Search Results: keywords:"nonrefundable credit"

  • S. 3702 — To amend the Internal Revenue Code of 1986 to provide a nonrefundable credit for working family caregivers.
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    Status:Introduced in Senate
    Words:2,068

    The proposed bill, titled the "Credit for Caring Act of 2024," seeks to amend the Internal Revenue Code to offer a tax credit for working family caregivers. It would allow eligible caregivers to receive a nonrefundable credit equivalent to 30% of their qualified caregiving expenses over...

    Simple Explanation

    The "Credit for Caring Act of 2024" is a proposed law that would help people who take care of family members by giving them some money back when they do their taxes to make it a bit easier on their wallet. It offers a tax break for certain caregiving costs, but not everyone qualifies, and the amount you get back depends on how much you earn and spend.

  • 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.