Seniors in the Workforce Tax Relief Act

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 559 Introduced in House (IH)]

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119th CONGRESS
  1st Session
                                H. R. 559

 To amend the Internal Revenue Code of 1986 to establish an above-the-
                    line tax deduction for seniors.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 20, 2025

  Mr. Bacon introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to establish an above-the-
                    line tax deduction for seniors.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Seniors in the Workforce Tax Relief 
Act''.

SEC. 2. DEDUCTION FOR SENIORS.

    (a) In General.--Part VII of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 is amended by redesignating section 224 
as section 225 and by inserting after section 223 the following new 
section:

``SEC. 224. DEDUCTION FOR SENIORS.

    ``(a) In General.--In the case of an individual who has attained 
age 65 before the close of the taxable year, there shall be allowed as 
a deduction for the taxable year an amount equal to--
            ``(1) $25,000, reduced (but not below zero) by the amount 
        which bears the same ratio to such deduction as--
                    ``(A) the excess of--
                            ``(i) the taxpayer's adjusted gross income 
                        for such taxable year, over
                            ``(ii) $100,000, bears to
                    ``(B) $25,000.
    ``(b) Special Rules.--
            ``(1) Joint return or surviving spouse.--In the case of a 
        joint return or a surviving spouse (as defined in section 2(a)) 
        paragraph (1) shall be applied by substituting `$200,000' for 
        `$100,000', and `$50,000' for `$25,000'.
            ``(2) Both individuals over 65.--In the case of a joint 
        return or a surviving spouse with respect to which both 
        individuals attained age 65 (or in the case of a surviving 
        spouse, would have attained age 65) before the close of the 
        taxable year, paragraph (1) shall be applied by substituting 
        `$50,000' for `$25,000'.
    ``(c) Termination.--No deduction shall be allowed under this 
section for taxable years beginning after December 31, 2029.''.
    (b) Deduction Allowed Whether or Not Individual Itemizes Other 
Deductions.--Subsection (a) of section 62 of such Code is amended by 
inserting before the last sentence at the end the following new 
paragraph:
            ``(22) Deduction for seniors.--The deduction allowed by 
        section 224.''.
    (c) Clerical Amendment.--The table of sections for part VII of 
subchapter B of chapter 1 of such Code is amended by redesignating the 
item relating to section 224 as an item relating to section 225 and by 
inserting after the item relating to section 223 the following new 
item:

``Sec. 224. Deduction for seniors.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2024.
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