To rescind certain balances made available to the Internal Revenue Service and amend the Internal Revenue Code of 1986 to permanently increase the standard deduction.
Bill: H.R.8983 | Sponsor: Rep. Banks, Jim (R-IN)
Policy area: Taxation

Summary:
This bill rescinds amounts made available to the Internal Revenue Service for enforcement and other activities under the Inflation Reduction Act of 2022. It also permanently increases the standard deduction for individual taxpayers.

To rescind certain balances made available to the Internal Revenue 
  Service and amend the Internal Revenue Code of 1986 to permanently 
                    increase the standard deduction.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. RESCISSION OF CERTAIN BALANCES MADE AVAILABLE TO THE 
              INTERNAL REVENUE SERVICE.

    Section 10301 of Public Law 117-169 (commonly known as the 
``Inflation Reduction Act'') is hereby repealed, the unobligated 
balance of amounts made available under such section are hereby 
permanently rescinded, and any amounts made available under such 
section that are obligated are hereby deobligated and permanently 
rescinded.

SEC. 2. INCREASE IN STANDARD DEDUCTION.

    (a) In General.--Section 63(c)(2) of the Internal Revenue Code of 
1986 is amended--
            (1) by striking ``$4,400'' in subparagraph (B) and 
        inserting ``$21,060'', and
            (2) by striking ``$3,000'' in subparagraph (C) and 
        inserting ``$14,025''.
    (b) Inflation Adjustment.--Section 63(c)(4) of such Code is amended 
to read as follows:
            ``(4) Adjustments for inflation.--
                    ``(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 
                        determined under section 1(f)(3) for the 
                        calendar year in which the taxable year begins, 
                        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), `2022',
                                    ``(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 this clause 
                is not a multiple of $50, such increase shall be 
                rounded to the next lowest multiple of $50.''.
    (c) Conforming Amendment.--Section 63(c) of such Code is amended by 
striking paragraph (7).
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2022.
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