HR 559 · In committee · last action January 20, 2025
<p><strong>Seniors in the Workforce Tax Relief Act</strong></p><p>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.)</p><p>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). </p>
Don Bacon (R-NE)
No votes recorded against this bill yet — vote coverage is a work in progress.
<p><strong>Seniors in the Workforce Tax Relief Act</strong></p><p>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.)</p><p>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). </p>