I 
119TH CONGRESS 
1ST SESSION 
H. R. 137 
To amend the Internal Revenue Code of 1986 to make permanent certain 
provisions of the Tax Cuts and Jobs Act affecting individuals, families, 
and small businesses, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 3, 2025 
Mr. BUCHANAN (for himself, Mr. SMITH of Nebraska, Mr. LAHOOD, Mr. 
ESTES, Mrs. MILLER of West Virginia, Mr. KUSTOFF, Ms. TENNEY, Ms. 
VAN DUYNE, Mr. FEENSTRA, Mr. CAREY, Mr. YAKYM, Mr. MORAN, Mr. 
MILLER of Ohio, Mr. RUTHERFORD, Mr. CRENSHAW, Mr. GUEST, Mr. 
MOOLENAAR, Mr. AMODEI of Nevada, Mr. FULCHER, Mr. ELLZEY, Mr. 
GROTHMAN, Mr. MEUSER, Mr. CLYDE, Mr. ROUZER, Mrs. HINSON, Mr. 
RULLI, Mr. EZELL, Mr. BOST, Mr. BARR, Mr. WEBER of Texas, and Mr. 
CARTER of Georgia) introduced the following bill; which was referred to 
the Committee on Ways and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to make 
permanent certain provisions of the Tax Cuts and Jobs 
Act affecting individuals, families, and small businesses, 
and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE, ETC. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘TCJA Permanency Act’’. 
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(b) AMENDMENT OF 1986 CODE.—Except as other-
wise expressly provided, whenever in this Act an amend-
ment or repeal is expressed in terms of an amendment 
to, or repeal of, a section or other provision, the reference 
shall be considered to be made to a section or other provi-
sion of the Internal Revenue Code of 1986. 
(c) REFERENCES
TO
THE TAX CUTS
AND JOBS 
ACT.—Title I of Public Law 115–97 may be cited as the 
‘‘Tax Cuts and Jobs Act’’. 
(d) TABLE OF CONTENTS.—The table of contents of 
this Act is as follows: 
Sec. 1. Short title, etc. 
TITLE I—INDIVIDUAL REFORM MADE PERMANENT 
Subtitle A—Rate Reform 
Sec. 101. Modification of rates. 
Subtitle B—Deduction for Qualified Business Income of Pass-Thru Entities 
Sec. 111. Deduction for qualified business income. 
Sec. 112. Limitation on losses for taxpayers other than corporations. 
Subtitle C—Tax Benefits for Families and Individuals 
Sec. 121. Increase in standard deduction. 
Sec. 122. Increase in and modification of child tax credit. 
Sec. 123. Increased limitation for certain charitable contributions. 
Sec. 124. Increased contributions to ABLE accounts. 
Sec. 125. Rollovers to ABLE programs from 529 programs. 
Sec. 126. Treatment of certain individuals performing services in the Sinai Pe-
ninsula of Egypt. 
Subtitle D—Education 
Sec. 131. Treatment of student loan discharges. 
Sec. 132. 529 account funding for homeschool and additional elementary and 
secondary expenses. 
Subtitle E—Deductions and Exclusions 
Sec. 141. Repeal of deduction for personal exemptions. 
Sec. 142. Limitation on deduction for State and local, etc., taxes. 
Sec. 143. Limitation on deduction for qualified residence interest. 
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Sec. 144. Modification of deduction for personal casualty losses. 
Sec. 145. Termination of miscellaneous itemized deductions. 
Sec. 146. Repeal of overall limitation on itemized deductions. 
Sec. 147. Termination of exclusion for qualified bicycle commuting reimburse-
ment. 
Sec. 148. Qualified moving expense reimbursement exclusion limited to mem-
bers of Armed Forces. 
Sec. 149. Deduction for moving expenses limited to members of Armed Forces. 
Sec. 150. Limitation on wagering losses. 
Subtitle F—Increase in Estate and Gift Tax Exemption 
Sec. 151. Increase in estate and gift tax exemption. 
TITLE II—INCREASED EXEMPTION FOR ALTERNATIVE MINIMUM 
TAX MADE PERMANENT 
Sec. 201. Increased exemption for individuals. 
TITLE I—INDIVIDUAL REFORM 
MADE PERMANENT 
Subtitle A—Rate Reform 
SEC. 101. MODIFICATION OF RATES. 
(a) MARRIED INDIVIDUALS FILING JOINT RETURNS 
AND SURVIVING SPOUSES.—Section 1(a) is amended by 
striking the table contained therein and inserting the fol-
lowing: 
‘‘If taxable income is: 
The tax is: 
Not over $19,050 ......................................
10% of taxable income. 
Over $19,050 but not over $77,400 ..........
$1,905, plus 12% of the excess over 
$19,050. 
Over $77,400 but not over $165,000 ........
$8,907, plus 22% of the excess over 
$77,400. 
Over $165,000 but not over $315,000 ......
$28,179, plus 24% of the excess 
over $165,000. 
Over $315,000 but not over $400,000 ......
$64,179, plus 32% of the excess 
over $315,000. 
Over $400,000 but not over $600,000 ......
$91,379, plus 35% of the excess 
over $400,000. 
Over $600,000 ...........................................
$161,379, plus 37% of the excess 
over $600,000.’’. 
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(b) HEADS
OF
HOUSEHOLDS.—Section 1(b) is 
amended by striking the table contained therein and in-
serting the following: 
‘‘If taxable income is: 
The tax is: 
Not over $13,600 ......................................
10% of taxable income. 
Over $13,600 but not over $51,800 ..........
$1,360, plus 12% of the excess over 
$13,600. 
Over $51,800 but not over $82,500 ..........
$5,944, plus 22% of the excess over 
$51,800. 
Over $82,500 but not over $157,500 ........
$12,698, plus 24% of the excess 
over $82,500. 
Over $157,500 but not over $200,000 ......
$30,698, plus 32% of the excess 
over $157,500. 
Over $200,000 but not over $500,000 ......
$44,298, plus 35% of the excess 
over $200,000. 
Over $500,000 ...........................................
$149,298, plus 37% of the excess 
over $500,000.’’. 
(c) UNMARRIED INDIVIDUALS OTHER THAN SUR-
VIVING SPOUSES AND HEADS OF HOUSEHOLDS.—Section 
1(c) is amended by striking the table contained therein 
and inserting the following: 
‘‘If taxable income is: 
The tax is: 
Not over $9,525 ........................................
10% of taxable income. 
Over $9,525 but not over $38,700 ............
$952.50, plus 12% of the excess 
over $9,525. 
Over $38,700 but not over $82,500 ..........
$4,453.50, plus 22% of the excess 
over $38,700. 
Over $82,500 but not over $157,500 ........
$14,089.50, plus 24% of the excess 
over $82,500. 
Over $157,500 but not over $200,000 ......
$32,089.50, plus 32% of the excess 
over $157,500. 
Over $200,000 but not over $500,000 ......
$45,689.50, plus 35% of the excess 
over $200,000. 
Over $500,000 ...........................................
$150,689.50, plus 37% of the ex-
cess over $500,000.’’. 
(d) MARRIED INDIVIDUALS FILING SEPARATE RE-
TURNS.—Section 1(d) is amended by striking the table 
contained therein and inserting the following: 
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‘‘If taxable income is: 
The tax is: 
Not over $9,525 ........................................
10% of taxable income. 
Over $9,525 but not over $38,700 ............
$952.50, plus 12% of the excess 
over $9,525. 
Over $38,700 but not over $82,500 ..........
$4,453.50, plus 22% of the excess 
over $38,700. 
Over $82,500 but not over $157,500 ........
$14,089.50, plus 24% of the excess 
over $82,500. 
Over $157,500 but not over $200,000 ......
$32,089.50, plus 32% of the excess 
over $157,500. 
Over $200,000 but not over $300,000 ......
$45,689.50, plus 35% of the excess 
over $200,000. 
Over $300,000 ...........................................
$80,689.50, plus 37% of the excess 
over $300,000.’’. 
(e) ESTATES AND TRUSTS.—Section 1(e) is amended 
by striking the table contained therein and inserting the 
following: 
‘‘If taxable income is: 
The tax is: 
Not over $2,550 ........................................
10% of taxable income. 
Over $2,550 but not over $9,150 ..............
$255, plus 24% of the excess over 
$2,550. 
Over $9,150 but not over $12,500 ............
$1,839, plus 35% of the excess over 
$9,150. 
Over $12,500 .............................................
$3,011.50, plus 37% of the excess 
over $12,500.’’. 
(f) INFLATION
ADJUSTMENTS.—Section 1(f) is 
amended— 
(1) by amending paragraph (2)(A) to read as 
follows: 
‘‘(A) by increasing the minimum and max-
imum dollar amounts for each bracket for 
which a tax is imposed under such table by the 
cost-of-living adjustment for such calendar year, 
determined under this subsection for such cal-
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endar year by substituting ‘2017’ for ‘2016’ in 
paragraph (3)(A)(ii),’’, 
(2) by amending paragraph (7) to read as fol-
lows: 
‘‘(7) ROUNDING.— 
‘‘(A) IN GENERAL.—Except as provided in 
subparagraph (B), if any increase determined 
under paragraph (2)(A) is not a multiple of 
$25, such increase shall be rounded to the next 
lowest multiple of $25. 
‘‘(B) JOINT RETURNS, ETC.—In the case 
of a table prescribed under subsection (a), sub-
paragraph (A) shall be applied by substituting 
‘$50’ for ‘$25’ both places it appears.’’, 
(3) by striking paragraph (8), and 
(4) in the heading, by striking ‘‘PHASEOUT OF 
MARRIAGE PENALTY IN 15-PERCENT BRACKET; AD-
JUSTMENTS’’ and inserting ‘‘ADJUSTMENTS’’. 
(g) APPLICATION OF INCOME TAX BRACKETS TO 
CAPITAL GAINS BRACKETS.—Section 1(h) is amended— 
(1) in paragraph (1)(B)(i), by striking ‘‘25 per-
cent’’ and inserting ‘‘22 percent’’, 
(2) in paragraph (1)(C)(ii)(I), by striking 
‘‘which would (without regard to this paragraph) be 
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taxed at a rate below 39.6 percent’’ and inserting 
‘‘below the maximum 15-percent rate amount’’, and 
(3) by adding at the end the following new 
paragraphs: 
‘‘(12) MAXIMUM
15-PERCENT
RATE
AMOUNT 
DEFINED.—For purposes of this subsection, the 
maximum 15-percent rate amount shall be— 
‘‘(A) in the case of a joint return or sur-
viving spouse (as defined in section 2(a)), 
$479,000 (1⁄2 such amount in the case of a 
married individual filing a separate return), 
‘‘(B) in the case of an individual who is a 
head of household (as defined in section 2(b)), 
$452,400, 
‘‘(C) in the case of any other individual 
(other than an estate or trust), $425,800, and 
‘‘(D) in the case of an estate or trust, 
$12,700. 
‘‘(13) DETERMINATION
OF
PERCENT
RATE 
BRACKET FOR ESTATES AND TRUSTS.—In the case 
of any estate or trust, paragraph (1)(B) shall be ap-
plied by treating the amount determined in clause (i) 
thereof as being equal to $2,600. 
‘‘(14) INFLATION ADJUSTMENT.— 
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(A) Section 15 is amended by striking sub-
sections (d) and (f). 
(B) Section 6013(c) is amended by strik-
ing ‘‘sections 15, 443, and 7851(a)(1)(A)’’ and 
inserting ‘‘section 443’’. 
(C) The heading of section 15 is amended 
by inserting ‘‘ON CORPORATIONS’’ after ‘‘EF-
FECT OF CHANGES’’. 
(D) The table of sections for part III of 
subchapter A of chapter 1 is amended by strik-
ing the item relating to section 15 and inserting 
the following new item: 
‘‘Sec. 15. Effect of changes on corporations.’’. 
(j) EFFECTIVE DATE.— 
(1) IN GENERAL.—The amendments made by 
this section shall apply to taxable years beginning 
after the date of the enactment of this Act. 
(2) APPLICATION OF SECTION 15.—Section 15 
of the Internal Revenue Code of 1986 shall not 
apply to any change in a rate of tax by reason of— 
(A) section 1(j) of such Code (as in effect 
before its repeal by this section), or 
(B) any amendment made by this Act. 
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Subtitle B—Deduction for Quali-
fied Business Income of Pass- 
Thru Entities 
SEC. 111. DEDUCTION FOR QUALIFIED BUSINESS INCOME. 
(a) IN GENERAL.—Section 199A is amended by 
striking subsection (i). 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
the date of the enactment of this Act. 
SEC. 112. LIMITATION ON LOSSES FOR TAXPAYERS OTHER 
THAN CORPORATIONS. 
(a) IN GENERAL.—Section 461 is amended— 
(1) by amending subsection (l)(1) to read as 
follows: 
‘‘(1) LIMITATION.—In the case of a taxpayer 
other than a corporation, any excess business loss of 
the taxpayer for the taxable year shall not be al-
lowed.’’, and 
(2) by striking subsection (j) and redesignating 
subsections (k) and (l) (as amended) as subsections 
(j) and (k), respectively. 
(b) CONFORMING AMENDMENTS.— 
(1) Section 58(a)(2)(A) is amended by striking 
‘‘461(k)’’ and inserting ‘‘461(j)’’. 
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(2) Section 461(i)(4) is amended by striking 
‘‘subsection (k)’’ and inserting ‘‘subsection (j)’’. 
(3) Section 464(d)(2)(B)(iii) is amended by 
striking ‘‘section 461(k)(2)(E)’’ and inserting ‘‘sec-
tion 461(j)(2)(E)’’. 
(4) Subparagraphs (B) and (C) of section 
1256(e)(3) are each amended by striking ‘‘section 
461(k)(4)’’ and inserting ‘‘section 461(j)(4)’’. 
(5) Section 1258(d)(5)(C) is amended by strik-
ing ‘‘section 461(k)(4)’’ and inserting ‘‘section 
461(j)(4)’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
the date of the enactment of this Act. 
Subtitle C—Tax Benefits for 
Families and Individuals 
SEC. 121. INCREASE IN STANDARD DEDUCTION. 
(a) IN GENERAL.—Section 63(c)(2) is amended— 
(1) by striking ‘‘$4,400’’ in subparagraph (B) 
and inserting ‘‘$18,000’’, and 
(2) by striking ‘‘$3,000’’ in subparagraph (C) 
and inserting ‘‘$12,000’’. 
(b) INFLATION ADJUSTMENT.—Section 63(c)(4) is 
amended to read as follows: 
‘‘(4) ADJUSTMENTS FOR INFLATION.— 
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‘‘(A) IN GENERAL.—Each dollar amount in 
paragraph (2)(B), (2)(C), or (5) or subsection 
(f) shall be increased by an amount equal to— 
‘‘(i) such dollar amount, multiplied by 
‘‘(ii) the cost-of-living adjustment de-
termined under section 1(f)(3) for the cal-
endar year in which the taxable year be-
gins, determined by substituting for ‘2016’ 
in subparagraph (A)(ii) thereof— 
‘‘(I) in the case of the dollar 
amounts 
contained 
in 
paragraph 
(2)(B) or (2)(C), ‘2017’, 
‘‘(II) in the case of the dollar 
amounts 
contained 
in 
paragraph 
(5)(A) or subsection (f), ‘1987’, and 
‘‘(III) in the case of the dollar 
amount 
contained 
in 
paragraph 
(5)(B), ‘1997’. 
‘‘(B) ROUNDING.—If any increase under 
subparagraph (A) is not a multiple of $50, such 
increase shall be rounded to the next lowest 
multiple of $50.’’. 
(c) CONFORMING AMENDMENT.—Section 63(c) is 
amended by striking paragraph (7). 
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(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
the date of the enactment of this Act. 
SEC. 122. INCREASE IN AND MODIFICATION OF CHILD TAX 
CREDIT. 
(a) IN GENERAL.—Section 24 is amended by striking 
subsections (a), (b), and (c) and inserting the following 
new subsections: 
‘‘(a) ALLOWANCE OF CREDIT.—There shall be al-
lowed as a credit against the tax imposed by this chapter 
for the taxable year an amount equal to the sum of— 
‘‘(1) $2,000 for each qualifying child of the tax-
payer, and 
‘‘(2) $500 for each qualifying dependent (other 
than a qualifying child) of the taxpayer. 
‘‘(b) LIMITATION BASED ON ADJUSTED GROSS IN-
COME.—The amount of the credit allowable under sub-
section (a) shall be reduced (but not below zero) by $50 
for each $1,000 (or fraction thereof) by which the tax-
payer’s modified adjusted gross income exceeds $400,000 
in the case of a joint return ($200,000 in any other case). 
For purposes of the preceding sentence, the term ‘‘modi-
fied adjusted gross income’’ means adjusted gross income 
increased by any amount excluded from gross income 
under section 911, 931, or 933. 
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‘‘(c) QUALIFYING CHILD; QUALIFYING DEPEND-
ENT.—For purposes of this section— 
‘‘(1) QUALIFYING CHILD.—The term ‘qualifying 
child’ means any qualifying dependent of the tax-
payer— 
‘‘(A) who is a qualifying child (as defined 
in section 7706(c)) of the taxpayer, 
‘‘(B) who has not attained age 17 at the 
close of the calendar year in which the taxable 
year of the taxpayer begins, and 
‘‘(C) whose name and social security num-
ber are included on the taxpayer’s return of tax 
for the taxable year. 
‘‘(2) QUALIFYING
DEPENDENT.—The 
term 
‘qualifying dependent’ means any dependent of the 
taxpayer (as defined in section 7706 without regard 
to all that follows ‘resident of the United States’ in 
section 7706(b)(3)(A)) whose name and TIN are in-
cluded on the taxpayer’s return of tax for the tax-
able year. 
‘‘(3) SOCIAL
SECURITY
NUMBER
DEFINED.— 
For purposes of this subsection, the term ‘social se-
curity number’ means, with respect to a return of 
tax, a social security number issued to an individual 
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