House Bill 5372
115th Congress(2017-2018)
Tax Cuts and Jobs Middle Class Enhancement Act
Introduced
Introduced in House on Mar 21, 2018
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
5372
Congress
115
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
No House votes have been held for this bill.
Summary
Tax Cuts and Jobs Middle Class Enhancement Act
This bill amends the Internal Revenue Code to exclude from gross income up to $5,000 received by an individual as a bonus after December 22, 2017, and before January 1, 2019. The bill defines a "bonus" as amounts paid to an employee other than amounts obligated under an employment contract.
The bill makes permanent the tax reductions and other provisions for individuals that were enacted in P.L 115-97 (commonly known as the Tax Cuts and Jobs Act) and are scheduled to expire at the end of 2025.
The bill also:
- increases the standard deduction,
- makes permanent the reduction in the adjusted gross income threshold that must be exceeded before a taxpayer is allowed to claim an itemized deduction for medical expenses, and
- increases the refundable portion of the child tax credit.
March 21, 2018
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03/21/2018
Referred to the House Committee on Ways and Means.
03/21/2018
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:40:08 PM