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Bill > HR137

US HR137

TCJA Permanency Act

summary

Introduced
01/03/2025
In Committee
01/03/2025
Crossed Over
Passed
Dead

Introduced Session

119th Congress

Bill Summary

A BILL To amend the Internal Revenue Code of 1986 to make permanent certain provisions of the Tax Cuts and Jobs Act affecting individuals, families, and small businesses, and for other purposes.

AI Summary

This bill, titled the "TCJA Permanency Act," aims to make permanent several tax provisions originally introduced in the Tax Cuts and Jobs Act (TCJA) of 2017, affecting individual taxpayers, families, and businesses. The bill contains multiple sections that modify the Internal Revenue Code, making key changes such as permanently establishing new tax rates, increasing the standard deduction, modifying the child tax credit, limiting state and local tax deductions, and adjusting various other tax-related provisions. Specifically, it makes permanent changes to individual income tax brackets, increases the standard deduction to $18,000 for single filers and $12,000 for dependents, modifies the child tax credit to $2,000 per qualifying child, limits state and local tax deductions to $10,000, and increases the estate and gift tax exemption to $10 million. The bill also makes permanent changes to the Alternative Minimum Tax exemption and eliminates or modifies several temporary tax provisions, such as the deduction for personal exemptions and miscellaneous itemized deductions. These changes aim to provide long-term tax certainty for individuals and businesses by converting temporary TCJA provisions into permanent tax law.

Committee Categories

Budget and Finance

Sponsors (53)

Vern Buchanan (R)*,  Mark Amodei (R),  Andy Barr (R),  Aaron Bean (R),  Mike Bost (R),  Mike Carey (R),  Buddy Carter (R),  Andrew Clyde (R),  Dan Crenshaw (R),  Troy Downing (R),  Jake Ellzey (R),  Ron Estes (R),  Mike Ezell (R),  Pat Fallon (R),  Randy Feenstra (R),  Brad Finstad (R),  Russ Fulcher (R),  Mark Green (R),  Glenn Grothman (R),  Michael Guest (R),  Ashley Hinson (R),  Erin Houchin (R),  Jeff Hurd (R),  Mike Kelly (R),  David Kustoff (R),  Darin LaHood (R),  Frank Lucas (R),  Richard McCormick (R),  John McGuire (R),  Dan Meuser (R),  Carol Miller (R),  Max Miller (R),  Cory Mills (R),  John Moolenaar (R),  Blake Moore (R),  Tim Moore (R),  Nathaniel Moran (R),  Zach Nunn (R),  David Rouzer (R),  Michael Rulli (R),  John Rutherford (R),  Keith Self (R),  Adrian Smith (R),  Marlin Stutzman (R),  Claudia Tenney (R),  G.T. Thompson (R),  William Timmons (R),  Jeff Van Drew (R),  Beth Van Duyne (R),  Ann Wagner (R),  Randy Weber (R),  Roger Williams (R),  Rudy Yakym (R), 

Last Action

Referred to the House Committee on Ways and Means. (on 01/03/2025)
(3 Companion Bills)

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