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Vehicle Electrification: Federal and State Issues Affecting Deployment [June 3, 2019]
From the Introduction: "Motor vehicle electrification has emerged in the past decade as a potentially viable alternative to internal combustion engines. Although only a small proportion of the current motor vehicle fleet is electrified, interest in passenger vehicle electrification has accelerated in several major industrial countries, including the United States, parts of Europe, and China. Despite advances in technology, electric vehicles (EVs) continue to be significantly more expensive than similarly sized vehicles with internal combustion engines. For this reason, governments in many countries have adopted policies to promote development and sales of electric vehicles. This report discusses federal and state government policies in the United States to support electrification of light vehicles and transit buses, as well as proposals to reduce or eliminate such support."
Library of Congress. Congressional Research Service
Canis, Bill; Clark, Corrie E.; Sherlock, Molly F.
2019-06-03
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Tax Credit for Paid Sick and Family Leave in the Families First Coronavirus Response Act (H.R. 6201) [March 16, 2020]
From the Document: "The Families First Coronavirus Response Act (H.R. 6201) includes an employer tax credit for the paid sick and family leave required as part of this legislation. This tax credit is intended to help businesses with the cost of providing paid leave to address the coronavirus disease (COVID-19) pandemic."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2020-03-16
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Coronavirus Aid, Relief, and Economic Security (CARES) Act--Tax Relief for Individuals and Businesses [Updated March 24, 2020]
From the Document: "Congress is considering a number of proposals that seek to mitigate the economic effects of the COVID-19 pandemic. One such proposal, the Coronavirus Aid, Relief, and Economic Security (CARES) Act (S. 3548), was introduced in the Senate on March 19, 2020. On March 22, 2020, the Senate released an updated version of the CARES Act. A cloture vote on the motion to proceed on the amended version was rejected on March 22. Tax relief for individuals and businesses in the CARES Act includes [1] a one-time rebate to taxpayers; [2] modification of the tax treatment of certain retirement fund withdrawals and charitable contributions; [3] a delay of employer payroll taxes and taxes paid by certain corporations; and [4] a variety of changes to the tax treatment of business income and net operating losses."
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Crandall-Hollick, Margot L.; Driessen, Grant A. . . .
2020-03-24
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Solar Energy: Frequently Asked Questions [January 27, 2020]
From the Document: "Use of solar energy for electricity generation is growing in the United States and globally. In the United States, solar energy overall accounted for 2.2% of total electricity generation in 2018, up from 0.7% in 2014. This report addresses a dozen frequently asked questions that may be of interest to lawmakers as the growing use of solar energy potentially affects a variety of areas of congressional interest. The first set of questions looks at different technologies that use solar energy to generate electricity and their costs and prevalence over time. Costs for all components of solar photovoltaic (PV) systems, including cells, modules, inverters, and other related equipment, have generally declined in recent years. Assessing solar energy costs for consumers is challenging because there are many local factors to consider. Another question considers whether using solar energy is a reliable form of electricity generation given its variable nature."
Library of Congress. Congressional Research Service
Cowan, Tadlock; Platzer, Michaela D.; Sherlock, Molly F. . . .
2020-01-27
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Oil and Gas Tax Preferences [Updated April 16, 2021]
From the Document: "The tax code contains a number of provisions that benefit the oil and gas sector. Some contend that these provisions should be eliminated, arguing that using energy derived from oil and gas resources is inconsistent with environmental objectives. Others view these provisions as helping a sector that is vital to the U.S. and world economy. Certain provisions are designed such that they only become available when oil prices are low, providing relief when market conditions are less favorable. This In Focus (1) describes tax preferences for oil and gas; (2) provides information on foregone revenue associated with these tax preferences('tax expenditures'); and (3) discusses broader tax policy issues of importance to the oil and gas sector."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2021-04-16
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Expiring State COVID-19 Emergency Declarations: Effects on Federal Aid [Updated April 7, 2021]
From the Document: "Some states, tribes, and territories (hereinafter 'states') may consider rescinding or sun-setting their state-level emergency and disaster declarations, as states make progress in containing the coronavirus disease 2019 (COVID-19) pandemic. Regardless of state decisions, the federal declarations of a public health emergency (under Section 319 of the Public Health Service Act (42 U.S.C. §247d)), two national emergencies (under the National Emergencies Act (50 U.S.C. §1601 et seq.) and the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. §5121 et seq., hereinafter 'Stafford Act')) and major disasters for each state (also under the Stafford Act) remain in place. This Insight examines the potential impact of lapsing state emergency declarations on the availability of federal aid, either generally or with respect to certain expenses, provided through the Stafford Act as well as six COVID-19 related supplements[.]"
Library of Congress. Congressional Research Service
Stienstra, Lauren; Aussenberg, Randy Alison; Lee, Erica A. . . .
2021-04-07
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Energy Credit or Energy Investment Tax Credit (ITC) [Updated April 23, 2021]
From the Document: "Internal Revenue Code (IRC) Section 48 provides an investment tax credit (ITC) for certain energy-related property. This In Focus summarizes the current renewable energy ITC and reviews its legislative history."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2021-04-23
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Tax Issues and the Gulf of Mexico Oil Spill: Legal Analysis of Payments and Tax Relief Policy Options [July 15, 2010]
From the Summary: "The explosion of the Deepwater Horizon oil rig and subsequent oil spill into the Gulf of Mexico has led to substantial damages, particularly in the form of lost wages and income. BP has begun to make interim payments to compensate for lost income resulting from the oil spill. Given the magnitude of the economic disruption resulting from the spill, however, policymakers may consider exploring alternative mechanisms for providing relief to the affected region. One option is to provide relief through the tax code by adopting measures similar to those employed following past major disasters. BP is currently making interim payments to claimants 'who are not receiving their ordinary income or profit' during the cleanup phase. The IRS [Internal Revenue Service] has released guidance regarding the tax treatment of these payments in an effort to help taxpayers understand the tax implications of receiving claims payments from BP. This report provides a legal analysis of the tax status of payments received from BP by Gulf Coast victims under current law, and discusses potential legal distinctions between payments received for lost income versus those that may be received to compensate for property loss and physical injuries. Further, this report comments on the tax implications in the event a federal disaster declaration is issued with respect to this incident."
Library of Congress. Congressional Research Service
Lunder, Erika; Liu, Edward C.; Sherlock, Molly F.
2010-07-15
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Taxpayers in the Top Income Tax Bracket: Statistics and Observations [May 3, 2021]
From the Document: "President Joe Biden has proposed [hyperlink] increasing the top marginal income tax rate on ordinary income to 39.6%. The top marginal income tax rate was reduced from 39.6% to 37% in the 2017 tax revision (commonly referred to as the 'Tax Cuts and Jobs Act' or TCJA; P.L. 115-97). TCJA's changes to individual income tax rates were enacted on a temporary basis, and are scheduled to expire after 2025. For 2021 [hyperlink], the top marginal tax rate of 37% applies to income above $628,300 for married taxpayers filing joint returns and income above $523,600 for single filers and head of household filers. This Insight uses data from the Internal Revenue Service's Statistics of Income [hyperlink] to examine taxpayers filing income tax returns that were subject to the top marginal income tax rate of 37% in 2018, as well as data and information from other sources to address questions about how raising the top marginal tax right might affect federal tax revenues and taxable income."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2021-05-03
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Tax Provisions Expiring in 2011 and 'Tax Extenders' [December 1, 2011]
"A number of temporary tax provisions are scheduled to expire at the end of 2011. Notably, the temporary two-percentage-point reduction in the payroll tax rate for individuals was enacted, at the end of 2010, as a one-year temporary provision. Other provisions scheduled to expire at the end of 2011 include the Alternative Minimum Tax (AMT) 'patch,' as well as a number of previously extended temporary provisions known as 'tax extenders.' This report provides a concise overview of tax provisions scheduled to expire at the end of 2011. Table 1 below lists all provisions scheduled to expire at the end of 2011. CRS [Congressional Research Service] products providing additional information and analysis related to specific provisions are noted in footnotes to the tables and text. Some of these provisions, including the two-percentage-point payroll tax cut, were enacted as temporary measures during the 111th Congress. Other provisions, such as the tax credit for research and experimentation expenditures, have been extended numerous times as part of tax extender legislation. In addition to listing all provisions expiring at the end of 2011, Table 1 notes which provisions have previously been extended as part of a tax extender package."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2011-12-01
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Tax Provisions Expiring in 2013 ('Tax Extenders') [November 5, 2013]
"Dozens of temporary tax provisions are scheduled to expire at the end of 2013 under current law. Most of the provisions set to expire in 2013 have been part of past temporary tax extension legislation. Most recently, many temporary tax provisions were extended as part of the American Taxpayer Relief Act (ATRA; P.L. 112-240). Collectively, temporary tax provisions that are regularly extended by Congress--often for one to two years--rather than being allowed to expire as scheduled are often referred to as 'tax extenders.' […] There are several reasons why Congress may choose to enact tax provisions on a temporary basis. Enacting provisions on a temporary basis provides legislators with an opportunity to evaluate the effectiveness of tax policies prior to expiration or extension. Temporary tax provisions may also be used to provide temporary economic stimulus or disaster relief. Congress may also choose to enact tax provisions on a temporary rather than permanent basis due to budgetary considerations, as the foregone revenue from a temporary provision will generally be less than if it was permanent. The provisions that are scheduled to expire in 2013 are diverse in purpose, including provisions for individuals, businesses, the charitable sector, energy, community assistance, and disaster relief. Among the individual provisions scheduled to expire are deductions for teachers' out-of-pocket expenses, state and local sales taxes, qualified tuition and related expenses, and mortgage insurance premiums."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2013-11-05
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Tax Reform in the 113th Congress: An Overview of Proposals [March 24, 2014]
"Many agree that the U.S. tax system is in need of substantial reforms. The 113th Congress continues to explore ways to make the U.S. tax system simpler, fairer, and more efficient. Identifying and enacting policies that will result in a simpler, fairer, and more efficient tax system remains a challenge. On February 26, 2014, House Ways and Means Committee Chairman Dave Camp released a comprehensive tax reform discussion draft, the Tax Reform Act of 2014. This draft proposes substantial changes to both the individual and corporate income tax systems, reducing statutory tax rates for many taxpayers, while repealing dozens of credits, deductions, and other tax preferences. The Tax Reform Act of 2014 builds on previously released discussion drafts related to international tax, financial products, and small business. Earlier in the 113th Congress, former Senate Finance Committee Chairman Max Baucus released several tax reform discussion drafts, addressing international tax, cost recovery, tax administration, and energy tax policy."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2014-03-24
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Tax Reform in the 113th Congress: An Overview of Proposals [December 17, 2013]
"Presently, the House Committee on Ways and Means and the Senate Committee on Finance are actively engaged in tax reform deliberations. The Committee on Ways and Means has released several discussion drafts outlining options for various components of tax reform, and has also formed tax reform working groups to further consider tax reform as it relates to different issue areas. The Committee on Finance has also released several tax reform discussion drafts in addition to the earlier options papers, which had provided a broad spectrum of tax reform ideas and proposals. Legislation has been introduced in the 113th Congress that would fundamentally change the U.S. federal tax system. The Fair Tax Act of 2013 (H.R. 25/S. 122) would replace most current federal taxes with a 23% national retail sales tax. Other proposals would establish a flat tax, where individuals would be taxed on wages and businesses taxed on cash flows […]. The Tax Code Termination Act (H.R. 352) would effectively repeal the current Internal Revenue Code, requiring Congress to write a new tax code that would achieve certain stated objectives. The prevailing framework for evaluating tax policy considers equity (or fairness), efficiency, and simplicity. Equity examines the distribution of the tax burden across different groups. This information can then be used to assess the 'fairness' of the tax system. A tax system that is economically efficient generally provides neutral treatment, minimizing economic distortions and maximizing output. A tax system that is simple reduces administrative and compliance costs while also promoting transparency."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2013-12-17
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Tax Provisions Expiring in 2013 ('Tax Extenders') [December 31, 2013]
"Dozens of temporary tax provisions are scheduled to expire at the end of 2013 under current law. Most of the provisions set to expire in 2013 have been part of past temporary tax extension legislation. Most recently, many temporary tax provisions were extended as part of the American Taxpayer Relief Act (ATRA; P.L. 112-240). Collectively, temporary tax provisions that are regularly extended by Congress--often for one to two years--rather than being allowed to expire as scheduled are often referred to as 'tax extenders.' […] There are several reasons why Congress may choose to enact tax provisions on a temporary basis. Enacting provisions on a temporary basis provides legislators with an opportunity to evaluate the effectiveness of tax policies prior to expiration or extension. Temporary tax provisions may also be used to provide temporary economic stimulus or disaster relief. Congress may also choose to enact tax provisions on a temporary rather than permanent basis due to budgetary considerations, as the foregone revenue from a temporary provision will generally be less than if it was permanent. The provisions that are scheduled to expire in 2013 are diverse in purpose, including provisions for individuals, businesses, the charitable sector, energy, community assistance, and disaster relief. Among the individual provisions scheduled to expire are deductions for teachers' out-of-pocket expenses, state and local sales taxes, qualified tuition and related expenses, and mortgage insurance premiums."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2013-12-31
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Tax Provisions That Expired in 2016 ('Tax Extenders') [July 31, 2017]
"In the past, Congress has regularly acted to extend expired or expiring temporary tax provisions. Collectively, these temporary tax provisions are often referred to as 'tax extenders.' Most recently, in December 2015, Congress addressed tax extenders in the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), enacted as Division Q of the Consolidated Appropriations Act, 2016 (P.L. 114-113). This legislation extended all of the 52 provisions that had expired at the end of 2014. Unlike past tax extenders legislation, however, a number of provisions that had expired at the end of 2014 were made permanent. Several others were extended through 2019. Many provisions were temporarily extended for two years, through 2016."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2017-07-31
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Tax Reform in the 114th Congress: An Overview of Proposals [July 9, 2015]
"Many agree that the U.S. tax system is in need of reform. Congress continues to explore ways to make the U.S. tax system simpler, fairer, and more efficient. Identifying and enacting policies that will result in a simpler, fairer, and more efficient tax system remains a challenge. On December 10, 2014, the Chairman of the House Committee on Ways and Means introduced a comprehensive tax reform proposal, the Tax Reform Act of 2014 (H.R. 1). The bill proposed substantial changes to both the individual and corporate income tax systems, reducing statutory tax rates for many taxpayers, while repealing dozens of credits, deductions, and other tax preferences. While no further action was taken on H.R. 1 in the 113th Congress, the proposal continues to inform the ongoing tax reform debate. There are various policy options for achieving comprehensive tax reform. One option is a base-broadening, rate-reducing tax reform, in the spirit of the Tax Reform Act of 2014. An alternative approach would be to substantially revise or eliminate the current tax system, instead relying on an alternative tax base for revenues. Tax reform legislation introduced early in the 114th Congress has tended to take the latter approach, proposing a retail sales tax at the federal level or a flat tax. Similar proposals were introduced in the 112th and 113th Congresses, and did not advance."
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Keightley, Mark P.
2015-07-09
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Tax Provisions That Expired in 2014 ('Tax Extenders') [September 4, 2015]
"In the past, Congress has regularly acted to extend expired or expiring temporary tax provisions. Collectively, these temporary tax provisions are often referred to as 'tax extenders.' Fifty-two temporary tax provisions expired at the end of 2014. This report provides a broad overview of the tax extenders. Congress last acted on tax extenders towards the end of the 113th Congress. The Tax Increase Prevention Act of 2014 (P.L. 113-295), signed into law on December 19, 2014, made tax provisions that had expired at the end of 2013 available to taxpayers for the 2014 tax year. The law extended most (but not all) provisions that had expired at the end of 2013. Most of the provisions in P.L. 113-295 had been included in previous 'tax extender' packages. Tax extenders legislation has also been considered in the 114th Congress. The Senate Finance Committee has reported legislation, the Tax Relief Extension Act of 2015 (S. 1946), that would retroactively extend expired tax provisions, for two years, through 2016. All provisions in S. 1946 have been included in previous 'tax extender' packages. There are several reasons why Congress may choose to enact tax provisions on a temporary basis. Enacting provisions on a temporary basis provides legislators with an opportunity to evaluate the effectiveness of tax policies prior to expiration or extension. Temporary tax provisions may also be used to provide temporary economic stimulus or disaster relief. Congress may also choose to enact tax provisions on a temporary rather than permanent basis due to budgetary considerations, as the foregone revenue from a temporary provision will generally be less than if it was permanent."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2015-09-04
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Tax Reform in the 114th Congress: An Overview of Proposals [March 18, 2016]
"Many agree that the U.S. tax system is in need of reform. Congress continues to explore ways to make the U.S. tax system simpler, fairer, and more efficient. Identifying and enacting policies that will result in a simpler, fairer, and more efficient tax system remains a challenge. On December 10, 2014, the chairman of the House Committee on Ways and Means introduced a comprehensive tax reform proposal, the Tax Reform Act of 2014. The bill proposed substantial changes to both the individual and corporate income tax systems, reducing statutory tax rates for many taxpayers, while repealing dozens of credits, deductions, and other tax preferences. […] There are various policy options for achieving comprehensive tax reform. One option is a base-broadening, rate-reducing tax reform, in the spirit of the Tax Reform Act of 2014. An alternative approach would be to substantially revise or eliminate the current tax system, instead relying on an alternative tax base for revenues. Tax reform legislation introduced early in the 114th Congress has tended to take the latter approach, proposing a retail sales tax at the federal level or a flat tax. Similar proposals were introduced in the 112th and 113th Congresses, and did not advance. A cash flow tax for businesses has also been introduced in the 114th Congress. Both Congress and the Administration have indicated interest in tax reform through their respective budget processes. The budget resolution for FY2016 communicates congressional support for action on tax reform. The President's FY2017 budget proposes a number of tax policy changes, similar to the President's FY2016 budget, including substantial changes in the international tax system."
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Keightley, Mark P.
2016-03-18
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Tax Provisions That Expired in 2014 ('Tax Extenders') [February 6, 2015]
"In the past, Congress has regularly acted to extend expired or expiring temporary tax provisions. Collectively, these temporary tax provisions are often referred to as 'tax extenders.' Fifty-two temporary tax provisions expired at the end of 2014. The 114th Congress may choose to further extend some or all of these provisions. This report provides a broad overview of the tax extenders. The Tax Increase Prevention Act of 2014 (P.L. 113-295), signed into law on December 19, 2014, made tax provisions that had expired at the end of 2013 available to taxpayers for the 2014 tax year. The law extended most (but not all) provisions that had expired at the end of 2013. Further, most of the provisions in P.L. 113-295 had been included in previous 'tax extender' packages. Other legislation considered in the 113th Congress would have also extended expired tax provisions. The Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act (S.2260) would have extended expired tax provisions for two years. The Jobs for America Act (H.R.4), which passed the House on September 18, 2014, would have permanently extended certain expired tax provisions. Several expired charitable-related provisions would have been made permanent as part of the America Gives More Act of 2014 (H.R. 4719), which passed the House on July 17, 2014. Several of the proposals to permanently extend certain expired provisions in the113th Congress have also been considered in the 114th Congress."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2015-02-06
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Energy Credit: An Investment Tax Credit for Renewable Energy [July 10, 2018]
"Internal Revenue Code (IRC) Section 48 provides an investment tax credit (ITC) for certain energy-related investments. The incentive was enacted in 1978 and has been substantially modified over time. Under current law, the ITC for most non-solar technologies will expire at the end of 2021. There is a permanent 10% ITC for solar and geothermal technologies. Increased credit rates for solar are available through 2021."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2018-07-10
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Tax Policy and Disaster Recovery [September 11, 2018]
"The Internal Revenue Code contains a number of permanent disaster-related tax provisions. These include provisions providing that qualified disaster relief payments and certain insurance payments are excluded from income, and thus not subject to tax. Taxpayers are also able to deduct casualty losses and defer gain on involuntary conversions (an involuntary conversion occurs when property or money is received in payment for destroyed property). The Internal Revenue Service can also provide administrative relief to taxpayers affected by disasters by delaying filing and payment deadlines, waiving underpayment of tax penalties, and waiving the 60-day requirement for retirement plan rollovers. The availability of certain tax benefits is triggered by a federal disaster declaration. Before 2017, casualty losses were generally deductible. However, changes made in the 2017 tax revision (P.L. 115-97) restrict casualty loss deductions to federally declared disasters."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2018-09-11
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Distribution of the Tax Policy Changes in H.R. 1 and the Senate's Tax Cuts and Jobs Act [November 21, 2017]
"Distributional analysis can be used to illustrate how changes in tax policy would affect the economic well-being of taxpayers. The Joint Committee on Taxation (JCT) regularly prepares distributional analyses of major tax proposals. On November 14, 2017, the JCT released a distributional analysis of the Tax Cuts and Jobs Act (H.R. 1). H.R. 1 passed a vote in the House on November 16, 2017. The JCT has also released a distributional analysis of the Senate's version of the Tax Cuts and Jobs Act."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2017-11-21
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Tax Incentives for Charitable Giving in the Tax Cuts and Jobs Act (H.R. 1) [November 17, 2017]
"Provisions in the Tax Cuts and Jobs Act (H.R. 1) would decrease the tax incentive for charitable giving. Under current law, taxpayers itemizing deductions can deduct contributions made to charitable organizations. Generally, the deduction is limited to 50% of adjusted gross income (AGI), although there are lower AGI limits for certain types of non-cash gifts and for gifts to certain types of recipient organizations. H.R. 1 would decrease the tax incentive for charitable giving by substantially reducing the number of taxpayers itemizing deductions. Specifically, the standard deduction would be nearly doubled, causing fewer taxpayers to itemize. Additionally, most other itemized deductions would be repealed, pushing more taxpayers under the standard deduction threshold. Currently, about 29% of taxpayers itemize deductions. Under the proposal, an estimated 6% of taxpayers would itemize in 2018. Only taxpayers that itemize deductions have a tax incentive to give. Lower effective marginal tax rates under H.R. 1 would also tend to reduce the tax incentive to give."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2017-11-17
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Energy Tax Provisions in the Tax Cuts and Jobs Act (H.R. 1) [November 08, 2017]
"The Tax Cuts and Jobs Act (H.R. 1) proposes a number of changes to energy-related tax provisions. These changes are summarized in Table 1. H.R. 1 includes a broad restructuring of the federal income tax system."
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Hughes, Joseph S.
2017-11-08
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Expired Tax Provisions and 'Tax Extenders' [January 16, 2018]
"A number of temporary tax provisions expired at the end of 2016. Although some temporary or expired provisions were addressed in the 2017 tax revision (P.L. 115-97), most of the provisions that expired in 2016 have not been extended beyond their 2016 expiration date. Some have suggested that a tax extenders bill enacted early in 2018 could retroactively extend expired tax provisions. Alternatively, another policy option is to allow expired tax provisions to remain expired."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2018-01-16
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2017 Tax Revision (P.L. 115-97): Comparison to 2017 Tax Law
"P.L. 115-97 was signed into law by President Trump on December 22, 2017. The act substantively changes the federal tax system. Broadly, for individuals, the act temporarily modifies income tax rates. Some deductions, credits, and exemptions for individuals are eliminated, while others are substantively modified, with these changes generally being temporary. For businesses, pass through entities experience a reduction in effective tax rates via a new deduction, which is also temporary. The statutory corporate tax rate is permanently reduced. Many deductions, credits, and other provisions for businesses are also modified. The act also substantively changes the international tax system, generally moving the U.S. tax system towards a territorial system. This report provides a brief summary of P.L. 115-97, comparing each provision in the act with prior tax law. The report also provides a brief legislative history of activity leading to the enactment of P.L. 115-97, along with estimated revenue and distributional effects of the recently enacted law."
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Marples, Donald J.
2018-02-06
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Debt and Deficits: Spending, Revenue, and Economic Growth [December 4, 2018]
"The Constitution provides Congress with the authority to manage the federal budget through its 'power of the purse.' This In Focus summarizes federal budget and borrowing outcomes and trends for federal spending and revenues. The federal government incurs a budget deficit when total spending exceeds revenues over the course of a fiscal year. A budget surplus occurs when revenues exceed outlays. Budget outcomes are dependent on general economic conditions. Net deficits tend to decline in periods of high economic growth due to both increased revenues (through arise in earnings and subsequent tax payments) and reduced outlays (through a decline in demand for unemployment benefits and other programs). Conversely, deficits tend to increase in periods with lower economic growth."
Library of Congress. Congressional Research Service
Driessen, Grant A.; Sherlock, Molly F.; Marples, Donald J.
2018-12-04
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Value of Energy Tax Incentives for Different Types of Energy Resources [Updated March 19, 2019]
From the Document: "Since the 1970s, policymakers have increasingly used the tax code to promote energy policy goals. Long-term energy policy goals include providing a secure supply of energy, providing energy at a low cost, and ensuring that energy production and consumption is consistent with environmental objectives. A range of federal policies, including various research and development programs, mandates, and direct financial support such as tax incentives or loan guarantees, promotes various energy policy objectives. This report focuses on tax incentives that support the production of or investment in various energy resources."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2019-03-19
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Retirement Savings Contribution Credit [April 2, 2019]
From the Document: "The 116th Congress has shown interest in advancing policies that support retirement savings and retirement security. One provision designed to encourage retirement savings for low-income workers is the Retirement Savings Contribution Credit, or the Saver's Credit (Internal Revenue Code [IRC] §25B). This In Focus provides an overview of the credit and provides a brief discussion of the credit's effectiveness, in the context of various policy options that might be considered in the 116th Congress."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2019-04-02
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Payroll Tax Credit for COVID-19 Sick and Family Leave [January 25, 2021]
From the Document: "Beginning in April 2020, employers were entitled to payroll tax credits for paid leave required in response to the Coronavirus Disease 2019 (COVID-19) pandemic. For employers choosing to continue providing eligible paid leave, these tax credits have been extended through March 2021. The paid leave mandate, however, expired at the end of 2020. This In Focus provides an overview of the tax credits for paid leave initially provided in the Families First Coronavirus Response Act (FFCRA; P.L. 116-127) and extended in the COVID-related Tax Relief Act of 2020, enacted as Division N, Title II, Subtitle B of the Consolidated Appropriations Act, 2021 (P.L. 116-260)."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2021-01-25
