SecBot SecBot

TCJA Permanency Act

H.R. 976 Rep. Vern Buchanan (R-FL-16) In committee
Bill text PDF
  1. Introduced Feb 10
  2. Committee Feb 10
  3. Passed House Next
  4. Passed Senate Not yet
  5. To President Not yet
  6. Law Not yet
Where it stands
In committee, Feb 10, 2023Next: House vote
1356d ago Feb 10, 2023: Referred to the House Committee on Ways and Means.
Final votes
No roll callsNo recorded vote on this bill yet
Lobbying
4companies, 4 filings
Subscribe to see spend
Member trades
1trades in the last 90 days
Subscribe to see who
Who backs the bill and who pushes back Subscribe

Companies lobbying on this bill

4 companies
Companies by sector
Energy 4
Search all 4 companies, their asks and price moves Subscribe

Summary

TCJA Permanency Act

Full summary14 paragraphs

This bill makes permanent provisions affecting individual and business taxpayers that were enacted in 2017 by the Tax Cuts and Jobs Act and are scheduled to expire at the end of 2025.

The bill makes permanent reductions in individual and capital gain tax rates.

The bill increases the standard tax deduction for individual taxpayers. It also increases and modifies the child tax credit and raises the contribution base for the tax deduction for charitable contributions.

The bill allows additional contributions to ABLE accounts (tax-exempt accounts designed to enable individuals with disabilities to save and pay for disability-related expenses). It exempts from taxation combat zone benefits of members of the Armed Forces serving in the Sinai Peninsula of Egypt and limits the deduction for moving expenses to active duty members of the Armed Forces.

Additionally, the bill

- expands the types of elementary and secondary school expenses eligible for payment from qualified tuition programs (529 programs);

- lowers to $750,000 the amount of mortgage debt eligible for an interest expense tax deduction;

- reinstates after 2024 the exclusion of income from the gross income of student loan borrowers for loan debt discharged due to death or total and permanent disability;

- makes permanent the limitation on the tax deduction for state and local taxes and denies a deduction for foreign real property taxes;

- makes permanent the tax deduction of the income of certain pass-through business entities;

- repeals the tax deduction for personal tax exemptions and the exclusion of employer-provided bicycle commuter fringe benefits;

- terminates certain miscellaneous itemized tax deductions;

- doubles the estate and gift tax exemption amount; and

- makes permanent the increase of the alternative minimum tax exemption amount for individual taxpayers.

Library of Congress summary, Feb 10, 2023

Summary versions
  • Introduced in HouseFeb 10, 2023

Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 27, 2026.