Dependent Income Exclusion Act of 2024

house

senate

president

Legislation Details

Amends the Internal Revenue Code of 1986 to exclude certain dependent income from the calculation of modified adjusted gross income for premium tax credit eligibility.
Specifies that wages or net earnings from self-employment of dependents under 18 or under 24 (who meet certain educational or job-training criteria) will not be counted.
Defines a “qualified job-training program” based on the Workforce Innovation and Opportunity Act.
Limits the exclusion to dependent income that does not exceed 15% of the taxpayer’s modified adjusted gross income.
Provides special provisions for taxpayers in Medicaid non-expansion states, ensuring household income does not fall below 100% of the poverty line.
Includes conforming amendments to clarify the application of the exclusion and the information required regarding dependents’ income.
Establishes that the amendments will apply to tax credits for taxable years beginning after the enactment of the legislation.

Amends the Internal Revenue Code of 1986 to exclude certain dependent income from the calculation of modified adjusted gross income for premium tax credit eligibility.
Specifies that wages or net earnings from self-employment of dependents under 18 or under 24 (who meet certain educational or job-training criteria) will not be counted.
Defines a “qualified job-training program” based on the Workforce Innovation and Opportunity Act.
Limits the exclusion to dependent income that does not exceed 15% of the taxpayer’s modified adjusted gross income.
Provides special provisions for taxpayers in Medicaid non-expansion states, ensuring household income does not fall below 100% of the poverty line.
Includes conforming amendments to clarify the application of the exclusion and the information required regarding dependents’ income.
Establishes that the amendments will apply to tax credits for taxable years beginning after the enactment of the legislation.