What is the official ID of this bill?
The official print number for this legislation is HR 976.
Making Permanent Key Tax Cuts and Deduction Changes for Individuals and Families.
This Act permanently extends major tax reforms from 2017 that were scheduled to expire, ensuring lower individual income tax rates and a doubled standard deduction remain in place indefinitely. Citizens benefit from a permanently higher Child Tax Credit ($2,000) and a doubled estate and gift tax exemption. However, the $10,000 cap on deducting State and Local Taxes (SALT) and the elimination of most miscellaneous itemized deductions are also made permanent.
Key points
Individual income tax rates are permanently lowered, and the standard deduction is permanently increased, reducing the tax burden for most households.
The $10,000 cap on deducting State and Local Taxes (SALT) is made permanent, along with the elimination of deductions for moving expenses (except for military personnel).
The Child Tax Credit is permanently set at $2,000 per child, and the estate and gift tax exemption is permanently doubled.
The Alternative Minimum Tax (AMT) exemption for individuals is permanently increased, reducing the likelihood of being subject to this parallel tax system.
Status:
Expired
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