Bill > HR2802

This bill proposes a temporary tax relief measure for individual taxpayers in the year 2025, providing a refundable tax credit equal to 10 percent of a taxpayer's federal income tax liability for that year. The credit would be available for individuals with a modified adjusted gross income (MAGI) of $100,000 or less (or $200,000 for joint returns), and would apply to tax years beginning after December 31, 2024, and before January 1, 2026. As a refundable credit, this means taxpayers could receive the full 10 percent amount even if it exceeds their total tax liability for the year. The bill requires several technical amendments to the Internal Revenue Code to implement this new tax credit, including updates to existing sections that govern tax credits and tax liability calculations. The purpose of the bill appears to be providing financial relief to taxpayers during a period of potentially high costs, as suggested by the act's title "Tax Relief from Tariffs and High Costs Act," though the specific economic context is not detailed in the bill text itself.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/2802/all-info