A bill to prohibit the Export-Import Bank of the United States from providing financing to persons with seriously delinquent tax debt.
Impact
If enacted, SB1021 would significantly impact the financing abilities of the Export-Import Bank by introducing new eligibility requirements directly linked to taxpayers' financial responsibilities. The proposed provisions could lead to stricter assessments of applicants seeking federal financing, potentially affecting numerous projects funded by the bank. This measure is meant to align federal financial support with principles of fiscal responsibility, thereby reinforcing the importance of maintaining good standing with tax obligations.
Summary
Bill SB1021 seeks to amend the Export-Import Bank Act of 1945 by prohibiting the Export-Import Bank of the United States from providing financing to any person or entity with seriously delinquent tax debt. This initiative responds to concerns that federal financing should not support individuals or businesses that are not fulfilling their tax obligations. The text details criteria for determining delinquent tax debt, including information from the System for Award Management and collaboration with the Internal Revenue Service. This stipulation aims to ensure that public funds are not inadvertently backing those who owe substantial amounts in taxes.
Contention
The bill may face criticism or contention from various stakeholders. Proponents argue that it holds individuals and businesses accountable for their tax debts, while opponents could raise concerns about the implications for economic opportunities. For instance, small businesses seeking federal support could be adversely impacted if they are unable to secure financing due to tax issues. Moreover, the waiver provision allowing the President to bypass this prohibition in urgent situations could lead to debates on the criteria for 'urgent and compelling circumstances,’ potentially opening the door for favoritism or inequity in funding.
No Hires for the Delinquent IRS Act This bill prohibits the hiring of additional Internal Revenue Service (IRS) employees until the Department of the Treasury publicly issues a written certification that the IRS does not employ any individual who has a seriously delinquent tax debt (i.e., an outstanding tax debt for which a notice of lien has been filed in public records).
FairTax Act of 2023 This bill imposes a national sales tax on the use or consumption in the United States of taxable property or services in lieu of the current income taxes, payroll taxes, and estate and gift taxes. The rate of the sales tax will be 23% in 2025, with adjustments to the rate in subsequent years. There are exemptions from the tax for used and intangible property; for property or services purchased for business, export, or investment purposes; and for state government functions. Under the bill, family members who are lawful U.S. residents receive a monthly sales tax rebate (Family Consumption Allowance) based upon criteria related to family size and poverty guidelines. The states have the responsibility for administering, collecting, and remitting the sales tax to the Treasury. Tax revenues are to be allocated among (1) the general revenue, (2) the old-age and survivors insurance trust fund, (3) the disability insurance trust fund, (4) the hospital insurance trust fund, and (5) the federal supplementary medical insurance trust fund. No funding is authorized for the operations of the Internal Revenue Service after FY2027. Finally, the bill terminates the national sales tax if the Sixteenth Amendment to the Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this bill.
No Hires for the Delinquent IRS Act This bill prohibits the hiring of additional Internal Revenue Service (IRS) employees until the Department of the Treasury publicly certifies in writing that the IRS does not employ any individual who has a seriously delinquent tax debt.The bill defines seriously delinquent tax debt as an outstanding tax debt for which a notice of lien is filed in public records, but excluding tax debtsbeing paid pursuant to an installment agreement or offer-in-compromise,for which collection action is suspended because a due process hearing or innocent spouse relief is requested,subject to levy, orreleased from levy due to economic hardship.
A bill to amend title 38, United States Code, to prohibit smoking on the premises of any facility of the Veterans Health Administration, and for other purposes.