arrow_back Back to App

Tax Cuts Permanency Act: Changes for Families and Businesses

This act aims to make permanent many tax changes introduced in 2017 that were set to expire. This means citizens and small businesses can expect current tax rates, credits, and deductions to remain, impacting their personal finances and household budgeting.
Key points
Individual tax rates, including those for families and small businesses, are permanently modified, potentially affecting income tax owed.
The increased standard deduction and child tax credit are made permanent, which could lower taxes for many families.
Rules for deducting state and local taxes, home mortgage interest, and other deductions are maintained.
The estate and gift tax exemption amount is increased, which is significant for estate planning.
The increased exemption for the Alternative Minimum Tax (AMT) for individuals is made permanent, potentially protecting some taxpayers from higher burdens.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_137
Sponsor: Rep. Buchanan, Vern [R-FL-16]
Process start date: 2025-01-03
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
AI work logs for this document launch

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 119_HR_137.

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 2025-01-03.

What are the main provisions?

Key points include:

  • Individual tax rates, including those for families and small businesses, are permanently modified, potentially affecting income tax owed.
  • The increased standard deduction and child tax credit are made permanent, which could lower taxes for many families.
  • Rules for deducting state and local taxes, home mortgage interest, and other deductions are maintained.
  • The estate and gift tax exemption amount is increased, which is significant for estate planning.
  • The increased exemption for the Alternative Minimum Tax (AMT) for individuals is made permanent, potentially protecting some taxpayers from higher burdens.
What is the specific legal status?

The current status is Introduced.

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 2025-12-22.

CATEGORIES

Taxes Family Real Estate