119th Congress Taxation
H.R. 558: Tip Tax Termination Act
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill excludes from gross income for federal tax purposes up to $20,000 of eligible tips received during the tax year. The bill also requires the Internal Revenue Service to modify the tables and procedures used to withhold federal income tax from wages to take into account eligible tips excluded from gross income.
The bill defines eligible tips as amounts received while performing services in a position that generally relies on tips as part of wages, including cosmetology, hospitality, and food service.
Further, under the bill, the amount of eligible tips excluded from gross income must not be included in determining federal tax deductions or credits, except for purposes of calculating the child tax credit and earned income tax credit.
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Finally, the exclusion from gross income only applies to eligible tips received before 2030.
Written by the Congressional Research Service, Library of Congress.
Roll calls
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Amendments
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Other bills by Don Bacon
History
- Introduced in the House by Don Bacon.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Ways and Means.