To amend the Internal Revenue Code of 1986 to provide that certain tips shall not be subject to income or employment taxes for a period of 5 years.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill, To amend the Internal Revenue Code of 1986 to provide that certain tips shall not be subject to income or employment taxes for a period of 5 years., changes federal law or congressional policy affecting financial institutions, investors, and borrowers. The main policy domain is Finance, Labor, Healthcare.
Who Benefits and How
financial institutions, investors, and borrowers may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, financial institutions, investors, and borrowers may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section H7EA28B72DE154ABE83E8704FC7A73A46: 1. Short title This Act may be cited as the Tip Tax Termination Act.
- Section HF803F781A8E34C0297849BF1719EB1CA: 2. Exclusion from gross income of certain tipped wages Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after...
- Section HB50D7BDA0C1D474DAF0B1D1827DB9E04: 139J. Certain tipped wages Gross income shall not include so much of the eligible tips received by an individual during the taxable year as does not exceed...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
This bill, To amend the Internal Revenue Code of 1986 to provide that certain tips shall not be subject to income or employment taxes for a period of 5 years., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Key Policy Areas
Finance, Labor, Healthcare
Primary Purpose
This bill, To amend the Internal Revenue Code of 1986 to provide that certain tips shall not be subject to income or employment taxes for a period of 5 years., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Policy Domains
Whole bill
Identified Gains
- financial institutions, investors, and borrowers
Identified Costs
- federal implementing agencies
- financial institutions, investors, and borrowers
Sponsors
Legislative Progress
IntroducedMr. Bacon introduced the following bill; which was referred to …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "federal_implementing_agencies"
- → Federal agencies assigned duties by the bill
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
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