Rep. Vern Buchanan (R-FL) has introduced legislation to make permanent certain individual-related and small-business-related provisions of the Tax Cuts and Jobs Act (TCJA). Without congressional action, 23 provisions of the five-year-old tax law are set to expire after 2025. According to the Tax Foundation, most taxpayers will see a tax increase unless some or all of the provisions are extended. The TCJA Permanency Act would permanently lower tax rates for individuals and families, preserve the 20% deduction for small businesses, maintain the higher standard deduction, lock in the higher child tax credit and more. Stay tuned.
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