The flat cap is replaced by an applicable limitation amount
What the document says“by striking "$10,000 ($5,000 in the case of a married individual filing a separate return)" and inserting "the applicable limitation amount (half the applicable limitation amount in the case of a married individual filing a separate return)".”
The section strikes the figures $10,000 and $5,000 from section 164(b)(6) of the Internal Revenue Code of 1986 and inserts a reference to the applicable limitation amount, or half of it for a married individual filing separately. It also strikes the words and before January 1, 2026.
What the document actually says“by striking "$10,000 ($5,000 in the case of a married individual filing a separate return)" and inserting "the applicable limitation amount (half the applicable limitation amount in the case of a married individual filing a separate return)".”
A flat dollar cap is taken out. A named figure is put in its place. A married person filing alone gets half of it.
The new figure is set out later in the section. Words setting an end date are also struck. So the cap carries on with no end year.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.