Bill > HR4967

This bill amends the Internal Revenue Code of 1986 to allow for deductions for certain expenses incurred by taxpayers in their capacity as employees. Specifically, it establishes an "above-the-line" deduction, meaning it can be taken without itemizing, for expenses related to construction tools, personal protective clothing and gear, and other necessary expenses associated with the taxpayer's place of employment. Additionally, the bill exempts certain miscellaneous itemized deductions related to the taxpayer's trade or business as an employee from the 2% adjusted gross income threshold, making them fully deductible. These changes would apply to taxable years beginning after December 31, 2023.