To amend the Internal Revenue Code of 1986 to sunset the Federal income tax on unemployment compensation.

Bill 119 HR 2655, also known as the Unemployment Compensation Tax Sunset Act, aims to amend the Internal Revenue Code of 1986 by eliminating the federal income tax on unemployment compensation. This means that individuals who receive unemployment benefits will no longer have to pay taxes on this income.

The bill proposes to sunset the federal income tax on unemployment compensation, which would provide relief to individuals who are already facing financial hardship due to being unemployed. By eliminating this tax, the bill seeks to alleviate some of the financial burden on those who are relying on unemployment benefits to make ends meet.

If passed, this legislation would have a direct impact on individuals who are currently receiving or will receive unemployment benefits in the future. It would provide them with additional financial support by allowing them to keep more of their unemployment compensation without having to pay taxes on it. Overall, the Unemployment Compensation Tax Sunset Act aims to provide relief to individuals who are struggling financially due to unemployment by eliminating the federal income tax on unemployment compensation.