HR. 558In Committee
Tip Tax Termination Act
Exclude up to $20,000 in eligible tip income from federal gross income through 2029 and adjust related tax withholding and credit rules
Plain-English overview
What this bill does
Exclude up to $20,000 in eligible tip income from federal gross income through 2029 and adjust related tax withholding and credit rules
Key points
- Require IRS withholding changes
- Limit tax deduction treatment
- Exclude eligible tip income
- Extend exclusion
Current status
Where it stands
Status
In Committee
Latest action
2025-01-20 — Referred to the House Committee on Ways and Means.
Related context
Topics and policy areas
undefinedTaxation