| 1 | 1 | | I |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION H. R. 559 |
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| 5 | 5 | | To amend the Internal Revenue Code of 1986 to establish an above-the- |
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| 6 | 6 | | line tax deduction for seniors. |
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| 7 | 7 | | IN THE HOUSE OF REPRESENTATIVES |
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| 8 | 8 | | JANUARY20, 2025 |
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| 9 | 9 | | Mr. B |
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| 10 | 10 | | ACONintroduced the following bill; which was referred to the Committee |
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| 11 | 11 | | on Ways and Means |
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| 12 | 12 | | A BILL |
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| 13 | 13 | | To amend the Internal Revenue Code of 1986 to establish |
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| 14 | 14 | | an above-the-line tax deduction for seniors. |
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| 15 | 15 | | Be it enacted by the Senate and House of Representa-1 |
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| 16 | 16 | | tives of the United States of America in Congress assembled, 2 |
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| 17 | 17 | | SECTION 1. SHORT TITLE. 3 |
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| 18 | 18 | | This Act may be cited as the ‘‘Seniors in the Work-4 |
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| 19 | 19 | | force Tax Relief Act’’. 5 |
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| 20 | 20 | | SEC. 2. DEDUCTION FOR SENIORS. 6 |
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| 21 | 21 | | (a) I |
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| 22 | 22 | | NGENERAL.—Part VII of subchapter B of chap-7 |
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| 23 | 23 | | ter 1 of the Internal Revenue Code of 1986 is amended 8 |
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| 24 | 24 | | by redesignating section 224 as section 225 and by insert-9 |
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| 25 | 25 | | ing after section 223 the following new section: 10 |
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| 26 | 26 | | VerDate Sep 11 2014 00:49 Feb 15, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H559.IH H559 |
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| 27 | 27 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 2 |
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| 28 | 28 | | •HR 559 IH |
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| 29 | 29 | | ‘‘SEC. 224. DEDUCTION FOR SENIORS. 1 |
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| 30 | 30 | | ‘‘(a) I |
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| 31 | 31 | | NGENERAL.—In the case of an individual who 2 |
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| 32 | 32 | | has attained age 65 before the close of the taxable year, 3 |
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| 33 | 33 | | there shall be allowed as a deduction for the taxable year 4 |
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| 34 | 34 | | an amount equal to— 5 |
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| 35 | 35 | | ‘‘(1) $25,000, reduced (but not below zero) by 6 |
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| 36 | 36 | | the amount which bears the same ratio to such de-7 |
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| 37 | 37 | | duction as— 8 |
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| 38 | 38 | | ‘‘(A) the excess of— 9 |
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| 39 | 39 | | ‘‘(i) the taxpayer’s adjusted gross in-10 |
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| 40 | 40 | | come for such taxable year, over 11 |
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| 41 | 41 | | ‘‘(ii) $100,000, bears to 12 |
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| 42 | 42 | | ‘‘(B) $25,000. 13 |
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| 43 | 43 | | ‘‘(b) S |
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| 44 | 44 | | PECIALRULES.— 14 |
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| 45 | 45 | | ‘‘(1) J |
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| 46 | 46 | | OINT RETURN OR SURVIVING SPOUSE .— 15 |
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| 47 | 47 | | In the case of a joint return or a surviving spouse 16 |
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| 48 | 48 | | (as defined in section 2(a)) paragraph (1) shall be 17 |
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| 49 | 49 | | applied by substituting ‘$200,000’ for ‘$100,000’, 18 |
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| 50 | 50 | | and ‘$50,000’ for ‘$25,000’. 19 |
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| 51 | 51 | | ‘‘(2) B |
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| 52 | 52 | | OTH INDIVIDUALS OVER 65 .—In the case 20 |
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| 53 | 53 | | of a joint return or a surviving spouse with respect 21 |
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| 54 | 54 | | to which both individuals attained age 65 (or in the 22 |
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| 55 | 55 | | case of a surviving spouse, would have attained age 23 |
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| 56 | 56 | | 65) before the close of the taxable year, paragraph 24 |
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| 57 | 57 | | (1) shall be applied by substituting ‘$50,000’ for 25 |
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| 58 | 58 | | ‘$25,000’. 26 |
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| 59 | 59 | | VerDate Sep 11 2014 00:49 Feb 15, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H559.IH H559 |
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| 60 | 60 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 3 |
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| 61 | 61 | | •HR 559 IH |
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| 62 | 62 | | ‘‘(c) TERMINATION.—No deduction shall be allowed 1 |
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| 63 | 63 | | under this section for taxable years beginning after De-2 |
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| 64 | 64 | | cember 31, 2029.’’. 3 |
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| 65 | 65 | | (b) D |
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| 66 | 66 | | EDUCTIONALLOWEDWHETHER ORNOTINDI-4 |
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| 67 | 67 | | VIDUALITEMIZESOTHERDEDUCTIONS.—Subsection (a) 5 |
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| 68 | 68 | | of section 62 of such Code is amended by inserting before 6 |
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| 69 | 69 | | the last sentence at the end the following new paragraph: 7 |
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| 70 | 70 | | ‘‘(22) D |
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| 71 | 71 | | EDUCTION FOR SENIORS .—The deduc-8 |
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| 72 | 72 | | tion allowed by section 224.’’. 9 |
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| 73 | 73 | | (c) C |
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| 74 | 74 | | LERICALAMENDMENT.—The table of sections 10 |
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| 75 | 75 | | for part VII of subchapter B of chapter 1 of such Code 11 |
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| 76 | 76 | | is amended by redesignating the item relating to section 12 |
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| 77 | 77 | | 224 as an item relating to section 225 and by inserting 13 |
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| 78 | 78 | | after the item relating to section 223 the following new 14 |
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| 79 | 79 | | item: 15 |
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| 80 | 80 | | ‘‘Sec. 224. Deduction for seniors.’’. |
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| 81 | 81 | | (d) EFFECTIVEDATE.—The amendments made by 16 |
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| 82 | 82 | | this section shall apply to taxable years beginning after 17 |
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| 83 | 83 | | December 31, 2024. 18 |
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| 84 | 84 | | Æ |
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| 85 | 85 | | VerDate Sep 11 2014 00:49 Feb 15, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H559.IH H559 |
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| 86 | 86 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB |
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