H.R. 10367

Working Americans Affordability Tax Credit Act

Sponsor: Greg Landsman · 0 cosponsors

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I Affordability tax credit

II Elimination of deferral for applicable taxpayers

III Application of other provisions to applicable taxpayers and entities

A Individuals

Sec. 301. Applicable taxpayers not eligible for adjusted gross income limitation on net investment tax

(a) In general. Section 1411(a) is amended by adding at the end the following new paragraph:

Text this section adds to the law

(3) No adjusted gross income limit for applicable taxpayers. In the case of an applicable taxpayer (as defined in section 495) for any taxable year, notwithstanding paragraph (1) or (2), the tax under this subsection for such taxable year shall be equal to the product of—

(A) in the case of an individual, the rate of tax in effect under paragraph (1) multiplied by the amount determined under paragraph (1)(A), and

(B) in the case of an estate or trust, the rate of tax in effect under paragraph (2) multiplied by the amount determined under paragraph (2)(A).

(b) Effective date. The amendment made by this section shall apply to taxable years beginning after December 31, 2025.

B Rules for applicable entities and trusts

C Treatment of deferred compensation and certain life insurance and annuity contracts

D Repeal of special treatment for certain investments