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HR 5372 115th Congress House Taxation Bank accounts, deposits, capital Commuting Corporate finance and management Disability and paralysis Egypt Gambling Health care costs and insurance Housing finance and home ownership Income tax credits Income tax deductions Income tax exclusion Income tax rates Interest, dividends, interest rates Middle East Military personnel and dependents Pedestrians and bicycling State and local taxation Student aid and college costs Tax treatment of families

Tax Cuts and Jobs Middle Class Enhancement Act

Introduced: March 21, 2018 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 21, 2018
Referred to the House Committee on Ways and Means.
Mar 21, 2018
Introduced in House
 Plain-English summary Congressional Research Service

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.
What's happening now March 21, 2018

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1