Bill > HR8194

This bill, the Second Job Tax Relief Act of 2024, aims to amend the Internal Revenue Code to exclude compensation from secondary employment for certain taxpayers from both income tax and payroll taxes. Specifically, the bill would create a new section (139J) that allows a "qualifying taxpayer" to exclude their "secondary employment compensation" from their gross income. The definition of "secondary employment compensation" is compensation received from an employer other than the taxpayer's "primary employer" (an employer they worked at least 2,080 hours for in a year). There is a phase-out of this exclusion for taxpayers with modified adjusted gross incomes above $100,000 ($150,000 for married couples filing jointly). The bill also ensures that the Social Security, Disability Insurance, and Medicare trust funds are held harmless from the revenue impact of this new exclusion. The amendments made by this bill would apply to amounts received after the date of enactment and would sunset after 5 years.