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Tip Tax Termination Act

USA118th CongressHR-7870| House 
| Updated: 4/5/2024
Don Bacon

Don Bacon

Republican Representative

Nebraska

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline
Apr 5, 2024
Introduced in House
Apr 5, 2024
Referred to the House Committee on Ways and Means.
  • April 5, 2024
    Introduced in House


  • April 5, 2024
    Referred to the House Committee on Ways and Means.

Taxation

Tip Tax Termination Act

USA118th CongressHR-7870| House 
| Updated: 4/5/2024
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Apr 5, 2024
Introduced in House
Apr 5, 2024
Referred to the House Committee on Ways and Means.
  • April 5, 2024
    Introduced in House


  • April 5, 2024
    Referred to the House Committee on Ways and Means.
Don Bacon

Don Bacon

Republican Representative

Nebraska

Ways and Means Committee

Taxation

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted