H.R. 8983 — Introduced in House

I 117th CONGRESS 2d Session H. R. 8983 IN THE HOUSE OF REPRESENTATIVES September 26, 2022Mr. Banks introduced the following bill; which was referred to the Committee on Ways and Means A BILL To rescind certain balances made available to the Internal Revenue Service and amend the Internal Revenue Code of 1986 to permanently increase the standard deduction. 1. Rescission of certain balances made available to the Internal Revenue Service Section 10301 of Public Law 117–169 (commonly known as the Inflation Reduction Act) is hereby repealed, the unobligated balance of amounts made available under such section are hereby permanently rescinded, and any amounts made available under such section that are obligated are hereby deobligated and permanently rescinded. 2. Increase in standard deduction (a) In general Section 63(c)(2) of the Internal Revenue Code of 1986 is amended— (1) by striking $4,400 in subparagraph (B) and inserting $21,060, and (2) by striking $3,000 in subparagraph (C) and inserting $14,025. (b) Inflation adjustment Section 63(c)(4) of such Code is amended to read as follows: (4) Adjustments for inflation (A) In general Each dollar amount in paragraph (2)(B), (2)(C), or (5) or subsection (f) shall be increased by an amount equal to— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting for 2016 in subparagraph (A)(ii) thereof— (I) in the case of the dollar amounts contained in paragraph (2)(B) or (2)(C), 2022, (II) in the case of the dollar amounts contained in paragraph (5)(A) or subsection (f), 1987, and (III) in the case of the dollar amount contained in paragraph (5)(B), 1997. (B) Rounding If any increase under this clause is not a multiple of $50, such increase shall be rounded to the next lowest multiple of $50. . (c) Conforming amendment Section 63(c) of such Code is amended by striking paragraph (7). (d) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2022.