Creating Real and Useful Middle-Class Benefits and Savings (CRUMBS) Act of 2018

Bill: 115-hr-5012
Sponsor: full_name: Rep. Rokita, Todd [R-IN-4]
Introduced: 2018-02-14
Policy area: Taxation
Subjects: Income tax exclusion

Wages and earnings
Latest action: action_date: 2018-02-14
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2018-02-14
action_desc: Introduced in House
text: <p><b>Creating Real and Useful Middle-Class Benefits and Savings (CRUMBS) Act of 2018 </b></p> <p>This bill excludes up to $2,500 of bonus income received by an employee in 2018 from being considered taxable earnings for the purpose of determining an employee's federal tax liability. The bill defines a &quot;bonus&quot; as wages paid in addition to the compensation ordinarily given, required, optioned, or obligated under an employment contract. </p>

tv_txt: I 115th CONGRESS 2d Session H. R. 5012 IN THE HOUSE OF REPRESENTATIVES February 14, 2018 Mr. Rokita (for himself, Mr. Marino , and Mr. Babin ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To provide further tax relief for Americans receiving bonuses.

1. Short title This Act may be cited as the Creating Real and Useful Middle-Class Benefits and Savings (CRUMBS) Act of 2018 . 2. Tax relief for bonuses (a) In general In the case of a taxable year beginning after December 31, 2017, and before January 1, 2019— (1) If an employee receives a bonus, amounts not to exceed a total of $2,500 annually of bonus income shall not be considered taxable earnings for the purposes of the employee’s Federal tax liabilities. (b) Definitions For purposes of this paragraph— (1) Bonus The term bonus means wages paid in addition to the compensation ordinarily given, required, optioned, or obligated under an employment contract.