Search Results: keywords:"income tax"

  • H. R. 8710 — To amend the Internal Revenue Code of 1986 to allow a deduction for amounts contributed to a 529 plan.
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    Status:Introduced in House
    Words:289

    H.R. 8710 proposes a change to the Internal Revenue Code that would allow people to deduct up to $10,000 per year from their taxable income for contributions made to a 529 plan. A 529 plan is an investment account used to save for education expenses. The bill specifies that...

    Simple Explanation

    In this bill, Congress wants to let people pay less money in taxes if they save up to $10,000 a year for school by using a special savings account called a 529 plan, but only if they make $200,000 or less in a year.

  • S. 5163 — To amend the Internal Revenue Code of 1986 to provide an income tax credit for eldercare expenses.
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    Status:Introduced in Senate
    Words:1,555

    S. 5163 proposes amendments to the Internal Revenue Code to offer an income tax credit for expenses related to eldercare. The bill introduces a credit that covers 20% of eligible eldercare expenses, up to a maximum of $6,000 annually, with reductions based on income levels....

    Simple Explanation

    S. 5163 is a proposal to help people get some money back on their taxes when they pay for taking care of elders, like grandparents, who need help with daily tasks. It suggests giving back 20% of what they spend, but not more than $1,200 a year, and has some rules about who can get this help based on their income and the elder's living situation.

  • H. R. 9614 — To amend the Internal Revenue Code of 1986 to make certain provisions with respect to qualified ABLE programs permanent.
    Status:Introduced in House
    Words:353

    The bill, H.R. 9614, titled the “Ensuring Nationwide Access to a Better Life Experience Act” or the “ENABLE Act,” aims to make certain provisions for ABLE (Achieving a Better Life Experience) programs permanent under the Internal Revenue Code. It seeks to remove the...

    Simple Explanation

    The bill wants to let people keep putting more money in special savings accounts for people with disabilities without any end date, and it also lets them move money from certain college savings accounts into these special accounts. This means saving and planning for the future would be easier for them.

  • H. R. 8941 — To amend the Internal Revenue Code of 1986 to eliminate the application of the income tax on cash tips through a deduction allowed to all individual taxpayers.
    Status:Introduced in House
    Words:663

    H.R. 8941, known as the "No Tax on Tips Act," aims to change the Internal Revenue Code of 1986 to allow a tax deduction for cash tips. Under this bill, individuals would be able to deduct the full amount of cash tips they report to their employers from their taxable income....

    Simple Explanation

    H.R. 8941 wants to let people who get cash tips, like waiters or delivery people, not pay extra taxes on those tips, so they can keep more of their money. This change would start after the year 2024, and everyone can use this rule, whether they use special tax forms or not.

  • H. R. 10026 — To amend title 4 of the United States Code to limit the extent to which States may tax the compensation earned by nonresident telecommuters and other multi-State workers.
    Status:Introduced in House
    Words:986

    H.R. 10026, titled the "Multi-State Worker Tax Fairness Act of 2024," proposes changes to limit how states can tax the earnings of nonresident telecommuters and workers who work in multiple states. It states that a nonresident can only be taxed by a state if they are physically present and...

    Simple Explanation

    This bill wants to make sure that states can only make people pay taxes if they actually work in that state, and not just because they're working from home or have jobs in different places.