S. 2648: Economic Modernization Act
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S. 2648: Economic Modernization Act
115th Congress · introduced 2018-04-11 · Taxation · Latest: Read twice and referred to the Committee on Finance.
federal
Follow this bill, step by step
- Where it came from: introduced 2018-04-11 · official record
- Who proposed it: Sen. Nelson, Bill [D-FL] · what a sponsor is
- What happened next: no floor votes in our records yet. Why?
- Where it stands now: Read twice and referred to the Committee on Finance. Not final yet: this can still change. We check for updates every day.
- If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.
Official title
Economic Modernization Act
Plain summary
Economic Modernization Act This bill amends the Internal Revenue Code to allow additional tax credits and deductions to assist employees who work in declining or short-supply fields. A "declining field" has experienced a decline in the level of average employment of at least 8% over the most recent 3-year period. A "short-supply" field: (1) requires theoretical and practical application of a body of highly specialized knowledge and certain degrees or experience in the specialty; and (2) has an insufficient number of U.S. citizens or residents who are qualified, willing, and able to satisfy the demand for labor in the occupation or field of work. For employers, the bill allows an economic transition tax credit for payroll taxes paid over a three-year period with respect to employees who previously worked in a declining field. For individuals employed in short-supply fields, the bill: increases the limit for the exclusion from gross income for employer-provided educational assistance programs and expands the exclusion to include payments of education loans, increases the limit for the deduction for interest on education loans, and increases the limit for the deduction for qualified tuition and related expenses. The bill also allows a deduction for companies that rehabilitate certain abandoned buildings. The deduction is equal to a portion of the income attributable to the rehabilitated building and may not exceed 50% of the wages paid by the company.
Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.
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A “Nay” vote
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What does this mean? (plain words)
Official text
Economic Modernization Act
Source: Congressional Research Service summary (Introduced in Senate)
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How did my representative vote? · This bill's floor votes
Officials and money
Sponsor: Sen. Nelson, Bill [D-FL] · 0 cosponsors
Cost estimate: No cost estimate published yet.
No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.
Words on this page, explained (1)
- Bill
- A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Plain meanings written from linked sources. All words.
Sources
- Congressional Research Service summary (Introduced in Senate)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-115s2648.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/115/s>
Record fed-us-cong115-s2648 · catalog fed-us-congress-bills-cong115 · updated 2026-11-15 by psicol fed-bills-cong115