No Tax on Restored Benefits Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill aims to prevent taxes on certain Social Security benefits received by individuals due to the Social Security Fairness Act of 2023. Specifically, it excludes monthly insurance benefits from the individual’s gross income that are linked to changes made by the Act and paid out between 2025 and 2026. The legislation modifies the Internal Revenue Code to clarify this exclusion. It ensures that benefits resulting from the Social Security Fairness Act are not subject to taxation.
Key provisions
- Excludes certain monthly insurance benefits from gross income.
- The exclusion applies to benefits attributable to the Social Security Fairness Act of 2023.
- The exclusion applies to benefits paid out between January 1, 2025, and December 31, 2026.
- Modifies Section 86(d) of the Internal Revenue Code of 1986.
Who is affected
- Individuals receiving Social Security benefits
- Taxpayers
Notable changes
- Clarifies the definition of ‘social security benefit’ for tax purposes.
- Creates a specific exclusion for benefits related to the Social Security Fairness Act of 2023.
Bill text
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Sponsors
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8 on record
Primary sponsor
Cosponsors
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