GET THE LEAD OUT Act of 2021

Bill: 117-hr-1376
Sponsor: Rep. Ryan, Tim [D-OH-13]
Introduced: 2021-02-25 in the House
Policy area: Housing and Community Development
Subjects: Accounting and auditing
Administrative law and regulatory procedures
Capital gains tax
Civil actions and liability
Congressional oversight
Consumer affairs
Department of Housing and Urban Development
Environmental Protection Agency (EPA)
Environmental assessment, monitoring, research
Financial services and investments
Government buildings, facilities, and property
Government information and archives
Government studies and investigations
Hazardous wastes and toxic substances
Housing and community development funding
Housing finance and home ownership
Housing industry and standards
Income tax rates
Infrastructure development
Legal fees and court costs
Licensing and registrations
Low- and moderate-income housing
Performance measurement
Public housing
Public utilities and utility rates
Residential rehabilitation and home repair
State and local government operations
Tax administration and collection, taxpayers
User charges and fees
Vocational and technical education
Water quality
Water use and supply

Summary:
action_date: 2021-02-25
text: 

Grants for Eliminating the Toxic Hazard of Environmental Lead in Our Towns Act of 2021 or GET THE LEAD OUT Act of 2021

 
This bill addresses lead-based hazards in housing. It also modifies the tax treatment of carried interest, which is compensation that is typically received by a partner of a private equity or hedge fund and is based on a share of the fund's profits, and the estate tax.
 
The bill modifies the tax treatment of carried interest by requiring it to be included in gross income and taxed as ordinary income, with certain exceptions. Under current law, carried interest is taxed as investment income. In addition, the bill reduces the estate tax exemption amount from $10 million to $5 million. 
 
With respect to lead-based hazards, the bill allows the Department of Housing and Urban Development (HUD) to provide grants to state and local governments to reduce lead-based pipe hazards in housing. Additionally, HUD must require risk assessments, inspections, interim controls, and abatement of these hazards in federally assisted housing. 
 
HUD and the Environmental Protection Agency (EPA) must require the disclosure of such hazards in housing that is for sale or lease. Persons that fail to disclose such hazards are subject to civil penalties from HUD and may be liable to purchasers or lessees for damages.
 
Additionally, the EPA must ensure that individuals who work with lead-based pipes have proper training and certification. States may enforce and administer such training and certification programs upon receiving EPA approval.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Legislative actions:
action_date: 2021-02-26
text: Referred to the Subcommittee on Environment and Climate Change.
action_date: 2021-02-25
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Financial Services, and Ways and Means, 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.
action_date: 2021-02-25
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Financial Services, and Ways and Means, 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.
action_date: 2021-02-25
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Financial Services, and Ways and Means, 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.
action_date: 2021-02-25
text: Introduced in House
action_date: 2021-02-25
text: Introduced in House