HR 7870 · 118th Congress · Taxation

Tip Tax Termination Act

Introduced 2024-04-05· Sponsored by Rep. Bacon, Don [R-NE-2]· House

Bill Progress

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Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the House Committee on Ways and Means.(2024-04-05)

Plain Language Summary

[AI summary unavailable — showing source text] Tip Tax Termination Act  This bill excludes from gross income, for income tax purposes, eligible tips not exceeding $20,000 in a taxable year. The bill defines eligible tips as amounts received by a taxpayer while performing services in a position that generally relies on tips as part of wages, including cosmetology, hospitality, and food service. This tax exclusion terminates with respect to tips received after 2028.   …

Summarized by Claude AI · Non-partisan · For informational purposes only