S. 1162

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.