Search Results: keywords:"income thresholds"

  • 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.

  • 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.

  • 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. 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.