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TCJA Permanency Act: Tax Changes for Families and Businesses

This act aims to make permanent many tax changes introduced in 2017 that were set to expire. This means current tax rates, family credits, and small business rules will remain in effect, impacting your personal and business finances long-term.
Key points
Individual, married, and head of household tax rates are permanently modified, potentially affecting your income tax liability.
The increased standard deduction and modified child tax credit are made permanent, which could mean lower tax burdens for many families.
Rules for tax deductions, such as the State and Local Tax (SALT) deduction cap and mortgage interest, are maintained, impacting your ability to deduct expenses.
The estate and gift tax exemption amount is increased, which is relevant for estate planning.
Increased Alternative Minimum Tax (AMT) exemption limits for individuals are made permanent, potentially shielding more people from this tax.
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Expired
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Additional Information
Print number: 117_HR_8913
Sponsor: Rep. Buchanan, Vern [R-FL-16]
Process start date: 2022-09-20
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

TCJA Permanency Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_8913.

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 2022-09-20.

What are the main provisions?

Key points include:

  • Individual, married, and head of household tax rates are permanently modified, potentially affecting your income tax liability.
  • The increased standard deduction and modified child tax credit are made permanent, which could mean lower tax burdens for many families.
  • Rules for tax deductions, such as the State and Local Tax (SALT) deduction cap and mortgage interest, are maintained, impacting your ability to deduct expenses.
  • The estate and gift tax exemption amount is increased, which is relevant for estate planning.
  • Increased Alternative Minimum Tax (AMT) exemption limits for individuals are made permanent, potentially shielding more people from this tax.
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. Buchanan, Vern [R-FL-16].

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 2025-12-28.

CATEGORIES

Taxes Family Economy