Advanced search Help
Searching for terms: EXACT: "Sherlock, Molly F." in: author
Clear all search criteria
Only 2/3! You are seeing results from the Public Collection, not the complete Full Collection. Sign in to search everything (see eligibility).
-
Coronavirus Aid, Relief, and Economic Security (CARES) Act-Tax Relief for Individuals and Businesses [Updated April 1, 2020]
From the Document: "Congress is considering a number of proposals that seek to mitigate the economic effects of the Coronavirus disease 2019, or 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, an updated version of the CARES Act was circulated, as a proposed amendment to H.R. 748. A cloture vote on a motion to proceed, which was designed to allow consideration of the CARES Act, was rejected on March 22.1 A third version of the CARES Act was released on March 25, 2020.2 On March 25, the Senate voted 96-0 to pass H.R. 748, having previously amended it with the CARES Act. The House passed this version of the CARES Act on March 27, 2020, and President Trump signed the CARES Act (P.L. 116-136) into law."
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Crandall-Hollick, Margot L.; Driessen, Grant A. . . .
2020-04-01
-
COVID-19: The Employee Retention Tax Credit [March 31, 2020]
From the Document: "The Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) includes an employee retention payroll tax credit intended to help businesses retain employees during the Coronavirus disease 2019, or COVID-19, public health emergency. Employee retention remains a policy concern, as a number of economic sectors have announced layoffs resulting from the COVID-19 induced economic fallout. Unemployment insurance claims have surged following these widespread layoffs. This Insight summarizes the employee retention tax credit in the CARES Act, makes comparisons to previous employee retention tax credits enacted as disaster tax relief, and highlights some economic and policy considerations."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2020-03-31
-
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
-
Take Responsibility for Workers and Families Act: Division T--Revenue Provisions [March 24, 2020]
From the Document: "A number of recently introduced legislative proposals seek to alleviate the adverse economic effects of the COVID-19 [coronavirus disease 2019] outbreak. One such proposal, the Take Responsibility for Workers and Families Act (H.R. 6379), was introduced in the House on March 23, 2020. The proposal includes a number of provisions that would change the tax system, including modifications that would [1] provide a one-time payment to households; [2] temporarily expand the earned income tax credit, child tax credit, and dependent care tax credit; [3] provide employer payroll tax credits for certain hospital expenses and for expanded sick and family leave programs; [4] modify the tax treatment of certain retirement fund withdrawals; and [5] allow net operating loss carrybacks for businesses. This report briefly summarizes the major provisions included in Titles I through IV of Division T of H.R. 6379."
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Crandall-Hollick, Margot L.; Driessen, Grant A. . . .
2020-03-24
-
COVID-19 Economic Stimulus: Business Payroll Tax Cuts [March 20, 2020]
From the Document: "The economic fallout from coronavirus disease (COVID-19) has accelerated rapidly. Policymakers continue to evaluate tax policy economic relief options. Payroll tax cuts for businesses are one option that would provide economic assistance to business activities."
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Marples, Donald J.
2020-03-20
-
Tax Credit for Paid Sick and Family Leave in the Families First Coronavirus Response Act (H.R. 6201) (Updated) [Updated March 17, 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 cover the cost to businesses of providing paid leave to address the coronavirus disease (COVID-19) pandemic. This Insight provides an overview of the tax credits, including the corrections included in H.Res. 904, as passed by the House on March 16, 2020."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2020-03-17
-
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
-
Tax Cuts as Fiscal Stimulus: Comparing a Payroll Tax Cut to a One-Time Tax Rebate [March 11, 2020]
From the Document: "The Trump Administration and certain Members of Congress have expressed interest in a temporary payroll tax reduction as a fiscal stimulus response to economic concerns resulting from the coronavirus disease 2019 (COVID-19). Other lawmakers have emphasized that, with respect to tax-relief proposals, 'everything's on the table.' This sentiment reflects potential uncertainty in both the current economic outlook and what tax policy options might be most effective as the coronavirus outbreak evolves. An alternative to a temporary payroll tax reduction that might be considered, and has been used in the past, is a lump-sum tax rebate. Temporary payroll tax cuts and lump-sum tax rebates have been used in response to past periods of economic weakness. In 2011 and 2012, employee payroll taxes were reduced by two percentage points, providing tax relief to any individual with earned income. General fund revenue was transferred to Social Security trust funds to ensure that those funds were not affected by the payroll tax cut."
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Marples, Donald J.
2020-03-11
-
Payroll Tax Cuts as an Economic Stimulus Response to Coronavirus Disease (COVID-19) [March 5, 2020]
From the Document: "The current coronavirus disease (COVID-19) outbreak has increased concerns that the U.S. economy could be affected as part of a global economic downturn. A range of fiscal and monetary policy tools have been used to address prior times of economic weakness. One option for fiscal stimulus is a temporary payroll tax cut for employees. This option was used to address economic weakness in 2011 and 2012. On March 2, 2020, President Trump and others expressed interest in a one-year payroll tax cut to help bolster the economy."
Library of Congress. Congressional Research Service
Marples, Donald J.; Sherlock, Molly F.
2020-03-05
-
Tax Policy and Disaster Recovery [Updated February 11, 2020]
From the Document: "The Internal Revenue Code (IRC) contains a number of provisions intended to provide disaster relief. Following certain disasters, Congress has passed legislation with temporary and targeted tax relief policies. At other times, Congress has passed legislation providing tax relief to those affected by all federally declared major disasters (disasters with Stafford Act declarations) occurring during a set time period. In addition, several disaster tax relief provisions are permanent features of the IRC. This report discusses the following permanent provisions: [1] disaster casualty loss deductions; [2] deferral of gain from involuntary conversions of property destroyed by a disaster; [3] disaster relief for owners of low-income housing tax credit properties; [4] income exclusion for disaster relief payments to individuals; [5] income exclusion for certain insurance living expense payments; and [6] IRS [Internal Revenue Service] administrative relief in the form of extended deadlines and waiving of certain penalties. [...] This report provides a basic overview of existing, permanent disaster tax provisions, as well as past, targeted legislative responses to specific disasters. The report also includes a discussion of economic and policy considerations related to providing disaster tax relief to individuals and businesses, and encouraging charitable giving to support disaster relief."
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Teefy, Jennifer
2020-02-11
-
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
-
Overview of the Federal Tax System in 2019 [Updated November 20, 2019]
From the Summary: "This report describes the federal tax structure and system in effect for 2019. The report also provides selected statistics on the tax system as a whole. Historically, the largest component of the federal tax system, in terms of revenue generated, has been the individual income tax. For fiscal year (FY) 2019, an estimated $1.7 trillion, or 50% of the federal government's revenue, will be collected from the individual income tax. The corporate income tax is estimated to generate another $216 billion in revenue in FY2019, or just over 6% of total revenue. Social insurance or payroll taxes will generate an estimated $1.2 trillion, or 36% of revenue in FY2019. For 2019, it is estimated that revenues will be 16.1% of gross domestic product (GDP), slightly below the post-World War II average of 17.2% of GDP."
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Marples, Donald
2019-11-20
-
Payroll Tax Cuts as Economic Stimulus: Past Experience and Economic Considerations [August 23, 2019]
From the Document: "A range of fiscal and monetary policy tools have been used in the past to respond to weak economic conditions and recessions. One of those policy tools, enacted as economic stimulus in December 2010, was a temporary employee payroll tax cut. On August 20, 2019, President Trump expressed interest in proposing a payroll tax cut, although subsequent reports indicate this may not be a policy the Administration intends to actively pursue at this time."
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Marples, Donald J.
2019-08-23
-
Tax Policy and Disaster Recovery [August 9, 2019]
From the Document: "The Internal Revenue Code (IRC) contains a number of provisions intended to provide disaster relief. Following certain disasters, Congress has passed legislation with temporary and targeted tax relief policies. At other times, Congress has passed legislation providing tax relief to those affected by all federally declared major disasters (disasters with Stafford Act declarations) occurring during a set time period. In addition, several disaster tax relief provisions are permanent features of the IRC."
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Teefy, Jennifer
2019-08-09
-
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
-
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
-
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
-
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
-
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
-
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
-
Recently Expired Individual Tax Provisions ('Tax Extenders'): In Brief [March 30, 2018]
"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.' Of the 33 temporary tax provisions that had expired at the end of 2016 and extended retroactively through 2017, three are individual income tax provisions. The three individual provisions that expired at the end of 2017 have been included in recent tax extenders packages. The above-the-line deduction for certain higher-education expenses, including qualified tuition and related expenses, was first added as a temporary provision in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA; P.L. 107-16), but has regularly been extended since. The other two individual extender provisions are housing related. The provision allowing homeowners to deduct mortgage insurance premiums was first enacted in 2006 (effective for 2007). The provision allowing qualified canceled mortgage debt income associated with a primary residence to be excluded from income was first enacted in 2007. Both provisions were temporary when first enacted, but in recent years have been extended as part of the tax extenders."
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Keightley, Mark P.; Gravelle, Jane . . .
2018-03-30
-
Overview of the Federal Tax System in 2018 [March 29, 2018]
"The largest source of revenue for the federal government is the individual income tax. The federal individual income tax is levied on an individual's taxable income, which is adjusted gross income (AGI) less deductions. Tax rates based on filing status (e.g., married filing jointly, head of household, or single individual) determine the amount of tax liability. Income tax rates in the United States are generally progressive, such that higher levels of income are typically taxed at higher rates. Once tentative tax liability is calculated, tax credits can be used to reduce tax liability. Tax deductions and tax credits are tools available to policymakers to increase or decrease the after-tax price of undertaking specific activities. Individuals with high levels of deductions and credits relative to income may be required to pay the alternative minimum tax (AMT)."
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Marples, Donald J.
2018-03-29
-
Business Tax Provisions That Expired in 2017 ('Tax Extenders') [March 29, 2018]
"This report briefly summarizes and discusses the economic impact of the 12 business-related tax provisions that expired at the end of 2017. All but one of the business provisions that expired at the end of 2016 was extended in the BBA18 (Bipartisan Budget Act of 2018). The one business-related tax provision that expired at the end of 2016 that was not extended in the BBA18 was a provision relating to the allocation of qualified zone academy bonds; zone academy bonds were eliminated in the tax legislation enacted in December 2018 (P.L. 115-97). The tax legislation also ended the domestic production activity deduction in general for tax years beginning after December 31, 2017, but a special provision extending the deduction in general to Puerto Rico for the last year (2017) of the domestic production activity deduction was included. One provision that expired in 2016, the temporary increase in the limit on cover over of rum excise taxes to Puerto Rico and the Virgin Islands, was extended through 2021 in the BBA18."
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Gravelle, Jane; Lowry, Sean . . .
2018-03-29
-
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
-
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
-
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
-
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
-
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
-
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
-
Revenue Baseline for Tax Reform [April 14, 2017]
"Tax reform remains an issue of interest in the 115th Congress. An open policy question is whether any proposed tax reform might increase the projected budget deficit, reduce the deficit, or leave the deficit unchanged (i.e., be revenue neutral). To inform this debate, this Insight provides information on the current revenue baseline as calculated by the Congressional Budget Office (CBO). This Insight also discusses how the enactment of changes in tax policy can potentially change the baseline, and implications of these changes for subsequent legislation, such as tax reform. This Insight does not discuss the implications of certain baseline levels on the enforcement of budget rules or on the use of the budget reconciliation process for tax reform."
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Driessen, Grant A.
2017-04-14
