Search Results: keywords:"modified adjusted gross income"

  • 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. 8194 — To amend the Internal Revenue Code of 1986 to exclude compensation from secondary employment for certain taxpayers from the income tax and payroll taxes.
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    Status:Introduced in House
    Words:991

    The proposed bill, H. R. 8194, aims to change the tax rules so that people with second jobs don't have to pay income or payroll taxes on money earned from those jobs, as long as they meet certain criteria. It allows taxpayers to select a "primary employer" to determine...

    Simple Explanation

    The bill wants to change the rules so that if someone has a second job, they won’t have to pay certain taxes on the money they earn from it unless they earn a lot overall. This change would only last for five years, and the government plans to make sure important funds, like those for Social Security, won't lose any money because of this change.

  • H. R. 9831 — To amend the Internal Revenue Code of 1986 to exclude certain dependent income when calculating modified adjusted gross income for the purposes of eligibility for premium tax credits.
    Status:Introduced in House
    Words:860

    The bill H.R. 9831, known as the “Dependent Income Exclusion Act of 2024,” aims to amend the Internal Revenue Code to adjust how dependent income is considered when calculating eligibility for premium tax credits. Specifically, it proposes excluding certain wages or...

    Simple Explanation

    The bill wants to change the rules so some money that kids and young people earn doesn't count when their family is checking if they can get a special kind of help to pay for health insurance. This means if young people earn money, it might not stop their family from getting help to pay for health insurance.

  • H. R. 6702 — To amend the Internal Revenue Code of 1986 to allow a nonrefundable credit for elementary and secondary school supply expenses.
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    Status:Introduced in House
    Words:624

    H.R. 6702 proposes an amendment to the Internal Revenue Code to provide a nonrefundable tax credit for school supplies purchased for elementary and secondary students. The credit allows individuals to claim up to $200 for expenses like books and equipment related to a child's enrollment in a...

    Simple Explanation

    This bill wants to help people pay for their kids' school supplies by giving them a break on their taxes, but they can only get a $200 break each year and it starts getting smaller if they make more than $150,000 a year.

  • 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. 9010 — To amend the Internal Revenue Code of 1986 to establish universal savings accounts.
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    Status:Introduced in House
    Words:2,111

    H.R. 9010 proposes an amendment to the Internal Revenue Code of 1986 to create universal savings accounts (USAs) for individuals in the United States. These accounts would be exempt from most taxes and could only be funded with cash contributions up to a limit of $10,000 per year, with...

    Simple Explanation

    Imagine there's a special savings piggy bank called a "universal savings account" where people can put up to $10,000 every year, and they don't have to pay most of the usual taxes on this money. However, some people might not be able to use it as much, especially if they live in expensive places or earn a lot of money.

  • 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. 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. 560 — To amend the Internal Revenue Code of 1986 to exclude compensation from secondary employment for certain taxpayers from the income tax and payroll taxes.
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    Status:Introduced in House
    Words:991

    H.R. 560, titled the "Second Job Tax Relief Act of 2025," proposes changes to the Internal Revenue Code to allow certain taxpayers to exclude income earned from secondary employment from income and payroll taxes. It defines "secondary employment compensation" as earnings from an employer...

    Simple Explanation

    H.R. 560, the "Second Job Tax Relief Act of 2025," is like a special rule that lets people not pay certain taxes on money they make from their second jobs, but only if their second job is not their main job and they earn less than a certain amount. This rule lasts for five years and makes sure that important government money for things like taking care of older people is still safe.