electED.

HR 559 · 119th Congress — Seniors in the Workforce Tax Relief Act

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…

Congress
119
Bill
HR 559
Status
Introduced
Introduced
2025-01-20
Latest action date
2025-01-20

Summary

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). 

This summary may describe an earlier version. Check the official record for current wording.

Latest action

Referred to the House Committee on Ways and Means.

Sponsors

Sources