Tax Cuts and Jobs Act Extension
A bill to make permanent certain provisions of the Tax Cuts and Jobs Act of 2017 and to provide additional tax relief for American families and businesses.
Plain Language Summary
This bill would make permanent the individual income tax cuts from the 2017 Tax Cuts and Jobs Act, which are set to expire at the end of 2025. It includes provisions to maintain the higher standard deduction, expanded child tax credit, and lower individual tax rates.
The bill also proposes new deductions for tip income and overtime pay. If passed, the bill would affect virtually every American taxpayer, with the largest benefits going to middle-income families.
CRS Official Summary
This bill amends the Internal Revenue Code to make permanent certain tax provisions that were enacted by the Tax Cuts and Jobs Act.
Latest Action
Referred to the Committee on Ways and Means.