What the bill does
(This measure has not been amended since the House agreed to the Senate amendment without amendment on December 20, 2017. The summary of that version is repeated here.) This bill amends the Internal Revenue Code (IRC) to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. It also establishes an oil and gas leasing program for the Coastal Plain of the Arctic National Wildlife Refuge (ANWR) in Alaska. (Unless otherwise specified, provisions referred to in this summary as temporary or as a suspension of an existing provision apply for taxable years beginning after December 31, 2017, and before January 1, 2026.) TITLE I Subtitle A– Individual Tax Reform Part I–Tax Rate Reform (Sec. 11001) This section temporarily replaces the existing tax brackets (10%, 15%, 25%, 28%, 33%, 35%, and 39.6%) with new brackets (10%, 12%, 22%, 24%, 32%, 35% , 37%) and specifies the income levels that apply for each bracket. The bill also: (1) modifies the taxation of the unearned income of children, and (2) requires the Department of the Treasury to promulgate due diligence requirements for paid preparers in determining eligibility for a taxpayer to file as a head of household. (Sec. 11002) This section requires the chained Consumer Price Index to be used to index the brackets for inflation. Part II–Deduction For Qualified Business Income Of Pass-Thru Entities (Sec. 11011) This section temporarily allows an individual taxpayer to deduct 20% of qualified business income (i.e., business income of an individual from a partnership, S corporation, or sole…
Subjects: Accounting and auditing, Administrative law and regulatory procedures, Adoption and foster care, Agricultural equipment and machinery, Alaska, Alaska Natives and Hawaiians, Alcoholic beverages, Alternative and renewable resources, American Samoa, Arctic and polar regions