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119-s-1856119th CongressWALLET

A bill to amend the Internal Revenue Code of 1986 to exclude military bonuses from gross income.

Sponsored By: Senator Blumenthal, Richard [D-CT]

Introduced

Summary

This bill would expand the federal gross income exclusion to include bonuses paid to members of the uniformed services under 37 U.S.C. Chapter 5. It keeps the existing exclusion for other qualified military benefits while broadening the category of tax-exempt military compensation.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Lower federal taxes on military bonuses

If enacted, members of the uniformed services could exclude chapter 5 bonuses from federal gross income. The change would apply to taxable years beginning after December 31, 2024. If you get a chapter 5 bonus, this would lower your taxable income. It would likely reduce the federal income tax you pay on that bonus.

Sponsors & CoSponsors

Sponsor

Blumenthal, Richard [D-CT]

CT • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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