Bonus Tax Relief for America’s Seniors Act

This bill proposes a substantial increase in the additional standard deduction for seniors under the Internal Revenue Code of 1986. Specifically, it amends section 63(f)(1) to raise this deduction from the current $600 to $5,000 . Furthermore, the legislation introduces a new provision for inflation adjustment , ensuring the increased deduction maintains its value over time. This adjustment will apply to taxable years beginning after December 31, 2026, using a cost-of-living index tied to calendar year 2025. The bill also includes conforming amendments to other parts of Section 63 to properly integrate these changes. These amendments are designed to provide enhanced tax relief for seniors, taking effect for taxable years starting after December 31, 2025.