Employee Business Expense Deduction Reinstatement Act of 2023

Hozzl · 2023-12-15T16:02:41Z

Explore the details of House Bill 5802 Employee Business Expense Deduction Reinstatement Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/15/2023, 4:02 PM

Congressional Summary of HR 5802

Employee Business Expense Deduction Reinstatement Act of 2023

This bill reinstates the tax deduction for the itemized miscellaneous expenses of employees performing services in a trade or busines (the deduction is currently suspended for the period beginning in 2018 through 2025). The amount the an employee may take into account in computing the deduction is 85% of unreimbursed food, lodging, travel, or transportation expenses.

The bill also lowers the threshold for the deduction to the extent its aggregate amount exceeds 1% (2% under current law).

Current Status of Bill HR 5802

Bill HR 5802 is currently in the status of Bill Introduced since September 28, 2023. Bill HR 5802 was introduced during Congress 118 and was introduced to the House on September 28, 2023. Bill HR 5802's most recent activity was Referred to the House Committee on Ways and Means. as of September 28, 2023