Search Results: keywords:"fiscal impact analysis"

  • H. R. 2748 — To amend the Internal Revenue Code of 1986 to increase the amount that can be withdrawn without penalty from individual retirement plans as first-time homebuyer distributions.
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    Status:Introduced in House
    Words:368

    H.R. 2748, known as the “First Time Homeowner Savings Plan Act,” proposes changes to the Internal Revenue Code to aid first-time homebuyers. It aims to increase the maximum amount that can be withdrawn from individual retirement plans without penalty from $10,000 to $25,000...

    Simple Explanation

    H.R. 2748 is a new rule that lets people take out more money from their retirement savings to buy their first house without having to pay extra fees, increasing the amount from $10,000 to $25,000 and will change a bit each year starting in 2027 to keep up with price changes.

  • H. R. 523 — To amend the Internal Revenue Code of 1986 to permanently increase the standard deduction.
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    Status:Introduced in House
    Words:530

    H.R. 523, known as the "Permanent Tax Cuts for American Families Act of 2025," seeks to make permanent changes to the Internal Revenue Code of 1986 by increasing the standard deduction amounts. Specifically, it proposes to raise the standard deduction from $4,400 to $18,000 for individuals...

    Simple Explanation

    The "Permanent Tax Cuts for American Families Act of 2025" is a plan to let people keep more of their money by making the amount they don't have to pay taxes on much bigger. This means people could pay less in taxes, but it might mean the government has less money to spend on other things.

  • S. 4398 — To amend the Internal Revenue Code of 1986 to provide for a microemployer pension plan startup credit.
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    Status:Introduced in Senate
    Words:351

    S. 4398 aims to change the Internal Revenue Code of 1986 to offer tax credits to small businesses, or "microemployers," that start pension plans for their employees. The bill would increase the credit from 50% to 100% for qualifying microemployers and raise the maximum credit from $500 to...

    Simple Explanation

    The bill S. 4398 is about giving very small businesses with 10 or fewer employees a bigger money-saving benefit when they start a pension plan for their workers, changing the old rule so they can get back more money—up to $2,500 instead of $500—from the government for doing this.