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Inflation Relief: 10% Refundable Income Tax Credit for Individuals in 2024

This bill introduces a one-time, refundable tax credit for individuals to help mitigate the effects of inflation. Citizens can receive a refund equal to 10% of their federal income tax liability for the 2024 tax year. This provides a direct financial benefit, but the credit is subject to income limitations, excluding the highest earners from participation.
Key points
Tax Refund: You will receive a 10% refund on the amount of federal income tax you are liable to pay for the 2024 tax year.
Income Limits: The credit is not available if your modified adjusted gross income exceeds $250,000 (for joint filers), $125,000 (for married filing separately), or $150,000 (for all other cases).
Refundable Nature: This is a refundable credit, meaning you may receive money back even if your tax liability is less than the credit amount.
Effective Period: The credit applies only to the tax year beginning after December 31, 2023, and before January 1, 2025.
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Additional Information
Print number: 118_HR_7400
Sponsor: Rep. Vasquez, Gabe [D-NM-2]
Process start date: 2024-02-15
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OFFICIAL LEGAL TITLE

Inflation Relief Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7400.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-02-15.

What are the main provisions?

Key points include:

  • Tax Refund: You will receive a 10% refund on the amount of federal income tax you are liable to pay for the 2024 tax year.
  • Income Limits: The credit is not available if your modified adjusted gross income exceeds $250,000 (for joint filers), $125,000 (for married filing separately), or $150,000 (for all other cases).
  • Refundable Nature: This is a refundable credit, meaning you may receive money back even if your tax liability is less than the credit amount.
  • Effective Period: The credit applies only to the tax year beginning after December 31, 2023, and before January 1, 2025.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Vasquez, Gabe [D-NM-2].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Taxes Economy