Adam B. Schiff

Supporting provisions

“Motion Picture, Television, and Entertainment Revitalization Act This bill establishes a federal business tax credit for a percentage of the compensation paid for services performed in the United States related to a qualified film or television production.”

“The amount of the tax credit is 20% (base tax credit percentage) of the compensation paid for services performed in the United States related to a qualified film or television production.”

Supporting provisions

“READY Accounts Act This bill establishes a new Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) account, allows individuals to make tax-deductible contributions of up to $4,500 per year to such accounts (adjusted annually for inflation beginning in 2027), and allows individuals to take tax-free distributions from such accounts to pay for qualified home disaster mitigation and recovery expenses related to a principal residence owned by the taxpayer.”

“Under the bill, qualified home disaster mitigation expenses include expenses certified by a qualified industry professional as meeting criteria to mitigate damage from a natural or other disaster, including installing a roofing underlayment to sheathing, impact-resistant windows, impact-resistant entry doors, or ground anchors; replacing a roof covering; applying a foam adhesive to reinforce the roof structure; strengthening the connection of the roof deck to roof framing, roof-to-wall connections, soffits, or attic ventilation openings; elevating a residence; or achieving the current building code standard.”

“Qualified home disaster recovery expenses include costs for repairing damage to a residence resulting from fire, storm, or other casualty (provided such costs are not reimbursed).”

Opposing provisions

“Distributions from a READY account used for anything other than qualified home disaster mitigation and recovery expenses must be included in gross income and are subject to a 20% penalty.”

“(Some exceptions apply.) Finally, the bill imposes a 6% tax on contributions in excess of the annual limit.”

Supporting provisions

“Sustainability standards apply. The tax credit amount is (1) $36 (adjusted for inflation) per metric ton of qualified carbon dioxide equivalent stored in secure geological storage, and (2) $12 (adjusted for inflation) per metric ton of qualified carbon dioxide equivalent stored via long-duration utilization.”

“The tax credit is increased if certain wage and apprenticeship requirements are met.”

Opposing provisions

“Wildfire Reduction and Carbon Removal Act of 2025 This bill establishes a new federal business tax credit for forest residue biomass carbon removal and storage.”

“Specifically, the bill allows a tax credit for qualified carbon dioxide equivalent that is (1) captured from qualified forest residue biomass using biomass equipment placed in service at a qualified forest residue biomass carbon removal and storage project on or after the date the bill is enacted, and (2) stored in secure geological storage or via long-duration utilization.”

“Qualified forest residue biomass is forest residue from the thinning of certain trees, limbs, and bark and produced from certain wildfire hazard reduction or ecological restoration activities.”

“The bill limits the tax credit for existing removal and storage projects to the qualified captured carbon dioxide that generally is attributable to additional biomass equipment placed into service after the bill is enacted.”

“The tax credit may be transferred to an unrelated third party, and certain tax-exempt and government entities may receive the tax credit as a payment.”

“Finally, the bill requires the Internal Revenue Service to establish sustainability standards for the identification of qualified forest residue biomass and issue other regulations.”

Supporting provisions

“Military Spouse Hiring Act This bill allows employers to claim a tax credit for a percentage of qualified wages paid to an employee who is a military spouse by expanding the federal Work Opportunity Tax Credit (WOTC) to add qualified military spouses as a targeted group.”

“(The WOTC applies to employers who hire members of specific targeted groups, such as veterans, ex-felons, and long-term unemployment recipients, and is generally equal to a percentage of the wages paid to such individuals in the first year of employment, up to a maximum amount.”

“Under current law, the wages must be paid before 2026.) The bill defines a qualified military spouse as any individual who is certified by a state workforce agency as being (as of the hiring date) a spouse of a member of the Armed Forces.”