[Congressional Record Volume 163, Number 194 (Wednesday, November 29, 2017)]
[Senate]
[Pages S7409-S7410]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1591. Ms. COLLINS submitted an amendment intended to be proposed 
by her to the bill H.R. 1, to provide for reconciliation pursuant to 
titles II and V of the concurrent resolution on the budget for fiscal 
year 2018; which was ordered to lie on the table; as follows:

       Strike section 11042 and insert the following:

     SEC. 11042. SUSPENSION OF DEDUCTION FOR STATE AND LOCAL, ETC. 
                   TAXES.

       (a) In General.--Subsection (b) of section 164 is amended 
     by adding at the end the following new paragraph:
       ``(6) Suspension of individual deductions for taxable years 
     2018 through 2025.--In the case of an individual and a 
     taxable year beginning after December 31, 2017, and before 
     January 1, 2026--
       ``(A) foreign real property taxes (other than taxes which 
     are paid or accrued in carrying on a trade or business or an 
     activity described in section 212) shall not be taken into 
     account under subsection (a)(1),
       ``(B) the aggregate amount of taxes (other than taxes which 
     are paid or accrued in carrying on a trade or business or an 
     activity described in section 212) taken into account under 
     subsection (a)(1) for any taxable year shall not exceed 
     $10,000 ($5,000 in the case of a married individual filing a 
     separate return),
       ``(C) subsection (a)(2) shall only apply to taxes which are 
     paid or accrued in carrying on a trade or business or an 
     activity described in section 212,
       ``(D) subsection (a)(3) shall not apply to State and local 
     taxes, and
       ``(E) paragraph (5) shall not apply.''.
       (b) Offsets.--
       (1) Adjustment of highest rate bracket.--

[[Page S7410]]

       (A) Joint returns.--The last row of the table contained in 
     section 1(j)(2)(A), as added by section 11001(a), is amended 
     to read as follows:


``Over $1,000,000.........................  $301,479, plus 39.6% of the
                                             excess over $1,000,000.''.

       (B) Heads of households.--The last row of the table 
     contained in section 1(j)(2)(B), as added by section 
     11001(a), is amended to read as follows:


``Over $500,000...........................  $149,348, plus 39.6% of the
                                             excess over $500,000.''.

       (C) Unmarried individuals.--The last row of the table 
     contained in section 1(j)(2)(C), as added by section 
     11001(a), is amended to read as follows:


``Over $500,000...........................  $150,739.50, plus 39.6% of
                                             the excess over
                                             $500,000.''.

       (D) Married individuals filing separate returns.--The last 
     row of the table contained in section 1(j)(2)(D), as added by 
     section 11001(a), is amended to read as follows:


``Over $500,000...........................  $150,739.50, plus 39.6% of
                                             the excess over
                                             $500,000.''.

       (2) Corporate tax rate.--
       (A) In general.--Section 11(b), as amended by this Act, is 
     amended by striking ``20 percent'' and inserting ``21 
     percent''.
       (B) Effective date.--The amendment made by this paragraph 
     shall apply to taxable years beginning after December 31, 
     2018.
       (c) Effective Date.--Except as provided in subsection 
     (b)(2)(B), the amendments made by this section shall apply to 
     taxable years beginning after December 31, 2017.
                                 ______