A bill to amend the Internal Revenue Code of 1986 to make permanent the individual tax provisions of the tax reform law, and for other purposes.

Summary

This bill amends the Internal Revenue Code to make permanent several tax provisions that were enacted in 2017 and are scheduled to expire at the end of 2025. The bill makes permanent provisions that reduce individual tax rates, modify the taxation of the unearned income of children, allow a deduction for qualified business income of pass-through entities, increase the standard deduction, increase and modify the child tax credit, increase the limitation for certain charitable contributions, allow additional contributions to ABLE accounts (tax-favored accounts designed to enable individuals with disabilities to save for and pay for disability-related expenses), allow certain members of the Armed Forces in the Sinai Peninsula of Egypt to receive combat zone tax benefits, reduce the adjusted gross income threshold for the medical expense deduction, exclude from gross income discharges of student loan debt due to the death or disability of the student, repeal the deduction for personal exemptions, limit individual deductions for state and local taxes, limit the mortgage interest deduction, double the estate and gift tax exemption amount, increase the alternative minimum tax exemption amount for individuals, and repeal or limit several other deductions and exclusions. The bill also modifies (1) the capital gains tax brackets, and (2) the tax filing requirements for married taxpayers.

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Timeline

1. 17 April 2018

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 17 April 2018

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 17 April 2018 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 17 April 2018

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 17 April 2018

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 17 April 2018

  Open at official source

Sponsors

• Ted Cruz · R · Sponsor
• Joni Ernst · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1986 to make permanent the individual tax rates in effect for taxable years 2018 through 2025.
• related to → A bill to amend the Internal Revenue Code of 1986 to make permanent the individual tax rates in effect for taxable years 2018 through 2025.
• related to → A bill to amend the Internal Revenue Code of 1986 to make permanent the individual tax provisions of the tax reform law, and for other purposes.
• related to ← To amend the Internal Revenue Code of 1986 to make permanent the increase in the estate and gift tax exemption made by Public Law 115-97.
• related to ← Main Street Tax Certainty Act
• related to ← Protecting Family and Small Business Tax Cuts Act of 2018