A Bill is a proposal for new or changed law that is brought before Parliament for examination and discussion. Once the Bill has passed through the House of Commons and House of Lords and been given Royal Assent, it becomes an Act of Parliament and law.
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This week Congress approved a tax package that includes an extension of President Trump’s 2017 tax cuts and increased funding for border security, defense and energy production. The legislation also contains some provisions that could impact local governments.
For example, the bill would restore a tax incentive for businesses that invest in research and development (R&D) to be able to deduct the cost of equipment in the year it was purchased, as opposed to the previous rule under the TCJA that required them to deduct such costs over five years. It would also increase grants for state and local homeland security, including $10 billion for the border region to reimburse states for expenses incurred in coordinating with the federal government on border security efforts.
But environmental and clean energy advocates were disappointed to see that some of their key issues did not make it into the final bill. The Bill would extend the favorable individual income tax rates that were created under the TCJA but accelerate the phase out of several renewable energy tax credits; and it permanently raises the exemption amount for estate, gift, and generation-skipping transfer taxes and adds restrictions to tax-exempt private university endowments.