S. 2648 · 115th Congress
Economic Modernization Act
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
NelsonSponsorNo cosponsors.
This bill amends the Internal Revenue Code to allow additional tax credits and deductions to assist employees who work in declining or short-supply fields.
What it does: CRS summary · Introduced in Senate · Apr 11, 2018
Economic Modernization Act
This bill amends the Internal Revenue Code to allow additional tax credits and deductions to assist employees who work in declining or short-supply fields.
A "declining field" has experienced a decline in the level of average employment of at least 8% over the most recent 3-year period.
A "short-supply" field: (1) requires theoretical and practical application of a body of highly specialized knowledge and certain degrees or experience in the specialty; and (2) has an insufficient number of U.S. citizens or residents who are qualified, willing, and able to satisfy the demand for labor in the occupation or field of work.
For employers, the bill allows an economic transition tax credit for payroll taxes paid over a three-year period with respect to employees who previously worked in a declining field.
For individuals employed in short-supply fields, the bill:
- increases the limit for the exclusion from gross income for employer-provided educational assistance programs and expands the exclusion to include payments of education loans,
- increases the limit for the deduction for interest on education loans, and
- increases the limit for the deduction for qualified tuition and related expenses.
The bill also allows a deduction for companies that rehabilitate certain abandoned buildings. The deduction is equal to a portion of the income attributable to the rehabilitated building and may not exceed 50% of the wages paid by the company.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Economic Modernization Act
Latest action (Apr 11, 2018): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Apr 11, 2018
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.