year of a taxpayer other than a corporation, any excess business loss of the taxpayer for the taxable year shall not be allowed. . (b) Conforming amendment Section 461 of the Internal Revenue Code of 1986 is amended by striking subsection (j) (relating to limitation on excess farm losses of certain taxpayers). (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2022. 4. Permanent extension of increase in standard deduction (a) In general Section 63(c)(2) of the Internal Revenue Code of 1986 is amended— (1) by striking $4,400 in subparagraph (B) and inserting $18,800 , and (2) by striking $3,000 in subparagraph (C) and inserting $12,000 . (b) Inflation adjustment Paragraph (4) of section 63(c) of the Internal Revenue Code of 1986 is amended to read as follows: (4) Adjustments for inflation (A) In general In the case of any taxable year beginning in a calendar year after 2018, the $18,000 and $12,000 amounts in paragraph (2) 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, by substituting 2017 for 2016 in subparagraph (A)(ii) thereof. (B) Certain amounts In the case of any taxable year beginning in a calendar year after 1988, each dollar amount contained in paragraph (5) or subsection (f) shall 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, by substituting for calendar year 2016 in subparagraph (A)(ii) thereof— (I) calendar year 1987 in the case of the dollar amounts contained in paragraph (5)(A) or subsection (f), and (II) calendar year 1997 in the case of the dollar amount contained in paragraph (5)(B). . (c) Conforming amendment Section 63(c) of the Internal Revenue Code of 1986 is amended by striking paragraph (7). (d) Effective date The