H.R. 559 · 119th Congress
Seniors in the Workforce Tax Relief Act
- Stage
- In committee
- Sponsor
- Don Bacon
- Introduced
- 2025-01-20
- Latest action
- 2025-01-20 · Introduced in House
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).