Bills of The Day:

Taxpayer Data Protection Act
House of Congress: House of Representatives
Bill Code: H.R. 8292
Date Introduced: May 8, 2024
Sponsor: Mr. Smith of Missouri
Co-Sponsor(s): Mr. Buchanan, Mr. Smith of Nebraska, Mr. Kelly of Pennsylvania, Mr. Schweikert, Mr. LaHood, Mr. Wenstrup, Mr. Arrington, Mr. Ferguson, Mr. Estes, Mr. Smucker, Mr. Hern, Mrs. Miller of West Virginia, Mr. Murphy, Mr. Kustoff, Mr. Fitzpatrick, Mr. Steube, Ms. Tenney, Mrs. Fischbach, Mr. Moore of Utah, Mrs. Steel, Ms. Van Duyne, Mr. Feenstra, Ms. Malliotakis, and Mr. Carey

Summary: This bill amends the Internal Revenue Code of 1986 to significantly increase penalties for unauthorized disclosure of taxpayer information. The penalties for such violations are raised from $5,000 and a maximum of 5 years imprisonment to $250,000 and a maximum of 10 years imprisonment. Additionally, the bill introduces a provision that treats disclosures affecting multiple taxpayers as separate violations for each taxpayer affected. This amendment aims to enhance taxpayer data protection and deter unauthorized disclosures by imposing harsher penalties for violations.

Next Action: The bill was referred to the Committee on Ways and Means.

No Foreign Election Interference Act
House of Congress: House of Representatives
Bill Code: H.R. 8314
Date Introduced: May 8, 2024
Sponsor: Ms. Malliotakis
Co-Sponsor(s): N/A

Summary: This bill amends the Internal Revenue Code of 1986 to impose penalties on tax-exempt organizations that contribute to political committees while receiving contributions from foreign nationals. It establishes a penalty equal to twice the amount of any disqualified political committee contribution made by such organizations. A disqualified political committee contribution is defined as a contribution to a political committee by an organization that has received contributions from foreign nationals within an 8-year testing period. Additionally, if an organization makes more than two disqualified political committee contributions, it will lose its tax-exempt status. The amendments will apply to contributions made on or after January 1, 2025.

Next Action: The bill was referred to the Committee on Ways and Means.

Clarity in Lending Act
House of Congress: House of Representatives
Bill Code: H.R. 8338
Date Introduced: May 10, 2024
Sponsor: Mrs. Kim of California
Co-Sponsor(s): N/A

Summary: The Clarity in Lending Act seeks to regulate small-dollar, short-term credit products by establishing a "safe harbor" for lenders who comply with specific requirements under the Truth in Lending Act. This includes ensuring fully amortized payments over terms longer than 45 days and prohibiting rollovers. The bill also aims to enhance the authority of the Bureau of Consumer Financial Protection by defining and clarifying what constitutes unfair, deceptive, or abusive acts and practices. Furthermore, it introduces provisions to protect lender privacy and exempts small lenders from certain data and reporting requirements. This comprehensive legislation intends to improve transparency, fairness, and consumer protection in small-dollar lending.

Next Action: The bill was referred to the Committee on Financial Services.

Housing Unhoused Disabled Veterans Act
House of Congress: House of Representatives
Bill Code: H.R. 8340
Date Introduced: May 10, 2024
Sponsor: Rep. Sherman
Co-Sponsor(s): Rep. De La Cruz, Rep. Lieu, Rep. Levin, Rep. Carbajal, Rep. Gottheimer, Rep. Cherfilus-McCormick, Rep. Nickel, Rep. Budzinski, Rep. Foster, Rep. Brownley, Rep. Sessions, Rep. Meuser, Rep. Bacon, Rep. Mast, Rep. Fitzpatrick

Summary: The "Housing Unhoused Disabled Veterans Act" proposes amendments to section 3(b)(4) of the United States Housing Act of 1937. It seeks to exclude specific disability benefits from income calculations when determining eligibility for the supported housing program under section 8(o)(19). This exclusion applies to disability benefits received under chapters 11 and 15 of title 38, United States Code, by veterans, except for the definition of adjusted income. The bill also mandates that these exclusions apply to eligibility for other housing assistance types, ensuring that disability benefits do not impact veterans' eligibility for rental assistance and related programs.

Next Action: Referred to the Committee on Financial Services for further consideration.

Cost Estimates Improvement Act
House of Congress: House of Representatives
Bill Code: H.R. 8341
Date Introduced: May 10, 2024
Sponsor: Rep. Cloud
Co-Sponsor(s): Rep. Case, Rep. Meuser, Rep. Golden of Maine, Rep. McClintock

Summary: The bill amends the Congressional Budget and Impoundment Control Act of 1974 to require that any estimates prepared by the Congressional Budget Office (CBO) or the Joint Committee on Taxation (JCT) include the costs of servicing the public debt. This change aims to provide a more comprehensive understanding of the financial implications of proposed legislation by incorporating the interest costs on the national debt into budget estimates.

Next Action: Referred to the Committee on Rules and the Committee on the Budget for further consideration.