Summary: S.1162 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for S.1162. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (04/11/2019)

This bill 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.