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Making Tax Cuts and Family Credits Permanent: Securing Lower Rates and Higher Deductions

This bill permanently extends major individual tax provisions, securing permanent income tax rates and a higher standard deduction. Key changes include making the increased Child Tax Credit permanent and maintaining the limitation on the deduction for state and local taxes (SALT). Additionally, the bill permanently eliminates personal exemptions and certain miscellaneous itemized deductions.
Key points
Individual income tax rates and the increased standard deduction amounts are made permanent.
The $2,000 Child Tax Credit and the increased exemption amount for estate and gift taxes ($10 million) are permanently extended.
The limitation on the deduction for State and Local Taxes (SALT) is made permanent, and the mortgage interest deduction is limited to indebtedness of $750,000.
Miscellaneous itemized deductions and the deduction for personal exemptions are permanently eliminated.
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Expired
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Additional Information
Print number: 118_S_1226
Sponsor: Sen. Cruz, Ted [R-TX]
Process start date: 2023-04-20
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Summarized by: gemini-3-pro-preview
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

A bill to amend the Internal Revenue Code of 1986 to make permanent the individual tax provisions of the tax reform law, and for other purposes.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_1226.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-04-20.

What are the main provisions?

Key points include:

  • Individual income tax rates and the increased standard deduction amounts are made permanent.
  • The $2,000 Child Tax Credit and the increased exemption amount for estate and gift taxes ($10 million) are permanently extended.
  • The limitation on the deduction for State and Local Taxes (SALT) is made permanent, and the mortgage interest deduction is limited to indebtedness of $750,000.
  • Miscellaneous itemized deductions and the deduction for personal exemptions are permanently eliminated.
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 Sen. Cruz, Ted [R-TX].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Taxes Family Economy