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Increased Tax Deduction and IRS Funding Cuts.

This bill aims to increase the standard tax deduction, potentially leading to lower taxes for many individuals. Simultaneously, it proposes to rescind funds allocated to the Internal Revenue Service, which could impact its operational capacity. These changes are set to take effect from 2023.
Key points
Increased Standard Deduction: The standard deduction for single filers will increase from $4,400 to $21,060, and for other categories from $3,000 to $14,025.
Rescission of IRS Funding: Funds allocated to the Internal Revenue Service (IRS) under the Inflation Reduction Act will be cancelled.
Changes Effective from 2023: New tax deduction rules will apply to tax years beginning after December 31, 2022.
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Expired
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Additional Information
Print number: 117_HR_8983
Sponsor: Rep. Banks, Jim [R-IN-3]
Process start date: 2022-09-26
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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

To rescind certain balances made available to the Internal Revenue Service and amend the Internal Revenue Code of 1986 to permanently increase the standard deduction.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_8983.

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 2022-09-26.

What are the main provisions?

Key points include:

  • Increased Standard Deduction: The standard deduction for single filers will increase from $4,400 to $21,060, and for other categories from $3,000 to $14,025.
  • Rescission of IRS Funding: Funds allocated to the Internal Revenue Service (IRS) under the Inflation Reduction Act will be cancelled.
  • Changes Effective from 2023: New tax deduction rules will apply to tax years beginning after December 31, 2022.
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. Banks, Jim [R-IN-3].

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