SEC. 318. RELATIONSHIP OF AGREEMENT TO INTERNAL 
REVENUE CODE OF 1986. 
(a) INTERNAL REVENUE CODE
OF 1986 TO CON-
TROL.—No provision of the Agreement or approval legisla-
tion, nor the application of any such provision to any per-
son or circumstance, which is inconsistent with any provi-
sion of the Internal Revenue Code of 1986, shall have effect. 
(b) CONSTRUCTION.—Nothing in this subtitle shall be 
construed— 
(1) to amend or modify any law of the United 
States; or 
(2) to limit any authority conferred under any 
law of the United States, 
unless specifically provided for in this subtitle. 
SEC. 319. AUTHORIZATION OF SUBSEQUENT TAX AGREE-
MENTS RELATIVE TO TAIWAN. 
(a) IN GENERAL.—Subsequent to the enactment of ap-
proval legislation and implementing legislation pursuant 
to section 317— 
(1) the term ‘‘tax agreement’’ in section 313(a) 
shall be treated as including any tax agreement rel-
ative to Taiwan which supplements or supersedes the 
Agreement to which such approval legislation and im-
plementing legislation relates, and 
(2) the term ‘‘Agreement’’ shall be treated as in-
cluding such tax agreement. 
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(b) REQUIREMENTS, ETC., TO APPLY SEPARATELY.— 
The provisions of this subtitle (including section 314) shall 
be applied separately with respect to each tax agreement 
referred to in subsection (a). 
SEC. 320. UNITED STATES TREATMENT OF DOUBLE TAX-
ATION MATTERS WITH RESPECT TO TAIWAN. 
(a) FINDINGS.—Congress makes the following findings: 
(1) The United States addresses issues with re-
spect to double taxation with foreign countries by en-
tering into bilateral income tax conventions (known 
as tax treaties) with such countries, subject to the ad-
vice and consent of the Senate to ratification pursu-
ant to article II of the Constitution. 
(2) The United States has entered into more 
than sixty such tax treaties, which facilitate economic 
activity, strengthen bilateral cooperation, and benefit 
United States workers, businesses, and other United 
States taxpayers. 
(3) Due to Taiwan’s unique status, the United 
States is unable to enter into an article II tax treaty 
with Taiwan, necessitating an agreement to address 
issues with respect to double taxation. 
(b) STATEMENT OF POLICY.—It is the policy of the 
United States to— 
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(1) provide for additional bilateral tax relief 
with respect to Taiwan, beyond that provided for in 
section 894A of the Internal Revenue Code of 1986 (as 
added by the United States-Taiwan Expedited Dou-
ble-Tax Relief Act), only after entry into force of an 
Agreement, as provided for in section 315, and only 
in a manner consistent with such Agreement; and 
(2) continue to provide for bilateral tax relief 
with sovereign states to address double taxation and 
other related matters through entering into bilateral 
income tax conventions, subject to the Senate’s advice 
and consent to ratification pursuant to article II of 
the Constitution. 
TITLE IV—ASSISTANCE FOR DIS-
ASTER-IMPACTED 
COMMU-
NITIES 
SEC. 401. SHORT TITLE. 
This title may be cited as the ‘‘Federal Disaster Tax 
Relief Act of 2024’’. 
SEC. 402. EXTENSION OF RULES FOR TREATMENT OF CER-
TAIN 
DISASTER-RELATED 
PERSONAL 
CAS-
UALTY LOSSES. 
For purposes of applying section 304(b) of the Tax-
payer Certainty and Disaster Tax Relief Act of 2020, sec-
tion 301 of such Act shall be applied by substituting ‘‘the 
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Federal Disaster Tax Relief Act of 2024’’ for ‘‘this Act’’ each 
place it appears. 
SEC. 403. EXCLUSION FROM GROSS INCOME FOR COM-
PENSATION FOR LOSSES OR DAMAGES RE-
SULTING FROM CERTAIN WILDFIRES. 
(a) IN GENERAL.—For purposes of the Internal Rev-
enue Code of 1986, gross income shall not include any 
amount received by an individual as a qualified wildfire 
relief payment. 
(b) QUALIFIED WILDFIRE RELIEF PAYMENT.—For 
purposes of this section— 
(1) IN GENERAL.—The term ‘‘qualified wildfire 
relief payment’’ means any amount received by or on 
behalf of an individual as compensation for losses, ex-
penses, or damages (including compensation for addi-
tional living expenses, lost wages (other than com-
pensation for lost wages paid by the employer which 
would have otherwise paid such wages), personal in-
jury, death, or emotional distress) incurred as a re-
sult of a qualified wildfire disaster, but only to the 
extent the losses, expenses, or damages compensated by 
such payment are not compensated for by insurance 
or otherwise. 
(2) QUALIFIED WILDFIRE DISASTER.—The term 
‘‘qualified wildfire disaster’’ means any federally de-
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clared disaster (as defined in section 165(i)(5)(A) of 
the Internal Revenue Code of 1986) declared, after 
December 31, 2014, as a result of any forest or range 
fire. 
(c) DENIAL OF DOUBLE BENEFIT.—Notwithstanding 
any other provision of the Internal Revenue Code of 1986— 
(1) no deduction or credit shall be allowed (to the 
person for whose benefit a qualified wildfire relief 
payment is made) for, or by reason of, any expendi-
ture to the extent of the amount excluded under this 
section with respect to such expenditure, and 
(2) no increase in the basis or adjusted basis of 
any property shall result from any amount excluded 
under this subsection with respect to such property. 
(d) LIMITATION ON APPLICATION.—This section shall 
only apply to qualified wildfire relief payments received by 
the individual during taxable years beginning after Decem-
ber 31, 2019, and before January 1, 2026. 
SEC. 404. EAST PALESTINE DISASTER RELIEF PAYMENTS. 
(a) DISASTER RELIEF PAYMENTS
TO VICTIMS
OF 
EAST PALESTINE TRAIN DERAILMENT.—East Palestine 
train derailment payments shall be treated as qualified dis-
aster relief payments for purposes of section 139(b) of the 
Internal Revenue Code of 1986. 
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(b) EAST
PALESTINE
TRAIN
DERAILMENT
PAY-
MENTS.—For purposes of this section, the term ‘‘East Pal-
estine train derailment payment’’ means any amount re-
ceived by or on behalf of an individual as compensation 
for loss, damages, expenses, loss in real property value, clos-
ing costs with respect to real property (including realtor 
commissions), or inconvenience (including access to real 
property) resulting from the East Palestine train derail-
ment if such amount was provided by— 
(1) a Federal, State, or local government agency, 
(2) Norfolk Southern Railway, or 
(3) any subsidiary, insurer, or agent of Norfolk 
Southern Railway or any related person. 
(c) TRAIN DERAILMENT.—For purposes of this section, 
the term ‘‘East Palestine train derailment’’ means the de-
railment of a train in East Palestine, Ohio, on February 
3, 2023. 
(d) EFFECTIVE DATE.—This section shall apply to 
amounts received on or after February 3, 2023. 
TITLE V—MORE AFFORDABLE 
HOUSING 
SEC. 501. STATE HOUSING CREDIT CEILING INCREASE FOR 
LOW-INCOME HOUSING CREDIT. 
(a) IN GENERAL.—Section 42(h)(3)(I) is amended— 
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(1) by striking ‘‘and 2021,’’ and inserting ‘‘2021, 
2023, 2024, and 2025,’’, and 
(2) by striking ‘‘2018, 2019, 2020, AND 2021’’ in the 
heading and inserting ‘‘CERTAIN CALENDAR YEARS’’. 
(b) EFFECTIVE DATE.—The amendments made by this 
section shall apply to calendar years after 2022. 
SEC. 502. TAX-EXEMPT BOND FINANCING REQUIREMENT. 
(a) IN GENERAL.—Section 42(h)(4) is amended by 
striking subparagraph (B) and inserting the following: 
‘‘(B) SPECIAL RULE WHERE MINIMUM PER-
CENT OF BUILDINGS IS FINANCED WITH TAX-EX-
EMPT
BONDS
SUBJECT
TO
VOLUME
CAP.—For 
purposes of subparagraph (A), paragraph (1) 
shall not apply to any portion of the credit al-
lowable under subsection (a) with respect to a 
building if— 
‘‘(i) 50 percent or more of the aggre-
gate basis of such building and the land on 
which the building is located is financed by 
1 or more obligations described in subpara-
graph (A), or 
‘‘(ii)(I) 30 percent or more of the ag-
gregate basis of such building and the land 
on which the building is located is financed 
by 1 or more qualified obligations, and 
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‘‘(II) 1 or more of such qualified obli-
gations— 
‘‘(aa) are part of an issue the 
issue date of which is after December 
31, 2023, and 
‘‘(bb) provide the financing for 
not less than 5 percent of the aggregate 
basis of such building and the land on 
which the building is located. 
‘‘(C) QUALIFIED
OBLIGATION.—For pur-
poses of subparagraph (B)(ii), the term ‘qualified 
obligation’ means an obligation which is de-
scribed in subparagraph (A) and which is part 
of an issue the issue date of which is before Jan-
uary 1, 2026.’’. 
(b) EFFECTIVE DATE.— 
(1) IN GENERAL.—The amendment made by this 
section shall apply to buildings placed in service in 
taxable years beginning after December 31, 2023. 
(2) REHABILITATION
EXPENDITURES
TREATED 
AS SEPARATE NEW BUILDING.—In the case of any 
building with respect to which any expenditures are 
treated as a separate new building under section 
42(e) of the Internal Revenue Code of 1986, for pur-
poses of paragraph (1), both the existing building and 
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the separate new building shall be treated as having 
been placed in service on the date such expenditures 
are treated as placed in service under section 42(e)(4) 
of such Code. 
TITLE VI—TAX ADMINISTRATION 
AND ELIMINATING FRAUD 
SEC. 601. INCREASE IN THRESHOLD FOR REQUIRING IN-
FORMATION REPORTING WITH RESPECT TO 
CERTAIN PAYEES. 
(a) IN GENERAL.—Sections 6041(a) is amended by 
striking ‘‘$600’’ and inserting ‘‘$1,000’’. 
(b) INFLATION ADJUSTMENT.—Section 6041 is amend-
ed by adding at the end the following new subsection: 
‘‘(h) INFLATION ADJUSTMENT.—In the case of any cal-
endar year after 2024, the dollar amount in subsection (a) 
shall be increased by an amount equal to— 
‘‘(1) such dollar amount, multiplied by 
‘‘(2) the cost-of-living adjustment determined 
under section 1(f)(3) for such calendar year, deter-
mined by substituting ‘calendar year 2023’ for ‘cal-
endar year 2016’ in subparagraph (A)(ii) thereof. 
If any increase under the preceding sentence is not a mul-
tiple of $100, such increase shall be rounded to the nearest 
multiple of $100.’’. 
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(c) APPLICATION TO REPORTING ON REMUNERATION 
FOR SERVICES AND DIRECT SALES.—Section 6041A is 
amended— 
(1) in subsection (a)(2), by striking ‘‘is $600 or 
more’’ and inserting ‘‘equals or exceeds the dollar 
amount in effect for such calendar year under section 
6041(a)’’, and 
(2) in subsection (b)(1)(B), by striking ‘‘is 
$5,000 or more’’ and inserting ‘‘equals or exceeds the 
dollar amount in effect for such calendar year under 
section 6041(a)’’. 
(d) APPLICATION TO BACKUP WITHHOLDING.—Sec-
tion 3406(b)(6) is amended— 
(1) by striking ‘‘$600’’ in subparagraph (A) and 
inserting ‘‘the dollar amount in effect for such cal-
endar year under section 6041(a)’’, and 
(2) by striking ‘‘ONLY WHERE AGGREGATE FOR 
CALENDAR YEAR IS $600 OR MORE’’ in the heading 
and inserting ‘‘ONLY IF IN EXCESS OF THRESHOLD’’. 
(e) CONFORMING AMENDMENTS.— 
(1) The heading of section 6041(a) is amended 
by striking ‘‘OF $600 OR MORE’’ and inserting ‘‘EX-
CEEDING THRESHOLD’’. 
(2) Section 6041(a) is amended by striking ‘‘tax-
able year’’ and inserting ‘‘calendar year’’. 
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(f) EFFECTIVE DATE.—The amendments made by this 
section shall apply with respect to payments made after De-
cember 31, 2023. 
SEC. 602. ENFORCEMENT PROVISIONS WITH RESPECT TO 
COVID-RELATED 
EMPLOYEE 
RETENTION 
CREDITS. 
(a) INCREASE IN ASSESSABLE PENALTY ON COVID– 
ERTC PROMOTERS FOR AIDING AND ABETTING UNDER-
STATEMENTS OF TAX LIABILITY.— 
(1) IN GENERAL.—If any COVID–ERTC pro-
moter is subject to penalty under section 6701(a) of 
the Internal Revenue Code of 1986 with respect to 
any COVID–ERTC document, notwithstanding para-
graphs (1) and (2) of section 6701(b) of such Code, 
the amount of the penalty imposed under such section 
6701(a) shall be the greater of— 
(A) $200,000 ($10,000, in the case of a nat-
ural person), or 
(B) 75 percent of the gross income derived 
(or to be derived) by such promoter with respect 
to the aid, assistance, or advice referred to in 
section 6701(a)(1) of such Code with respect to 
such document. 
(2) NO INFERENCE.—Paragraph (1) shall not be 
construed to create any inference with respect to the 
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proper application of the knowledge requirement of 
section 6701(a)(3) of the Internal Revenue Code of 
1986. 
(b) FAILURE TO COMPLY WITH DUE DILIGENCE RE-
QUIREMENTS TREATED AS KNOWLEDGE FOR PURPOSES OF 
ASSESSABLE PENALTY FOR AIDING AND ABETTING UNDER-
STATEMENT
OF TAX LIABILITY.—In the case of any 
COVID–ERTC promoter, the knowledge requirement of sec-
tion 6701(a)(3) of the Internal Revenue Code of 1986 shall 
be treated as satisfied with respect to any COVID–ERTC 
document with respect to which such promoter provided aid, 
assistance, or advice, if such promoter fails to comply with 
the due diligence requirements referred to in subsection 
(c)(1). 
(c) ASSESSABLE PENALTY FOR FAILURE TO COMPLY 
WITH DUE DILIGENCE REQUIREMENTS.— 
(1) IN GENERAL.—Any COVID–ERTC promoter 
which provides aid, assistance, or advice with respect 
to any COVID–ERTC document and which fails to 
comply with due diligence requirements imposed by 
the Secretary with respect to determining eligibility 
for, or the amount of, any COVID-related employee 
retention tax credit, shall pay a penalty of $1,000 for 
each such failure. 
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(2) DUE DILIGENCE REQUIREMENTS.—Except as 
otherwise provided by the Secretary, the due diligence 
requirements referred to in paragraph (1) shall be 
similar to the due diligence requirements imposed 
under section 6695(g). 
(3) RESTRICTION TO DOCUMENTS USED IN CON-
NECTION WITH RETURNS OR CLAIMS FOR REFUND.— 
Paragraph (1) shall not apply with respect to any 
COVID–ERTC document unless such document con-
stitutes, or relates to, a return or claim for refund. 
(4) TREATMENT
AS
ASSESSABLE
PENALTY, 
ETC.—For purposes of the Internal Revenue Code of 
1986, the penalty imposed under paragraph (1) shall 
be treated in the same manner as a penalty imposed 
under section 6695(g). 
(5) SECRETARY.—For purposes of this sub-
section, the term ‘‘Secretary’’ means the Secretary of 
the Treasury or the Secretary’s delegate. 
(d) ASSESSABLE PENALTIES FOR FAILURE TO DIS-
CLOSE INFORMATION, MAINTAIN CLIENT LISTS, ETC.—For 
purposes of sections 6111, 6112, 6707 and 6708 of the Inter-
nal Revenue Code of 1986— 
(1) any COVID-related employee retention tax 
credit (whether or not the taxpayer claims such 
COVID-related employee retention tax credit) shall be 
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treated as a listed transaction (and as a reportable 
transaction) with respect to any COVID–ERTC pro-
moter if such promoter provides any aid, assistance, 
or advice with respect to any COVID–ERTC docu-
ment relating to such COVID-related employee reten-
tion tax credit, and 
(2) such COVID–ERTC promoter shall be treat-
ed as a material advisor with respect to such trans-
action. 
(e) COVID–ERTC PROMOTER.—For purposes of this 
section— 
(1) IN
GENERAL.—The term ‘‘COVID–ERTC 
promoter’’ means, with respect to any COVID–ERTC 
document, any person which provides aid, assistance, 
or advice with respect to such document if— 
(A) such person charges or receives a fee for 
such aid, assistance, or advice which is based on 
the amount of the refund or credit with respect 
to such document and, with respect to such per-
son’s taxable year in which such person provided 
such assistance or the preceding taxable year, the 
aggregate gross receipts of such person for aid, 
assistance, and advice with respect to all 
COVID-ERTC documents exceeds 20 percent of 
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the gross receipts of such person for such taxable 
year, or 
(B) with respect to such person’s taxable 
year in which such person provided such assist-
ance or the preceding taxable year— 
(i) the aggregate gross receipts of such 
person for aid, assistance, and advice with 
respect to all COVID–ERTC documents ex-
ceeds 50 percent of the gross receipts of such 
person for such taxable year, or 
(ii) both— 
(I) such aggregate gross receipts 
exceeds 20 percent of the gross receipts 
of such person for such taxable year, 
and 
(II) the aggregate gross receipts of 
such person for aid, assistance, and 
advice with respect to all COVID– 
ERTC documents (determined after 
application of paragraph (3)) exceeds 
$500,000. 
(2) EXCEPTION FOR CERTIFIED PROFESSIONAL 
EMPLOYER
ORGANIZATIONS.—The term ‘‘COVID– 
ERTC promoter’’ shall not include a certified profes-
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sional employer organization (as defined in section 
7705). 
(3) AGGREGATION RULE.—For purposes of para-
graph (1)(B)(ii)(II), all persons treated as a single 
employer under subsection (a) or (b) of section 52 of 
the Internal Revenue Code of 1986, or subsection (m) 
or (o) of section 414 of such Code, shall be treated as 
1 person. 
(4) SHORT TAXABLE YEARS.—In the case of any 
taxable year of less than 12 months, paragraph (1) 
shall be applied with respect to the calendar year in 
which such taxable year begins (in addition to apply-
ing to such taxable year). 
(f) COVID–ERTC DOCUMENT.—For purposes of this 
section, the term ‘‘COVID–ERTC document’’ means any re-
turn, affidavit, claim, or other document related to any 
COVID-related employee retention tax credit, including any 
document related to eligibility for, or the calculation or de-
termination of any amount directly related to any COVID- 
related employee retention tax credit. 
(g) COVID-RELATED EMPLOYEE RETENTION TAX 
CREDIT.—For purposes of this section, the term ‘‘COVID- 
related employee retention tax credit’’ means— 
(1) any credit, or advance payment, under sec-
tion 3134 of the Internal Revenue Code of 1986, and 
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(2) any credit, or advance payment, under sec-
tion 2301 of the CARES Act. 
(h) LIMITATION ON CREDIT AND REFUND OF COVID- 
RELATED EMPLOYEE RETENTION TAX CREDITS.—Notwith-
standing section 6511 of the Internal Revenue Code of 1986 
or any other provision of law, no credit or refund of any 
COVID-related employee retention tax credit shall be al-
lowed or made after January 31, 2024, unless a claim for 
such credit or refund is filed by the taxpayer on or before 
such date. 
(i) AMENDMENTS TO EXTEND LIMITATION ON ASSESS-
MENT.— 
(1) IN GENERAL.—Section 3134(l) of the Inter-
nal Revenue Code of 1986 is amended to read as fol-
lows: 
‘‘(l) EXTENSION OF LIMITATION ON ASSESSMENT.— 
‘‘(1) IN
GENERAL.—Notwithstanding section 
6501, the limitation on the time period for the assess-
ment of any amount attributable to a credit claimed 
under this section shall not expire before the date that 
is 6 years after the latest of— 
‘‘(A) the date on which the original return 
which includes the calendar quarter with respect 
to which such credit is determined is filed, 
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‘‘(B) the date on which such return is treat-
ed as filed under section 6501(b)(2), or 
‘‘(C) the date on which the claim for credit 
or refund with respect to such credit is made. 
‘‘(2) DEDUCTION FOR WAGES TAKEN INTO AC-
COUNT IN DETERMINING IMPROPERLY CLAIMED CRED-
IT.— 
‘‘(A) IN
GENERAL.—Notwithstanding sec-
tion 6511, in the case of an assessment attrib-
utable to a credit claimed under this section, the 
limitation on the time period for credit or refund 
of any amount attributable to a deduction for 
improperly claimed ERTC wages shall not ex-
pire before the time period for such assessment 
expires under paragraph (1). 
‘‘(B) IMPROPERLY CLAIMED ERTC WAGES.— 
For purposes of this paragraph, the term ‘im-
properly claimed ERTC wages’ means, with re-
spect to an assessment attributable to a credit 
claimed under this section, the wages with re-
spect to which a deduction would not have been 
allowed if the portion of the credit to which such 
assessment relates had been properly claimed.’’. 
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(2) APPLICATION TO CARES ACT CREDIT.—Sec-
tion 2301 of the CARES Act is amended by adding 
at the end the following new subsection: 
‘‘(o) EXTENSION OF LIMITATION ON ASSESSMENT.— 
‘‘(1) IN
GENERAL.—Notwithstanding section 
6501 of the Internal Revenue Code of 1986, the limi-
tation on the time period for the assessment of any 
amount attributable to a credit claimed under this 
section shall not expire before the date that is 6 years 
after the latest of— 
‘‘(A) the date on which the original return 
which includes the calendar quarter with respect 
to which such credit is determined is filed, 
‘‘(B) the date on which such return is treat-
ed as filed under section 6501(b)(2) of such Code, 
or 
‘‘(C) the date on which the claim for credit 
or refund with respect to such credit is made. 
‘‘(2) DEDUCTION FOR WAGES TAKEN INTO AC-
COUNT IN DETERMINING IMPROPERLY CLAIMED CRED-
IT.— 
‘‘(A) IN
GENERAL.—Notwithstanding sec-
tion 6511 of such Code, in the case of an assess-
ment attributable to a credit claimed under this 
section, the limitation on the time period for 
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credit or refund of any amount attributable to a 
deduction for improperly claimed ERTC wages 
shall not expire before the time period for such 
assessment expires under paragraph (1). 
‘‘(B) IMPROPERLY CLAIMED ERTC WAGES.— 
For purposes of this paragraph, the term ‘im-
properly claimed ERTC wages’ means, with re-
spect to an assessment attributable to a credit 
claimed under this section, the wages with re-
spect to which a deduction would not have been 
allowed if the portion of the credit to which such 
assessment relates had been properly claimed.’’. 
(j) EFFECTIVE DATES.— 
(1) IN GENERAL.—Except as otherwise provided 
in this subsection, the provisions of this section shall 
apply to aid, assistance, and advice provided after 
March 12, 2020. 
(2) 
DUE
DILIGENCE
REQUIREMENTS.—Sub-
sections (b) and (c) shall apply to aid, assistance, and 
advice provided after the date of the enactment of this 
Act. 
(3) LIMITATION
ON
CREDIT
AND
REFUND
OF 
COVID-RELATED
EMPLOYEE
RETENTION
TAX
CRED-
ITS.—Subsection (h) shall apply to credits and re-
funds allowed or made after January 31, 2024. 
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(4) AMENDMENTS TO EXTEND LIMITATION ON AS-
SESSMENT.—The amendments made by subsection (i) 
shall apply to assessments made after the date of the 
enactment of this Act. 
(k) TRANSITION RULE WITH RESPECT TO REQUIRE-
MENTS
TO DISCLOSE INFORMATION, MAINTAIN CLIENT 
LISTS, ETC.—Any return under section 6111 of the Internal 
Revenue Code of 1986, or list under section 6112 of such 
Code, required by reason of subsection (d) of this section 
to be filed or maintained, respectively, with respect to any 
aid, assistance, or advice provided by a COVID–ERTC pro-
moter with respect to a COVID–ERTC document before the 
date of the enactment of this Act, shall not be required to 
be so filed or maintained (with respect to such aid, assist-
ance or advice) before the date which is 90 days after such 
date. 
(l) PROVISIONS NOT TO BE CONSTRUED TO CREATE 
NEGATIVE INFERENCES.— 
(1) NO INFERENCE WITH RESPECT TO APPLICA-
TION OF KNOWLEDGE REQUIREMENT TO PRE-ENACT-
MENT CONDUCT OF COVID-ERTC PROMOTERS, ETC.— 
Subsection (b) shall not be construed to create any in-
ference with respect to the proper application of sec-
tion 6701(a)(3) of the Internal Revenue Code of 1986 
with respect to any aid, assistance, or advice provided 
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by any COVID-ERTC promoter on or before the date 
of the enactment of this Act (or with respect to any 
other aid, assistance, or advice to which such sub-
section does not apply). 
(2) REQUIREMENTS TO DISCLOSE INFORMATION, 
MAINTAIN CLIENT LISTS, ETC.—Subsections (d) and 
(k) shall not be construed to create any inference with 
respect to whether any COVID-related employee reten-
tion tax credit is (without regard to subsection (d)) 
a listed transaction (or reportable transaction) with 
respect to any COVID–ERTC promoter; and, for pur-
poses of subsection (j), a return or list shall not be 
treated as required (with respect to such aid, assist-
ance, or advice) by reason of subsection (d) if such re-
turn or list would be so required without regard to 
subsection (d). 
(m) REGULATIONS.—The Secretary (as defined in sub-
section (c)(5)) shall issue such regulations or other guidance 
as may be necessary or appropriate to carry out the pur-
poses of this section (and the amendments made by this sec-
tion). 
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Union Calendar No. 288 
118TH CONGRESS 
2D SESSION 
H. R. 7024 
[Report No. 118–353, Part I] 
A BILL 
To make improvements to the child tax credit, to 
provide tax incentives to promote economic 
growth, to provide special rules for the taxation 
of certain residents of Taiwan with income from 
sources within the United States, to provide tax 
relief with respect to certain Federal disasters, to 
make improvements to the low-income housing 
tax credit, and for other purposes. 
JANUARY 23, 2024 
Reported from the Committee on Ways and Means with 
an amendment 
JANUARY 23, 2024 
Committee on Rules discharged; committed to the Com-
mittee of the Whole House on the State of the Union 
and ordered to be printed 
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