[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7400 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 7400

  To amend the Internal Revenue Code of 1986 to provide individuals a 
  refundable credit for a portion of Federal income tax liability for 
                                 2024.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 15, 2024

 Mr. Vasquez introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to provide individuals a 
  refundable credit for a portion of Federal income tax liability for 
                                 2024.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Inflation Relief Act''.

SEC. 2. REFUNDABLE CREDIT FOR PORTION OF INDIVIDUAL FEDERAL INCOME TAX 
              LIABILITY FOR 2024.

    (a) In General.--Subpart C of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by adding at the end 
the following new section:

``SEC. 36C. CREDIT FOR PORTION OF INDIVIDUAL FEDERAL INCOME TAX 
              LIABILITY FOR 2024.

    ``(a) In General.--In the case of an individual, there shall be 
allowed as a credit against the tax imposed by this subtitle for any 
taxable beginning after December 31, 2023, and before January 1, 2025, 
an amount equal to 10 percent of the taxpayer's Federal income tax 
liability for such taxable year.
    ``(b) Limitation Based on Modified Adjusted Gross Income.--
Subsection (a) shall not apply to any taxpayer for any taxable year if 
the taxpayer's modified adjusted gross income (as defined in section 
36(b)(2)(B)) exceeds--
            ``(1) in the case of a joint return, $250,000,
            ``(2) in the case of a married individual filing a separate 
        return, $125,000, and
            ``(3) in any other case, $150,000.
    ``(c) Federal Income Tax Liability.--For purposes of this section, 
the term `Federal income tax liability' means the excess (if any) of--
            ``(1) the sum of the amounts described in paragraphs (1) 
        and (2) of section 26(a), over
            ``(2) the sum of the credits allowed under subpart A of 
        this part.''.
    (b) Conforming Amendments.--
            (1) Section 6211(b)(4)(A) of the Internal Revenue Code of 
        1986 is amended by inserting ``36C,'' after ``36B,''.
            (2) Paragraph (2) of section 1324(b) of title 31, United 
        States Code, is amended by inserting ``36C,'' after ``36B,''.
            (3) The table of sections for subpart C of part IV of 
        subchapter A of chapter 1 of the Internal Revenue Code of 1986 
        is amended by inserting after the item relating to section 36B 
        the following new item:

``Sec. 36C. Credit for portion of individual Federal income tax 
                            liability for 2024.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2023.
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