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119th Congress Taxation

H.R. 137: TCJA Permanency Act

Introduced

  1. Introduced (completed)Jan 3, 2025
  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, Jan 3, 2025

This bill makes permanent multiple federal tax provisions enacted in 2017 by the Tax Cuts and Jobs Act.

The bill makes permanent the

  • individual tax rates of 10%, 12%, 22%, 24%, 32%, 35%, and 37%;
  • increased standard deduction;
  • personal exemption allowance repeal;
  • exclusion from income of student loans discharged due to death or disability;
  • qualified business income tax deduction (199A tax deduction);
  • allowance of ABLE account contributions in excess of the annual gift tax exclusion amount;
  • base estate and gift tax exclusion amount of $10 million (adjusted annually); and
  • alternative minimum tax exemption and phaseout amounts for noncorporate taxpayers.
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The bill makes permanent the child tax credit amounts of $2,000 per child and $500 for dependents, the $200,000 phaseout threshold ($400,000 for joint filers), and the refundable portion of the tax credit.

The bill expands the expenses eligible for tax-free withdrawals from qualified tuition plans (529 plans) to include additional expenses associated with homeschool and elementary and secondary schools (e.g., instructional materials, tutoring, test and enrollment fees, and educational therapies).

The bill permanently eliminates certain miscellaneous itemized deductions and makes permanent the

  • state and local tax deduction limit of $10,000 ($5,000 for married individuals filing separately),
  • mortgage interest tax deduction limit of $750,000 ($375,000 for married individuals filing separately),
  • limit on the deduction of cash charitable contributions to 60% of a taxpayer’s adjusted gross income, and
  • certain limits on casualty loss tax deductions.

The bill also permanently eliminates the exclusion from income for employer-reimbursed bicycle commuting expenses.

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

53

Who scored on this bill

12 points earned
  1. 1Vern Buchanan R-FL SponsorReached a cosponsor milestone, introduced3 events+12
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Introductions and cosponsorships count toward weekly caps and show no points.

Other bills by Vern Buchanan

History

  1. Jan 3, 2025Introduced in the House by Vern Buchanan.
Show the full action history (2 actions)
  1. Jan 3, 2025Introduced in House
  2. Jan 3, 2025Referred to the House Committee on Ways and Means.