Two base years move forward by seven
What the document says“in the matter preceding clause (i), by striking "December 31, 2018" and inserting "December 31, 2025", and”
The section strikes December 31, 2018 and inserts December 31, 2025 in the matter preceding clause (i) of section 461(l)(3)(C) of the Internal Revenue Code of 1986, and strikes 2017 and inserts 2024 in clause (ii). The permanence change applies to taxable years beginning after December 31, 2026 and this change to taxable years beginning after December 31, 2025.
What the document actually says“in the matter preceding clause (i), by striking "December 31, 2018" and inserting "December 31, 2025", and”
One date is taken out of a tax rule. It was December 31, 2018. The new date is December 31, 2025.
A second base year moves from 2017 to 2024. Both feed an inflation sum. That resets how the threshold grows.
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.