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US HR5372

Tax Cuts and Jobs Middle Class Enhancement Act


summary

Introduced
03/21/2018
In Committee
03/21/2018
Crossed Over
Passed
Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

Tax Cuts and Jobs Middle Class Enhancement Act This bill amends the Internal Revenue Code to exclude from gross income up to $5,000 received by an individual as a bonus after December 22, 2017, and before January 1, 2019. The bill defines a "bonus" as amounts paid to an employee other than amounts obligated under an employment contract. The bill makes permanent the tax reductions and other provisions for individuals that were enacted in P.L 115-97 (commonly known as the Tax Cuts and Jobs Act) and are scheduled to expire at the end of 2025. The bill also: increases the standard deduction, makes permanent the reduction in the adjusted gross income threshold that must be exceeded before a taxpayer is allowed to claim an itemized deduction for medical expenses, and increases the refundable portion of the child tax credit.

AI Summary

This bill, the TaxCuts and Jobs Middle Class Enhancement Act, makes several key changes to the Internal Revenue Code. It excludes up to $5,000 received as a bonus by an individual between December 22, 2017 and January 1, 2019 from gross income. The bill also permanently extends the individual tax provisions of the Tax Cuts and Jobs Act that were set to expire in 2025. Additionally, it increases the standard deduction, makes permanent the reduced 7.5% threshold for the medical expense deduction, and increases the refundable portion of the child tax credit.

Committee Categories

Budget and Finance

Sponsors (2)

Last Action

Referred to the House Committee on Ways and Means. (on 03/21/2018)

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