TCJA Permanency Act

This bill would make permanent a number of tax changes that were originally passed in 2017 and are set to expire. These include keeping the current individual tax rates, a larger standard deduction, a $2,000 child tax credit per child, and a $10 million estate tax exclusion. The bill would also permanently cap the deduction for state and local taxes at $10,000 and the mortgage interest deduction at $750,000, while expanding what families can use tax-free education savings accounts (529 plans) to pay for, including homeschool and K-12 expenses. It also permanently removes certain deductions, such as some miscellaneous itemized deductions and the tax exclusion for employer-reimbursed bicycle commuting expenses.

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