amended by striking section 152(d)(2) and inserting section 7706(d)(2) . (50) Section 7703(a) of such Code is amended by striking part V of subchapter B of chapter 1 and . (51) Section 7703(b)(1) of such Code is amended by striking section 152(f)(1) and all that follows and inserting section 7706(f)(1), . (52) Section 7706(a) of such Code, as redesignated by this section, is amended by striking this subtitle and inserting subtitle A . (53) (A) Section 7706(d)(1)(B) of such Code, as redesignated by this section, is amended by striking the exemption amount (as defined in section 151(d)) and inserting $4,150 . (B) Section 7706(d) of such Code, as redesignated by this section, is amended by adding at the end the following new paragraph: (6) Inflation adjustment In the case of any calendar year beginning after 2018, the $4,150 amount in paragraph (1)(B) shall be increased by an amount equal to— (A) such dollar amount, multiplied by (B) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year, determined by substituting calendar year 2017 for calendar year 2016 in subparagraph (A)(ii) thereof. If any increase determined under the preceding sentence is not a multiple of $100, such increase shall be rounded to the next lowest multiple of $100. . (54) The table of sections for chapter 79 of such Code is amended by adding at the end the following new item: Sec. 7706. Dependent defined. . (g) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2017. 13. Permanent extension of limitation on deduction for State and local, etc., taxes (a) In general Paragraph (6) of section 164(b) of the Internal Revenue Code of 1986 is amended— (1) by striking , and before January 1, 2026 , and (2) by striking 2018 through 2025 in the heading and inserting after 2017 . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2016. 14. Permanent extension of limitation on deduction for qualified