This collection of legislative excerpts outlines proposed changes to various aspects of tax law and related programs. Key provisions include adjustments to ABLE account contributions and qualified retirement savings, alongside the inclusion of Kenya, Mali, Burkina Faso, and Chad as hazardous duty areas for special pay.
The text also details revisions to the tax treatment of student loan discharges and the introduction of a deduction for qualified overtime compensation, as well as exemptions for car loan interest and modifications to the paid family and medical leave credit.
Furthermore, it introduces MAGA accounts with specific contribution limits and qualified expenses, and expands qualified higher education expenses for 529 accounts to include elementary, secondary, and home school costs. The document also addresses health reimbursement arrangements, employer credits for “CHOICE” arrangements, and updates to Health Savings Accounts (HSAs), while also modifying rules for research expenditures, qualified production property, and opportunity zones, particularly in rural areas.
Finally, it includes changes to tax reporting thresholds, provisions related to foreign taxes, updates to premium tax credits for certain aliens, a new tax on remittance transfers, and measures to combat COVID-ERTC fraud, alongside provisions for victims of wrongful detention and enhanced data security for tax information.