What does Preamble of Bonus Tax Relief for America’s Seniors Act do?

This bill proposes to amend the Internal Revenue Code of 1986. The stated purpose is to increase the additional standard deduction for seniors.

What does SHORT TITLE. of Bonus Tax Relief for America’s Seniors Act do?

This bill is formally titled the 'Bonus Tax Relief for America's Seniors Act'.

What does INCREASE IN ADDITIONAL STANDARD DEDUCTION FOR SENIORS. of Bonus Tax Relief for America’s Seniors Act do?

This section amends Section 63(f)(1) of the Internal Revenue Code of 1986 to increase the additional standard deduction for seniors from $600 to $5,000. It adds a new paragraph (5) to Section 63(f) to provide for an inflation adjustment to the $5,000 amount, beginning after December 31, 2026, using the cost-of-living adjustment. The inflation adjustment uses the cost-of-living adjustment for the calendar year 2025, substituting 'calendar year 2025' for 'calendar year 2016'. Increases determined under the inflation adjustment are rounded to the next lowest multiple of $50. The section makes conforming amendments to Section 63(c)(4) and Section 63(f)(3) of the Internal Revenue Code. The amendments apply to taxable years beginning after December 31, 2025.

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Bonus Tax Relief for America’s Seniors Act

Last updated: 2/7/2025 · Introduced: 2/7/2025

Author: Nicole Malliotakis (R-NY)

TL;DR (AI)

This bill increases the additional standard deduction for seniors from $600 to $5,000.
The $5,000 senior standard deduction will be adjusted annually for inflation starting after 2026.
The changes apply to tax years beginning after December 31, 2025, and include conforming amendments to related sections of the Internal Revenue Code.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

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