H.R. 7870 · 118th Congress
Tip Tax Termination Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
BaconSponsorNo cosponsors.
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.
What it does: CRS summary · Introduced in House · Apr 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Tip Tax Termination Act
Latest action (Apr 5, 2024): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Apr 5, 2024
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.