Search Results: keywords:"taxable income"

  • S. 336 — To amend the Internal Revenue Code of 1986 to exclude from gross income amounts received from State-based catastrophe loss mitigation programs.
    Status:Introduced in Senate
    Words:655

    The bill, titled the Disaster Mitigation and Tax Parity Act of 2025, aims to amend the Internal Revenue Code of 1986. It proposes to exclude from taxable income the amounts received by individuals from State-based catastrophe loss mitigation programs. These programs help...

    Simple Explanation

    Imagine a big raincoat that helps protect people's houses from things like big storms or fires. This bill wants to make sure that when people get money from their state to buy these special raincoats for their homes, they don’t have to pay extra money to the government for it. Also, it would make this rule work like it started a few years ago.

  • S. 4642 — To amend the Internal Revenue Code of 1986 to impose an income tax on excess profits of certain corporations.
    💰
    Status:Introduced in Senate
    Words:1,384

    S. 4642 proposes changes to the Internal Revenue Code of 1986 to introduce a tax on excess profits for certain large corporations. It defines "excess profits" as the amount by which the corporation's taxable income for a given year exceeds the average inflation-adjusted...

    Simple Explanation

    S. 4642 is a proposed rule that wants big companies making lots of extra money to pay more taxes, like if a kid who gets a lot of new toys has to share some with others. It only affects very big companies earning lots, and it will stop at the end of 2026.

  • S. 224 — To amend the Internal Revenue Code of 1986 to allow intangible drilling and development costs to be taken into account when computing adjusted financial statement income.
    Status:Introduced in Senate
    Words:457

    S. 224, titled the “Promoting Domestic Energy Production Act,” proposes changes to the Internal Revenue Code of 1986 to consider intangible drilling and development costs when calculating adjusted financial statement income. This bill aims to adjust certain tax deductions...

    Simple Explanation

    This bill wants to change the tax rules to let people who spend money on searching for oil and gas count these costs when figuring out how much money they actually make. This might help oil and gas companies save money on their taxes starting in 2026.

  • H. R. 6699 — To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for attorney fees and costs in connection with consumer claim awards.
    Status:Introduced in House
    Words:760

    H.R. 6699 aims to change the Internal Revenue Code of 1986 to allow a tax deduction specifically for attorney fees and costs connected to consumer claim awards. This deduction would apply when consumers win claims related to violations of consumer protection laws, like unfair...

    Simple Explanation

    H.R. 6699 is a plan to let people get a tax break if they pay lawyers to help them win when companies do something sneaky or wrong. This means if someone uses a lawyer to fix a problem with unfair business tricks, they can save some money on taxes.

  • H. R. 8102 — To amend the Internal Revenue Code of 1986 to provide an above-the-line deduction for flood insurance premiums.
    💰
    Status:Introduced in House
    Words:850

    H. R. 8102, known as the "Flood Insurance Relief Act," proposes changes to the Internal Revenue Code to allow individuals to deduct flood insurance premiums from their taxable income. This deduction applies to premiums for insurance under the National Flood Insurance Program...

    Simple Explanation

    H. R. 8102 is a bill that would allow people to subtract flood insurance costs from their income when paying taxes, but only if they make less than $200,000 a year (or $400,000 if a couple).

  • H. R. 8941 — To amend the Internal Revenue Code of 1986 to eliminate the application of the income tax on cash tips through a deduction allowed to all individual taxpayers.
    Status:Introduced in House
    Words:663

    H.R. 8941, known as the "No Tax on Tips Act," aims to change the Internal Revenue Code of 1986 to allow a tax deduction for cash tips. Under this bill, individuals would be able to deduct the full amount of cash tips they report to their employers from their taxable income....

    Simple Explanation

    H.R. 8941 wants to let people who get cash tips, like waiters or delivery people, not pay extra taxes on those tips, so they can keep more of their money. This change would start after the year 2024, and everyone can use this rule, whether they use special tax forms or not.

  • H. R. 9359 — To amend the Internal Revenue Code of 1986 to repeal the inclusion in gross income of Social Security benefits.
    Status:Introduced in House
    Words:266

    H.R. 9359 proposes changes to the Internal Revenue Code of 1986 to remove the requirement for Social Security benefits to be considered as part of a person's gross income, meaning that these benefits would no longer be taxable. The bill includes a provision to ensure that the...

    Simple Explanation

    H.R. 9359 is a plan to stop taxing money people get from Social Security, which is like a government help for when they're older. It also wants to make sure taking away the tax doesn't hurt the Social Security savings, by promising to pay back any missing money from another part of the government.

  • H. R. 10277 — To amend the Internal Revenue Code of 1986 to establish a deduction for certain amounts paid for rent for a primary residence.
    💰
    Status:Introduced in House
    Words:785

    H.R. 10277, also known as the “Tax 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.

  • H. R. 8797 — To amend the Internal Revenue Code of 1986 to impose an income tax on excess profits of certain corporations.
    💰
    Status:Introduced in House
    Words:1,391

    H.R. 8797, also known as the "Ending Corporate Greed Act," proposes changes to the Internal Revenue Code to impose a 95% income tax on excess profits for certain corporations in the U.S. This applies to companies with average annual gross receipts of at least $500 million,...

    Simple Explanation

    The Ending Corporate Greed Act wants to make really big companies pay extra taxes if they earn more money than they usually do, using old years to figure out what's "too much" money, and this will help make sure they pay their fair share from 2024 to 2026.

  • H. R. 7814 — To amend the Internal Revenue Code of 1986 to exclude from gross income certain federally subsidized loan repayments for dental school faculty.
    Status:Introduced in House
    Words:438

    H.R. 7814 seeks to amend the Internal Revenue Code of 1986 to ensure that certain federally subsidized loan repayments for dental school faculty are not included in their gross income, potentially reducing their taxable income. The bill renames certain sections of existing...

    Simple Explanation

    The bill wants to change the tax rules so that dentists who teach at schools don't have to pay extra taxes on special loans that help them with their school costs. It also asks for a report to see if these dentists continue to teach full time.

  • H. R. 9518 — To amend the Internal Revenue Code of 1986 to exclude compensation received by deployed members of the Armed Forces from gross income for purposes of the income tax.
    Status:Introduced in House
    Words:572

    The BRAVE Act of 2024 aims to change the Internal Revenue Code to help deployed members of the Armed Forces by excluding their compensation from being taxed as income. This would apply to both enlisted personnel and commissioned officers who are deployed outside of the United...

    Simple Explanation

    The BRAVE Act of 2024 wants to make a new rule so when soldiers are sent to work in other countries, the money they earn doesn't get taxed. This way, they can keep more of the money they make.

  • H. R. 317 — To amend the Internal Revenue Code of 1986 to create health freedom accounts available to all individuals.
    💰
    Status:Introduced in House
    Words:1,311

    H.R. 317 aims to modify the Internal Revenue Code of 1986 to establish "health freedom accounts" for individuals. It proposes to replace "health savings accounts" with "health freedom accounts," allowing all individuals to contribute to these accounts and use them for a...

    Simple Explanation

    H.R. 317 is like a new piggy bank plan for everyone where you can put money to use for doctor's visits and health stuff and get some extra tax benefits, but some people say it might be too easy for folks to use it in tricky ways to save on taxes without really needing to.

  • H. R. 111 — To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for health insurance premiums.
    Status:Introduced in House
    Words:408

    H.R. 111 proposes changes to the Internal Revenue Code of 1986 to allow individuals to deduct the cost of health insurance premiums from their taxable income, even if they do not itemize other deductions. The bill outlines that this deduction is for the taxpayer, their...

    Simple Explanation

    H.R. 111 is a plan that would let people pay less in taxes by allowing them to subtract the money they spend on health insurance from their income, even if they don't usually itemize deductions. This change is meant to make paying for health insurance easier and would start in 2025.

  • H. R. 7090 — To amend the Internal Revenue Code of 1986 to exclude from gross income certain compensation to clinical trial participants.
    Status:Introduced in House
    Words:331

    H.R. 7090 aims to change the Internal Revenue Code of 1986 to ensure that certain payments received by individuals for participating in approved clinical trials are not counted as part of their taxable income. Specifically, this bill excludes payment or reimbursement for...

    Simple Explanation

    H.R. 7090 is a bill that says when people get money for being part of medical studies, those payments won't be taxed like normal income. This means they don't have to count that money when figuring out how much they owe in taxes.

  • H. R. 662 — To amend the Internal Revenue Code of 1986 to allow intangible drilling and development costs to be taken into account when computing adjusted financial statement income.
    Status:Introduced in House
    Words:557

    H.R. 662, titled the “Promoting Domestic Energy Production Act,” proposes changes to the Internal Revenue Code of 1986. It aims to allow companies to consider intangible drilling and development costs when calculating their adjusted financial statement income. Intangible...

    Simple Explanation

    H.R. 662 is a proposal to change how companies in the U.S. count certain costs, like money spent to get ready to drill for oil and gas, when figuring out their taxes starting in 2026. This could help these companies by letting them save more on taxes.