The Congressional Research Service recently updated their reference table for the provisions of the Tax Cuts and Jobs Act (TCJA) that will be expiring between 2025 and 2028. Most of the updates are recalculations as the government moves into another fiscal year.
The reference table includes:
- a brief overview and how it will change upon the scheduled expiration of the TCJA;
- the budgetary score, both at enactment and if extended permanently
- a negative number (-) generally indicates reduced revenues and hence an increase in the deficit,
- a positive number (+) generally indicates increased revenues and hence a reduction in the deficit;
- the relevant section of the TCJA;
- the amended section of the Internal Revenue Code (IRC); and
- the expiration date.