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Inflation Relief Act

3/6/2024, 4:45 AM

Congressional Summary of HR 7400

Inflation Relief Act

This bill allows a refundable income tax credit for 10% of federal tax liability for a taxable year beginning in 2024. The credit is not available to taxpayers whose modified adjusted gross income exceeds $150,000 ($250,000 for joint tax returns) in any taxable year.

Read the Full Bill

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Current Status of Bill HR 7400

Bill HR 7400 is currently in the status of Bill Introduced since February 15, 2024. Bill HR 7400 was introduced during Congress 118 and was introduced to the House on February 15, 2024.  Bill HR 7400's most recent activity was Referred to the House Committee on Ways and Means. as of February 15, 2024

Bipartisan Support of Bill HR 7400

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 7400

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 7400

Inflation Relief Act
Inflation Relief Act
To amend the Internal Revenue Code of 1986 to provide individuals a refundable credit for a portion of Federal income tax liability for 2024.

Comments

Sponsors and Cosponsors of HR 7400

Gabe Vasquez
Gabe Vasquez
New MexicoDemocrat

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