This bill proposes to update current statutes by establishing an optional standard deduction for the taxable year 2025. Specifically, it introduces new provisions that allow taxpayers to elect a standard deduction based on their filing status. For single individuals or married persons filing separately, the standard deduction would be set at $15,750. For single individuals who qualify as heads of households, the deduction would be $23,625, and for married couples filing jointly, the deduction would be $31,500. The bill does not alter any existing statutes outside of these new provisions, as indicated by the ... tags, which remain unchanged. The ... tags denote the new language that would be added to the law, while there are no ... tags present, indicating that no existing language is being removed.