Legislative Activity

The Advancing Capital for Critical Energy Supply and Security (ACCESS) Act modernizes tax rules for publicly traded partnerships to encourage investment and improve market liquidity. By streamlining regulations for tax-exempt entities, mutual funds, and foreign investors, the bill aims to reduce administrative burdens and incentivize capital flow into these partnerships. These updates are set to take effect for taxable years beginning after December 31, 2026.

The S Corporation Modernization Act of 2026 introduces comprehensive reforms to the Internal Revenue Code to increase flexibility and growth opportunities for S corporations. Key provisions include raising the shareholder limit to 250, allowing IRAs and nonresident aliens as eligible shareholders, and easing restrictions on passive investment income. Additionally, the bill simplifies tax treatment for inherited stock, preserves suspended losses upon a shareholder's death, and repeals Section 409A regarding nonqualified deferred compensation.

The Sports Training, Recreation, and Opportunities for the Next Generation (STRONG Kids) Act establishes a federal grant program to expand access to youth sports and physical activity. By providing funding to national and regional organizations, the bill supports local initiatives that improve program quality, promote athlete safety, and reduce barriers to participation for underserved youth.

The Housing Opportunities and Preservation Enhancement Act of 2026 provides targeted tax incentives to encourage the rehabilitation and long-term preservation of affordable residential rental properties. By offering benefits such as accelerated depreciation and favorable tax treatment for partnerships involving government or non-profit entities, the bill aims to support the maintenance of rent-restricted housing for low-income individuals.

The Save Our Pedestrians Act of 2026 mandates that states dedicate 5% of their federal highway safety funds to projects specifically targeting high-risk pedestrian crossings starting in fiscal year 2027. This set-aside funding must be used to implement safety improvements at locations identified as having a high frequency of pedestrian crashes resulting in injury or death. The Secretary of Transportation is responsible for enforcing this new spending requirement.

This Act establishes a temporary process for partnerships to settle ongoing tax disputes related to past charitable deductions claimed for donating conservation easements by paying a fixed settlement amount. Additionally, it simplifies the documentation standard for qualifying historic buildings when claiming certain conservation deductions or rehabilitation credits by relying on official district records rather than individual certification. The IRS's review of these settlements is strictly limited to verifying mathematical calculations.

The Small Business and Consumer Credit Act of 2026 provides financial relief to specific banking institutions by allowing them to extend the carryback and carryforward periods for net operating losses. This measure enables eligible banks to better manage their taxable income by applying losses against profits from different tax years. These provisions apply to losses incurred in taxable years beginning after December 31, 2026.

The Tax Clarity for Mining and Staking Act establishes new federal income tax rules for digital assets acquired through mining or staking. It mandates that newly minted digital assets are generally taxed as ordinary income upon receipt, though taxpayers can elect to defer income recognition and capitalize related costs. Additionally, the bill clarifies that trusts engaging in digital asset staking activities will not automatically lose their trust classification for tax purposes.

The Affordable Housing Credit Carryback Act amends the Internal Revenue Code to allow taxpayers to carry back unused Low-Income Housing Tax Credits for up to five years. This change enables businesses to apply these credits against taxes paid in prior years. The legislation specifically expands the five-year carryback provision, which was previously limited primarily to the marginal oil and gas well production credit.

The Preventing Waste, Fraud, and Abuse in TANF Act aims to strengthen oversight of the Temporary Assistance for Needy Families (TANF) program by applying federal improper payment review standards to state programs. It also restricts the use of federal TANF grants to families with incomes below twice the federal poverty level and establishes strict deadlines for states to obligate and spend these block grant funds. Furthermore, the bill prohibits states from using federal TANF dollars to replace existing state or local spending on eligible activities.

The No Wasted Space Act establishes a commission to study and recommend future uses for the Arts and Industries Building on the National Mall. This body will produce a report, a fundraising plan, and legislative recommendations within one year of its first meeting. The Commission is composed of nine non-federal members with relevant expertise and will terminate shortly after submitting its findings.

This act expands opportunities for unemployed individuals to start their own businesses while receiving benefits. It modifies state self-employment assistance programs by removing previous eligibility hurdles and requiring participation in approved entrepreneurial training or business plan development. The legislation also increases the maximum number of participants allowed in these state programs.

The Supporting Energy and Economic Development (SEED) Act primarily extends key tax incentives for biodiesel and renewable diesel through 2029. It also introduces new provisions to prevent taxpayers from claiming multiple overlapping benefits for the same fuel, ensuring credits are not double-counted.

The Pay Less at the Pump Act of 2026 terminates the Hazardous Substance Superfund financing tax starting January 1, 2026. The bill also modifies how existing Superfund money is repaid to the Treasury. This aims to reduce the financial burden on consumers at the gas pump.

The Connecting Caregivers to Medicare Act of 2025 mandates that the Department of Health and Human Services conduct widespread outreach to educate Medicare beneficiaries on how to authorize family caregivers to access their personal health information via 1-800-MEDICARE. The bill requires the integration of this authorization process into official Medicare resources and mandates the development of new fraud protection best practices to ensure beneficiary security. By streamlining access and providing clear guidance, this legislation aims to better support caregivers while safeguarding sensitive health data.

The Infertility Treatment Affordability Act of 2025 establishes a new federal tax credit equal to 50% of qualified expenses paid for infertility treatments. This credit is subject to annual limits and income phase-outs, with up to $\$5,000$ being potentially refundable. The Act aims to reduce the financial burden of fertility care for eligible individuals and families.

The Patient Access to Innovative New Technologies Act of 2025 aims to accelerate patient access to cutting-edge medical tools by streamlining payment for hospitals using FDA-designated breakthrough devices. This bill allows hospitals to receive conditional New Technology Add-On Payments (NTAP) sooner, provided the device receives final FDA approval before July 1st of the relevant fiscal year. This change applies to breakthrough devices designated for priority review that receive final clearance or approval on or after July 1, 2023.

The Veterans Border Patrol Training Act establishes a pilot program to leverage the Department of Defense's SkillBridge program to train and hire transitioning servicemembers directly as U.S. Border Patrol agents. This initiative aims to facilitate a smooth transition for military personnel into federal law enforcement roles. The Secretary of Homeland Security must report annually to Congress on the program's participation and outcomes. This pilot program is set to automatically expire five years after its commencement date.

The Clean Energy Demonstration Transparency Act of 2025 mandates increased public accountability for clean energy demonstration projects funded under the Infrastructure Investment and Jobs Act. This legislation requires the Secretary to submit detailed, semi-annual reports to key Congressional committees and post them online. These reports must include copies of contracts, progress on technical and financial milestones, and documentation of any significant project changes.

This bill extends key federal tax credits for biodiesel and renewable diesel production and mixtures through 2026. It ensures that these older credits will not be claimed concurrently with the newer clean fuel production credit (Section 45Z(a)). The legislation also extends the tax credit for second-generation alcohol fuels, coordinating its expiration with the new clean fuel rules.