The House Committee on Ways and Means announced some items they are considering in a new tax reform bill.
Here’s what they may make permanent.
Individual and Small Business Tax Cuts
Many of the individual and small business tax provisions in the Tax Cuts and Jobs Act are currently scheduled to expire after 2025, but they may soon become permanent. This includes:
Lower individual tax rates
Increased child tax credit
Paid family leave tax credit
Increases to the alternative minimum tax (AMT) exemption amounts and phase-out thresholds
Doubled estate tax exemption amount
Code Sec. 199A qualified business income/pass-through deduction
We will continue to watch to see if these changes become permanent.
Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.