HF 5055

Summary

As introduced: - Updates references to the IRC to March 1, 2026 (Article 1, Sec.1, 8, 29, 30) - Imposes a $50 fine for the failure to submit a statement accompanying a tax return that identifies the person completing the return (Article 1, Sec. 5) - Requires the addition to income of 80% of federal deductions under 168(l), 168(m), and 168(n) (Article 1, Sec. 10, 16). - Requires the addition to income of 80% federal deductions under 174A (Article 1, Sec. 11, 17). - Allows a subtraction from income of ¼ of the addition related to federal deductions under 174A (Article 1, Sec. 13, 19). - Allows a subtraction from income for Net CFC tested income (Article 1, Sec.21) - Offers a formula to calculate Net CFC tested income, which is 951A income minus the amount calculated under 951A(b)(2)(A) (Article 1, Sec. 23). - Amends provisions related to tax credit for “sustainable aviation fuel” (Article 2, Sec. 1, 2) - Removes expiration date for the pass-through entity tax (Article 2, Sec. 5, 8). - Expands the sales tax base to accounting services, legal services, and banking and brokerage services (Article 3, Sec. 6). - Reduces the sales tax rate to 6.425 % (Article 3, Sec. 7). - Keeps the tax on cigarettes at 6.875% (Article 3, Sec. 8). - Creates the artificial intelligence readiness account to engage businesses in managing AI impacts while supporting adoption and workforce training for affected workers. (Article 3, Sec. 2) - Imposes a tax equal to 11% of gross receipts from retail sales of firearms and ammunition on firearm retailers and ammunition retailers that sell products to purchasers. Establishes that an individual who receives a handgun, firearm, or ammunition other than from a firearm retailer or ammunition retailer is subject to the tax.(Article 3, Sec. 3) - Imposes a social media tax based on the number of users. (Article 3, Sec. 5).

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