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Search Results: keywords:"tax relief"

  • The Tax Relief for American Families and Workers Act of 2024 focuses on enhancing the child tax credit, providing tax incentives for economic growth, and enabling special tax rules for certain Taiwanese residents with U.S. income. It also includes provisions for tax relief in...

    Simple Explanation

    The Tax Relief for American Families and Workers Act of 2024 is like a new set of rules to help more families get extra money when they have kids, make it easier for businesses to grow, and help people in Taiwan who earn money in America. It also makes sure people and businesses can't use tricks to avoid paying their fair share of taxes.

  • S. 4057, referred to as the β€œStop Tax Penalties on American Hostages Act of 2024”, aims to amend the Internal Revenue Code to provide tax relief for U.S. nationals who have been wrongfully detained or held hostage abroad. The bill proposes to postpone tax deadlines and...

    Simple Explanation

    The bill wants to help U.S. people who were taken or trapped in other countries by letting them delay paying taxes and refunding any late fees they had to pay. It will decide who gets this help with the help of important government people, like the Secretary of State.

  • H. RES. 961 sets out the procedure for how the House of Representatives will consider the bill H.R. 5863, which aims to provide tax relief for certain federal disasters. Under this resolution, the bill will be discussed in the House without amendments, and the usual rules that might block its...

    Simple Explanation

    H. RES. 961 tells how the House of Representatives will talk about a plan called H.R. 5863, which is about giving tax help to people after big disasters. It allows them to talk about the plan for one hour, but they can't change it, and only one chance is given to suggest doing something different with it.

  • H.R. 5863, titled the β€œFederal Disaster Tax Relief Act of 2023,” aims to provide tax relief related to specific federal disasters. The bill extends rules for handling personal financial losses due to disasters and allows individuals to exclude from taxable income certain...

    Simple Explanation

    H.R. 5863 is a plan to help people save money on their taxes after certain big disasters like wildfires or accidents, so they don’t have to pay taxes on some of the help they get if they aren’t already covered by insurance.

  • H. R. 6759 aims to amend the Internal Revenue Code of 1986 to make AmeriCorps educational awards exempt from being counted as gross income for tax purposes. The bill proposes to modify specific sections of the tax code so that individuals receiving these awards or having...

    Simple Explanation

    This bill wants to make a change to the tax rules so that when people earn a special kind of scholarship from AmeriCorps to pay for their education, they won't have to pay extra money to the government because of it. This would mean they get to keep more of their scholarship money to use for school.

  • S. 3678 aims to amend the Internal Revenue Code of 1986 by extending the time frame for recognizing a qualified disaster when applying special rules for personal casualty losses. This extension will modify provisions from the Taxpayer Certainty and Disaster Tax Relief Act of...

    Simple Explanation

    S. 3678 is a plan to give people more time to claim help from the government for things they lost in big emergencies or disasters. It changes some old rules to make it easier for people to get money back if their stuff was damaged.

  • H.R. 5863, known as the "Federal Disaster Tax Relief Act of 2023," aims to provide tax relief connected to certain federal disasters. The bill proposes extending tax rules for personal casualty losses, allowing people affected by specific disasters like wildfires to exclude certain relief...

    Simple Explanation

    H.R. 5863 is a law that helps people affected by big disasters, like fires or a train accident, by letting them keep more of their money. It says some of the money they get for help doesn't count as income, so they don't have to pay taxes on it.

  • S. 4801, introduced in the Senate, aims to amend the Internal Revenue Code by allowing individuals to exclude from their gross income any debt that has been forgiven, provided the debt was coerced. Coerced debt is defined as debt incurred without the individual's consent, such as through...

    Simple Explanation

    The bill is like a rule that says if someone has debt because someone else tricked or forced them into it, they won't have to pay extra taxes when that debt is forgiven or erased. It's to help people who were taken advantage of and starts working in 2024.

  • S. 3711 is a bill intended to offer tax relief to individuals impacted by wildfires by excluding certain payments from being counted as income. Specifically, it ensures that money received to cover losses or damages caused by wildfires is not taxed, as long as those losses...

    Simple Explanation

    The bill S. 3711 helps people who have lost things in wildfires by making sure the money they get to replace those things isn't taxed as extra income, as long as they didn't already get that loss covered by insurance. It covers fires starting from January 1, 2020, to January 1, 2026.

  • H.R. 9495 aims to make changes to the Internal Revenue Code to benefit U.S. nationals who are unlawfully or wrongfully detained abroad. The bill proposes postponing tax deadlines and reimbursing any late fees paid during the detention period. It also seeks to terminate the tax-exempt status...

    Simple Explanation

    H.R. 9495 is a bill that tries to help people from the U.S. who are stuck in other countries by giving them more time to pay their taxes and getting rid of any extra fees they might have had to pay. It also works to stop bad groups that support bad actions from getting special money benefits.

  • The proposed bill, H. R. 8194, aims to change the tax rules so that people with second jobs don't have to pay income or payroll taxes on money earned from those jobs, as long as they meet certain criteria. It allows taxpayers to select a "primary employer" to determine...

    Simple Explanation

    The bill wants to change the rules so that if someone has a second job, they won’t have to pay certain taxes on the money they earn from it unless they earn a lot overall. This change would only last for five years, and the government plans to make sure important funds, like those for Social Security, won't lose any money because of this change.

  • H.R. 10277, also known as the β€œTax Relief for Renters Act of 2024,” proposes changes to the Internal Revenue Code of 1986 to allow taxpayers to deduct certain rent expenses for their primary residence from their taxable income. The bill specifies that individuals can deduct...

    Simple Explanation

    The Tax Relief for Renters Act of 2024 is like a new rule that says people can pay a little less in taxes if they spend money on renting their home, but only if they don't make too much money. This new rule would let people save some money when they pay their taxes by using money they spent on rent, starting after the end of 2024.

  • S. 3487 aims to change the Internal Revenue Code of 1986 so that AmeriCorps educational awards are not counted as part of a person's gross income, meaning recipients won't have to pay taxes on these awards. The bill also proposes that any student loan debt forgiven through...

    Simple Explanation

    The bill wants to change the rules so that when someone receives money for education after helping their community through AmeriCorps, they don't have to pay taxes on it. It also says if someone has their student loans forgiven because of their national service, they won't have to pay taxes on that either.

  • The bill H. R. 8846, titled the β€œHeartland Emergency Assistance Relief from Tax Act of 2024” or "HEART Act of 2024," aims to provide tax relief for people affected by severe storms, straight-line winds, and tornadoes. It allows individuals to exclude from their gross income...

    Simple Explanation

    The HEART Act of 2024 is a special rule that lets people not pay taxes on money they get to help fix damage from really bad storms, but only if they can't get money back from insurance. It’s like when someone gives you a gift to help fix your broken toys after a storm, and you don't have to give any of it back.

  • H.R. 5863, titled the "Federal Disaster Tax Relief Act of 2023," aims to offer tax relief for individuals affected by certain federal disasters. It extends previous rules for handling personal losses due to disasters and excludes from gross income any compensation received for losses from...

    Simple Explanation

    The Federal Disaster Tax Relief Act of 2023 wants to make it easier for people who lost things in big disasters to get money without having to pay taxes on it, especially when bad wildfires or train accidents happen. It tries to help by saying these disaster payments are like special gifts and not counted as money you earn, so you don’t have to tell the tax folks about them.

  • H. R. 10203, also known as the "Hurricane Helene and Milton Tax Relief Act of 2024," aims to provide specific tax relief to people affected by Hurricanes Helene and Milton. The bill allows individuals in disaster areas to calculate their earned income tax credit based on...

    Simple Explanation

    H. R. 10203 is a plan to help people who were affected by two big storms, Hurricane Helene and Hurricane Milton, by letting them pay less in taxes. It allows them to use last year's income to get more money back from taxes, give more to help others without paying extra taxes, and use their savings for emergencies without any penalties.

  • H.R. 5863, known as the β€œFederal Disaster Tax Relief Act of 2023,” aims to provide tax relief for individuals affected by certain federal disasters. The bill extends the rules for treating disaster-related personal losses and excludes wildfire relief payments from gross income. It also treats...

    Simple Explanation

    H.R. 5863 wants to help people with their taxes if they were hurt by things like big wildfires or accidents. It tries to make it easier for them not to pay extra money on some kinds of help they get.