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United States · Bill · HR

H.R. 976 (118th)

TCJA Permanency Act

referredUnited States· United States Congress· EN

Introduced

10 February 2023

Last action

10 February 2023 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Vern Buchanan, Scott Perry, David Joyce, Kevin Hern, Mike Kelly, Beth Van Duyne, Carol Miller, Jodey Arrington, Adrian Smith, A. Ferguson, Randy Feenstra, Rep. Tenney, Claudia [R-NY-24], David Kustoff, Mark Amodei, Daniel Meuser, Eric Crawford, Mariannette Miller-Meeks, Guy Reschenthaler, Matt Gaetz, Kat Cammack, Bryan Steil, Clay Higgins, Michael McCaul, Troy Balderson, John Moolenaar, Ann Wagner, Garret Graves, William Timmons, Jake LaTurner, Mike Johnson, Maria Salazar, Trent Kelly, Michael Waltz, Alexander Mooney, Dan Bishop, Brandon Williams, Bill Johnson, Anna Paulina Luna, Scott Fitzgerald, Burgess Owens, Barry Moore, Brad Finstad, Mike Carey, Rick Allen, Tom Emmer, Max Miller, Byron Donalds, Ronny Jackson

Subjects

Defence, Taxation

Source updated

27 November 2024

Defence · Taxation

Official sourceDownload fileView documentsShare

Summary

TCJA Permanency Act This bill makes permanent provisions affecting individual and business taxpayers that were enacted in 2017 by the Tax Cuts and Jobs Act and are scheduled to expire at the end of 2025. The bill makes permanent reductions in individual and capital gain tax rates. The bill increases the standard tax deduction for individual taxpayers. It also increases and modifies the child tax credit and raises the contribution base for the tax deduction for charitable contributions. The bill allows additional contributions to ABLE accounts (tax-exempt accounts designed to enable individuals with disabilities to save and pay for disability-related expenses). It exempts from taxation combat zone benefits of members of the Armed Forces serving in the Sinai Peninsula of Egypt and limits the deduction for moving expenses to active duty members of the Armed Forces. Additionally, the bill expands the types of elementary and secondary school expenses eligible for payment from qualified tuition programs (529 programs); lowers to $750,000 the amount of mortgage debt eligible for an interest expense tax deduction; reinstates after 2024 the exclusion of income from the gross income of student loan borrowers for loan debt discharged due to death or total and permanent disability; makes permanent the limitation on the tax deduction for state and local taxes and denies a deduction for foreign real property taxes; makes permanent the tax deduction of the income of certain pass-through business entities; repeals the tax deduction for personal tax exemptions and the exclusion of employer-provided bicycle commuter fringe benefits; terminates certain miscellaneous itemized tax deductions; doubles the estate and gift tax exemption amount; and makes permanent the increase of the alternative minimum tax exemption amount for individual taxpayers.

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Timeline

  1. 10 February 2023

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  2. 10 February 2023

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 10 February 2023

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

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Sponsors

Showing 48 of 105 sponsors and actors.

Related records

Sources

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