RULES COMMITTEE PRINT 115�39

TEXT OF H. R. 1, TAX CUTS AND JOBS ACT

[Showing the text of H. R. 1 as ordered reported by the Committee on Ways and Means]

SECTION 1. SHORT TITLE; ETC. 1

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TITLE I�TAX REFORM FOR 1

INDIVIDUALS 2

Subtitle A�Simplification and Re-3

form of Rates, Standard Deduc-4

tion, and Exemptions 5

SEC. 1001. REDUCTION AND SIMPLIFICATION OF INDI-6

VIDUAL INCOME TAX RATES. 7

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��SEC. 1. TAX IMPOSED. 11

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SEC. 1002. ENHANCEMENT OF STANDARD DEDUCTION. 7

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SEC. 1003. REPEAL OF DEDUCTION FOR PERSONAL EXEMP-18

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SEC. 1004. MAXIMUM RATE ON BUSINESS INCOME OF INDI-4

VIDUALS. 5

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��SEC. 4. 25 PERCENT MAXIMUM RATE ON BUSINESS IN-9

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SEC. 1005. CONFORMING AMENDMENTS RELATED TO SIM-12

PLIFICATION OF INDIVIDUAL INCOME TAX 13

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Subtitle B�Simplification and Re-16

form of Family and Individual 17

Tax Credits 18

SEC. 1101. ENHANCEMENT OF CHILD TAX CREDIT AND NEW 19

FAMILY TAX CREDIT. 20

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AND FAMILYCHILD18

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SEC. 1102. REPEAL OF NONREFUNDABLE CREDITS. 13

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SEC. 1103. REFUNDABLE CREDIT PROGRAM INTEGRITY. 8

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SEC. 1104. PROCEDURES TO REDUCE IMPROPER CLAIMS 1

OF EARNED INCOME CREDIT. 2

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SEC. 1105. CERTAIN INCOME DISALLOWED FOR PURPOSES 13

OF THE EARNED INCOME TAX CREDIT. 14

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Subtitle C�Simplification and 14

Reform of Education Incentives 15

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SEC. 1205. ROLLOVERS BETWEEN QUALIFIED TUITION PRO-7

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Subtitle D�Simplification and 4

Reform of Deductions 5

SEC. 1301. REPEAL OF OVERALL LIMITATION ON ITEMIZED 6

DEDUCTIONS. 7

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SEC. 1303. REPEAL OF DEDUCTION FOR CERTAIN TAXES 21

NOT PAID OR ACCRUED IN A TRADE OR BUSI-22

NESS. 23

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SEC. 1304. REPEAL OF DEDUCTION FOR PERSONAL CAS-1

UALTY LOSSES. 2

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SEC. 1305. LIMITATION ON WAGERING LOSSES. 18

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SEC. 1307. REPEAL OF DEDUCTION FOR TAX PREPARATION 12

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SEC. 1310. REPEAL OF DEDUCTION FOR MOVING EX-6

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SEC. 1311. TERMINATION OF DEDUCTION AND EXCLUSIONS 10

FOR CONTRIBUTIONS TO MEDICAL SAVINGS 11

ACCOUNTS. 12

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��SEC. 4980G. FAILURE OF EMPLOYER TO MAKE COM-1

PARABLE HEALTH SAVINGS ACCOUNT CON-2

TRIBUTIONS. 3

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SEC. 1312. DENIAL OF DEDUCTION FOR EXPENSES ATTRIB-20

UTABLE TO THE TRADE OR BUSINESS OF 21

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��SEC. 262A. EXPENSES ATTRIBUTABLE TO BEING AN EM-1

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Subtitle E�Simplification and Re-11

form of Exclusions and Taxable 12

Compensation 13

SEC. 1401. LIMITATION ON EXCLUSION FOR EMPLOYER-14

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SEC. 1402. EXCLUSION OF GAIN FROM SALE OF A PRIN-10

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Subtitle F�Simplification and Re-15

form of Savings, Pensions, Re-16

tirement 17

SEC. 1501. REPEAL OF SPECIAL RULE PERMITTING RE-18

CHARACTERIZATION OF ROTH IRA CON-19

TRIBUTIONS AS TRADITIONAL IRA CON-20

TRIBUTIONS. 21

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SEC. 1502. REDUCTION IN MINIMUM AGE FOR ALLOWABLE 4

IN-SERVICE DISTRIBUTIONS. 5

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SEC. 1504. MODIFICATION OF RULES RELATING TO HARD-6

SHIP WITHDRAWALS FROM CASH OR DE-7

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SEC. 1505. EXTENDED ROLLOVER PERIOD FOR THE ROLL-14

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SEC. 1506. MODIFICATION OF NONDISCRIMINATION RULES 19

TO PROTECT OLDER, LONGER SERVICE PAR-20

TICIPANTS. 21

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Subtitle G�Estate, Gift, and Gen-1

eration-skipping Transfer Taxes 2

SEC. 1601. INCREASE IN CREDIT AGAINST ESTATE, GIFT, 3

AND GENERATION-SKIPPING TRANSFER TAX. 4

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SEC. 1602. REPEAL OF ESTATE AND GENERATION-SKIPPING 11

TRANSFER TAXES. 12

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��SEC. 2210. TERMINATION. 17

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��SEC. 2664. TERMINATION. 11

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��If the amount with respect to which the tentative tax to be computed is:

The tentative tax is:

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TITLE II�ALTERNATIVE 12

MINIMUM TAX REPEAL 13

SEC. 2001. REPEAL OF ALTERNATIVE MINIMUM TAX. 14

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TITLE III�BUSINESS TAX 1

REFORM 2

Subtitle A�Tax Rates 3

SEC. 3001. REDUCTION IN CORPORATE TAX RATE. 4

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��SEC. 1561. LIMITATION ON ACCUMULATED EARNINGS 19

CREDIT IN THE CASE OF CERTAIN CON-20

TROLLED CORPORATIONS. 21

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Subtitle B�Cost Recovery 21

SEC. 3101. INCREASED EXPENSING. 22

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Subtitle C�Small Business 20

Reforms 21

SEC. 3201. EXPANSION OF SECTION 179 EXPENSING. 22

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SEC. 3202. SMALL BUSINESS ACCOUNTING METHOD RE-13

FORM AND SIMPLIFICATION. 14

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SEC. 3203. SMALL BUSINESS EXCEPTION FROM LIMITATION 8

ON DEDUCTION OF BUSINESS INTEREST. 9

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SEC. 3204. MODIFICATION OF TREATMENT OF S CORPORA-4

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Subtitle D�Reform of Business-1

related Exclusions, Deductions, etc. 2

SEC. 3301. INTEREST. 3

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SEC. 3302. MODIFICATION OF NET OPERATING LOSS DE-6

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SEC. 3304. REVISION OF TREATMENT OF CONTRIBUTIONS 1

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SEC. 3305. REPEAL OF DEDUCTION FOR LOCAL LOBBYING 1

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SEC. 3307. ENTERTAINMENT, ETC. EXPENSES. 18

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SEC. 3308. UNRELATED BUSINESS TAXABLE INCOME IN-18

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SEC. 3309. LIMITATION ON DEDUCTION FOR FDIC PRE-1

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SEC. 3310. REPEAL OF ROLLOVER OF PUBLICLY TRADED 11

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SEC. 3311. CERTAIN SELF-CREATED PROPERTY NOT TREAT-1

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SEC. 3313. REPEAL OF TECHNICAL TERMINATION OF PART-9

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SEC. 3314. RECHARACTERIZATION OF CERTAIN GAINS IN 1

THE CASE OF PARTNERSHIP PROFITS INTER-2

ESTS HELD IN CONNECTION WITH PERFORM-3

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SEC. 3315. AMORTIZATION OF RESEARCH AND EXPERI-12

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SEC. 3316. UNIFORM TREATMENT OF EXPENSES IN CONTIN-8

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1

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Subtitle E�Reform of Business 3

Credits 4

SEC. 3401. REPEAL OF CREDIT FOR CLINICAL TESTING EX-5

PENSES FOR CERTAIN DRUGS FOR RARE DIS-6

EASES OR CONDITIONS. 7

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SEC. 3402. REPEAL OF EMPLOYER-PROVIDED CHILD CARE 22

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SEC. 3403. REPEAL OF REHABILITATION CREDIT. 17

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SEC. 3404. REPEAL OF WORK OPPORTUNITY TAX CREDIT. 12

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G:\CMTE\RU\15\RCP\RCP1.XML

g:\VHLC\111017\111017.002.xml (680325|6)

SEC. 3405. REPEAL OF DEDUCTION FOR CERTAIN UNUSED 1

BUSINESS CREDITS. 2

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SEC. 3406. TERMINATION OF NEW MARKETS TAX CREDIT. 10

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SEC. 3407. REPEAL OF CREDIT FOR EXPENDITURES TO 19

PROVIDE ACCESS TO DISABLED INDIVID-20

UALS. 21

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SEC. 3408. MODIFICATION OF CREDIT FOR PORTION OF EM-6

PLOYER SOCIAL SECURITY TAXES PAID WITH 7

RESPECT TO EMPLOYEE TIPS. 8

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G:\CMTE\RU\15\RCP\RCP1.XML

g:\VHLC\111017\111017.002.xml (680325|6)

Subtitle F�Energy Credits 1

SEC. 3501. MODIFICATIONS TO CREDIT FOR ELECTRICITY 2

PRODUCED FROM CERTAIN RENEWABLE RE-3

SOURCES. 4

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G:\CMTE\RU\15\RCP\RCP1.XML

g:\VHLC\111017\111017.002.xml (680325|6)

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SEC. 3502. MODIFICATION OF THE ENERGY INVESTMENT 14

TAX CREDIT. 15

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G:\CMTE\RU\15\RCP\RCP1.XML

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G:\CMTE\RU\15\RCP\RCP1.XML

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SEC. 3503. EXTENSION AND PHASEOUT OF RESIDENTIAL 21

ENERGY EFFICIENT PROPERTY. 22

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SEC. 3504. REPEAL OF ENHANCED OIL RECOVERY CREDIT. 14

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G:\CMTE\RU\15\RCP\RCP1.XML

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SEC. 3505. REPEAL OF CREDIT FOR PRODUCING OIL AND 4

GAS FROM MARGINAL WELLS. 5

6

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SEC. 3506. MODIFICATIONS OF CREDIT FOR PRODUCTION 15

FROM ADVANCED NUCLEAR POWER FACILI-16

TIES. 17

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g:\VHLC\111017\111017.002.xml (680325|6)

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Subtitle G�Bond Reforms 13

SEC. 3601. TERMINATION OF PRIVATE ACTIVITY BONDS. 14

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G:\CMTE\RU\15\RCP\RCP1.XML

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G:\CMTE\RU\15\RCP\RCP1.XML

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SEC. 3602. REPEAL OF ADVANCE REFUNDING BONDS. 21

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SEC. 3603. REPEAL OF TAX CREDIT BONDS. 11

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G:\CMTE\RU\15\RCP\RCP1.XML

g:\VHLC\111017\111017.002.xml (680325|6)

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SEC. 3604. NO TAX EXEMPT BONDS FOR PROFESSIONAL 12

STADIUMS. 13

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g:\VHLC\111017\111017.002.xml (680325|6)

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Subtitle H�Insurance 8

SEC. 3701. NET OPERATING LOSSES OF LIFE INSURANCE 9

COMPANIES. 10

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G:\CMTE\RU\15\RCP\RCP1.XML

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SEC. 3702. REPEAL OF SMALL LIFE INSURANCE COMPANY 15

DEDUCTION. 16

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SEC. 3703. SURTAX ON LIFE INSURANCE COMPANY TAX-1

ABLE INCOME. 2

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SEC. 3705. REPEAL OF SPECIAL RULE FOR DISTRIBUTIONS 11

TO SHAREHOLDERS FROM PRE-1984 POLICY-12

HOLDERS SURPLUS ACCOUNT. 13

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SEC. 3706. MODIFICATION OF PRORATION RULES FOR 13

PROPERTY AND CASUALTY INSURANCE COM-14

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SEC. 3707. MODIFICATION OF DISCOUNTING RULES FOR 1

PROPERTY AND CASUALTY INSURANCE COM-2

PANIES. 3

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SEC. 3708. REPEAL OF SPECIAL ESTIMATED TAX PAY-17

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g:\VHLC\111017\111017.002.xml (680325|6)

Subtitle I�Compensation 1

SEC. 3801. MODIFICATION OF LIMITATION ON EXCESSIVE 2

EMPLOYEE REMUNERATION. 3

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SEC. 3802. EXCISE TAX ON EXCESS TAX-EXEMPT ORGANIZA-21

TION EXECUTIVE COMPENSATION. 22

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��SEC. 4960. TAX ON EXCESS TAX-EXEMPT ORGANIZATION 1

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TITLE IV�TAXATION OF FOR-1

EIGN INCOME AND FOREIGN 2

PERSONS 3

Subtitle A�Establishment of Par-4

ticipation Exemption System for 5

Taxation of Foreign Income 6

SEC. 4001. DEDUCTION FOR FOREIGN-SOURCE PORTION OF 7

DIVIDENDS RECEIVED BY DOMESTIC COR-8

PORATIONS FROM SPECIFIED 10-PERCENT 9

OWNED FOREIGN CORPORATIONS. 10

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��SEC. 245A. DEDUCTION FOR FOREIGN-SOURCE PORTION 14

OF DIVIDENDS RECEIVED BY DOMESTIC COR-15

PORATIONS FROM SPECIFIED 10-PERCENT 16

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SEC. 4002. APPLICATION OF PARTICIPATION EXEMPTION 14

TO INVESTMENTS IN UNITED STATES PROP-15

ERTY. 16

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SEC. 4003. LIMITATION ON LOSSES WITH RESPECT TO 7

SPECIFIED 10-PERCENT OWNED FOREIGN 8

CORPORATIONS. 9

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��SEC. 91. CERTAIN FOREIGN BRANCH LOSSES TRANS-14

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SEC. 4004. TREATMENT OF DEFERRED FOREIGN INCOME 14

UPON TRANSITION TO PARTICIPATION EX-15

EMPTION SYSTEM OF TAXATION. 16

17

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��SEC. 965. TREATMENT OF DEFERRED FOREIGN INCOME 19

UPON TRANSITION TO PARTICIPATION EX-20

EMPTION SYSTEM OF TAXATION. 21

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Subtitle B�Modifications Related 12

to Foreign Tax Credit System 13

SEC. 4101. REPEAL OF SECTION 902 INDIRECT FOREIGN 14

TAX CREDITS; DETERMINATION OF SECTION 15

960 CREDIT ON CURRENT YEAR BASIS. 16

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��SEC. 960. DEEMED PAID CREDIT FOR SUBPART F INCLU-3

SIONS. 4

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��SEC. 78. GROSS UP FOR DEEMED PAID FOREIGN TAX 6

CREDIT. 7

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SEC. 4102. SOURCE OF INCOME FROM SALES OF INVEN-20

TORY DETERMINED SOLELY ON BASIS OF 21

PRODUCTION ACTIVITIES. 22

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Subtitle C�Modification of 8

Subpart F Provisions 9

SEC. 4201. REPEAL OF INCLUSION BASED ON WITHDRAWAL 10

OF PREVIOUSLY EXCLUDED SUBPART F IN-11

COME FROM QUALIFIED INVESTMENT. 12

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SEC. 4202. REPEAL OF TREATMENT OF FOREIGN BASE COM-1

PANY OIL RELATED INCOME AS SUBPART F 2

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SEC. 4204. LOOK-THRU RULE FOR RELATED CONTROLLED 1

FOREIGN CORPORATIONS MADE PERMA-2

NENT. 3

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SEC. 4205. MODIFICATION OF STOCK ATTRIBUTION RULES 11

FOR DETERMINING STATUS AS A CON-12

TROLLED FOREIGN CORPORATION. 13

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SEC. 4206. ELIMINATION OF REQUIREMENT THAT COR-3

PORATION MUST BE CONTROLLED FOR 30 4

DAYS BEFORE SUBPART F INCLUSIONS 5

APPLY. 6

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Subtitle D�Prevention of Base 15

Erosion 16

SEC. 4301. CURRENT YEAR INCLUSION BY UNITED STATES 17

SHAREHOLDERS WITH FOREIGN HIGH RE-18

TURNS. 19

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��SEC. 951A. FOREIGN HIGH RETURN AMOUNT INCLUDED IN 1

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SEC. 4302. LIMITATION ON DEDUCTION OF INTEREST BY 8

DOMESTIC CORPORATIONS WHICH ARE MEM-9

BERS OF AN INTERNATIONAL FINANCIAL RE-10

PORTING GROUP. 11

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SEC. 4303. EXCISE TAX ON CERTAIN PAYMENTS FROM DO-19

MESTIC CORPORATIONS TO RELATED FOR-20

EIGN CORPORATIONS; ELECTION TO TREAT 21

SUCH PAYMENTS AS EFFECTIVELY CON-22

NECTED INCOME. 23

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��Subchapter E�Tax on Certain Amounts to 3

Foreign Affiliates4

��SEC. 4491. IMPOSITION OF TAX ON CERTAIN AMOUNTS 5

FROM DOMESTIC CORPORATIONS TO FOR-6

EIGN AFFILIATES. 7

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��SEC. 6038E. INFORMATION WITH RESPECT TO CERTAIN 7

PAYMENTS FROM DOMESTIC CORPORATIONS 8

TO RELATED FOREIGN CORPORATIONS. 9

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Subtitle E�Provisions Related to 9

Possessions of the United States 10

SEC. 4401. EXTENSION OF DEDUCTION ALLOWABLE WITH 11

RESPECT TO INCOME ATTRIBUTABLE TO DO-12

MESTIC PRODUCTION ACTIVITIES IN PUERTO 13

RICO. 14

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SEC. 4402. EXTENSION OF TEMPORARY INCREASE IN LIMIT 1

ON COVER OVER OF RUM EXCISE TAXES TO 2

PUERTO RICO AND THE VIRGIN ISLANDS. 3

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SEC. 4403. EXTENSION OF AMERICAN SAMOA ECONOMIC 10

DEVELOPMENT CREDIT. 11

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Subtitle F�Other International 6

Reforms 7

SEC. 4501. RESTRICTION ON INSURANCE BUSINESS EXCEP-8

TION TO PASSIVE FOREIGN INVESTMENT 9

COMPANY RULES. 10

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TITLE V�EXEMPT 9

ORGANIZATIONS 10

Subtitle A�Unrelated Business 11

Income Tax 12

SEC. 5001. CLARIFICATION OF UNRELATED BUSINESS IN-13

COME TAX TREATMENT OF ENTITIES TREAT-14

ED AS EXEMPT FROM TAXATION UNDER SEC-15

TION 501(a). 16

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SEC. 5002. EXCLUSION OF RESEARCH INCOME LIMITED TO 6

PUBLICLY AVAILABLE RESEARCH. 7

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Subtitle B�Excise Taxes 14

SEC. 5101. SIMPLIFICATION OF EXCISE TAX ON PRIVATE 15

FOUNDATION INVESTMENT INCOME. 16

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SEC. 5102. PRIVATE OPERATING FOUNDATION REQUIRE-1

MENTS RELATING TO OPERATION OF ART 2

MUSEUM. 3

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SEC. 5103. EXCISE TAX BASED ON INVESTMENT INCOME OF 16

PRIVATE COLLEGES AND UNIVERSITIES. 17

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��Subchapter H�Excise Tax Based on Invest-20

ment Income of Private Colleges and Uni-21

versities22

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��SEC. 4969. EXCISE TAX BASED ON INVESTMENT INCOME 1

OF PRIVATE COLLEGES AND UNIVERSITIES. 2

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SEC. 5104. EXCEPTION FROM PRIVATE FOUNDATION EX-7

CESS BUSINESS HOLDING TAX FOR INDE-8

PENDENTLY-OPERATED PHILANTHROPIC 9

BUSINESS HOLDINGS. 10

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Subtitle C�Requirements for 1

Organizations Exempt From Tax 2

SEC. 5201. 501(c)(3) ORGANIZATIONS PERMITTED TO MAKE 3

STATEMENTS RELATING TO POLITICAL CAM-4

PAIGN IN ORDINARY COURSE OF ACTIVITIES. 5

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SEC. 5202. ADDITIONAL REPORTING REQUIREMENTS FOR 7

DONOR ADVISED FUND SPONSORING ORGA-8

NIZATIONS. 9

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