{"@context":"https://schema.org","@type":"Legislation","name":"Protecting Family and Small Business Tax Cuts Act of 2018","description":"

Protecting Family and Small Business Tax Cuts Act of 2018

This bill amends the Internal Revenue Code to make 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,
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:

extends through 2020 the reduction in the adjusted gross income threshold for the medical expense deduction,
modifies the capital gains tax brackets, and
modifies tax filing requirements for married taxpayers.

","legislationIdentifier":"HR 6760","legislationType":"Bill","legislationLegalForce":"NotInForce","legislationJurisdiction":"USA","author":[{"@type":"Person","name":"Rodney Davis","url":"https://legisdaily.com/mp/rodney-davis-us"}],"about":{"@type":"Thing","name":"Taxation"},"keywords":"Bank accounts, deposits, capital, Capital gains tax, Charitable contributions, Commuting, Disability and paralysis, Egypt, Gambling, Health care costs and insurance, Housing finance and home ownership, Income tax credits, Income tax deductions, Income tax deferral, Income tax exclusion, Income tax rates, Interest, dividends, interest rates, Marriage and family status, Middle East, Military personnel and dependents, Pedestrians and bicycling, Property tax, State and local taxation, Student aid and college costs, Tax administration and collection, taxpayers, Tax treatment of families, Transfer and inheritance taxes, Transportation costs","dateModified":"2025-04-07T00:00:00.000Z","url":"https://legisdaily.com/bill/USA-115-HR-6760"}

Rodney Davis

Rodney Davis

Ways and Means Committee, Finance Committee