Legislative Activity

The "Financing Our Energy Future Act" amends the Internal Revenue Code to expand the definition of "qualifying income" for publicly traded partnerships to include various green energy activities. This expansion covers the generation, storage, and transportation of energy using renewable resources, fuels, and advanced technologies. It also includes projects that capture and utilize carbon oxides, as well as the production of renewable chemicals, effective for taxable years beginning after December 31, 2025.

The "Unfair Tax Prevention Act" modifies tax rules to target foreign-owned entities operating in extraterritorial tax regimes, treating them as applicable taxpayers and disallowing certain tax benefits. It defines "foreign-owned extraterritorial tax regime entity" and "extraterritorial tax" to specify which entities are subject to these changes. This act aims to prevent base erosion and tax avoidance by these entities. The changes will be effective for taxable years beginning after the enactment date of this Act.

The "Protecting Individuals with Down Syndrome Act" prohibits abortions performed due to a prenatal diagnosis or belief that the unborn child has Down syndrome. It establishes criminal penalties for providers who perform such abortions and creates civil remedies for the woman, the father, or the maternal grandparents to sue. The act also mandates reporting of violations, protects the anonymity of the woman, and ensures that the law does not create a right to abortion or override laws that provide greater protection for an unborn child.

This bill amends the Internal Revenue Code to prevent U.S. persons from being deemed to own stock held by non-U.S. persons under specific conditions, modifying how Subpart F applies to "foreign controlled United States shareholders" of a "foreign controlled foreign corporation." It introduces new definitions and rules for these shareholders and corporations, treating them as United States shareholders and controlled foreign corporations for tax purposes. The changes apply to the last taxable year of foreign corporations beginning before January 1, 2025, and subsequent years.

The American Innovation and R&D Competitiveness Act of 2025 modifies the tax treatment of research and experimental expenditures, allowing taxpayers to deduct these expenses in the year they are incurred rather than capitalizing them. This change applies to expenses related to the taxpayer's business and is effective for taxable years beginning after December 31, 2021. The act also includes provisions for electing to treat these expenditures as deferred expenses and updates related sections of the tax code.

This bill expresses condolences for the 67 lives lost in the American Eagle Flight 5342 and PAT 25 crash near Ronald Reagan Washington National Airport on January 29, 2025. It recognizes the impact on Wichita, Kansas, and acknowledges the cooperation of officials in responding to the tragedy and assisting the families. The bill also commends the heroic actions of first responders and emergency services personnel.

This bill extends the temporary increase in the limitation on the cover over of distilled spirits taxes to Puerto Rico and the Virgin Islands. It amends the Internal Revenue Code of 1986, pushing the expiration date from January 1, 2022, to January 1, 2032. This extension applies to distilled spirits brought into the United States after December 31, 2021.

The "REVIVE VI Act" amends the Internal Revenue Code to exclude certain income from services performed in the Virgin Islands from the calculation of global intangible low-taxed income. This applies to income earned by corporations formed under Virgin Islands law for services performed within the Virgin Islands, benefiting specific U.S. shareholders. The goal is to encourage economic activity and investment in the Virgin Islands by modifying tax calculations for businesses operating there. The Secretary is directed to issue regulations to prevent abuse of these provisions.

The "Help Independent Tracks Succeed Act" or the "HITS Act" allows taxpayers to elect to treat qualified sound recording production costs as expenses rather than capital expenditures, up to $150,000 per production or in the aggregate for all productions in a taxable year. It also classifies these productions as qualified property for bonus depreciation purposes and defines a qualified sound recording production as one produced and recorded in the United States. This applies to productions starting in taxable years ending after the enactment of this Act.