Sec. 1. Increase in standard deduction
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/bill/116/hr/22/ih/section-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 63(c)(2) of the Internal Revenue Code of 1986 is amended— by striking $4,400 in subparagraph
(B)and inserting $18,000 ; and by striking $3,000 in subparagraph
(C)and inserting $12,000 . Section 63(c)(4) of such Code is amended to read as follows: In the case of a taxable year beginning after 2018, each dollar amount in paragraph (2)(B), (2)(C), or
(5)or subsection
(f)shall 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 for 2016 in subparagraph (A)(ii) thereof— in the case of the dollar amounts contained in paragraph (2)(B) or (2)(C), 2017 , in the case of the dollar amounts contained in paragraph (5)(A) or subsection (f), 1987 , and in the case of the dollar amount contained in paragraph (5)(B), 1997 . If any increase under subparagraph
(A)is not a multiple of $50, such increase shall be rounded to the next lowest multiple of $50. . Section 1(f)(7)(A) of such Code is amended by striking section 63(c)(4), . Section 1(f)(7)(B) of such Code is amended by striking sections 63(c)(4) and and inserting section . Section 63(c) of such Code is amended by striking paragraph (7). The amendments made by this section shall apply to taxable years beginning after December 31, 2017.