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To amend the Internal Revenue Code of 1986 to establish an above-the-line tax deduction for seniors.
1/21/2025, 9:20 AM
Summary of Bill HR 559
Bill 119 HR 559, also known as the Senior Tax Deduction Act, aims to amend the Internal Revenue Code of 1986 to provide a new tax deduction for seniors. This deduction would be available to individuals who are 65 years or older, allowing them to deduct a certain amount of their income from their taxes before calculating their tax liability.
The purpose of this bill is to provide financial relief to seniors who may be living on fixed incomes and facing increasing expenses in their retirement years. By establishing an above-the-line tax deduction, seniors would be able to reduce their taxable income, potentially lowering their overall tax burden.
The specifics of the deduction, such as the amount that can be deducted and any income limits for eligibility, would be determined by the Internal Revenue Service. This bill does not specify the exact details of the deduction, leaving it up to the IRS to establish the rules and regulations. Overall, the Senior Tax Deduction Act seeks to support seniors in managing their finances and easing the financial strain that can come with aging. It is a bipartisan effort to provide targeted assistance to a vulnerable population without significantly impacting the overall tax system.
The purpose of this bill is to provide financial relief to seniors who may be living on fixed incomes and facing increasing expenses in their retirement years. By establishing an above-the-line tax deduction, seniors would be able to reduce their taxable income, potentially lowering their overall tax burden.
The specifics of the deduction, such as the amount that can be deducted and any income limits for eligibility, would be determined by the Internal Revenue Service. This bill does not specify the exact details of the deduction, leaving it up to the IRS to establish the rules and regulations. Overall, the Senior Tax Deduction Act seeks to support seniors in managing their finances and easing the financial strain that can come with aging. It is a bipartisan effort to provide targeted assistance to a vulnerable population without significantly impacting the overall tax system.
Congressional Summary of HR 559
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).
Current Status of Bill HR 559
Bill HR 559 is currently in the status of Bill Introduced since January 20, 2025. Bill HR 559 was introduced during Congress 119 and was introduced to the House on January 20, 2025. Bill HR 559's most recent activity was Referred to the House Committee on Ways and Means. as of January 20, 2025
Bipartisan Support of Bill HR 559
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 559
Primary Policy Focus
Alternate Title(s) of Bill HR 559
To amend the Internal Revenue Code of 1986 to establish an above-the-line tax deduction for seniors.
To amend the Internal Revenue Code of 1986 to establish an above-the-line tax deduction for seniors.
Comments
Sponsors and Cosponsors of HR 559
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