This bill allows individual taxpayers a tax deduction from gross income (above-the-line deduction) through 2029 for their qualified newborn expenses, up to $5,000. The deduction is not available for taxpayers whose modified adjusted gross income exceeds $100,000 ($200,000 in the case of a joint return).

The bill defines qualified newborn expenses to include amounts paid for infant formula, baby bottles, diapers, infant car seats, baby strollers, and cribs.

Taxpayers must include their social security number on their tax returns to qualify for the deduction.

This bill increases from $600 to $5,000 the threshold for reporting income for tax purposes.

This bill increases the tax credit for carbon capture and use to match incentives for carbon capture and sequestration for both direct air capture and the power and industrial sectors.

This bill makes permanent provisions in Public Law 115-97 (also known as the Tax Cuts and Jobs Act) relating to individual taxpayers, including the modification of individual income and capital gains tax rates and the increased exemption for the alternative minimum tax. It also increases the standard tax deduction and repeals the limitation on itemized tax deductions.

This bill allows sole proprietors a retroactive elective deferral under a tax-exempt retirement plan that is adopted after the close of the taxable year and before the time for the filing of the individual’s tax return. The elective deferral is treated as made prior to the end of the plan’s first plan year.

An elective deferral is an amount contributed to certain tax-exempt retirement plans (e.g., 401(k)s, 403(b)s, SIMPLE pension plans and IRAs) by an employer at the employee’s election and which, except to the extent they are designated Roth IRA contributions, are excludable from the employee’s gross income.

This bill increases the amount of the catch-up contribution available to participants in certain tax-exempt retirement plans who have attained age 62, 63, or 64.

This bill modifies the tax credit for carbon oxide sequestration. It increases the applicable dollar amount of such credit, repeals the placed-in-service deadline, expands the types of facilities to which the credit applies, and extends the credit period from 12 to 20 years.

This bill prohibits a state, or taxing jurisdiction in the state, from imposing an income tax, wealth tax, or any similar tax on a resident who has relocated permanent residence to another state or taxing jurisdiction.

This bill reduces to 5% the capital gains tax rate for property purchased in 2021 and held by the taxpayer for more than five years.

This bill makes permanent the reduction in the adjusted gross income (AGI) threshold that must be exceeded before a taxpayer may claim a deduction amount for medical expenses. The reduction is from 10% to 7.5% of AGI and 5% in any taxable year beginnning in 2020 or 2021.

This bill allows employers a payroll tax credit for 50% of employee testing expenses for COVID-19 (i.e., coronavirus disease 2019). The credit does not apply to the federal government or any state or local government.

This bill provides for an increased carbon oxide sequestration tax credit for direct air capture facilities.

This bill amends the Tax Cuts and Jobs Act of 2017 (P.L. 115-97) to provide that the net operating carryforward and carryback modifications in that Act are effective for net operating losses arising in taxable years beginning after December 31, 2017 (instead of tax years ending after December 31, 2017).

The bill also allows an extension of the deadline for filing an application for a tentative carryback adjustment for net operating losses arising before January 1, 2018, and ending after December 31, 2017.

This bill amends the Internal Revenue Code to deny the earned income tax credit to a taxpayer or a taxpayer’s spouse who, in any taxable year, received temporary deportation relief and work authorization in accordance with any program not specifically established by Congress.

Total Repeal of the Unfair Taxes on Healthcare Act of 2012 or the TRUTH Act of 2012 – Amends the Internal Revenue Code, with respect to health care provisions added by the Patient Protection and Affordable Care Act (PPACA) and the Health Care and Education Reconciliation Act of 2010, to repeal: (1) the excise tax on the excess benefit from certain high cost employer-sponsored health coverage plans; (2) the excise tax on net investment income in the Medicare taxable base; (3) the prohibition against payments from health flexible spending arrangements, health savings accounts (HSAs), and Archer medical savings accounts (MSAs) for over-the-counter drugs; (4) the increased penalty on distributions from an HSA or Archer MSA not used for qualified medical expenses; (5) the limitation on annual salary reduction contributions by an employee to a health flexible spending arrangement under a cafeteria plan; (6) the increase in the income threshold for claiming an itemized deduction for medical expenses; (7) the excise tax on indoor tanning services; (8) the requirement that individuals maintain minimal essential health care coverage; and (9) the excise tax on medical devices.

Repeals provisions of PPACA that require: (1) annual fees on branded prescription drug manufacturers and importers and on health insurance providers, and (2) a report by the Secretary of Veteran Affairs (VA) on the effect of fees assessed by such Act on the cost of medical care provided to veterans and on access by veterans to medical devices and branded prescription drugs.