Food and Fuel Family Savings Act
Summary
Food and Fuel Family Savings Act This bill allows an individual taxpayer an inflation rebate for the first taxable year beginning in 2022. The amount of such rebate is $600 ($1,200 for joint returns), plus $600 for each of the taxpayer's dependents. The amount of the rebate is reduced for taxpayers whose adjusted gross income exceeds certain levels. The bill imposes a 5% surcharge on individuals whose modified adjusted gross income exceeds $10 million and a 3% surcharge for incomes exceeding $25 million. It also imposes surcharges on certain high income estates and trusts. The bill increases the maximum corporate income tax rate to 26.5% for corporate taxable income exceeding $5 million.
Bill status
in committee
1 of 4 stages cleared
Introduction
Apr 2022
Committee Review
Floor Vote
President
Introduced Apr 7, 2022
Last action Apr 7, 2022
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Apr 7, 2022
Committee
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2096)
upper
Apr 7, 2022
Introduced
Introduced in Senate
upper
1 primary · 3 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Jack Reed
DDemocratic
Co
Dianne Feinstein
DDemocratic
Co
Jeff Merkley
DDemocratic
Co
Sheldon Whitehouse
DDemocratic
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