H.R. 523

119 HR 523 IH: Permanent Tax Cuts for American Families Act of 2025
 U.S. House of Representatives
 2025-01-16
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 I  119th CONGRESS  1st Session  H. R. 523  IN THE HOUSE OF REPRESENTATIVES   January 16, 2025   Mr. Miller of Ohio  (for himself,  Mr. Feenstra ,  Mr. Smith of Nebraska ,  Mr. LaHood ,  Mrs. Miller of West Virginia ,  Ms. Tenney ,  Mr. Estes ,  Ms. Van Duyne ,  Mr. Kustoff ,  Mr. Finstad , and  Mr. Calvert ) 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 2025  .
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.