Search Results: keywords:"income thresholds"

  • H. R. 2802 — To amend the Internal Revenue Code of 1986 to provide individuals a refundable credit for a portion of Federal income tax liability for 2025.
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    Status:Introduced in House
    Words:563

    H. R. 2802 aims to amend the Internal Revenue Code to give people a refundable tax credit amounting to 10% of their federal income tax liability for the year 2025. The credit is designed to help individuals reduce their tax bills, but it won't apply to those with a modified...

    Simple Explanation

    This bill wants to give people a little money back on the taxes they pay next year, but only if they don't make too much money, and it won't help with longer-term money troubles since it only happens once.

  • H. R. 561 — To amend the Internal Revenue Code of 1986 to establish a deduction for certain overtime payments.
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    Status:Introduced in House
    Words:788

    H.R. 561, known as the "Overtime Pay Tax Relief Act of 2025," proposes to amend the Internal Revenue Code to allow workers to deduct certain overtime earnings from their taxable income. The bill states that individuals can deduct up to 20% of their overtime pay from the same...

    Simple Explanation

    The "Overtime Pay Tax Relief Act of 2025" is a plan that lets people pay less in taxes on the extra money they earn from working more hours, but this only helps if their total pay isn't too high and the rule is only going to last until 2029.

  • H. R. 7707 — To amend the Internal Revenue Code of 1986 to provide for a first-time homebuyer credit, and for other purposes.
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    Status:Introduced in House
    Words:3,696

    The bill, H.R. 7707, seeks to amend the Internal Revenue Code of 1986 to introduce a refundable tax credit for first-time homebuyers. It allows eligible individuals to receive a credit worth 10% of the purchase price of their home, up to a maximum of $15,000. Certain...

    Simple Explanation

    The bill wants to give people buying their first house a bit of money back, up to $15,000, to help them pay for it, but they have to follow some rules like not owning a home recently and earning below a certain amount of money. If someone sells the house too soon or doesn't live in it, they might have to give the money back, and there are special rules for how this money can be shared or transferred to help with loans.

  • S. 3657 — To amend the Internal Revenue Code of 1986 to enhance the Child and Dependent Care Tax Credit and make the credit fully refundable for certain taxpayers.
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    Status:Introduced in Senate
    Words:1,043

    S. 3657 aims to amend the Internal Revenue Code to improve the Child and Dependent Care Tax Credit. It proposes to increase the credit amount and make it refundable for certain taxpayers, meaning eligible families could receive money back even if they owe no taxes. The bill...

    Simple Explanation

    Here’s a simple story: The big people who make rules about money want to change the way families get help paying for someone to take care of kids while they work. They plan to give more money back to families, even if they don’t owe any money, so they can have enough for their kids' care.

  • S. 1393 — To amend the Internal Revenue Code of 1986 to establish a refundable child tax credit with monthly advance payment.
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    Status:Introduced in Senate
    Words:12,789

    Senate Bill 1393, called the “American Family Act,” seeks to modify the Internal Revenue Code by establishing a refundable child tax credit with monthly advance payments. The bill proposes that families receive a monthly payment based on the age and number of children they have, with higher...

    Simple Explanation

    The "American Family Act" is like giving families with kids a special monthly allowance to help buy things they need. Families with younger kids get a little more money, and this helps make sure they have enough, especially when the kids are very small.

  • H. R. 7400 — To amend the Internal Revenue Code of 1986 to provide individuals a refundable credit for a portion of Federal income tax liability for 2024.
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    Status:Introduced in House
    Words:595

    H.R. 7400, also known as the "Inflation Relief Act," seeks to amend the Internal Revenue Code of 1986 by providing individuals with a refundable credit for a portion of their Federal income tax liability for the year 2024. The bill proposes that individuals can receive a...

    Simple Explanation

    H.R. 7400 is a plan to let people pay a little less money in taxes by giving them back 10% of what they owe the government if they earn below a certain amount. It's meant to help people keep more of their money in 2024.

  • H. R. 9799 — To amend the Internal Revenue Code of 1986 to establish a deduction for certain overtime payments.
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    Status:Introduced in House
    Words:788

    H.R. 9799, titled the “Overtime Pay Tax Relief Act of 2024,” aims to amend the Internal Revenue Code of 1986 to allow workers to deduct a portion of their overtime earnings from their taxes. This deduction would be limited to 20% of the individual's other wages and is not available for those...

    Simple Explanation

    H.R. 9799 is a bill that wants to let people pay less tax when they work overtime by allowing them to count some of the extra money they earn as not taxable, but this only works if they make less than certain amounts of money. It lasts until the end of 2029 and aims to help people save on their taxes when working extra hours.

  • H. R. 10004 — 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:952

    H.R. 10004, known as the "Flood Loss Offset and Affordability Tax Credit Act of 2024" or the "FLOAT Act of 2024," aims to amend the Internal Revenue Code to allow a tax deduction for flood insurance premiums. Specifically, individual taxpayers can deduct up to $1,000 of qualified flood...

    Simple Explanation

    The FLOAT Act of 2024 is a rule that lets people take off some money from their taxes if they pay for flood insurance to keep their homes safe, but the help gets smaller if they earn too much. It's important to know that this help isn't a lot compared to how much flood insurance can cost.

  • H. R. 559 — To amend the Internal Revenue Code of 1986 to establish an above-the-line tax deduction for seniors.
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    Status:Introduced in House
    Words:610

    H.R. 559, titled the “Seniors in the Workforce Tax Relief Act,” aims to amend the Internal Revenue Code to provide an above-the-line tax deduction for individuals aged 65 and older. For a single filer, the deduction starts at $25,000 and decreases as the individual's income...

    Simple Explanation

    The "Seniors in the Workforce Tax Relief Act" is a plan that lets older people who work pay less money in taxes by giving them a special amount of money they don't have to pay taxes on, but this amount gets smaller if they make a lot more money. This help is only for a few years and then it stops, so it's like getting a treat but only for a little while.