Permanent Tax Cuts for American Families Act of 2023

Bill: 118-hr-3270
Sponsor: full_name: Rep. Steel, Michelle [R-CA-45]
Introduced: 2023-05-11
Policy area: Taxation
Latest action: action_date: 2023-05-11
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-05-11
action_desc: Introduced in House
text: <p> <strong>Permanent Tax Cuts for American Families Act of 2023 </strong></p> <p>This bill permanently increases the standard tax deduction for nonitemizing taxpayers. It also requires an inflation adjustment to the increased deduction amounts. </p>

tv_txt: I 118th CONGRESS 1st Session H. R. 3270 IN THE HOUSE OF REPRESENTATIVES May 11, 2023 Mrs. Steel (for herself, Mr. Smith of Nebraska , Mr. Kustoff , Ms. Van Duyne , Mr. Wenstrup , Mr. Ferguson , Mr. Kelly of Pennsylvania , Mr. Feenstra , and Mrs. Miller of West Virginia ) 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 permanently increase the standard deduction.

1. Short title This Act may be cited as the Permanent Tax Cuts for American Families Act of 2023 . 2. Increase in standard deduction made permanent (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 $18,000 , and (2) by striking $3,000 in subparagraph (C) and inserting $12,000 . (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), 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 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 the date of the enactment of this Act.