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HR 7870 118th Congress House Taxation

Tip Tax Termination Act

Introduced: April 5, 2024 Introduced by: Bacon, Don Republican · Nebraska See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 5, 2024
Referred to the House Committee on Ways and Means.
Apr 5, 2024
Introduced in House
 Plain-English summary Congressional Research Service

Tip Tax Termination Act 

This bill excludes from gross income, for income tax purposes, eligible tips not exceeding $20,000 in a taxable year. The bill defines eligible tips as amounts received by a taxpayer while performing services in a position that generally relies on tips as part of wages, including cosmetology, hospitality, and food service. This tax exclusion terminates with respect to tips received after 2028.   

What's happening now April 5, 2024

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1