Search Results: keywords:"tax penalties"

  • H. R. 440 — To amend the Internal Revenue Code of 1986 to provide for Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) accounts.
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    Status:Introduced in House
    Words:3,895

    H.R. 440, introduced in the House of Representatives, aims to amend the Internal Revenue Code to create Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) accounts. These accounts allow individuals to set aside money for home disaster mitigation and recovery expenses...

    Simple Explanation

    H.R. 440 wants to let people save money in special accounts for home disaster emergencies, and they won't have to pay taxes on it if they use it for fixing their homes after a disaster. They can save up to $4,500 each year, and the rules about this might change a little every year because of inflation, which means prices getting higher.

  • H. R. 7693 — To amend the Internal Revenue Code of 1986 to treat distributions from health savings accounts for funeral expenses of the account beneficiary as qualified distributions.
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    Status:Introduced in House
    Words:534

    H. R. 7693 proposes changes to the Internal Revenue Code of 1986 to allow health savings account (HSA) funds to be used for funeral expenses without tax penalties. The bill outlines what counts as funeral expenses, such as burial, cremation, or other related costs, with a...

    Simple Explanation

    H. R. 7693 is about letting people use money saved in their special health accounts to help pay for funerals when someone passes away, without having to pay extra taxes. There's a limit though: They can only use up to $5,000 for this, and they have to be careful to use it properly within a short time after the person has died.

  • S. 5296 — To amend the Internal Revenue Code of 1986 to provide for Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) accounts.
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    Status:Introduced in Senate
    Words:3,881

    S. 5296, titled the “READY Accounts Act,” aims to amend the Internal Revenue Code to establish Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) accounts. These accounts are designed to help individuals save money specifically for home disaster...

    Simple Explanation

    The READY Accounts Act is like a special piggy bank where people can save up to $4,500 a year for home repairs to protect their houses from storms or other natural disasters, and they can save money on their taxes by using this piggy bank. If they use the money for anything else, they have to pay extra taxes as a penalty.

  • H. R. 8495 — To ensure electric vehicle companies do not use child or slave labor in the manufacture of, or sourcing of materials for, electric vehicles.
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    Status:Introduced in House
    Words:1,989

    The EV Fair Trade Act of 2024 aims to prevent electric vehicle companies in the United States from using child or slave labor in their supply chains. It prohibits federal financial assistance to any company that does not comply with the act, requiring them to certify that...

    Simple Explanation

    The EV Fair Trade Act of 2024 is like a rule that says electric car companies must promise not to make their cars using kids or people who are forced to work. If they don’t keep this promise, they won’t get money help from the government and might have to pay a fine.