Family and Community Inflation Relief Act of 2022 This bill provides for an inflation adjustment to the amount of (1) the child tax credit, (2) the tax credit for expenses for household and dependent care services, (3) the American Opportunity and Lifetime Learning tax credits, and (4) the tax deduction for interest on education loans. The bill grants the Internal Revenue Service authority to adjust the standard mileage rate for the use of an automobile for charitable purposes (such rate may not be less than the rate used for purposes of the medical expense deduction). It also extends for one year the suspension of the tax deduction for state and local taxes.
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Finance.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Taxation
Family and Community Inflation Relief Act of 2022
USA117th CongressS-4589| Senate
| Updated: 7/21/2022
Family and Community Inflation Relief Act of 2022 This bill provides for an inflation adjustment to the amount of (1) the child tax credit, (2) the tax credit for expenses for household and dependent care services, (3) the American Opportunity and Lifetime Learning tax credits, and (4) the tax deduction for interest on education loans. The bill grants the Internal Revenue Service authority to adjust the standard mileage rate for the use of an automobile for charitable purposes (such rate may not be less than the rate used for purposes of the medical expense deduction). It also extends for one year the suspension of the tax deduction for state and local taxes.