118th Congress · HOUSE BILLBILL

H.R. 3936 — Tax Cuts for Working Families Act

“To amend the Internal Revenue Code of 1986 to rename the standard deduction the guaranteed deduction, and to add a bonus amount to the guaranteed deduction for taxable years 2024 and 2025.”

Taxation

Introduced Jun 9, 2023

Last action Jun 30, 2023

Pipeline · Bill → Law

Step 1

Introduced

Jun 9, 2023

Step 2

Referred

Jun 9, 2023

Ways & Means

Step 3

Committee

Jun 13, 2023

Reported out

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill renames the standard tax deduction as the guaranteed deduction. It allows an additional bonus amount of $2,000 ($4,000 for married couples filing jointly) in taxable years beginning in 2024 and 2025 but reduces the bonus amount for taxpayers whose modified adjusted gross income exceeds $200,000 ($400,000 for joint filers).

Provisions · 3 sectionsReported to House

Timeline · 6 actions

Jun 30, 2023

Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-129.

Jun 30, 2023

Placed on the Union Calendar, Calendar No. 101.

Jun 13, 2023

Committee Consideration and Mark-up Session Held

Jun 13, 2023

Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 24 - 16.

Jun 9, 2023

Introduced in House

Jun 9, 2023

Referred to the House Committee on Ways and Means.