Search Results: keywords:"tax code changes"

  • H. R. 9464 — To amend the Internal Revenue Code of 1986 to allow employers to deduct certain transportation fringe benefits.
    Status:Introduced in House
    Words:425

    H.R. 9464, known as the “Supporting Transit Commutes Act,” aims to modify the Internal Revenue Code of 1986. This bill allows employers to deduct certain transportation fringe benefits, like transit passes or commuter highway vehicle passes, provided to employees. The...

    Simple Explanation

    H.R. 9464 is a bill that lets companies save money on taxes when they help pay for their employees' rides to work, like bus or train passes. It has some special rules about how much money can be saved, especially when employees use part of their salary for these benefits.

  • S. 3988 — To amend the Internal Revenue Code of 1986 to modify rules for grantor trusts.
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    Status:Introduced in Senate
    Words:1,851

    The proposed bill, known as the Getting Rid of Abusive Trust Schemes Act (GRATS Act), seeks to amend the Internal Revenue Code to change rules regarding grantor trusts. It introduces a requirement for grantor retained annuity trusts to have a minimum term of 15 years and...

    Simple Explanation

    The Getting Rid of Abusive Trust Schemes Act (GRATS Act) wants to change the rules about special types of money-saving trust accounts so they are harder to use in tricky ways to pay less taxes. It suggests that these trusts should last a long time, like 15 years, and that when people pay certain taxes for the trust, it might count as giving a gift, which could mean paying more taxes.

  • S. 4143 — 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 Senate
    Words:856

    The bill S. 4143, introduced in the Senate, seeks to amend the Internal Revenue Code of 1986. It aims to allow an above-the-line tax deduction for flood insurance premiums paid or incurred by individuals for their property. This deduction would not be available for taxpayers...

    Simple Explanation

    The bill wants to change the rules so people can pay less in taxes if they buy flood insurance for their homes, but it won't help people who make too much money each year.

  • H. R. 9765 — To amend the Internal Revenue Code of 1986 to allow certain family caregivers to contribute to a Roth IRA.
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    Status:Introduced in House
    Words:569

    H.R. 9765, titled the "Improving Retirement Security for Family Caregivers Act of 2024," proposes changes to the Internal Revenue Code to allow specific family caregivers to contribute to a Roth IRA. This bill defines a "qualified family caregiver" as someone who completes at...

    Simple Explanation

    H.R. 9765 wants to help people who take care of someone in their family without getting paid by allowing them to save more money for their future in a special type of savings account called a Roth IRA. To qualify, they need to spend at least 500 hours doing this kind of caring and less than 500 hours doing a paid job each year.