Public Law 115-97 Tax Cuts and Jobs Act of 2017

This is the full text of Public Law 115-97 Tax Cuts and Jobs Act of 2017 which was signed into law by President Donald Trump on December 22nd, 2017 after passing in the House of Representatives on December 20th, 2017, after passing in the Senate on December 2nd, 2017. This Law began as House Resolution

Buy Now! $14.53Amazon.com Price
(as of 6:08 am GMT - Details)

This is the full text of Public Law 115-97 Tax Cuts and Jobs Act of 2017 which was signed into law by President Donald Trump on December 22nd, 2017 after passing in the House of Representatives on December 20th, 2017, after passing in the Senate on December 2nd, 2017. This Law began as House Resolution 1 on November 2nd, 2017 when it was introduced by Representative Kevin Brady. 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.

Comments

Write a comment

*

Copyright © 2018 legaloutlet.com. All Rights Reserved. 

%d bloggers like this: