A newly proposed bill could bring significant tax relief to workers in a vital sector, potentially reducing their tax burden by up to $7,500.
With the rising cost of living, any opportunity to save on taxes is welcome news. However, this legislation, co-led by Rep. Pat Ryan (D-NY), specifically targets one profession—meaning not everyone will benefit.
In a March 27 press release, Ryan emphasized the critical role these workers play in daily life:
“They work long, hard hours with little support to ensure that people across the country have everything they need.”
The bill aims to recognize and support these essential workers by providing much-needed financial relief. While details on eligibility and implementation are still unfolding, the proposal signals a growing push to ease the financial strain on key members of the workforce.
More updates are expected as the legislation moves forward.
The bill hopes to retain workers in a struggling industry (Win McNamee/Getty Images)
“It’s no wonder that job retention rates in the industry are declining.”
Now while this could apply to many industries and people, he is specifically talking about truck drivers, suitably naming the bill the Strengthening Supply Chains Through Truck Driver Incentives Act.
According to the American Trucking Association, there was a 78,800 shortage of qualified drivers in 2022.
The bill would create a refundable tax credit of up to $7,500 for truck drivers who drive up to 1,900 hours each year, and an enhanced tax credit of $10,000 for new truck drivers and people in trucking apprenticeships.
However, in the past, similar bills did not move forward.
For those that are new in the industry, they could also see significant benefit, according to the bill.
If it was enacted it would also allow rookies in the trucking field who fall short of the 1,900-hour criterion to claim a prorated tax discount, but this is only if they achieve fewer than 1,420 hours within the year, provided they average at least 40 hours weekly from the start of their careers.
The bill could prove beneficial to multiple people in the truck driving industry(Getty Stock Image)
Congressman Zachary Nunn, a Republican representative of Iowa, has also spoken about the importance of having a healthy number of truckers in the industry.
In the press release, Nunn said: “Right now, we’re facing a serious shortage of truck drivers, and it’s putting pressure on Iowa families and our nation’s supply chains.
“We are experiencing both a recruitment and a retention problem in the trucking industry. This is a simple fix to help get more drivers behind the wheel – improving our supply chain and bringing down costs for every Iowan.”
Only time will tell if the bill is passed and proves to be a success for truckers.
