House Ways and Means approves five assorted tax-related bills; JCT descriptions
In advance of the markup, the staff of the JCT released descriptions of the bills and the amendments in the nature of a substitute.
The House Committee on Ways and Means today marked up five assorted bills, including one that would revert to the prior reporting threshold for third-party settlement organizations on Form 1099-K of $20,000 in aggregate value or less, or 200 in aggregate number or less, annually.
In advance of the markup, the staff of the Joint Committee on Taxation (JCT) released descriptions of the bills and the amendments in the nature of a substitute.
H.R. 9495, the “Stop Terror-Financing and Tax Penalties on American Hostages Act,” which would provide tax relief for Americans held hostages and their families and prohibit organizations from maintaining tax-exempt status found to have provided material support to a terrorist organization, was approved by a vote of 38-0.
- Text of the bill
- JCT description
- Amendment in the nature of a substitute
- JCT description of the amendment in the nature of a substitute
H.R. 3269, the “Law Enforcement Innovate to De-Escalate Act,” which would exclude tasers from the from the Firearms and Ammunition Excise Tax, was approved by a vote of 21-15.
- Text of the bill
- JCT description
- Amendment in the nature of a substitute
- JCT description of the amendment in the nature of a substitute
H.R. 190, the “Saving Gig Economy Taxpayers Act,” which would revert to the prior reporting threshold for third-party settlement organizations on Form 1099-K of $20,000 in aggregate value or less, or 200 in aggregate number or less, annually, was approved by a vote of 22-16.
- Text of the bill
- JCT description
- Amendment in the nature of a substitute
- JCT description of the amendment in the nature of a substitute
H.R. 9461, the “USA Workforce Investment Act,” which would provide a tax credit for contributions of individuals to workforce development and apprenticeship training organizations, was approved by a vote of 22-15.
- Text of the bill
- JCT description
- Amendment in the nature of a substitute
- JCT description of the amendment in the nature of a substitute
H.R. 9462, the “Educational Choice for Children Act of 2024,” which would provide new tax incentives to help support scholarship-granting organizations, was approved by a vote of 23-16.
- Text of the bill
- JCT description
- Amendment in the nature of a substitute
- JCT description of the amendment in the nature of a substitute
Read the opening statement of House Ways and Means Committee Chairman Jason Smith (R-MO)