Search Results: keywords:"tax policy"

  • S. 4934 — To amend the Internal Revenue Code of 1986 to create an above the line deduction for certain homeowners insurance premiums.
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    Status:Introduced in Senate
    Words:465

    S. 4934, known as the “Homeowners Premium Tax Reduction Act of 2024,” proposes changes to the Internal Revenue Code of 1986. It allows individuals to deduct up to $10,000 of their homeowners insurance premiums from their taxable income each year. This deduction applies only...

    Simple Explanation

    The bill wants to help people save money by letting them pay less tax if they have to pay for insurance for their home. But, it's a bit tricky because the rules need to make sure it's fair for everyone and not just the people with really big, expensive homes.

  • H. R. 7045 — To amend the Internal Revenue Code of 1986 to allow a credit against tax for contributions to qualifying pregnancy centers.
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    Status:Introduced in House
    Words:1,640

    H.R. 7045, known as the "Pregnancy Center Support Act of 2024," proposes an amendment to the Internal Revenue Code to provide tax credits for contributions to qualifying pregnancy centers. This bill is aimed at offering a 50% tax credit on donations, up to $10,000 for...

    Simple Explanation

    H.R. 7045 is a proposal that wants to give people some of their tax money back if they donate to special places that help moms and babies, but these places don't talk about or provide abortion services. The idea is to encourage more donations by reducing how much tax people have to pay, especially if they help these specific centers.

  • H. R. 9800 — To amend the Internal Revenue Code of 1986 to establish a deduction for certain amounts received as a bonus.
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    Status:Introduced in House
    Words:757

    H.R. 9800, titled the “Working Class Bonus Tax Relief Act of 2024,” proposes amendments to the Internal Revenue Code of 1986 to allow individuals to deduct certain bonuses from their taxable income. Specifically, the bill permits a deduction for bonuses that do not exceed 15% of the...

    Simple Explanation

    The "Working Class Bonus Tax Relief Act of 2024" lets people pay less in taxes on certain extra money they get from work, but it's only for people who make less than a certain amount each year and will last until the end of 2029.

  • H. R. 7160 — To amend the Internal Revenue Code of 1986 to modify the limitation on the amount certain married individuals can deduct for State and local taxes.
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    Status:Introduced in House
    Words:313

    H. R. 7160 proposes changes to the Internal Revenue Code to address how married couples can deduct state and local taxes from their federal taxes. Specifically, it seeks to increase the deduction limit for married couples filing jointly from $10,000 to $20,000, provided their...

    Simple Explanation

    The bill wants to let married couples who do their taxes together take off more money for state and local taxes, but only if they make less than $500,000 a year and only for a short time. It's like letting them have a bigger cookie for being married, but only if they don't make too much money and only until the end of 2023.