An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018.

3.0.0 1 2022-02-02T05:49:59Z 2022-02-02T05:49:59Z Senate S 2017-11-28 115 ssbu00 Budget Committee Senate Standing Reported original measure 2017-11-28T22:44:30Z An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018. 115 1 HR 2017-12-22 Signed by President. Related bill House Related bill CRS A bill to amend the Internal Revenue Code of 1986 to repeal the deduction for local lobbying expenses. 115 2170 S 2017-11-29 Read twice and referred to the Committee on Finance. Related bill CRS Fairness to Veterans for Infrastructure Investment Act of 2017 115 4319 HR 2017-11-13 Referred to the Subcommittee on Highways and Transit. Related bill CRS Emergency Citrus Disease Response Act of 2017 115 112 HR 2017-01-03 Referred to the House Committee on Ways and Means. Related bill CRS Territorial Tax Parity Act of 2017 115 189 HR 2017-01-03 Referred to the House Committee on Ways and Means. Related bill CRS Investing in Opportunity Act 115 828 HR 2017-02-02 Referred to the House Committee on Ways and Means. Related bill CRS To amend the Internal Revenue Code of 1986 to clarify the tax treatment of certain life insurance contract transactions, and for other purposes. 115 1262 HR 2017-02-28 Referred to the House Committee on Ways and Means. Related bill CRS LOSAP CAP Act 115 1720 HR 2017-03-24 Referred to the House Committee on Ways and Means. Related bill CRS ABLE to Work Act of 2017 115 1896 HR 2017-04-04 Referred to the House Committee on Ways and Means. Related bill CRS ABLE Financial Planning Act 115 1897 HR 2017-04-04 Referred to the House Committee on Ways and Means. Related bill CRS Savings Enhancement by Alleviating Leakage in 401(k) Savings Act 115 2030 HR 2017-04-06 Referred to the House Committee on Ways and Means. Related bill CRS Sinai Service Recognition Act 115 2138 HR 2017-04-25 Referred to the House Committee on Ways and Means. Related bill CRS Seniors' Tax Simplification Act of 2017 115 2721 HR 2017-05-25 Referred to the House Committee on Ways and Means. Related bill CRS Volunteer Income Tax Assistance Permanence Act of 2017 115 2901 HR 2018-04-18 Pursuant to the provisions of H. Res. 831, H.R. 2901 is laid on the table. 18:20:49 Related bill CRS Philanthropic Enterprise Act of 2017 115 3035 HR 2017-06-23 Referred to the House Committee on Ways and Means. Related bill CRS Empowering Employees through Stock Ownership Act 115 3084 HR 2017-06-27 Referred to the House Committee on Ways and Means. Related bill CRS Settlement Trust Improvement Act of 2017 115 3524 HR 2017-08-14 Referred to the Subcommittee on Indian, Insular and Alaska Native Affairs. Related bill CRS Emergency Citrus Disease Response Act 115 71 S 2017-01-09 Read twice and referred to the Committee on Finance. Related bill CRS Seniors' Tax Simplification Act of 2017 115 157 S 2017-01-17 Read twice and referred to the Committee on Finance. Related bill CRS Investing in Opportunity Act 115 293 S 2018-10-03 Committee on Small Business and Entrepreneurship. Hearings held. Related bill CRS A bill to amend the Internal Revenue Code of 1986 to exempt amounts paid for aircraft management services from the excise taxes imposed on transportation by air. 115 321 S 2017-02-07 Read twice and referred to the Committee on Finance. Related bill CRS Sinai Service Recognition Act 115 704 S 2017-03-23 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1975) Related bill CRS Volunteer Income Tax Assistance Permanence Act of 2017 115 797 S 2017-03-30 Read twice and referred to the Committee on Finance. Related bill CRS Government Settlement Transparency and Reform Act 115 803 S 2017-04-03 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2176-2177) Related bill CRS ABLE Financial Planning Act 115 816 S 2017-04-04 Read twice and referred to the Committee on Finance. Related bill CRS ABLE to Work Act of 2017 115 818 S 2017-04-04 Read twice and referred to the Committee on Finance. Related bill CRS LOSAP CAP Act 115 1239 S 2017-05-25 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3216-3217) Related bill CRS Empowering Employees through Stock Ownership Act 115 1444 S 2017-06-27 Read twice and referred to the Committee on Finance. Related bill CRS Settlement Trust Improvement Act of 2017 115 1698 S 2017-08-01 Read twice and referred to the Committee on Finance. Related bill CRS Stop Tax Subsidies for Sexual Abusers and Harassers Act of 2017 115 4514 HR 2017-12-01 Referred to the House Committee on Ways and Means. Related bill CRS 2017-11-28 Senate Placed on Senate Legislative Calendar under General Orders. Calendar No. 269. Calendars 2017-11-28 ssbu00 Budget Committee Senate Committee on the Budget. Original measure reported to Senate by Senator Enzi. Without written report. Committee 2017-11-28 Committee on the Budget. Original measure reported to Senate by Senator Enzi. Without written report. Committee 14000 9 Library of Congress ssbu00 Budget Committee 2017-11-28 Introduced in Senate IntroReferral 10000 9 Library of Congress E000285 Sen. Enzi, Michael B. [R-WY] MICHAEL ENZI R WY B. N Taxation Accounting and auditing Agricultural equipment and machinery Alaska Alaska Natives and Hawaiians Alcoholic beverages Arctic and polar regions Assault and harassment offenses Athletes Aviation and airports Bank accounts, deposits, capital Budget deficits and national debt Budget process Business expenses Business investment and capital Capital gains tax Caribbean area Charitable contributions Civil actions and liability Commodities markets Commuting Corporate finance and management Correctional facilities and imprisonment Department of the Treasury Disability and paralysis Disaster relief and insurance Drug therapy Economic development Egypt Electric power generation and transmission Employee benefits and pensions Employee leave Employment discrimination and employee rights Energy revenues and royalties Executive agency funding and structure Farmland Financial services and investments Floods and storm protection Food industry and services Foreign and international corporations Fraud offenses and financial crimes Fruit and vegetables Gambling Health care costs and insurance Health care coverage and access Higher education Historic sites and heritage areas Housing and community development funding Housing finance and home ownership Housing supply and affordability Income tax credits Income tax deductions Income tax exclusion Income tax rates Indian claims Inflation and prices Insurance industry and regulation Interest, dividends, interest rates Internal Revenue Service (IRS) Land transfers Legal fees and court costs Licensing and registrations Life, casualty, property insurance Louisiana Low- and moderate-income housing Middle East Military operations and strategy Military personnel and dependents Mississippi Mississippi River Motor vehicles Oil and gas Pedestrians and bicycling Poverty and welfare assistance Prescription drugs Professional sports Property tax Public participation and lobbying Public utilities and utility rates Puerto Rico Research and development Residential rehabilitation and home repair Rural conditions and development Sales and excise taxes School athletics Securities Sex offenses Small business Social work, volunteer service, charitable organizations State and local government operations State and local taxation Strategic materials and reserves Student aid and college costs Tax administration and collection, taxpayers Tax reform and tax simplification Tax treatment of families Tax-exempt organizations Taxation of foreign income Teaching, teachers, curricula Texas Transfer and inheritance taxes Transportation costs U.S. territories and protectorates User charges and fees Wages and earnings Water storage Water use and supply Wilderness and natural areas, wildlife refuges, wild rivers, habitats Taxation

00 2017-11-28 Introduced in Senate 2017-12-04T15:52:16Z 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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80 2017-11-28 Reported to Senate without amendment 2017-12-21T22:14:37Z (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.

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An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018. Short Titles as Introduced for portions of this bill Tax Cuts and Jobs Act Short Titles as Reported to Senate for portions of this bill Tax Cuts and Jobs Act S Senate Display Title An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018. Official Title as Introduced An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018. Placed on Calendar Senate 2017-11-28T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1pcs/xml/BILLS-115s1pcs.xml 2017-11-28 Placed on Senate Legislative Calendar under General Orders. Calendar No. 269. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.