Subtitle A—Tax
Sec. 70001. References to the Internal Revenue Code of 1986, etc.
CHAPTER 1—PROVIDING PERMANENT TAX RELIEF FOR MIDDLE-CLASS FAMILIES AND WORKERS
Sec. 70101. Extension and enhancement of reduced rates.
Sec. 70102. Extension and enhancement of increased standard deduction.
Sec. 70103. Termination of deduction for personal exemptions other than temporary senior deduction.
Sec. 70104. Extension and enhancement of increased child tax credit.
Sec. 70105. Extension and enhancement of deduction for qualified business income.
Sec. 70106. Extension and enhancement of increased estate and gift tax exemption amounts.
Sec. 70107. Extension of increased alternative minimum tax exemption amounts and modification of phaseout thresholds.
Sec. 70108. Extension and modification of limitation on deduction for qualified residence interest.
Sec. 70109. Extension and modification of limitation on casualty loss deduction.
Sec. 70110. Termination of miscellaneous itemized deductions other than educator expenses.
Sec. 70111. Limitation on tax benefit of itemized deductions.
Sec. 70112. Extension and modification of qualified transportation fringe benefits.
Sec. 70113. Extension and modification of limitation on deduction and exclusion for moving expenses.
Sec. 70114. Extension and modification of limitation on wagering losses.
Sec. 70115. Extension and enhancement of increased limitation on contributions to ABLE accounts.
Sec. 70116. Extension and enhancement of savers credit allowed for ABLE contributions.
Sec. 70117. Extension of rollovers from qualified tuition programs to ABLE accounts permitted.
Sec. 70118. Extension of treatment of certain individuals performing services in the Sinai Peninsula and enhancement to include additional areas.
Sec. 70119. Extension and modification of exclusion from gross income of student loans discharged on account of death or disability.
Sec. 70120. Limitation on individual deductions for certain state and local taxes, etc.
CHAPTER 2—DELIVERING ON PRESIDENTIAL PRIORITIES TO PROVIDE NEW MIDDLE-CLASS TAX RELIEF
Sec. 70201. No tax on tips.
Sec. 70202. No tax on overtime.
Sec. 70203. No tax on car loan interest.
Sec. 70204. Trump accounts and contribution pilot program.
CHAPTER 3—ESTABLISHING CERTAINTY AND COMPETITIVENESS FOR AMERICAN JOB CREATORS
SUBCHAPTER A—PERMANENT U.S. BUSINESS TAX REFORM AND BOOSTING DOMESTIC INVESTMENT
Sec. 70301. Full expensing for certain business property.
Sec. 70302. Full expensing of domestic research and experimental expenditures.
Sec. 70303. Modification of limitation on business interest.
Sec. 70304. Extension and enhancement of paid family and medical leave credit.
Sec. 70305. Exceptions from limitations on deduction for business meals.
Sec. 70306. Increased dollar limitations for expensing of certain depreciable business assets.
Sec. 70307. Special depreciation allowance for qualified production property.
Sec. 70308. Enhancement of advanced manufacturing investment credit.
Sec. 70309. Spaceports are treated like airports under exempt facility bond rules.
SUBCHAPTER B—PERMANENT AMERICA-FIRST INTERNATIONAL TAX REFORMS
PART I—FOREIGN TAX CREDIT
Sec. 70311. Modifications related to foreign tax credit limitation.
Sec. 70312. Modifications to determination of deemed paid credit for taxes properly attributable to tested income.
Sec. 70313. Sourcing certain income from the sale of inventory produced in the United States.
PART II—FOREIGN-DERIVED DEDUCTION ELIGIBLE INCOME AND NET CFC TESTED INCOME
Sec. 70321. Modification of deduction for foreign-derived deduction eligible income and net CFC tested income.
Sec. 70322. Determination of deduction eligible income.
Sec. 70323. Rules related to deemed intangible income.
PART III—BASE EROSION MINIMUM TAX
Sec. 70331. Extension and modification of base erosion minimum tax amount.
PART IV—BUSINESS INTEREST LIMITATION
Sec. 70341. Coordination of business interest limitation with interest capitalization provisions.
Sec. 70342. Definition of adjusted taxable income for business interest limitation.
PART V—OTHER INTERNATIONAL TAX REFORMS
Sec. 70351. Permanent extension of look-thru rule for related controlled foreign corporations.
Sec. 70352. Repeal of election for 1-month deferral in determination of taxable year of specified foreign corporations.
Sec. 70353. Restoration of limitation on downward attribution of stock ownership in applying constructive ownership rules.
Sec. 70354. Modifications to pro rata share rules.
CHAPTER 4—INVESTING IN AMERICAN FAMILIES, COMMUNITIES, AND SMALL BUSINESSES
SUBCHAPTER A—PERMANENT INVESTMENTS IN FAMILIES AND CHILDREN
Sec. 70401. Enhancement of employer-provided child care credit.
Sec. 70402. Enhancement of adoption credit.
Sec. 70403. Recognizing Indian tribal governments for purposes of determining whether a child has special needs for purposes of the adoption credit.
Sec. 70404. Enhancement of the dependent care assistance program.
Sec. 70405. Enhancement of child and dependent care tax credit.
SUBCHAPTER B—PERMANENT INVESTMENTS IN STUDENTS AND REFORMS TO TAX-EXEMPT INSTITUTIONS
Sec. 70411. Tax credit for contributions of individuals to scholarship granting organizations.
Sec. 70412. Exclusion for employer payments of student loans.
Sec. 70413. Additional expenses treated as qualified higher education expenses for purposes of 529 accounts.
Sec. 70414. Certain postsecondary credentialing expenses treated as qualified higher education expenses for purposes of 529 accounts.
Sec. 70415. Modification of excise tax on investment income of certain private colleges and universities.
Sec. 70416. Expanding application of tax on excess compensation within tax-exempt organizations.
SUBCHAPTER C—PERMANENT INVESTMENTS IN COMMUNITY DEVELOPMENT
Sec. 70421. Permanent renewal and enhancement of opportunity zones.
Sec. 70422. Permanent enhancement of low-income housing tax credit.
Sec. 70423. Permanent extension of new markets tax credit.
Sec. 70424. Permanent and expanded reinstatement of partial deduction for charitable contributions of individuals who do not elect to itemize.
Sec. 70425. 0.5 percent floor on deduction of contributions made by individuals.
Sec. 70426. 1-percent floor on deduction of charitable contributions made by corporations.
Sec. 70427. Permanent increase in limitation on cover over of tax on distilled spirits.
Sec. 70428. Nonprofit community development activities in remote native villages.
Sec. 70429. Adjustment of charitable deduction for certain expenses incurred in support of Native Alaskan subsistence whaling.
Sec. 70430. Exception to percentage of completion method of accounting for certain residential construction contracts.
SUBCHAPTER D—PERMANENT INVESTMENTS IN SMALL BUSINESS AND RURAL AMERICA
Sec. 70431. Expansion of qualified small business stock gain exclusion.
Sec. 70432. Repeal of revision to de minimis rules for third party network transactions.
Sec. 70433. Increase in threshold for requiring information reporting with respect to certain payees.
Sec. 70434. Treatment of certain qualified sound recording productions.
Sec. 70435. Exclusion of interest on loans secured by rural or agricultural real property.
Sec. 70436. Reduction of transfer and manufacturing taxes for certain devices.
Sec. 70437. Treatment of capital gains from the sale of certain farmland property.
Sec. 70438. Extension of rules for treatment of certain disaster-related personal casualty losses.
Sec. 70439. Restoration of taxable REIT subsidiary asset test.
CHAPTER 5—ENDING GREEN NEW DEAL SPENDING, PROMOTING AMERICA-FIRST ENERGY, AND OTHER REFORMS
SUBCHAPTER A—TERMINATION OF GREEN NEW DEAL SUBSIDIES
Sec. 70501. Termination of previously-owned clean vehicle credit. add link2396365E65244C9880FEA63E0C5F973A)
Sec. 70502. Termination of clean vehicle credit.
Sec. 70503. Termination of qualified commercial clean vehicles credit.
Sec. 70504. Termination of alternative fuel vehicle refueling property credit.
Sec. 70505. Termination of energy efficient home improvement credit.
Sec. 70506. Termination of residential clean energy credit.
Sec. 70507. Termination of energy efficient commercial buildings deduction.
Sec. 70508. Termination of new energy efficient home credit.
Sec. 70509. Termination of cost recovery for energy property.
Sec. 70510. Modifications of zero-emission nuclear power production credit.
Sec. 70511. Termination of clean hydrogen production credit.
Sec. 70512. Termination and restrictions on clean electricity production credit.
Sec. 70513. Termination and restrictions on clean electricity investment credit.
Sec. 70514. Phase-out and restrictions on advanced manufacturing production credit.
Sec. 70515. Restriction on the extension of advanced energy project credit program.
SUBCHAPTER B—ENHANCEMENT OF AMERICA-FIRST ENERGY POLICY
Sec. 70521. Extension and modification of clean fuel production credit.
Sec. 70522. Restrictions on carbon oxide sequestration credit.
Sec. 70523. Intangible drilling and development costs taken into account for purposes of computing adjusted financial statement income.
Sec. 70524. Income from hydrogen storage, carbon capture, advanced nuclear, hydropower, and geothermal energy added to qualifying income of certain publicly traded partnerships.
Sec. 70525. Allow for payments to certain individuals who dye fuel.
SUBCHAPTER C—OTHER REFORMS
Sec. 70531. Modifications to de minimis entry privilege for commercial shipments.
CHAPTER 6—ENHANCING DEDUCTION AND INCOME TAX CREDIT GUARDRAILS, AND OTHER REFORMS
Sec. 70601. Modification and extension of limitation on excess business losses of noncorporate taxpayers.
Sec. 70602. Treatment of payments from partnerships to partners for property or services.
Sec. 70603. Excessive employee remuneration from controlled group members and allocation of deduction.
Sec. 70604. Excise tax on certain remittance transfers.
Sec. 70605. Enforcement provisions with respect to COVID-related employee retention credits.
Sec. 70606. Social security number requirement for American Opportunity and Lifetime Learning credits.
Sec. 70607. Task force on the replacement of Direct File.