Bill118th CongressFiled Apr 5, 2024Taxation
H.R. 7870
Tip Tax Termination Act
Bill journey · stage 2 of 5
Under committee review
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CommitteeComm.
PassedFloor
Both ChambersBoth
Became LawLaw
What it doesSummary 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.
What just happenedApr 5, 2024
Referred to the House Committee on Ways and Means.
Who’s behind it
Rep. Bacon, Don [R-NE-2](R-NE)Sponsor
1committees3actions
- Introduced in HouseApr 5, 2024
- Apr 5, 2024IntroReferralH11100
Referred to the House Committee on Ways and Means.
Ways and Means Committee - Apr 5, 2024IntroReferralIntro-H
Introduced in House
- Apr 5, 2024IntroReferral1000
Introduced in House