US SB1162 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Republican 7-0)
Status: Introduced on April 11 2019 - 25% progression, died in committee
Action: 2019-04-11 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on April 11 2019 - 25% progression, died in committee
Action: 2019-04-11 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Makes permanent several tax provisions that were enacted in 2017 and are scheduled to expire at the end of 2025. The bill makes permanent provisions that reduce individual tax rates, modify the taxation of the unearned income of children, allow a deduction for qualified business income of pass-through entities, increase the standard deduction, increase and modify the child tax credit, increase the limitation for certain charitable contributions, allow additional contributions to ABLE accounts (tax-favored accounts designed to enable individuals with disabilities to save for and pay for disability-related expenses), allow certain members of the Armed Forces in the Sinai Peninsula of Egypt to receive combat zone tax benefits, reduce the adjusted gross income threshold for the medical expense deduction, exclude from gross income discharges of student loan debt due to the death or disability of the student, repeal the deduction for personal exemptions, limit individual deductions for state and local taxes, limit the mortgage interest deduction, double the estate and gift tax exemption amount, increase the alternative minimum tax exemption amount for individuals, and repeal or limit several other deductions and exclusions. The bill also modifies (1) the capital gains tax brackets, and (2) the tax filing requirements for married taxpayers.
Title
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.
Sponsors
Sen. Ted Cruz [R-TX] | Sen. Joni Ernst [R-IA] | Sen. Marsha Blackburn [R-TN] | Sen. Kevin Cramer [R-ND] |
Sen. Mike Braun [R-IN] | Sen. James Inhofe [R-OK] | Sen. Martha McSally [R-AZ] |
History
Date | Chamber | Action |
---|---|---|
2019-04-11 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
SB110 (Related) 2019-01-10 - Read twice and referred to the Committee on Finance.
Subjects
Africa
Bank accounts, deposits, capital
Capital gains tax
Charitable contributions
Commuting
Disability and paralysis
Egypt
Employee benefits and pensions
Gambling
Health care costs and insurance
Higher education
Housing finance and home ownership
Income tax credits
Income tax deductions
Income tax exclusion
Income tax rates
Inflation and prices
Interest, dividends, interest rates
Marriage and family status
Military personnel and dependents
Pedestrians and bicycling
State and local taxation
Student aid and college costs
Tax administration and collection, taxpayers
Tax treatment of families
Taxation
Transfer and inheritance taxes
Bank accounts, deposits, capital
Capital gains tax
Charitable contributions
Commuting
Disability and paralysis
Egypt
Employee benefits and pensions
Gambling
Health care costs and insurance
Higher education
Housing finance and home ownership
Income tax credits
Income tax deductions
Income tax exclusion
Income tax rates
Inflation and prices
Interest, dividends, interest rates
Marriage and family status
Military personnel and dependents
Pedestrians and bicycling
State and local taxation
Student aid and college costs
Tax administration and collection, taxpayers
Tax treatment of families
Taxation
Transfer and inheritance taxes
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/1162/all-info |
Text | https://www.congress.gov/116/bills/s1162/BILLS-116s1162is.pdf |