February 7, 2025
Ms. Malliotakis (for herself, Mr. Panetta, and Mr. Carey) introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to increase the additional standard deduction for seniors.
Section 1. Short title
This Act may be cited as the Bonus Tax Relief for America’s Seniors Act
.
Sec. 2. Increase in additional standard deduction for seniors
(a) In general
Section 63(f)(1) of the Internal Revenue Code of 1986 is amended by striking $600
and inserting $5,000
.
(b) Inflation adjustment
Section 63(f) of such Code is amended by adding at the end the following new paragraph:
(5) Inflation adjustment
(A) In general
In the case of any taxable year beginning after December 31, 2026, the $5,000 amount in paragraph (1) shall be increased by an amount equal to—
(i)
such dollar amount, multiplied by
(ii)
the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins by substituting
calendar year 2025forcalendar year 2016in subparagraph (A)(ii) thereof.(B) Rounding
If any increase determined under subparagraph (A) is not a multiple of $50, such increase shall be rounded to the next lowest multiple of $50.
(C) Cross reference
For inflation adjustment of additional amounts for blind, see subsection (c)(4).
(c) Conforming amendments
(1)
Section 63(c)(4) of such Code is amended—
(A)
by striking or subsection (f)
in the matter preceding subparagraph (A) and inserting , or paragraph (2) or (3) of subsection (f),
and,
(B)
by striking or subsection (f)
in subparagraph (B)(i) and inserting , or paragraph (2) or (3) of subsection (f)
.
(2)
Section 63(f)(3) of such Code is amended—
(A)
by striking paragraphs (1) and (2)
and inserting paragraph (2)
, and
(B)
by inserting blind
after unmarried
in the heading thereof.
(d) Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2025.