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Standard Summary
Comprehensive overview in 1-2 paragraphs
The TCJA Permanency Act makes permanent numerous provisions of the Tax Cuts and Jobs Act, including increased standard deductions, expanded child tax credit, higher estate and gift tax exemptions, and various changes to deductions and credits for individuals, families, and small businesses.
Key Points
- 1Standard deduction and child tax credit amounts are permanently increased.
- 2Estate and gift tax exemption limits are raised to $10 million for individuals.
- 3Deductions for state and local taxes, personal casualty losses, and miscellaneous itemized deductions are modified or repealed.
- 4Qualified business income deductions for pass‑through entities are preserved.
- 5Various provisions affecting education, health care, and charitable contributions are made permanent.
Impact Areas
Individual taxpayers and familiesSmall businesses and pass‑through entitiesTaxpayers claiming state/local tax deductionsEstate and gift tax filers
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