Senate Committee on Finance

A bill to amend the Internal Revenue Code of 1986 to ensure that high net-worth individuals cannot avoid paying taxes on their income and assets.

The proposal would change tax rules to prevent wealthy individuals from using legal strategies to reduce or eliminate their tax payments on income and investments. It aims to ensure that people with high net worth pay a minimum amount in taxes by closing loopholes they currently use. The bill would primarily affect rich Americans and could increase federal tax revenue.

A bill to amend the Internal Revenue Code of 1986 to allow a deduction for loan interest payments made with respect to certain vehicles.

The proposal would let people deduct the interest they pay on loans for certain vehicles from their federal income taxes, similar to how homeowners can deduct mortgage interest. This would reduce the taxable income for vehicle owners who qualify, potentially lowering their tax bills. The specific types of vehicles eligible for this deduction would be determined by the details of the legislation.

A bill to amend the Internal Revenue Code of 1986 to repeal the excise tax on heavy trucks and trailers, and for other purposes.

The proposal would eliminate a federal tax that truck manufacturers currently pay on heavy trucks and trailers, which could potentially lower costs for trucking companies and businesses that rely on commercial vehicles. The change would affect the trucking industry, manufacturers of large vehicles, and potentially consumers who buy goods transported by truck, though the exact impact on prices and competition remains uncertain. The bill is currently under review by the Senate Finance Committee.

A bill to amend the Internal Revenue Code of 1986 to provide an income tax credit for eldercare expenses.

The proposal would allow older adults and their families to claim a tax credit for money spent on eldercare services like adult day care, assisted living, or in-home care assistance. This tax break would reduce the amount of federal income tax owed by eligible people who pay for these services, making it more affordable for families to access care for aging relatives. The bill is currently under review by the Senate Finance Committee.

SLUSH FUND Act of 2026

The bill would create a new tax on payments made from settlement funds that are set up to resolve legal claims, such as those from lawsuits or regulatory penalties. Companies and organizations that establish these funds would need to pay taxes on the money distributed to claimants, potentially increasing the cost of settling disputes. This change would affect businesses, insurance companies, and any entity that uses settlement funds to compensate people for injuries, damages, or other claims.

A bill to amend title XVIII of the Social Security Act to count a period of receipt of outpatient observation services in a hospital toward satisfying the 3-day inpatient hospital requirement for coverage of skilled nursing facility services under Medicare.

Medicare currently requires seniors to spend at least 3 days as an inpatient in a hospital before they can qualify for coverage of skilled nursing facility care, but this bill would allow time spent receiving observation services in a hospital outpatient department to count toward that 3-day requirement. This change would help Medicare beneficiaries who receive extended observation care qualify for nursing home coverage without having to be formally admitted as inpatients, potentially reducing out-of-pocket costs for seniors needing post-hospital care.

A bill to provide additional support to whistleblowers who report information about noncompliance with Federal tax laws.

The legislation would expand protections and financial rewards for people who report tax fraud or illegal tax practices to federal authorities. Whistleblowers who expose violations of federal tax laws would receive stronger legal safeguards against retaliation from their employers and potentially larger financial awards for their information. This would encourage more people to come forward with evidence of tax crimes, helping the government catch tax cheaters and recover lost tax revenue.

CONNECT Act

This bill would update the goals of a federal program that helps young people aging out of foster care by emphasizing the importance of maintaining long-term relationships with mentors and supportive adults, based on what research and young people with foster care experience have learned works best. The change would guide how states use federal funding to better support foster youth in building and keeping meaningful connections as they transition to adulthood, rather than focusing solely on other outcomes. This affects foster youth, social workers, and organizations that provide support services to help these young people succeed after leaving the foster care system.

A bill to remove administrative barriers to participation of Indian tribes in Federal child welfare programs, and increase Federal funding for tribal child welfare programs, and for other purposes.

This bill would make it easier for Native American tribes to participate in federal child welfare programs by reducing bureaucratic obstacles and would increase federal funding available to tribes for their own child welfare services. The changes would help tribes better serve Native American children and families in their communities by giving tribes more control and resources over child welfare decisions that affect their members. The bill is currently under review by the Senate Finance Committee.

Rural Community Hospital Demonstration Program Reauthorization

Rural Community Hospital Demonstration Program Reauthorization This bill extends the Rural Community Hospital Demonstration Program for an additional five years. The program tests the feasibility of cost-based reimbursement under Medicare for small rural hospitals that are too large to qualify for special payment as critical access hospitals. The bill specifies that hospitals that participate in the program between December 30, 2024, and January 1, 2027, may continue to participate during the five-year extension period.

Medicare Access to Radiology Care Act of 2026

Medicare would start paying for services provided by radiologist assistants, who are specially trained healthcare workers who help radiologists perform imaging procedures like X-rays and CT scans. This change would allow patients to receive these services under Medicare coverage and give hospitals and imaging centers another option for staffing their radiology departments. The bill is currently being reviewed by the Senate Finance Committee.

Legalizing Premium Health Care Act of 2026

This bill would let Medicare patients and doctors agree to private payment arrangements for medical services without facing penalties, while still allowing patients to use their regular Medicare benefits for other care. Currently, doctors who treat Medicare patients are generally required to accept Medicare's set payment rates, but this change would create an option for both doctors and patients to opt out of that system for specific services if they both agree. The goal is to give patients and healthcare providers more flexibility in how they arrange and pay for medical care.

Norma Ruth Criswell Carpenter & Clovis C. Criswell Grant Parish Restoration Act of 2026

The bill would make it easier for investors to get tax breaks when they put money into businesses and projects in low-income communities that lack access to capital. By expanding the new markets tax credit, the legislation aims to encourage investment in economically disadvantaged areas, potentially creating jobs and spurring development in neighborhoods that need it most. Investors, community development organizations, and residents of underserved areas would be the primary groups affected by these changes.

Taxing Buybacks from Big Oil Windfalls Act

The proposal would impose a higher tax on large oil and gas companies when they buy back their own stock, similar to a tax that already applies to other large corporations. This would affect major energy companies and could increase federal tax revenue from their stock repurchase activities. The bill is currently under review by the Senate Finance Committee.

Dietary Supplements Access Act

The proposal would allow people to use tax-advantaged health savings accounts and flexible spending accounts to pay for dietary supplements without facing tax penalties, treating them the same way as prescription medications and other medical expenses. This would benefit individuals who regularly purchase vitamins, minerals, and other supplements by letting them use pre-tax dollars for these purchases, potentially saving money on their taxes. The change would apply to anyone with a qualifying health savings account or flexible spending account through their employer or individual plan.

Increasing Opportunity For Reindustrialization Act

The proposal would allow certain neighborhoods built on or near closed military bases to qualify for special tax breaks that encourage investment and business development in those areas. These tax incentives would help attract companies and investors to revitalize communities that lost economic activity when military installations shut down. Workers and businesses in these designated areas could benefit from reduced taxes on capital gains and other investments made there.

Fostering the Future Act

Foster Youth Housing Opportunity Act This bill expands states' permissible uses of federal funds under the John H. Chafee Foster Care Program for Successful Transition to Adulthood (Chafee program) to include supportive housing services. The Chafee program is administered by the Department of Health and Human Services (HHS) Children's Bureau and provides funding to support youth and young adults who are in, or were formerly in, foster care with their transition to adulthood. The program is funded through formula grants awarded to child welfare agencies in states, certain territories, and participating tribes. The bill allows states to use such funds to provide supportive services (e.g., financial counseling) for youth up to the age of 26 who are seeking to obtain or retain housing and who have experienced foster care and receive assistance under the Department of Housing and Urban Development (HUD) Section 8 Family Unification Program. Additionally, HHS and HUD must jointly develop and issue guidance to state public child welfare agencies and public housing authorities to improve alignment and coordination of housing supportive services. HHS, in consultation with HUD, also must report information about foster youth who are receiving federal housing assistance and the outcomes for such youth, including the extent to which such youth are able to access stable housing and the rates of homelessness. The report must include findings from any evaluations of state programs and recommendations for improving coordination between public child welfare agencies and federal housing programs.

Taxpayer Due Process Enhancement Act

Taxpayer Due Process Enhancement Act This bill suspends the period of time allowed for claiming a federal tax refund (limitations period) during collection due process (CDP) proceedings, prohibits the Internal Revenue Service (IRS) from applying tax overpayments to a tax liability that is disputed in such proceedings, and expands the Tax Court’s jurisdiction. As background, IRS collection actions and the underlying tax liability (in some circumstances) may be disputed in a CDP hearing. Collection actions are suspended during CDP proceedings, but the IRS may apply tax overpayments from other tax years to the disputed tax liability. The Tax Court may review an appeal of a CDP hearing determination. However, the Supreme Court held in Commissioner v. Zuch that the Tax Court loses jurisdiction over a CDP appeal if the CDP hearing determination is revoked because tax overpayments are applied to and fully satisfy the tax liability. In such circumstances, the taxpayer may claim a refund and seek redress in federal district court. Currently, the limitations period to file a refund claim is not suspended during CDP proceedings. The bill suspends the limitations period for claiming a tax refund during CDP proceedings (with exceptions), prohibits the IRS from applying tax overpayments to a properly disputed tax liability during CDP proceedings (unless waived or an exception applies), expands the Tax Court's jurisdiction in CDP cases to include jurisdiction over the underlying tax liability amount (if properly disputed), and provides that the Tax Court retains its jurisdiction if the IRS abandons collection actions.

Manufactured Housing Community Sustainability Act of 2026

The proposal would let businesses claim a tax credit when they sell real property that will be used as a manufactured home community, potentially making it more financially attractive for developers to create or convert land into spaces for mobile homes. This tax incentive could affect real estate developers, investors, and potentially manufactured home residents by encouraging more affordable housing options in communities. The bill is currently under review by the Senate Finance Committee.

Protecting America’s Small Oil and Gas Producers and Rural Jobs Act

The proposal would change how oil and gas companies calculate tax deductions related to the depletion of their wells over time. Currently, these companies can deduct a percentage of their revenue as the oil and gas reserves get used up, and this bill would modify those percentage rates or rules. The changes would affect how much in taxes oil and gas producers owe to the federal government.