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H.R.1 - 115th Congress (2017-2018) : Tax Cuts and Jobs Act - Congress - Gov - Library of Congress

H.R.1 is the Tax Cuts and Jobs Act that was introduced in the House on November 2nd, 2017. It aims to reduce tax rates for both individuals and businesses by replacing the current tax brackets and deductions with fewer brackets, an increased standard deduction, and reduced corporate tax rates. It also increases some credits like the child tax credit while repealing others like deductions for state and local taxes and the alternative minimum tax.

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45 views1 page

H.R.1 - 115th Congress (2017-2018) : Tax Cuts and Jobs Act - Congress - Gov - Library of Congress

H.R.1 is the Tax Cuts and Jobs Act that was introduced in the House on November 2nd, 2017. It aims to reduce tax rates for both individuals and businesses by replacing the current tax brackets and deductions with fewer brackets, an increased standard deduction, and reduced corporate tax rates. It also increases some credits like the child tax credit while repealing others like deductions for state and local taxes and the alternative minimum tax.

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© © All Rights Reserved
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H.R.

1 - Tax Cuts and Jobs Act


115th Congress (2017-2018)
Sponsor: Rep. Brady, Kevin [R-TX-8] (Introduced 11/02/2017)

Committees: House - Ways and Means

Committee Reports: H. Rept. 115-409

Latest Action: House - 11/15/2017 POSTPONED PROCEEDINGS - The Chair announced that pursuant to clause 1(c) of rule 19, further
consideration of H.R. 1 is postponed. (All Actions)

Tracker: Introduced Passed House Passed Senate To President Became Law

Summary (1) Text (2) Actions (12) Titles (4) Amendments (1) Cosponsors (24) Committees (1) Related Bills (18)

There is one summary for H.R.1. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (11/02/2017)

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 seven existing tax brackets (10%, 15%, 25%, 28%, 33%, 35%, and 39.6%) with four brackets (12%, 25%, 35%, and 39.6%),
increases the standard deduction,
repeals the deduction for personal exemptions,
establishes a 25% maximum rate on the business income of individuals,
increases the child tax credit and establishes a new family tax credit,
repeals the overall limitation on certain itemized deductions,
limits the mortgage interest deduction for debt incurred after November 2, 2017, to mortgages of up to $500,000 (currently $1 million),
repeals the deduction for state and local income or sales taxes not paid or accrued in a trade or business,
repeals the deduction for medical expenses,
consolidates and repeals several education-related deductions and credits,
repeals the alternative minimum tax, and
repeals the estate and generation-skipping transfer taxes in six years.

For businesses, the bill:


reduces the corporate tax rate from a maximum of 35% to a flat 20% rate (25% for personal services corporations),
allows increased expensing of the costs of certain property,
limits the deductibility of net interest expenses to 30% of the business's adjusted taxable income,
repeals the work opportunity tax credit,
terminates the exclusion for interest on private activity bonds,
modifies or repeals various energy-related deductions and credits,
modifies the taxation of foreign income, and
imposes an excise tax on certain payments from domestic corporations to related foreign corporations.

The bill also repeals or modifies several additional credits and deductions for individuals and businesses.

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