This bill introduces a new above-the-line tax deduction for individuals aged 65 or older, effective for taxable years beginning after December 31, 2024. Single filers can claim a deduction of up to $25,000 , which begins to phase out when their adjusted gross income (AGI) exceeds $100,000 and is fully eliminated at $125,000 AGI. For married couples filing jointly or surviving spouses, the maximum deduction is $50,000 . This larger deduction starts to phase out when their AGI surpasses $200,000 and is completely phased out at $250,000 AGI. Crucially, this deduction is available to eligible seniors regardless of whether they itemize other deductions, making it accessible to a broader range of taxpayers. However, the provisions of this bill are temporary, as the deduction is set to terminate for all taxable years beginning after December 31, 2029.