An act to provide for reconciliation pursuant to title II of H. Con. Res. 14.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill makes permanent several key provisions of the 2017 Tax Cuts and Jobs Act, primarily benefiting American families and rural communities. It extends tax deductions for individuals and businesses, increases the child tax credit, and provides additional support for agricultural production. The bill also includes provisions related to healthcare, including expanding access to health savings accounts and modifying eligibility requirements for the premium tax credit for lawfully present immigrants. Furthermore, it addresses issues related to federal debt, spectrum auctions, and regulatory oversight.
Key provisions
- Makes permanent individual income tax rates from the 2017 Tax Cuts and Jobs Act.
- Increases the standard deduction and temporarily enhances the child tax credit.
- Expands eligibility for health savings accounts (HSAs) to include certain individuals with direct primary care services and those with bronze-level health insurance.
- Modifies eligibility requirements for the premium tax credit for lawfully present immigrants.
- Establishes a new tax deduction for qualified tip income for workers earning less than $160,000.
- Increases the limit on the amount of debt that can be issued by the United States.
- Directs the Federal Communications Commission to auction spectrum for mobile broadband.
- Modifies the regulatory framework for artificial intelligence and information technology modernization.
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