summary
Introduced
02/07/2025
02/07/2025
In Committee
02/07/2025
02/07/2025
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to increase the exclusion from gross income of social security benefits.
AI Summary
This bill amends the Internal Revenue Code to increase the amount of Social Security benefits that can be excluded from a taxpayer's gross income. Specifically, the bill raises the income thresholds for how much Social Security income is tax-free. For single filers, the threshold would increase from $25,000 to $50,000, and for married couples filing jointly, from $32,000 to $64,000. Additionally, for higher-income individuals, the bill increases the thresholds for partial taxation of Social Security benefits from $34,000 to $59,000 for single filers and from $44,000 to $76,000 for married couples filing jointly. The bill also includes a provision for annual inflation adjustments starting in 2027, which would automatically increase these dollar amounts based on the cost of living. These changes would take effect for tax years beginning after December 31, 2025, potentially providing significant tax relief for seniors by reducing the amount of Social Security income subject to federal income tax.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to the House Committee on Ways and Means. (on 02/07/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://www.congress.gov/bill/119th-congress/house-bill/1129/all-info |
BillText | https://www.congress.gov/119/bills/hr1129/BILLS-119hr1129ih.pdf |
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