Section 1 Short title
This Act may be cited as the “Bonus Tax Relief for America’s Seniors Act”.
Bonus Tax Relief for America’s Seniors Act
A BILL
To amend the Internal Revenue Code of 1986 to increase the additional standard deduction for seniors.
Sec. 2 Increase in additional standard deduction for seniors
In general— Section 63(f)(1) of the Internal Revenue Code of 1986 is amended by striking “$600” and inserting “$5,000”.
Inflation adjustment— Section 63(f) of such Code is amended by adding at the end the following new paragraph:
“(5) Inflation adjustment
“(A) In general—In the case of any taxable year beginning after December 31, 2026, the $5,000 amount in paragraph (1) shall be increased by an amount equal to—
“(i) such dollar amount, multiplied by
“(ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins by substituting “calendar year 2025” for “calendar year 2016” in subparagraph (A)(ii) thereof.
“(B) Rounding—If any increase determined under subparagraph (A) is not a multiple of $50, such increase shall be rounded to the next lowest multiple of $50.
“(C) Cross reference—For inflation adjustment of additional amounts for blind, see subsection (c)(4).”
Conforming amendments—
Section 63(c)(4) of such Code is amended—
by striking “or subsection (f)” in the matter preceding subparagraph (A) and inserting “, or paragraph (2) or (3) of subsection (f),” and,
by striking “or subsection (f)” in subparagraph (B)(i) and inserting “, or paragraph (2) or (3) of subsection (f)”.
Section 63(f)(3) of such Code is amended—
by striking “paragraphs (1) and (2)” and inserting “paragraph (2)”, and
by inserting “blind” after “unmarried” in the heading thereof.
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2025.