H.R. 559 — Seniors in the Workforce Tax Relief Act

This section establishes a new above-the-line deduction under section 62(a)(22) of the Internal Revenue Code for individuals who attain age 65 before the close of the taxable year. The deduction equals $25,000, reduced (but not below zero) ratably based on the excess of adjusted gross income (AGI) over $100,000 relative to $25,000; for a joint return or surviving spouse (as defined in IRC §2(a)), these amounts are $50,000 and $200,000, respectively; and for a joint return or surviving spouse where both individuals attain (or would have attained) age 65, paragraph (a)(1) of new section 224 is applied by substituting $50,000 for $25,000. The deduction applies to taxable years beginning after December 31, 2024, and terminates for taxable years beginning after December 31, 2029.