This bill would end the federal income tax on unemployment benefits. In plain terms, the money you get from unemployment would no longer be counted as taxable income on your federal return, starting after December 31, 2024.

Key points:

• Who is affected: People who receive unemployment compensation.
• What changes: Unemployment benefits would no longer be taxed by the federal government; they would no longer be included in your gross income for federal taxes.
• When: Applies to amounts received after December 31, 2024 (for tax years ending after that date).