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Protecting Family and Small Business Tax Cuts Act

This act aims to make permanent certain amendments to the Internal Revenue Code of 1986, specifically provisions of the Tax Cuts and Jobs Act affecting individuals, families, and small businesses. It includes modifications to tax rates, an increase in the standard deduction, and changes to the child tax credit. The act also addresses estate and gift taxes and the Alternative Minimum Tax.
Key points
Modifies individual income tax rates, including those for married individuals filing jointly and heads of households.
Increases the standard deduction to $18,000 for heads of households and $12,000 for single filers (with inflation adjustments).
Increases the child tax credit to $2,000 per qualifying child and introduces a $500 credit for other qualifying dependents.
Makes permanent the limitation on State and Local Tax (SALT) deductions to $10,000 ($5,000 for married individuals filing separately).
Increases the estate and gift tax exemption from $5,000,000 to $10,000,000.
Increases the exemption amounts for the Alternative Minimum Tax (AMT) for individuals.
Terminates the exclusion for qualified bicycle commuting reimbursement and limits moving expense deductions to members of the Armed Forces.
Extends rules for student loan discharges due to death or disability to apply after December 31, 2025.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_HR_6658
Sponsor: Rep. Davis, Rodney [R-IL-13]
Process start date: 2022-02-09
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Protecting Family and Small Business Tax Cuts Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_6658.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-02-09.

What are the main provisions?

Key points include:

  • Modifies individual income tax rates, including those for married individuals filing jointly and heads of households.
  • Increases the standard deduction to $18,000 for heads of households and $12,000 for single filers (with inflation adjustments).
  • Increases the child tax credit to $2,000 per qualifying child and introduces a $500 credit for other qualifying dependents.
  • Makes permanent the limitation on State and Local Tax (SALT) deductions to $10,000 ($5,000 for married individuals filing separately).
  • Increases the estate and gift tax exemption from $5,000,000 to $10,000,000.
  • Increases the exemption amounts for the Alternative Minimum Tax (AMT) for individuals.
  • Terminates the exclusion for qualified bicycle commuting reimbursement and limits moving expense deductions to members of the Armed Forces.
  • Extends rules for student loan discharges due to death or disability to apply after December 31, 2025.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Davis, Rodney [R-IL-13].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Taxes Family Economy