TCJA Permanency Act

[AI summary unavailable — showing source text] TCJA Permanency Act This bill makes permanent multiple federal tax provisions enacted in 2017 by the Tax Cuts and Jobs Act. The bill makes permanent the  individual tax rates of 10%, 12%, 22%, 24%, 32%, 35%, and 37%; increased standard deduction; personal exemption allowance repeal; exclusion from income of student loans discharged due to death or disability; qualified business income tax deduction (199A tax deduction); allowance of ABLE account contributions in excess of the annual gift tax exclusion amount; base estate and gift tax exclusion amount of $10 million (adjusted annually); and alternative minimum tax exemption and phaseout amounts for noncorporate taxpayers. The bill makes permanent the child tax credit amounts of $2,000 per child and $500 for dependents, the $200,000 phaseout threshold ($400,000 for joint filers), and the refundable portion of the tax credit.  The bill expands the expenses eligible for tax-free withdrawals from qualified tuition plans (529 plans) to include additional expenses associated with homeschool and elementary and secondary schools (e.g., instructional materials, tutoring, test and enrollment fees, and educational therapies…