INCREASE IN STANDARD DEDUCTION.

SEC. 11021. INCREASE IN STANDARD DEDUCTION.(a) In General.—Subsection (c) of section 63 is amended by adding at the end the following new paragraph:“(7) Special rules for taxable years 2018 through 2025.—In the case of a taxable year beginning after December 31, 2017, and before January 1, 2026—“(A) Increase in standard deduction.—Paragraph (2) shall be applied—“(i) by substituting ‘$18,000’ for ‘$4,400’ in subparagraph (B), and“(ii) by substituting ‘$12,000’ for ‘$3,000’ in subparagraph (C).“(B) Adjustment for inflation.—131 STAT. 2073“(i) In general.—Paragraph (4) shall not apply to the dollar amounts contained in paragraphs (2)(B) and (2)(C).“(ii) Adjustment of increased amounts.—In the case of a taxable year beginning after 2018, the $18,000 and $12,000 amounts in subparagraph (A) shall each 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 ‘2017’ for ‘2016’ in subparagraph (A)(ii) thereof.If any increase under this clause is not a multiple of $50, such increase shall be rounded to the next lowest multiple of $50.”.(b) Effective Date.—The amendment made by this section shall apply to taxable years beginning after December 31, 2017.