To amend the Internal Revenue Code of 1986 to treat Indian Tribal Governments in the same manner as State governments for certain Federal tax purposes, and for other purposes.
About This Bill
Committee
Latest Action · May 8, 2024
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
The Tribal Tax and Investment Reform Act of 2024 aims to provide Indian tribal governments with the same federal tax treatment afforded to state governments in several key areas. The legislation allows tribes to issue tax-exempt bonds for infrastructure projects using a national bond volume cap based on tribal population rather than state population, removes restrictions on tribal pension and employee benefit plans, and extends tax credits and exemptions related to tribal economic development and employment. The bill also improves tribal child support enforcement, clarifies treatment of tribal general welfare benefits, extends the Indian employment tax credit with higher wage limits, and excludes payments from federal Indian health service loan repayment programs and certain health professions scholarships from taxable income. These changes become effective at various points after the bill's enactment, with most provisions applying to taxable years or calendar years beginning after the date of enactment. The legislation includes $175 million annually in new markets tax credit allocations specifically for tribal area investments and establishes educational support programs to help tribal entities access these credits effectively.
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