Bills · HR 137
IN COMMITTEE· 119TH CONGRESS
House BillHR 137Income tax creditsForeign property
TCJA Permanency Act
INTRO JAN 3· LAST ACTION JAN 3
READING
50MIN
COSPONSORS
53
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenVoters should care about this bill because it directly impacts how much federal income tax they pay. If this bill passes, many individuals and families will continue to see lower tax bills due to maintained lower tax rates, a larger standard deduction, and a bigger child tax credit. This means more take-home pay or more funds available for spending or saving, preventing a tax increase that would otherwise occur in 2026.
Without this bill, many of these tax benefits would expire at the end of 2025, leading to a significant tax increase for millions of Americans and potentially impacting consumer spending and the broader economy. It also affects the long-term financial planning for individuals, families, and businesses by providing certainty about future tax rates and deductions, allowing them to plan their budgets and investments more effectively.
KEY PROVISIONS
5AI-extractedPROVISION 01
Makes the current lower income tax rates for individuals and families permanent.
This directly impacts the amount of federal income tax most Americans pay, preventing a tax increase.
PROVISION 02
Permanently increases the standard deduction, allowing more taxpayers to reduce their taxable income without itemizing.
This provision benefits millions of Americans by reducing their taxable income and potentially their overall tax burden.
PROVISION 03
Maintains the increased Child Tax Credit, providing a larger tax benefit for families with children.
This offers significant financial support to families with children, helping to offset child-rearing costs.
PROVISION 04
Makes permanent the deduction for qualified business income of pass-through entities (Section 199A deduction).
This provides a tax break for many small business owners, which can support business growth and investment.
PROVISION 05
Permanently keeps the cap on deductions for state and local taxes (SALT), typically $10,000 per household.
This continues to impact taxpayers, particularly in high-tax states, who would otherwise deduct unlimited state and local taxes.
SPONSORSHIP
1 + 53
R· Florida
YRS IN OFFICE
19
BILLS LED
46
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 0 REP 53 IND 0
ACTION TIMELINE
3 EVENTSJAN 3
Introduced in House
JAN 3
Introduced in House
JAN 3
Referred to the House Committee on Ways and Means.
BILL INFO
TypeHouse Bill
NumberHR 137
Congress119th
StatusIn Committee
IntroducedJan 3, 2025
Last actionJan 3, 2025
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IN COMMITTEE· 119TH CONGRESS · WAYS AND MEANS COMMITTEE · INTRODUCED JAN 3, 2025
House BillHR 137Income tax creditsForeign property
TCJA Permanency Act
INTRODUCED JAN 3, 2025· LAST ACTION JAN 3, 2025
PASSAGE CHANCES
—%
READING
50 min
COSPONSORS
53
COMPLEXITY
Moderate
