Act creates a new federal tax credit to encourage private landowners to donate land or conservation easements that include National Scenic Trails. This provision allows taxpayers to claim a credit equal to the fair market value of their donation, provided the land covers a trail corridor of at least 50 feet on each side, while also preventing them from taking a separate tax deduction for the same gift. The bill permits continued recreational or agricultural use of the donated land as long as it does not harm conservation goals. Additionally, the legislation requires the Secretary of the Interior to study the credit's effectiveness and report to Congress on whether it should be made refundable or transferable within four years.
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.
The Complete America's Great Trails Act creates a new federal tax credit to encourage donations of land that includes National Scenic Trails or their surrounding corridors. This provision allows taxpayers to claim a credit equal to the fair market value of the donated land, provided the property meets specific width requirements and is used for conservation purposes. The bill also permits continued recreational or agricultural use of the donated land as long as such activities do not harm significant conservation interests. Additionally, the legislation requires the Secretary of the Interior to study the credit's effectiveness and report back to Congress within four years regarding potential changes like making the credit refundable.
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.
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 RISE Act introduces tax incentives to encourage small businesses to offer pension plans to their employees. It increases the startup tax credit for microemployers, allowing them to claim a larger credit for establishing a retirement plan starting in 2027. Additionally, the bill permits service providers who help set up these plans to receive a tax credit for the fees they waive to make the plans affordable. To prevent fraud, the law requires employers to certify that they have not previously received similar credits for the same group of workers. These changes aim to lower the financial barriers for small employers and their service partners to create retirement savings options.
The AGE Act of 2026 creates a new tax credit to help taxpayers cover the costs of caring for elderly relatives who are at least 65 years old and need assistance with daily living. This credit allows individuals to claim up to $6,000 per year for expenses such as medical care, adult day services, personal care, respite care, and home modifications, provided the care recipient is a parent, grandparent, or other household member. The amount of the credit decreases by one percentage point for every $4,000 that a taxpayer's income exceeds $120,000, and the benefit is reduced if the taxpayer already uses a dependent care assistance program. To qualify, taxpayers must report the names, addresses, and taxpayer identification numbers of both the care providers and the elderly individuals they are supporting on their tax returns.
The Small Business Succession Planning Act directs the Small Business Administration to create a program and toolkit to help small business owners develop plans for transferring ownership upon retirement or death. To support this initiative, the bill requires the agency to train partners, educate business owners, and assign specific staff to provide counseling, while also allowing for workshops and reporting on progress. A key financial incentive is a new tax credit offering $250 for establishing a succession plan and another $250 for successfully completing the transfer of responsibilities, provided the business remains small. The legislation includes safeguards that require the repayment of these credits if the business is sold to a non-small entity within three years of receiving the award.
The ACCESS Act expands Medicaid coverage to include services in assisted living facilities for individuals who currently require nursing home-level care, provided they meet state income and resource limits. This change aims to lower costs by ensuring that the average expense for these residents does not exceed the cost of their care in a hospital or nursing facility. Additionally, the bill allows the Low-Income Housing Tax Credit to be used for projects that reduce long-term medical costs for the elderly by offering care in non-institutional settings. These provisions are scheduled to take effect on January 1, 2027, with a grace period for states needing to update their legislation to comply.
The Supporting Newborn Parents Act of 2026 creates a new tax credit of $2,000 for each child born to a taxpayer during the tax year. To receive this credit, parents must have earned income, with the maximum amount limited to 20% of their earnings, and the benefit phases out as family income rises. The bill allows parents to request an advance payment of the credit shortly after a child's birth by providing their information when applying for a Social Security number. Additionally, the legislation requires the Treasury to establish an online portal to help parents understand how to make elections regarding advance payments and estimated income figures.
