Bill 119 hr 310, also known as the "Repeal Certain Credits Act," is a piece of legislation that aims to amend the Internal Revenue Code of 1986 by repealing certain tax credits. The bill was introduced in the House of Representatives and is currently under consideration by the Ways and Means Committee.
The main purpose of this bill is to eliminate specific tax credits that are currently available to taxpayers. These credits are not specified in the bill itself, but it is likely that they are targeted for repeal due to their perceived inefficiency or ineffectiveness in achieving their intended goals.
If passed, this legislation would result in a reduction in the overall number of tax credits available to individuals and businesses. This could potentially simplify the tax code and make it easier for taxpayers to understand and comply with their tax obligations.
It is important to note that the bill does not propose any new taxes or tax increases. Instead, it focuses on eliminating existing tax credits that are deemed unnecessary or ineffective.
Overall, the "Repeal Certain Credits Act" is a straightforward piece of legislation that seeks to streamline the tax code by repealing specific tax credits. Its impact on taxpayers and the economy would depend on the specific credits that are targeted for repeal and how they are currently being utilized.