Search Results: keywords:"tax deduction eligibility"

  • H. R. 1432 — An Act To amend the Internal Revenue Code of 1986 to provide for the deductibility of charitable contributions to certain organizations for members of the Armed Forces.
    Status:Received in Senate
    Words:290

    H. R. 1432, known as the "VSO Equal Tax Treatment Act" or the "VETT Act", aims to amend the Internal Revenue Code of 1986. This bill allows charitable contributions to certain organizations for members of the Armed Forces, specifically those described in...

    Simple Explanation

    H. R. 1432, the VETT Act, is like a special rule that lets people give money to certain groups that help soldiers and get a "thank you" from the government by paying a little less in taxes. But some parts aren't very clear about who exactly can get this special help, making it a bit confusing.

  • 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. 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.