Search Results for keywords:"hospitality industry"

Search Results: keywords:"hospitality industry"

H. R. 7577 — To amend the Internal Revenue Code of 1986 to treat energy efficient kegs as efficient commercial building property for purposes of the energy efficient commercial buildings deduction.
March 07, 2024
Status:Introduced in House
Congress:118
Words:445
H.R. 7577, also known as the “Creating Hospitality Economic Enhancement for Restaurants and Servers Act” or the “CHEERS Act,” proposes changes to the Internal Revenue Code of 1986. The bill seeks to classify energy-efficient kegs as energy-efficient commercial building property, making them...
Simple Explanation
This bill wants to give special money-saving benefits, like tax breaks, to places like restaurants and bars when they use special kinds of kegs that save energy. These kegs are made of strong stuff like metal, and this change will help these places save some money if they use them.
H. R. 9624 — To amend the Fair Labor Standards Act of 1938 to eliminate the separate minimum wage for tipped employees, and for other purposes.
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September 17, 2024
Status:Introduced in House
Congress:118
Words:1,122
H.R. 9624, titled the “Tipped Income Protection and Support Act” or “TIPS Act,” proposes changes to the Fair Labor Standards Act of 1938. It aims to eliminate the separate, lower minimum wage for tipped employees, ensuring they receive at least the standard federal minimum...
Simple Explanation
The TIPS Act says that people who get tips at work should be paid the same as everyone else, not less. It also helps them save some money on taxes for the cash tips they get, as long as their income isn't too high.
H. R. 7870 — To amend the Internal Revenue Code of 1986 to provide that certain tips shall not be subject to income or employment taxes for a period of 5 years.
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April 05, 2024
Status:Introduced in House
Congress:118
Words:724
H. R. 7870, known as the “Tip Tax Termination Act,” proposes changes to the Internal Revenue Code of 1986. This bill aims to exempt certain tips, up to $20,000 annually, from being subject to income and employment taxes for five years starting after December 31, 2023. It...
Simple Explanation
The "Tip Tax Termination Act" is a new rule that says people who get tips at their jobs, like waiters or hairdressers, don’t have to pay taxes on tips up to $20,000 each year for five years. This means they get to keep more of the money their customers give them when they do a good job!

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