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Tax Relief for Seniors: Higher Standard Deduction

This bill increases the standard tax deduction for older individuals, meaning seniors can deduct a larger amount from their income before calculating taxes. These changes could result in lower tax bills for many retirees, improving their financial situation. The new amount will also be adjusted for inflation to maintain its value over time.
Key points
The additional standard deduction for seniors will increase from $600 to $5,000.
The deduction amount will be automatically adjusted for inflation starting in 2027 to preserve its value.
These changes will apply to tax years beginning after December 31, 2025.
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Status: Introduced
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Additional Information
Print number: 119_HR_1130
Sponsor: Rep. Malliotakis, Nicole [R-NY-11]
Process start date: 2025-02-07