HR. 482In Committee
No Tax on Tips Act
Creates a new federal tax deduction for qualifying reported tip income and expands employer tip tax credits to certain beauty services
Plain-English overview
What this bill does
Creates a new federal tax deduction for qualifying reported tip income and expands employer tip tax credits to certain beauty services
Key points
- Establish tax deduction for tips
- Limit deduction by income threshold
- Expand employer tip tax credit
Current status
Where it stands
Status
In Committee
Latest action
2025-01-16 — Referred to the House Committee on Ways and Means.
Related context
Topics and policy areas
undefinedAccounting and auditingFood industry and servicesIncome tax deductionsService industriesTax administration and collection, taxpayersTaxation