An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Internal Revenue Code of 1986

The main body of federal tax law in the United States, which governs how individuals and businesses are taxed.

Gross income

All income from whatever source derived, unless specifically excluded by law. This is the starting point for calculating taxable income.

Strike benefits

Financial payments made by a labor union to its members who are on strike, typically to help replace lost wages and support them during the work stoppage.

Labor organization

A group of workers (a union) organized to advance its members' interests, such as wages, benefits, and working conditions.

Section 501(c)(5)

A specific part of the Internal Revenue Code that describes certain types of tax-exempt organizations, including labor, agricultural, or horticultural organizations.

Clerical amendment

A technical change made to the law, such as updating a table of contents, to ensure consistency after a new section is added.