Search Results: keywords:"dependents"

  • H. R. 2637 — To amend the Internal Revenue Code of 1986 to allow a nonrefundable credit for certain organized sport equipment expenses.
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    Status:Introduced in House
    Words:595

    H.R. 2637, titled the "Home Run for Kids Act," proposes an amendment to the Internal Revenue Code of 1986. It aims to introduce a nonrefundable tax credit for individuals who incur expenses on sports equipment for their dependents participating in organized sports programs. The credit would...

    Simple Explanation

    H.R. 2637, called the "Home Run for Kids Act," is a plan to help parents by giving them some money back if they buy sports equipment for their kids to use in sports games, but only up to $200 each year. People with more money might get a bit less help, and it has some rules about who exactly can get this money back.

  • H. R. 111 — To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for health insurance premiums.
    Status:Introduced in House
    Words:408

    H.R. 111 proposes changes to the Internal Revenue Code of 1986 to allow individuals to deduct the cost of health insurance premiums from their taxable income, even if they do not itemize other deductions. The bill outlines that this deduction is for the taxpayer, their...

    Simple Explanation

    H.R. 111 is a plan that would let people pay less in taxes by allowing them to subtract the money they spend on health insurance from their income, even if they don't usually itemize deductions. This change is meant to make paying for health insurance easier and would start in 2025.