Search Results for keywords:"tax credit limitation"

Search Results: keywords:"tax credit limitation"

H. R. 8401 — To amend the Internal Revenue Code of 1986 to allow a credit for a portion of employer social security taxes paid with respect to service charges paid by the employer to an employee in the form of wages, and for other purposes.
May 15, 2024
Status:Introduced in House
Congress:118
Words:825
H.R. 8401, known as the "Restaurant Service Charge Fairness Act," proposes changes to the Internal Revenue Code of 1986. The bill aims to allow employers to receive a tax credit for part of the Social Security taxes they pay on service charges given as wages to employees....
Simple Explanation
Imagine a restaurant that gives extra money to their workers when customers pay. This bill wants to help the restaurant by letting them pay less tax on this extra money, but they have to choose between getting a tax break for these extra payments or for regular tips, not both.
H. R. 9338 — To amend the Internal Revenue Code of 1986 to restrict the advanced manufacturing production credit with respect to components produced by, or in connection with, foreign entities of concern.
August 09, 2024
Status:Introduced in House
Congress:118
Words:388
H.R. 9338 seeks to amend the Internal Revenue Code to limit tax credits for advanced manufacturing production, specifically targeting components linked to foreign entities considered a concern. The bill prohibits the tax credit for components produced by such foreign entities...
Simple Explanation
H.R. 9338 is a rule that says some parts made in special factories can't get money help from the government if they're made by certain foreign companies that might be a problem. This tries to stop using parts related to those companies, especially in things like batteries, after the rule starts.

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