To exclude $125,000 ($250,000 in the case of a joint return) of taxable income from the individual Federal income tax for 2008 and to reduce the rates of tax on income subject to Federal income tax for 2008.
Taxpayer Relief Act of 2008 - Reduces for 2008 income tax purposes: (1) the taxable income of a taxpayer by $125,000 ($250,000 in the case of a joint return); and (2) the rate of tax on taxable income in excess of $125,000 by 5%.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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