Politiparty
Politiparty
LeaderboardCongressBills

118th Congress Taxation

H.R. 976: TCJA Permanency Act

Introduced

  1. Introduced (completed)Feb 10, 2023
  2. Passed House (not reached)
  3. Passed Senate (not reached)
  4. To the President (not reached)
  5. Became law (not reached)

Summary

Introduced in House, Feb 10, 2023

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.

Read the full summary

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.

Written by the Congressional Research Service, Library of Congress.

Roll calls

0 votes on this bill

No roll call votes have been held on this bill.

Amendments

0 offered

No amendments were offered to this bill.

Cosponsors

103

Who scored on this bill

18 points earned
  1. 1Vern Buchanan R-FL SponsorReached a cosponsor milestone, introduced4 events+18
See all scorers and every scoring event

Introductions and cosponsorships count toward weekly caps and show no points.

Other bills by Vern Buchanan

History

  1. Feb 10, 2023Introduced in the House by Vern Buchanan.
Show the full action history (2 actions)
  1. Feb 10, 2023Introduced in House
  2. Feb 10, 2023Referred to the House Committee on Ways and Means.