S-1162 : Still Just a Bill
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This bill makes permanent several tax provisions that were enacted in 2017 and are scheduled to expire at the end of 2025.
The bill makes permanent provisions that
- reduce individual tax rates,
- modify the taxation of the unearned income of children,
- allow a deduction for qualified business income of pass-through entities,
- increase the standard deduction,
- increase and modify the child tax credit,
- increase the limitation for certain charitable contributions,
- allow additional contributions to ABLE accounts (tax-favored accounts designed to enable individuals with disabilities to save for and pay for disability-related expenses),
- allow certain members of the Armed Forces in the Sinai Peninsula of Egypt to receive combat zone tax benefits,
- reduce the adjusted gross income threshold for the medical expense deduction,
- exclude from gross income discharges of student loan debt due to the death or disability of the student,
- repeal the deduction for personal exemptions,
- limit individual deductions for state and local taxes,
- limit the mortgage interest deduction,
- double the estate and gift tax exemption amount,
- increase the alternative minimum tax exemption amount for individuals, and
- repeal or limit several other deductions and exclusions.
The bill also modifies (1) the capital gains tax brackets, and (2) the tax filing requirements for married taxpayers.