Search Results for keywords:"gross income"

Search Results: keywords:"gross income"

H. R. 9359 — To amend the Internal Revenue Code of 1986 to repeal the inclusion in gross income of Social Security benefits.
August 13, 2024
Status:Introduced in House
Congress:118
Words:266
H.R. 9359 proposes changes to the Internal Revenue Code of 1986 to remove the requirement for Social Security benefits to be considered as part of a person's gross income, meaning that these benefits would no longer be taxable. The bill includes a provision to ensure that the...
Simple Explanation
H.R. 9359 is a plan to stop taxing money people get from Social Security, which is like a government help for when they're older. It also wants to make sure taking away the tax doesn't hurt the Social Security savings, by promising to pay back any missing money from another part of the government.
H. R. 7360 — To amend the Internal Revenue Code of 1986 to increase and make fully refundable the Child and Dependent Care Tax Credit, to increase the maximum amount excludable from gross income for employer-provided dependent care assistance, and for other purposes.
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February 14, 2024
Status:Introduced in House
Congress:118
Words:1,256
The bill H.R. 7360, titled the “Promoting Affordable Childcare for Everyone Act” or the “PACE Act”, aims to amend the Internal Revenue Code of 1986 to increase and make fully refundable the Child and Dependent Care Tax Credit. It also proposes to raise the maximum amount that...
Simple Explanation
The PACE Act is like the government giving families more money to help pay for babysitters or daycare. It also wants to let workers keep more money if their boss helps pay for childcare.
S. 3487 — To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for AmeriCorps educational awards.
December 13, 2023
Status:Introduced in Senate
Congress:118
Words:390
S. 3487 aims to change the Internal Revenue Code of 1986 so that AmeriCorps educational awards are not counted as part of a person's gross income, meaning recipients won't have to pay taxes on these awards. The bill also proposes that any student loan debt forgiven through...
Simple Explanation
The bill wants to change the rules so that when someone receives money for education after helping their community through AmeriCorps, they don't have to pay taxes on it. It also says if someone has their student loans forgiven because of their national service, they won't have to pay taxes on that either.
S. 159 — An Act To amend the Internal Revenue Code of 1986 to provide an exemption from gross income for mandatory restitution or civil damages as recompense for trafficking in persons.
July 11, 2024
Status:Engrossed in Senate
Congress:118
Words:392
S. 159, titled the "Human Trafficking Survivor Tax Relief Act," aims to modify the Internal Revenue Code of 1986. It seeks to provide a tax exemption for certain monetary awards received by survivors of human trafficking. Specifically, the bill excludes civil damages and...
Simple Explanation
This bill says that people who get money because they were hurt by bad people doing human trafficking don't have to pay extra taxes on that money. It makes sure they can keep more of their money to help them feel better.
H. R. 6759 — To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for AmeriCorps educational awards.
December 13, 2023
Status:Introduced in House
Congress:118
Words:368
H. R. 6759 aims to amend the Internal Revenue Code of 1986 to make AmeriCorps educational awards exempt from being counted as gross income for tax purposes. The bill proposes to modify specific sections of the tax code so that individuals receiving these awards or having...
Simple Explanation
This bill wants to make a change to the tax rules so that when people earn a special kind of scholarship from AmeriCorps to pay for their education, they won't have to pay extra money to the government because of it. This would mean they get to keep more of their scholarship money to use for school.
S. 4801 — To amend the Internal Revenue Code of 1986 to exclude discharge of coerced indebtedness from gross income.
July 25, 2024
Status:Introduced in Senate
Congress:118
Words:485
S. 4801, introduced in the Senate, aims to amend the Internal Revenue Code by allowing individuals to exclude from their gross income any debt that has been forgiven, provided the debt was coerced. Coerced debt is defined as debt incurred without the individual's consent, such as through...
Simple Explanation
The bill is like a rule that says if someone has debt because someone else tricked or forced them into it, they won't have to pay extra taxes when that debt is forgiven or erased. It's to help people who were taken advantage of and starts working in 2024.

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