This bill aims to provide a temporary tax exemption for certain tipped wages by amending the Internal Revenue Code. It proposes that an individual's gross income will not include up to $20,000 in "eligible tips" received annually. Eligible tips are defined as amounts earned in service positions where tips typically constitute a significant portion of wages, including sectors like cosmetology, hospitality, and food service . While these excluded tips generally cannot be used for other tax deductions or credits, they will be considered when determining eligibility for the Child Tax Credit and Earned Income Credit . The provisions of this bill are set to apply to tips received from January 1, 2025, and will terminate for tips received after December 31, 2029, establishing a five-year period of tax relief for tipped workers.