TITLE VII—FINANCE | Law as Amended
Subtitle A—Tax
Sec. 70001. References to the Internal Revenue Code of 1986, etc | Law as Amended
CHAPTER 1—PROVIDING PERMANENT TAX RELIEF FOR MIDDLE-CLASS FAMILIES AND WORKERS
Sec. 70101. Extension and enhancement of reduced rates | Law as Amended
Sec. 70102. Extension and enhancement of increased standard deduction | Law as Amended
Sec. 70103. Termination of deduction for personal exemptions other than temporary senior deduction | Law as Amended
Sec. 70104. Extension and enhancement of increased child tax credit | Law as Amended
Sec. 70105. Extension and enhancement of deduction for qualified business income | Law as Amended
Sec. 70106. Extension and enhancement of increased estate and gift tax exemption amounts | Law as Amended
Sec. 70107. Extension of increased alternative minimum tax exemption amounts and modification of phaseout thresholds | Law as Amended
Sec. 70108. Extension and modification of limitation on deduction for qualified residence interest | Law as Amended
Sec. 70109. Extension and modification of limitation on casualty loss deduction | Law as Amended
Sec. 70110. Termination of miscellaneous itemized deductions other than educator expenses | Law as Amended
Sec. 70111. Limitation on tax benefit of itemized deductions | Law as Amended
Sec. 70112. Extension and modification of qualified transportation fringe benefits | Law as Amended
Sec. 70113. Extension and modification of limitation on deduction and exclusion for moving expenses | Law as Amended
Sec. 70114. Extension and modification of limitation on wagering losses | Law as Amended
Sec. 70115. Extension and enhancement of increased limitation on contributions to ABLE accounts | Law as Amended
Sec. 70116. Extension and enhancement of savers credit allowed for ABLE contributions | Law as Amended
Sec. 70117. Extension of rollovers from qualified tuition programs to ABLE accounts permitted | Law as Amended
Sec. 70118. Extension of treatment of certain individuals performing services in the Sinai Peninsula and enhancement to include additional areas | Law as Amended
Sec. 70119. Extension and modification of exclusion from gross income of student loans discharged on account of death or disability | Law as Amended
Sec. 70120. Limitation on individual deductions for certain state and local taxes, etc | Law as Amended
CHAPTER 2—DELIVERING ON PRESIDENTIAL PRIORITIES TO PROVIDE NEW MIDDLE-CLASS TAX RELIEF
Sec. 70201. No tax on tips | Law as Amended
Sec. 70202. No tax on overtime | Law as Amended
Sec. 70203. No tax on car loan interest | Law as Amended
Sec. 70204. Trump accounts and contribution pilot program | Law as Amended
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 | Law as Amended
Sec. 70302. Full expensing of domestic research and experimental expenditures | Law as Amended
Sec. 70303. Modification of limitation on business interest | Law as Amended
Sec. 70304. Extension and enhancement of paid family and medical leave credit | Law as Amended
Sec. 70305. Exceptions from limitations on deduction for business meals | Law as Amended
Sec. 70306. Increased dollar limitations for expensing of certain depreciable business assets | Law as Amended
Sec. 70307. Special depreciation allowance for qualified production property | Law as Amended
Sec. 70308. Enhancement of advanced manufacturing investment credit | Law as Amended
Sec. 70309. Spaceports are treated like airports under exempt facility bond rules | Law as Amended
SUBCHAPTER B—PERMANENT AMERICA-FIRST INTERNATIONAL TAX REFORMS
PART I—FOREIGN TAX CREDIT
Sec. 70311. Modifications related to foreign tax credit limitation | Law as Amended
Sec. 70312. Modifications to determination of deemed paid credit for taxes properly attributable to tested income | Law as Amended
Sec. 70313. Sourcing certain income from the sale of inventory produced in the United States | Law as Amended
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 | Law as Amended
Sec. 70322. Determination of deduction eligible income | Law as Amended
Sec. 70323. Rules related to deemed intangible income | Law as Amended
PART III—BASE EROSION MINIMUM TAX
Sec. 70331. Extension and modification of base erosion minimum tax amount | Law as Amended
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 | Law as Amended
PART V—OTHER INTERNATIONAL TAX REFORMS
Sec. 70351. Permanent extension of look-thru rule for related controlled foreign corporations | Law as Amended
Sec. 70352. Repeal of election for 1-month deferral in determination of taxable year of specified foreign corporations | Law as Amended
Sec. 70353. Restoration of limitation on downward attribution of stock ownership in applying constructive ownership rules | Law as Amended
Sec. 70354. Modifications to pro rata share rules | Law as Amended
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 | Law as Amended
Sec. 70402. Enhancement of adoption credit | Law as Amended
Sec. 70403. Recognizing Indian tribal governments for purposes of determining whether a child has special needs for purposes of the adoption credit | Law as Amended
Sec. 70404. Enhancement of the dependent care assistance program | Law as Amended
Sec. 70405. Enhancement of child and dependent care tax credit | Law as Amended
SUBCHAPTER B—PERMANENT INVESTMENTS IN STUDENTS AND REFORMS TO TAX-EXEMPT INSTITUTIONS
Sec. 70411. Tax credit for contributions of individuals to scholarship granting organizations | Law as Amended
Sec. 70412. Exclusion for employer payments of student loans | Law as Amended
Sec. 70413. Additional expenses treated as qualified higher education expenses for purposes of 529 accounts | Law as Amended
Sec. 70414. Certain postsecondary credentialing expenses treated as qualified higher education expenses for purposes of 529 accounts | Law as Amended
Sec. 70415. Modification of excise tax on investment income of certain private colleges and universities | Law as Amended
Sec. 70416. Expanding application of tax on excess compensation within tax-exempt organizations | Law as Amended
SUBCHAPTER C—PERMANENT INVESTMENTS IN COMMUNITY DEVELOPMENT
Sec. 70421. Permanent renewal and enhancement of opportunity zones | Law as Amended
Sec. 70422. Permanent enhancement of low-income housing tax credit | Law as Amended
Sec. 70423. Permanent extension of new markets tax credit | Law as Amended
Sec. 70424. Permanent and expanded reinstatement of partial deduction for charitable contributions of individuals who do not elect to itemize | Law as Amended
Sec. 70425. 0.5 percent floor on deduction of contributions made by individuals | Law as Amended
Sec. 70426. 1-percent floor on deduction of charitable contributions made by corporations | Law as Amended
Sec. 70427. Permanent increase in limitation on cover over of tax on distilled spirits | Law as Amended
Sec. 70428. Nonprofit community development activities in remote native villages | Law as Amended
Sec. 70429. Adjustment of charitable deduction for certain expenses incurred in support of Native Alaskan subsistence whaling | Law as Amended
Sec. 70430. Exception to percentage of completion method of accounting for certain residential construction contracts | Law as Amended
SUBCHAPTER D—PERMANENT INVESTMENTS IN SMALL BUSINESS AND RURAL AMERICA
Sec. 70431. Expansion of qualified small business stock gain exclusion | Law as Amended
Sec. 70432. Repeal of revision to de minimis rules for third party network transactions | Law as Amended
Sec. 70433. Increase in threshold for requiring information reporting with respect to certain payees | Law as Amended
Sec. 70434. Treatment of certain qualified sound recording productions | Law as Amended
Sec. 70435. Exclusion of interest on loans secured by rural or agricultural real property | Law as Amended
Sec. 70436. Reduction of transfer and manufacturing taxes for certain devices | Law as Amended
Sec. 70437. Treatment of capital gains from the sale of certain farmland property | Law as Amended
Sec. 70438. Extension of rules for treatment of certain disaster-related personal casualty losses | Law as Amended
Sec. 70439. Restoration of taxable REIT subsidiary asset test | Law as Amended
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 | Law as Amended
Sec. 70502. Termination of clean vehicle credit | Law as Amended
Sec. 70503. Termination of qualified commercial clean vehicles credit | Law as Amended
Sec. 70504. Termination of alternative fuel vehicle refueling property credit | Law as Amended
Sec. 70505. Termination of energy efficient home improvement credit | Law as Amended
Sec. 70506. Termination of residential clean energy credit | Law as Amended
Sec. 70507. Termination of energy efficient commercial buildings deduction | Law as Amended
Sec. 70508. Termination of new energy efficient home credit | Law as Amended
Sec. 70509. Termination of cost recovery for energy property | Law as Amended
Sec. 70510. Modifications of zero-emission nuclear power production credit | Law as Amended
Sec. 70511. Termination of clean hydrogen production credit | Law as Amended
Sec. 70512. Termination and restrictions on clean electricity production credit | Law as Amended
Sec. 70513. Termination and restrictions on clean electricity investment credit | Law as Amended
Sec. 70514. Phase-out and restrictions on advanced manufacturing production credit | Law as Amended
Sec. 70515. Restriction on the extension of advanced energy project credit program | Law as Amended
SUBCHAPTER B—ENHANCEMENT OF AMERICA-FIRST ENERGY POLICY
Sec. 70521. Extension and modification of clean fuel production credit | Law as Amended
Sec. 70522. Restrictions on carbon oxide sequestration credit | Law as Amended
Sec. 70523. Intangible drilling and development costs taken into account for purposes of computing adjusted financial statement income | Law as Amended
Sec. 70524. Income from hydrogen storage, carbon capture, advanced nuclear, hydropower, and geothermal energy added to qualifying income of certain publicly traded partnerships | Law as Amended
Sec. 70525. Allow for payments to certain individuals who dye fuel | Law as Amended
SUBCHAPTER C—OTHER REFORMS
Sec. 70531. Modifications to de minimis entry privilege for commercial shipments | Law as Amended
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 | Law as Amended
Sec. 70602. Treatment of payments from partnerships to partners for property or services | Law as Amended
Sec. 70603. Excessive employee remuneration from controlled group members and allocation of deduction | Law as Amended
Sec. 70604. Excise tax on certain remittance transfers | Law as Amended
Sec. 70605. Enforcement provisions with respect to COVID-related employee retention credits | Law as Amended
Sec. 70606. Social security number requirement for American Opportunity and Lifetime Learning credits | Law as Amended
Sec. 70607. Task force on the replacement of Direct File | Law as Amended
Subtitle B—Health
CHAPTER 1—MEDICAID
SUBCHAPTER A—REDUCING FRAUD AND IMPROVING ENROLLMENT PROCESSES
Sec. 71101. Moratorium on implementation of rule relating to eligibility and enrollment in Medicare Savings Programs | Law as Amended
Sec. 71102. Moratorium on implementation of rule relating to eligibility and enrollment for Medicaid, CHIP, and the Basic Health Program | Law as Amended
Sec. 71103. Reducing duplicate enrollment under the Medicaid and CHIP programs | Law as Amended
Sec. 71104. Ensuring deceased individuals do not remain enrolled | Law as Amended
Sec. 71105. Ensuring deceased providers do not remain enrolled | Law as Amended
Sec. 71106. Payment reduction related to certain erroneous excess payments under Medicaid | Law as Amended
Sec. 71107. Eligibility redeterminations | Law as Amended
Sec. 71108. Revising home equity limit for determining eligibility for long-term care services under the Medicaid program | Law as Amended
Sec. 71109. Alien Medicaid eligibility | Law as Amended
Sec. 71110. Expansion FMAP for emergency Medicaid | Law as Amended
SUBCHAPTER B—PREVENTING WASTEFUL SPENDING
Sec. 71111. Moratorium on implementation of rule relating to staffing standards for long-term care facilities under the Medicare and Medicaid programs | Law as Amended
Sec. 71112. Reducing State Medicaid costs | Law as Amended
Sec. 71113. Federal payments to prohibited entities | Law as Amended
SUBCHAPTER C—STOPPING ABUSIVE FINANCING PRACTICES
Sec. 71114. Sunsetting increased FMAP incentive | Law as Amended
Sec. 71115. Provider taxes | Law as Amended
Sec. 71116. State directed payments | Law as Amended
Sec. 71117. Requirements regarding waiver of uniform tax requirement for Medicaid provider tax | Law as Amended
Sec. 71118. Requiring budget neutrality for Medicaid demonstration projects under section 1115 | Law as Amended
SUBCHAPTER D—INCREASING PERSONAL ACCOUNTABILITY
Sec. 71120. Modifying cost sharing requirements for certain expansion individuals under the Medicaid program | Law as Amended
SUBCHAPTER E—EXPANDING ACCESS TO CARE
Sec. 71121. Making certain adjustments to coverage of home or community-based services under Medicaid | Law as Amended
CHAPTER 2—MEDICARE
SUBCHAPTER A—STRENGTHENING ELIGIBILITY REQUIREMENTS
Sec. 71201. Limiting Medicare coverage of certain individuals | Law as Amended
SUBCHAPTER B—IMPROVING SERVICES FOR SENIORS
Sec. 71202. Temporary payment increase under the medicare physician fee schedule to account for exceptional circumstances | Law as Amended
Sec. 71203. Expanding and clarifying the exclusion for orphan drugs under the Drug Price Negotiation Program | Law as Amended
CHAPTER 3—HEALTH TAX
SUBCHAPTER A—IMPROVING ELIGIBILITY CRITERIA
Sec. 71301. Permitting premium tax credit only for certain individuals | Law as Amended
Sec. 71302. Disallowing premium tax credit during periods of medicaid ineligibility due to alien status | Law as Amended
SUBCHAPTER B—PREVENTING WASTE, FRAUD, AND ABUSE
Sec. 71303. Requiring verification of eligibility for premium tax credit | Law as Amended
Sec. 71304. Disallowing premium tax credit in case of certain coverage enrolled in during special enrollment period | Law as Amended
Sec. 71305. Eliminating limitation on recapture of advance payment of premium tax credit | Law as Amended
SUBCHAPTER C—ENHANCING CHOICE FOR PATIENTS
Sec. 71306. Permanent extension of safe harbor for absence of deductible for telehealth services | Law as Amended
Sec. 71307. Allowance of bronze and catastrophic plans in connection with health savings accounts | Law as Amended
Sec. 71308. Treatment of direct primary care service arrangements | Law as Amended
CHAPTER 4—PROTECTING RURAL HOSPITALS AND PROVIDERS
Sec. 71401. Rural Health Transformation Program | Law as Amended
Subtitle C—Increase in debt limit
Sec. 72001. Modification of limitation on the public debt | Law as Amended
Subtitle D—Unemployment
Sec. 73001. Ending unemployment payments to jobless millionaires | Law as Amended