No Tax Breaks for Radical Corporate Activism Act This bill disallows a business expense tax deduction for any reimbursement paid by an employer to an employee for travel expenses to obtain an abortion, or for the costs of any gender transition procedure for the employee's minor child.
Impact
If enacted, HB 429 would significantly modify the landscape of allowable tax deductions for employers. It would specifically prevent businesses from claiming tax deductions for reimbursements given to employees for expenses related to child gender transition procedures and travel for abortions. The bill is positioned as a protective measure against companies supporting or promoting such social policies, directly influencing the financial strategies of employers who provide such benefits.
Summary
House Bill 429, also referred to as the 'No Tax Breaks for Radical Corporate Activism Act', seeks to amend the Internal Revenue Code of 1986 by disallowing certain business expense tax deductions related to employee reimbursements for travel expenses incurred to obtain an abortion or for the costs associated with gender transition procedures for a minor child. This legislation indicates a targeted move against what the sponsors refer to as 'radical corporate activism' by limiting tax benefits associated with these areas.
Contention
The bill has generated considerable debate and could potentially exacerbate existing divides concerning issues of reproductive rights and gender identity healthcare. Proponents argue it is necessary to curb corporate influence in social issues, while opponents may view it as an infringement on employee benefits, thus limiting choices available to families dealing with gender transition and abortion. The terms set within the bill, particularly the definitions of 'gender transition procedure' and what constitutes a related 'minor child', may also raise further questions and challenges regarding enforcement and interpretation.
Last_action
As of January 20, 2023, HB 429 was referred to the House Committee on Ways and Means, with its future decision pending legislative discussions.
Small Business Emergency Savings Accounts Act of 2023 This bill allows a new tax deduction from gross income for amounts paid into a small business emergency savings account. Such savings accounts are established exclusively to pay the qualified disaster and public health emergency expenses of the account beneficiary. The bill defines qualified disaster and public health emergency expenses as disaster loss replacement expenses, disaster recovery operations expenses, and public health emergency expenses.
Emergency Savings Accounts Act of 2023 This bill allows an individual taxpayer occupying a residence a deduction from gross income for up to $5,000 of amounts paid into such taxpayer's emergency savings account. The bill defines emergency savings account as an account established exclusively to pay the qualified disaster and public health emergency expenses of the account beneficiary. The bill defines qualified disaster and public health emergency expenses as disaster mitigation expenses, disaster recovery expenses, public health emergency expenses, and unemployment-related expenses.
To amend the Internal Revenue Code of 1986 to provide a tax credit for expenses for household and elder care services necessary for gainful employment.
Small Business Prosperity Act of 2023 This bill modifies the tax deduction for qualified business income to (1) make such deduction permanent, (2) limit to 21% the top tax rate on qualified business income, (3) repeal the limitation on the deduction based on amount of wages paid, and (4) revise the definition of qualified trade or business to mean any trade or business other than the trade of business of performing services as an employee. The bill provides that a change in the organizational structure of a corporation is not a taxable event if there is no change among the owners, their ownership interests, or the assets of the organization, The bill repeals the estate tax after 2022.
Relating to court costs imposed on conviction and deposited to the courthouse security fund or the municipal court building security fund; increasing fees.