Corporate Voices is devoted to tracking legislation that will have a discernable impact on business and their employees. We are currently tracking legislation that falls under our main program areas. Below, we have summarized the bills we are tracking in the current 112th Congress.
(click here for legislation from the 111th Congress)
| Bill Title & Number | Key Sponsor | Description | Status |
|---|---|---|---|
| House | |||
|
To amend the Internal Revenue Code of 1986 to increase the contribution limits to dependent care flexible spending accounts and to provide for a carryover of unused dependent care benefits. |
Rep Sensenbrenner, F. James, Jr. [R-WI5] |
Amends the Internal Revenue Code of 1986 to increase the contribution limits to dependent care flexible spending accounts and to provide for a carryover of unused dependent care benefits. |
2/11/2011 - Referred to the House Committee on Ways and Means. |
|
Right Start Child Care and Education Act of 2011 |
Rep Ruppersberger, C. A. Dutch [D-MD2] |
Amends the Internal Revenue Code of 1986 to increase the credit for employers establishing workplace child care facilities, to increase the child care credit to encourage greater use of quality child care services, to provide incentives for students to earn child care-related degrees and to work in child care facilities, and to increase the exclusion for employer-provided dependent care assistance. |
5/4/2011 - Referred to the House Committee on Ways and Means. |
|
Tax Parity for Health Plan Beneficiaries Act of 2011 |
Rep McDermott, Jim [D-WA7] |
Amends the Internal Revenue Code of 1986 to extend the exclusion from gross income for employer-provided health coverage for employees' spouses and dependent children to coverage provided to other eligible designated beneficiaries of employees. |
6/2/2011 - Referred to the House Committee on Ways and Means. |
|
Expanding Dependent and Child Care Act of 2011
|
Rep Yarmuth, John A. [D-KY3] |
Amends the Internal Revenue Code to increase to $7,500 the amount of employer-provided dependent care assistance that an employee may exclude from gross income. Allows an annual inflation adjustment to such increased amount after 2012. |
7/8/2011 - Referred to the House Committee on Ways and Means. |
|
Making Work and Marriage Pay Act of 2011 |
Rep Petri, Thomas E. [R-WI6] |
Establishes the National Commission on Effective Marginal Tax Rates for Low-Income Families to study, report, and make recommendations on policy changes to mitigate the impact of the effective marginal tax rate and of phaseouts in federal benefits on low-income earners and their families. |
8/22/2011 - Referred to the Subcommittee on Insurance, Housing and Community Opportunity. |
|
Employee Educational Assistance Act of 2012 |
Rep Johnson, Sam [R-TX-3] |
Makes permanent the exclusion from gross income for employer-provided educational assistance. |
3/5/2012 - Referred to the House Committee on Ways and Means. |
| Senate | |||
|
Right Start Child Care and Education Act of 2011 |
Sen Boxer, Barbara [D-CA] |
Amends the Internal Revenue Code of 1986 to increase the credit for employers establishing workplace child care facilities, to increase the child care credit to encourage greater use of quality child care services, to provide incentives for students to earn child care-related degrees and to work in child care facilities, and to increase the exclusion for employer-provided dependent care assistance. |
1/25/2011 - Read twice and referred to the Committee on Finance. |
|
Child and Dependent Care FSA Enhancement Act |
Sen Burr, Richard [R-NC] |
Amends the Internal Revenue Code to increase to $7,500 the amount of employer-provided dependent care assistance that an employee may exclude from gross income. Allows an annual inflation adjustment to such increased amount after 2011. |
3/2/2011 - Read twice and referred to the Committee on Finance. |
|
Strengthen the Earned Income Tax Credit Act of 2011 |
Sen Kerry, John F. [D-MA] |
Amends the Internal Revenue Code to: (1) make permanent the reduction in the marriage penalty applicable to the earned income tax credit, (2) increase such tax credit for families with three or more qualifying children and for individuals with no qualifying children, (3) extend such credit to individuals at age 21 (currently age 25) who do not have a qualifying child, (4) allow such credit for certain married individuals who live apart from their spouses and file separate tax returns (abandoned spouse rule), (5) repeal provisions denying such credit for individuals with excessive investment income, and (6) increase to $500 the penalty on tax return preparers for failure to be diligent in determining eligibility for the earned income tax credit. Makes permanent provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 relating to the earned income tax credit. |
3/30/2011 - Read twice and referred to the Committee on Finance. |
|
Bipartisan Tax Fairness and Simplification Act of 2011 |
Sen Wyden, Ron [D-OR] |
Declares as the purposes of this Act to: (1) make the federal individual income tax system simpler, fairer, and more transparent; (2) reduce the income tax rate on corporations, repeal the individual and corporate alternative minimum tax (AMT), and eliminate special tax preferences; and (3) reduce the federal budget deficit. Amends the Internal Revenue Code to: (1) reduce the number of tax brackets for individual taxpayers from six to three (i.e., 15, 25, and 35%); (2) increase the standard tax deduction; (3) eliminate miscellaneous itemized tax deductions for individuals after 2011; (4) exclude from gross income 35% of certain dividend income and gain on capital assets; (5) repeal the AMT for individuals; (6) allow a new tax credit for interest on state and local bonds; (7) consolidate and revise rules for tax-exempt retirement plans and education tax credits and deductions and create tax-exempt American Dream Accounts; and (8) repeal certain income tax credits, deductions, and exclusions, including the tax deduction for punitive damages. Makes permanent specified provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 that: (1) increased the earned income, dependent care, and child tax credits; and (2) repealed limits on personal exemptions and itemized tax deductions. |
4/5/2011 - Read twice and referred to the Committee on Finance. |
|
Tax Parity for Health Plan Beneficiaries Act of 2011 |
Sen Schumer, Charles E. [D-NY] |
Amends the Internal Revenue Code of 1986 to extend the exclusion from gross income for employer-provided health coverage for employees' spouses and dependent children to coverage provided to other eligible designated beneficiaries of employees. |
6/9/2011 - Referred to the Committee on Finance. |