Bill Summary
This bill aims to amend the Internal Revenue Code of 1986 to permanently extend the mine rescue team training credit. This credit provides a tax incentive for businesses to train and equip mine rescue teams in order to improve safety and response in the event of a mine disaster. The bill removes the expiration date of the credit and makes it a permanent part of the tax code. This change would go into effect for taxable years beginning after December 31, 2017.
Possible Impacts
1. The legislation could provide financial relief to individuals who work in the mining industry by permanently extending the mine rescue team training credit. This could help them cover the costs of necessary training and ultimately improve their job security and safety.
2. The legislation could potentially increase the budget deficit if the tax credit results in a decrease in tax revenue for the government. This could have indirect impacts on individuals through changes in government spending and programs.
3. The legislation could lead to the creation of more job opportunities within the mining industry, as companies may be more inclined to hire and invest in employees who have received specialized training for mine rescue teams. This could also potentially lead to increased competition and higher wages for these jobs.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1974 Introduced in House (IH)]
<DOC>
116th CONGRESS
1st Session
H. R. 1974
To amend the Internal Revenue Code of 1986 to permanently extend the
mine rescue team training credit.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 28, 2019
Mr. Horsford introduced the following bill; which was referred to the
Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to permanently extend the
mine rescue team training credit.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Mine Rescue Team Training Credit''.
SEC. 2. PERMANENT EXTENSION OF MINE RESCUE TEAM TRAINING CREDIT.
(a) In General.--Section 45N of the Internal Revenue Code of 1986
is amended by striking subsection (e).
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2017.
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