Sec. 11021. Increase in standard deduction
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/bill/115/hr/1/unknown/section-11021A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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. If any increase under this clause is not a multiple of $50, such increase shall be rounded to the next lowest multiple of $50. . The amendment made by this section shall apply to taxable years beginning after December 31, 2017.