An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018.
USA115th CongressS-1| Senate
| Updated: 11/28/2017
Michael B. Enzi
Republican Senator
Wyoming
Budget Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
(This measure has not been amended since it was introduced. The summary of that version is repeated here.) Tax Cuts and Jobs Act This bill amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. With respect to individuals, the bill: replaces the existing tax brackets (10%, 15%, 25%, 28%, 33%, 35%, and 39.6%) with new tax brackets (10%, 12%, 22%, 24%, 32%, 35%, and 38.5%); increases the standard deduction; suspends the deduction for personal exemptions; allows a deduction for business income of pass-through entities (i.e., partnerships, S corporations, limited liability companies, sole proprietorships); increases the child tax credit and allows a credit for dependents who are not children; suspends the deduction for state and local taxes not incurred in carrying on a trade or business or an activity for the production of income; suspends the deduction for home equity loan interest; repeals the penalty for individuals who fail to maintain minimum essential health coverage as required by the Patient Protection and Affordable Care Act (commonly referred to as the individual mandate); suspends the overall limitation on certain itemized deductions; suspends the alternative minimum tax for individuals; and doubles the basic exemption amount for the estate, gift, and generation-skipping transfer taxes. Many of the provisions in the bill that affect individual taxpayers expire after 2025. For businesses, the bill: permanently reduces the corporate tax rate from a maximum of 35% to a flat 20% rate, permanently repeals the alternative minimum tax for corporations, allows increased expensing of the costs of certain property, repeals the deduction for income attributable to domestic production activities, modifies the net operating loss deduction, limits the deductibility of net interest expenses to 30% percent of the business's adjusted taxable income, and modifies the taxation of foreign income. The bill also: (1) repeals or modifies several additional credits and deductions for individuals and businesses, (2) directs the Department of the Interior to implement an oil and gas leasing program for the Coastal Plain of the Arctic National Wildlife Refuge (ANWR) in Alaska, and (3) directs the Department of Energy to draw down and sell oil from the Strategic Petroleum Reserve.
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Timeline
Introduced in Senate
Committee on the Budget. Original measure reported to Senate by Senator Enzi. Without written report.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 269.
Taxation
Accounting and auditingAgricultural equipment and machineryAlaskaAlaska Natives and HawaiiansAlcoholic beveragesArctic and polar regionsAssault and harassment offensesAthletesAviation and airportsBank accounts, deposits, capitalBudget deficits and national debtBudget processBusiness expensesBusiness investment and capitalCapital gains taxCaribbean areaCharitable contributionsCivil actions and liabilityCommodities marketsCommutingCorporate finance and managementCorrectional facilities and imprisonmentDepartment of the TreasuryDisability and paralysisDisaster relief and insuranceDrug therapyEconomic developmentEgyptElectric power generation and transmissionEmployee benefits and pensionsEmployee leaveEmployment discrimination and employee rightsEnergy revenues and royaltiesExecutive agency funding and structureFarmlandFinancial services and investmentsFloods and storm protectionFood industry and servicesForeign and international corporationsFraud offenses and financial crimesFruit and vegetablesGamblingHealth care costs and insuranceHealth care coverage and accessHigher educationHistoric sites and heritage areasHousing and community development fundingHousing finance and home ownershipHousing supply and affordabilityIncome tax creditsIncome tax deductionsIncome tax exclusionIncome tax ratesIndian claimsInflation and pricesInsurance industry and regulationInterest, dividends, interest ratesInternal Revenue Service (IRS)Land transfersLegal fees and court costsLicensing and registrationsLife, casualty, property insuranceLouisianaLow- and moderate-income housingMiddle EastMilitary operations and strategyMilitary personnel and dependentsMississippiMississippi RiverMotor vehiclesOil and gasPedestrians and bicyclingPoverty and welfare assistancePrescription drugsProfessional sportsProperty taxPublic participation and lobbyingPublic utilities and utility ratesPuerto RicoResearch and developmentResidential rehabilitation and home repairRural conditions and developmentSales and excise taxesSchool athleticsSecuritiesSex offensesSmall businessSocial work, volunteer service, charitable organizationsState and local government operationsState and local taxationStrategic materials and reservesStudent aid and college costsTax administration and collection, taxpayersTaxation of foreign incomeTax-exempt organizationsTax reform and tax simplificationTax treatment of familiesTeaching, teachers, curriculaTexasTransfer and inheritance taxesTransportation costsUser charges and feesU.S. territories and protectoratesWages and earningsWater storageWater use and supplyWilderness and natural areas, wildlife refuges, wild rivers, habitats
An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018.
USA115th CongressS-1| Senate
| Updated: 11/28/2017
(This measure has not been amended since it was introduced. The summary of that version is repeated here.) Tax Cuts and Jobs Act This bill amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. With respect to individuals, the bill: replaces the existing tax brackets (10%, 15%, 25%, 28%, 33%, 35%, and 39.6%) with new tax brackets (10%, 12%, 22%, 24%, 32%, 35%, and 38.5%); increases the standard deduction; suspends the deduction for personal exemptions; allows a deduction for business income of pass-through entities (i.e., partnerships, S corporations, limited liability companies, sole proprietorships); increases the child tax credit and allows a credit for dependents who are not children; suspends the deduction for state and local taxes not incurred in carrying on a trade or business or an activity for the production of income; suspends the deduction for home equity loan interest; repeals the penalty for individuals who fail to maintain minimum essential health coverage as required by the Patient Protection and Affordable Care Act (commonly referred to as the individual mandate); suspends the overall limitation on certain itemized deductions; suspends the alternative minimum tax for individuals; and doubles the basic exemption amount for the estate, gift, and generation-skipping transfer taxes. Many of the provisions in the bill that affect individual taxpayers expire after 2025. For businesses, the bill: permanently reduces the corporate tax rate from a maximum of 35% to a flat 20% rate, permanently repeals the alternative minimum tax for corporations, allows increased expensing of the costs of certain property, repeals the deduction for income attributable to domestic production activities, modifies the net operating loss deduction, limits the deductibility of net interest expenses to 30% percent of the business's adjusted taxable income, and modifies the taxation of foreign income. The bill also: (1) repeals or modifies several additional credits and deductions for individuals and businesses, (2) directs the Department of the Interior to implement an oil and gas leasing program for the Coastal Plain of the Arctic National Wildlife Refuge (ANWR) in Alaska, and (3) directs the Department of Energy to draw down and sell oil from the Strategic Petroleum Reserve.
View Full TextSuggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in Senate
Committee on the Budget. Original measure reported to Senate by Senator Enzi. Without written report.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 269.
Michael B. Enzi
Republican Senator
Wyoming
Budget Committee
Taxation
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- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Accounting and auditingAgricultural equipment and machineryAlaskaAlaska Natives and HawaiiansAlcoholic beveragesArctic and polar regionsAssault and harassment offensesAthletesAviation and airportsBank accounts, deposits, capitalBudget deficits and national debtBudget processBusiness expensesBusiness investment and capitalCapital gains taxCaribbean areaCharitable contributionsCivil actions and liabilityCommodities marketsCommutingCorporate finance and managementCorrectional facilities and imprisonmentDepartment of the TreasuryDisability and paralysisDisaster relief and insuranceDrug therapyEconomic developmentEgyptElectric power generation and transmissionEmployee benefits and pensionsEmployee leaveEmployment discrimination and employee rightsEnergy revenues and royaltiesExecutive agency funding and structureFarmlandFinancial services and investmentsFloods and storm protectionFood industry and servicesForeign and international corporationsFraud offenses and financial crimesFruit and vegetablesGamblingHealth care costs and insuranceHealth care coverage and accessHigher educationHistoric sites and heritage areasHousing and community development fundingHousing finance and home ownershipHousing supply and affordabilityIncome tax creditsIncome tax deductionsIncome tax exclusionIncome tax ratesIndian claimsInflation and pricesInsurance industry and regulationInterest, dividends, interest ratesInternal Revenue Service (IRS)Land transfersLegal fees and court costsLicensing and registrationsLife, casualty, property insuranceLouisianaLow- and moderate-income housingMiddle EastMilitary operations and strategyMilitary personnel and dependentsMississippiMississippi RiverMotor vehiclesOil and gasPedestrians and bicyclingPoverty and welfare assistancePrescription drugsProfessional sportsProperty taxPublic participation and lobbyingPublic utilities and utility ratesPuerto RicoResearch and developmentResidential rehabilitation and home repairRural conditions and developmentSales and excise taxesSchool athleticsSecuritiesSex offensesSmall businessSocial work, volunteer service, charitable organizationsState and local government operationsState and local taxationStrategic materials and reservesStudent aid and college costsTax administration and collection, taxpayersTaxation of foreign incomeTax-exempt organizationsTax reform and tax simplificationTax treatment of familiesTeaching, teachers, curriculaTexasTransfer and inheritance taxesTransportation costsUser charges and feesU.S. territories and protectoratesWages and earningsWater storageWater use and supplyWilderness and natural areas, wildlife refuges, wild rivers, habitats