This bill provides a one-year tax credit to individual taxpayers for 2025 equal to 10 percent of their federal income tax liability. The credit is refundable, meaning eligible taxpayers can receive money back from the government even if they owe no taxes. However, the benefit phases out for higher-income individuals—it does not apply to single filers with modified adjusted gross income exceeding $100,000 or joint filers exceeding $200,000. The bill takes effect for the 2025 tax year only and includes technical amendments to update the Internal Revenue Code to accommodate the new credit. There is no specific funding amount stated in the legislation, as the credit's cost depends on how many eligible taxpayers claim it and their individual tax situations.
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