H. R. 559

Seniors in the Workforce Tax Relief Act

Shown here: Introduced in House (2025-01-20)

To amend the Internal Revenue Code of 1986 to establish an above-the-line tax deduction for seniors.

1. Short title

This Act may be cited as the “Seniors in the Workforce Tax Relief Act”.

2. Deduction for seniors

(a) In general

Part VII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by redesignating section 224 as section 225 and by inserting after section 223 the following new section:

224. Deduction for seniors
(a) In general
In the case of an individual who has attained age 65 before the close of the taxable year, there shall be allowed as a deduction for the taxable year an amount equal to—
(1) $25,000, reduced (but not below zero) by the amount which bears the same ratio to such deduction as—
(A) the excess of—
(i) the taxpayer’s adjusted gross income for such taxable year, over
(ii) $100,000, bears to
(B) $25,000.
(b) Special rules
(1) Joint return or surviving spouse
In the case of a joint return or a surviving spouse (as defined in section 2(a)) paragraph (1) shall be applied by substituting “$200,000” for “$100,000”, and “$50,000” for “$25,000”.
(2) Both individuals over 65
In the case of a joint return or a surviving spouse with respect to which both individuals attained age 65 (or in the case of a surviving spouse, would have attained age 65) before the close of the taxable year, paragraph (1) shall be applied by substituting “$50,000” for “$25,000”.
(c) Termination
No deduction shall be allowed under this section for taxable years beginning after December 31, 2029.

(b) Deduction allowed whether or not individual itemizes other deductions

Subsection (a) of section 62 of such Code is amended by inserting before the last sentence at the end the following new paragraph:

(22) Deduction for seniors
The deduction allowed by section 224.

(c) Clerical amendment

The table of sections for part VII of subchapter B of chapter 1 of such Code is amended by redesignating the item relating to section 224 as an item relating to section 225 and by inserting after the item relating to section 223 the following new item:

Sec. 224. Deduction for seniors.

(d) Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2024.

2. Deduction for seniors

(a) In general

Part VII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by redesignating section 224 as section 225 and by inserting after section 223 the following new section:

224. Deduction for seniors

(a) In general

In the case of an individual who has attained age 65 before the close of the taxable year, there shall be allowed as a deduction for the taxable year an amount equal to—

(1) $25,000, reduced (but not below zero) by the amount which bears the same ratio to such deduction as—

(A) the excess of—

(i) the taxpayer’s adjusted gross income for such taxable year, over

(ii) $100,000, bears to

(B) $25,000.

(b) Special rules

(1) Joint return or surviving spouse

In the case of a joint return or a surviving spouse (as defined in section 2(a)) paragraph (1) shall be applied by substituting “$200,000” for “$100,000”, and “$50,000” for “$25,000”.

(2) Both individuals over 65

In the case of a joint return or a surviving spouse with respect to which both individuals attained age 65 (or in the case of a surviving spouse, would have attained age 65) before the close of the taxable year, paragraph (1) shall be applied by substituting “$50,000” for “$25,000”.

(c) Termination

No deduction shall be allowed under this section for taxable years beginning after December 31, 2029.

(b) Deduction allowed whether or not individual itemizes other deductions

Subsection (a) of section 62 of such Code is amended by inserting before the last sentence at the end the following new paragraph:

(22) Deduction for seniors

The deduction allowed by section 224.

Sec. 224. Deduction for seniors.

(d) Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2024.