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.

Hozzl · 2023-12-15T16:07:10Z

Explore the details of Senate Bill 1226 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. currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/15/2023, 4:07 PM

Summary of Bill S 1226

Bill 118 s 1226, also known as the "Individual Tax Provisions Permanency Act," aims to amend the Internal Revenue Code of 1986 to make permanent the individual tax provisions that were implemented as part of the tax reform law. The bill seeks to ensure that key tax benefits for individuals, such as lower tax rates, increased standard deductions, and expanded child tax credits, remain in place indefinitely.

By making these provisions permanent, the bill aims to provide certainty and stability for taxpayers, allowing them to better plan for their financial futures. Additionally, the bill includes provisions to simplify the tax code and reduce compliance burdens for individuals.

Overall, the goal of Bill 118 s 1226 is to ensure that the benefits of the tax reform law continue to positively impact individuals and families, while also promoting economic growth and prosperity.

Congressional Summary of S 1226

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 a reduction of individual income tax rates, an increase in the child tax credit, limitations on the tax deduction for state and local taxes and the mortgage interest deduction, and an increase in the exemption amount for estate and gift taxes.

Current Status of Bill S 1226

Bill S 1226 is currently in the status of Bill Introduced since April 20, 2023. Bill S 1226 was introduced during Congress 118 and was introduced to the Senate on April 20, 2023. Bill S 1226's most recent activity was Read twice and referred to the Committee on Finance. as of April 20, 2023