Search Results: keywords:"income limitations"

  • H. R. 7425 — To amend the Internal Revenue Code of 1986 to provide a deduction for certain newborn expenses.
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    Status:Introduced in House
    Words:1,049

    H.R. 7425 is a bill that aims to amend the Internal Revenue Code of 1986 to allow a tax deduction for certain expenses related to newborns. Taxpayers can deduct up to $5,000 for costs such as infant formula, baby bottles, diapers, an infant car seat, a baby stroller, and a crib, but not more...

    Simple Explanation

    H.R. 7425 is a plan that would let people pay less taxes if they have a new baby, by giving back some money for things like baby formula or a crib, but only if they don't earn too much money. The plan is designed to help families with babies for five years, starting in 2025.

  • H. R. 9269 — To amend the Internal Revenue Code of 1986 to provide an income tax credit for fertility treatments.
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    Status:Introduced in House
    Words:1,113

    The H.R. 9269 bill aims to amend the Internal Revenue Code to offer an income tax credit for expenses related to fertility treatments. The credit allows eligible individuals to receive up to $20,000 per year, with a special provision increasing the limit to $40,000 for joint...

    Simple Explanation

    The H.R. 9269 bill is like giving back some money to people who need help paying for baby-making treatments. People who qualify can get up to $20,000 each year, or $40,000 if they're married, but they can't make too much money, and the rules can be a bit tricky.

  • H. R. 8102 — To amend the Internal Revenue Code of 1986 to provide an above-the-line deduction for flood insurance premiums.
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    Status:Introduced in House
    Words:850

    H. R. 8102, known as the "Flood Insurance Relief Act," proposes changes to the Internal Revenue Code to allow individuals to deduct flood insurance premiums from their taxable income. This deduction applies to premiums for insurance under the National Flood Insurance Program...

    Simple Explanation

    H. R. 8102 is a bill that would allow people to subtract flood insurance costs from their income when paying taxes, but only if they make less than $200,000 a year (or $400,000 if a couple).