S. 126

Referred to Committee

A bill to amend the Internal Revenue Code of 1986 to make permanent the individual tax provisions of the tax reform law, and for other purposes.

Introduced 1/28/2021•117th Congress•Senate

Latest Action

Read twice and referred to the Committee on Finance.

1/28/2021 • Senate

Summary

This bill makes permanent several tax provisions for individual taxpayers that were enacted by the Tax Cuts and Jobs Act of 2017 and are scheduled to expire at the end of 2025. These provisions include reduction of individual income tax rates, increase in the child tax credit, limitations on the tax deduction for state and local taxes and the mortgage interest deduction, and increase in the exemption amount for estate and gift taxes.

Introduced in Senate • 1/28/2021

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Topics & Subjects

Policy Area: Taxation

AfricaBank accounts, deposits, capitalCapital gains taxCharitable contributionsCommutingDisability and paralysisEgyptEmployee benefits and pensionsGamblingHigher educationHousing finance and home ownershipIncome tax creditsIncome tax deductionsIncome tax exclusionIncome tax ratesInflation and pricesInterest, dividends, interest ratesMarriage and family statusMiddle East