Food and Fuel Family Savings Act

Senate Bill 4060 - Food and Fuel Family Savings Act: Overview, Status, and Impact

Hozzl · 2022-12-29T23:48:37Z

Explore the details of Senate Bill 4060 Food and Fuel Family Savings Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/29/2022, 11:48 PM

Congressional Summary of S 4060

Food and Fuel Family Savings Act

This bill allows an individual taxpayer an inflation rebate for the first taxable year beginning in 2022. The amount of such rebate is $600 ($1,200 for joint returns), plus $600 for each of the taxpayer's dependents. The amount of the rebate is reduced for taxpayers whose adjusted gross income exceeds certain levels.

The bill imposes a 5% surcharge on individuals whose modified adjusted gross income exceeds $10 million and a 3% surcharge for incomes exceeding $25 million. It also imposes surcharges on certain high income estates and trusts.

The bill increases the maximum corporate income tax rate to 26.5% for corporate taxable income exceeding $5 million.

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Current Status of Bill S 4060

Bill S 4060 is currently in the status of Bill Introduced since April 7, 2022. Bill S 4060 was introduced during Congress 117 and was introduced to the Senate on April 7, 2022. Bill S 4060's most recent activity was Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2096) as of April 7, 2022