Inflation Relief Act

3/6/2024, 4:45 AM

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.

Congress
118

Number
HR - 7400

Introduced on
2024-02-15

# Amendments
0

Sponsors
+5

Variations and Revisions

2/15/2024

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

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.

Alternative Names
Official Title as IntroducedTo amend the Internal Revenue Code of 1986 to provide individuals a refundable credit for a portion of Federal income tax liability for 2024.

Policy Areas
Taxation

Comments

Recent Activity

Latest Summary3/5/2024

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 ex...


Latest Action2/15/2024
Referred to the House Committee on Ways and Means.