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HR 559 119th Congress House Taxation

Seniors in the Workforce Tax Relief Act

Introduced: January 20, 2025 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
Jan 20, 2025
Referred to the House Committee on Ways and Means.
Jan 20, 2025
Introduced in House
 Plain-English summary Congressional Research Service

Seniors in the Workforce Tax Relief Act

This bill establishes a new above-the-line federal tax deduction through 2029 for individuals who attain the age of 65 before the end of the tax year. (Above-the-line deductions are subtracted from gross income to calculate adjusted gross income.)

Under the bill, the amount of the tax deduction is $25,000 for individuals (or $50,000 for joint filers and surviving spouses) and begins to phase out for individuals with an adjusted gross income over $100,000 (or $200,000 for joint filers and surviving spouses). 

What's happening now January 20, 2025

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1