To amend the Internal Revenue Code of 1986 to make permanent the increase in the standard deduction, the increase in and modifications of the child tax credit, and the repeal of the deduction for personal exemptions contained in Public Law 115-97.

Overview: HR 22 - To amend the Internal Revenue Code of 1986 to make permanent the increase in the standard deduction, the increase in and modifications of the child tax credit, and the repeal of the deduction for personal exemptions contained in Public Law 115-97.
Purpose and Intent: The main goal of this bill is to make permanent certain tax provisions that were enacted as part of the 2017 Tax Cuts and Jobs Act (Public Law 115-97). Specifically, it would make permanent the increased standard deduction, expanded child tax credit, and repeal of personal exemptions.
Key Provisions:
- Makes permanent the increased standard deduction amounts ($12,200 for individuals, $24,400 for married couples filing jointly)
- Retains the increased child tax credit of $2,000 per child and the $500 credit for other dependents
- Permanently repeals the deduction for personal exemptions
Affected Parties and Impacts: This legislation would primarily impact individual taxpayers, who would continue to benefit from the higher standard deduction and expanded child tax credit if it is made permanent. Taxpayers who previously claimed personal exemptions would no longer be able to do so.
Procedural and Timeline Considerations: HR 22 has been introduced in the House of Representatives and is currently in the early stages of the legislative process. If enacted, the tax changes would be permanent and take effect for future tax years.