Sec. 11021. Increase in standard deduction
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Subsection
(c)of section 63 is amended by adding at the end the following new paragraph: In the case of a taxable year beginning after December 31, 2017, and before January 1, 2026— Paragraph
(2)shall be applied— by substituting $18,000 for $4,400 in subparagraph (B), and by substituting $12,000 for $3,000 in subparagraph (C). Paragraph
(4)shall not apply to the dollar amounts contained in paragraphs (2)(B) and (2)(C). In the case of a taxable year beginning after 2018, the $18,000 and $12,000 amounts in subparagraph
(A)shall each be increased by an amount equal to— such dollar amount, multiplied by the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting 2017 for 2016 in subparagraph (A)(ii) thereof. . The amendment made by this section shall apply to taxable years beginning after December 31, 2017.