summary
Introduced
04/07/2022
04/07/2022
In Committee
04/07/2022
04/07/2022
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To exempt grants received under the Coronavirus Economic Relief for Transportation Services (CERTS) Act from Federal taxation.
AI Summary
This bill, known as the CERTS Tax Exemption Act, seeks to exempt grants received under the Coronavirus Economic Relief for Transportation Services (CERTS) Act from federal taxation. The key provisions of the bill include:
1. Exempting the CERTS grants from being included in the gross income of eligible transportation service providers.
2. Ensuring that the exclusion of the CERTS grants from gross income does not result in the denial of any deductions, tax attribute reductions, or basis increases.
3. Treating the CERTS grant amounts as tax-exempt income for partnerships and S corporations, and providing guidance on the adjustment of partners' basis in their partnership interests with respect to the CERTS grant-related costs.
4. Applying the tax exemption to taxable years ending after the enactment of the Coronavirus Economic Relief for Transportation Services Act.
The purpose of this bill is to provide financial relief to eligible transportation service providers by exempting the CERTS grants they receive from federal taxation.
Committee Categories
Budget and Finance
Sponsors (89)
Jimmy Panetta (D)*,
Jodey Arrington (R),
Cindy Axne (D),
Stephanie Bice (R),
Earl Blumenauer (D),
Mike Bost (R),
Brendan Boyle (D),
Anthony Brown (D),
Cheri Bustos (D),
John Carter (R),
Ed Case (D),
Judy Chu (D),
Lou Correa (D),
Joe Courtney (D),
Angie Craig (D),
Henry Cuellar (D),
Danny Davis (D),
Rodney Davis (R),
Madeleine Dean (D),
Debbie Dingell (D),
Tom Emmer (R),
Ron Estes (R),
Dwight Evans (D),
Randy Feenstra (R),
Scott Fitzgerald (R),
Brian Fitzpatrick (R),
Bill Foster (D),
Chuy García (D),
Jimmy Gomez (D),
Josh Gottheimer (D),
Mark Green (R),
Jahana Hayes (D),
Brian Higgins (D),
Jared Huffman (D),
John Katko (R),
Fred Keller (R),
Mike Kelly (R),
Robin Kelly (D),
Dan Kildee (D),
Derek Kilmer (D),
Andy Kim (D),
Raja Krishnamoorthi (D),
Darin LaHood (R),
Doug LaMalfa (R),
James Langevin (D),
John Larson (D),
Brenda Lawrence (D),
Zoe Lofgren (D),
Alan Lowenthal (D),
Tom Malinowski (D),
Carolyn Maloney (D),
Betty McCollum (D),
David McKinley (R),
Dan Meuser (R),
Carol Miller (R),
Mariannette Miller-Meeks (R),
John Moolenaar (R),
Markwayne Mullin (R),
Dan Newhouse (R),
Eleanor Holmes Norton (D),
Ilhan Omar (D),
Frank Pallone (D),
Chris Pappas (D),
Bill Pascrell (D),
Donald Payne (D),
Dean Phillips (D),
Mark Pocan (D),
Mike Quigley (D),
Guy Reschenthaler (R),
John Rose (R),
Deborah Ross (D),
Dutch Ruppersberger (D),
Linda Sánchez (D),
Jan Schakowsky (D),
Brad Schneider (D),
Terri Sewell (D),
Mikie Sherrill (D),
Albio Sires (D),
Pete Stauber (R),
Tom Suozzi (D),
Eric Swalwell (D),
G.T. Thompson (R),
William Timmons (R),
Dina Titus (D),
Paul Tonko (D),
Jeff Van Drew (R),
Bonnie Watson Coleman (D),
Peter Welch (D),
Jennifer Wexton (D),
Last Action
Referred to the House Committee on Ways and Means. (on 04/07/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/house-bill/7477/all-info | 04/08/2022 |
| BillText | https://www.congress.gov/117/bills/hr7477/BILLS-117hr7477ih.pdf | 04/16/2022 |
| Bill | https://www.congress.gov/117/bills/hr7477/BILLS-117hr7477ih.pdf.pdf | 04/16/2022 |
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