H.R. 137

119th CONGRESS 1st Session

To amend the Internal Revenue Code of 1986 to make permanent certain provisions of the Tax Cuts and Jobs Act affecting individuals, families, and small businesses, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES · January 3, 2025 · Sponsor: Mr. Buchanan · Committee: Committee on Ways and Means

H.R. 137

Sec. 1. Short title, etc.

(a) Short title
- This Act may be cited as the TCJA Permanency Act.
(b) Amendment of 1986 code
- Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986.
(c) References to the Tax Cuts and Jobs Act
- Title I of may be cited as the . Tax Cuts and Jobs Act Public Law 115–97
(d) Table of contents

Title I—Individual reform made permanent

Subtitle A—Rate reform

Sec. 101. Modification of rates.

(a) Married individuals filing joint returns and surviving spouses
- is amended by striking the table contained therein and inserting the following: Section 1(a)
(b) Heads of households
- is amended by striking the table contained therein and inserting the following: Section 1(b)
(c) Unmarried individuals other than surviving spouses and heads of households
- is amended by striking the table contained therein and inserting the following: Section 1(c)
(d) Married individuals filing separate returns
- is amended by striking the table contained therein and inserting the following: Section 1(d)
(e) Estates and trusts
- is amended by striking the table contained therein and inserting the following: Section 1(e)
(f) Inflation adjustments
- is amended— Section 1(f)
  - by amending paragraph (2)(A) to read as follows:
    - by increasing the minimum and maximum dollar amounts for each bracket for which a tax is imposed under such table by the cost-of-living adjustment for such calendar year, determined under this subsection for such calendar year by substituting ‘2017’ for ‘2016’ in paragraph (3)(A)(ii),
  - by amending paragraph (7) to read as follows:
    - (7) Rounding
      - (A) In general
        
        Except as provided in subparagraph (B), if any increase determined under paragraph (2)(A) is not a multiple of $25, such increase shall be rounded to the next lowest multiple of $25.
      - (B) Joint returns, etc
        
        In the case of a table prescribed under subsection (a), subparagraph (A) shall be applied by substituting for both places it appears. $50 $25
  - by striking paragraph (8), and
  - in the heading, by striking and inserting .
(g) Application of income tax brackets to capital gains brackets
- is amended— Section 1(h)
  - in paragraph (1)(B)(i), by striking 25 percentand inserting 22 percent,
  - in paragraph (1)(C)(ii)(I), by striking which would (without regard to this paragraph) be taxed at a rate below 39.6 percentand inserting below the maximum 15-percent rate amount, and
    - (12) Maximum 15-percent rate amount defined
      - For purposes of this subsection, the maximum 15-percent rate amount shall be—
        
        in the case of a joint return or surviving spouse (as defined in section 2(a)), $479,000 ( such amount in the case of a married individual filing a separate return),
        
        in the case of an individual who is a head of household (as defined in section 2(b)), $452,400,
        
        in the case of any other individual (other than an estate or trust), $425,800, and
        
        in the case of an estate or trust, $12,700.
    - (13) Determination of 0 percent rate bracket for estates and trusts
      - In the case of any estate or trust, paragraph (1)(B) shall be applied by treating the amount determined in clause (i) thereof as being equal to $2,600.
    - (14) Inflation adjustment
      - (A) In general
        
        Each of the dollar amounts in paragraphs (12) and (13) shall be increased by an amount equal to—
        
        (i) such dollar amount, multiplied by
        
        (ii) the cost-of-living adjustment determined under subsection (f)(3) for the calendar year in which the taxable year begins, determined by substituting for in subparagraph (A)(ii) thereof. calendar year 2017 calendar year 2016
      - (B) Rounding
        
        If any increase under subparagraph (A) is not a multiple of $50, such increase shall be rounded to the next lowest multiple of $50.
  - by adding at the end the following new paragraphs:
(h) Conforming amendments
- is amended by striking subsections (i) and (j). Section 1
- is amended by striking third lowestand inserting fourth lowest. Section 3402(q)(1)
(i) Application of section
- Application of section
- (1) In general
  - Subsection (a) of is amended by striking If any rate of taxand inserting In the case of a corporation, if any rate of tax. section 15
- (2) Conforming amendments
  - is amended by striking subsections (d) and (f). Section 15
  - is amended by striking sections 15, 443, and 7851(a)(1)(A)and inserting section 443. Section 6013(c)
  - The heading of is amended by inserting after . section 15
  - The table of sections for part III of subchapter A of is amended by striking the item relating to section 15 and inserting the following new item: chapter 1
    - Sec. 15. Effect of changes on corporations.
    - Sec. 15. Effect of changes on corporations.
(j) Effective date
- (1) In general
  - The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.
- (2) Application of section 15
  - of the Internal Revenue Code of 1986 shall not apply to any change in a rate of tax by reason of— Section 15
    - section 1(j) of such Code (as in effect before its repeal by this section), or
    - any amendment made by this Act.

Subtitle B—Deduction for qualified business income of pass-Thru entities

Sec. 111. Deduction for qualified business income.

(a) In general
- is amended by striking subsection (i). Section 199A
(b) Effective date
- The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

Sec. 112. Limitation on losses for taxpayers other than corporations.

(a) In general
- is amended— Section 461
  - (1) Limitation
    - In the case of a taxpayer other than a corporation, any excess business loss of the taxpayer for the taxable year shall not be allowed.
  - by amending subsection (l)(1) to read as follows:
  - by striking subsection (j) and redesignating subsections (k) and (l) (as amended) as subsections (j) and (k), respectively.
(b) Conforming amendments
- is amended by striking 461(k)and inserting 461(j). Section 58(a)(2)(A)
- is amended by striking subsection (k)and inserting subsection (j). Section 461(i)(4)
- is amended by striking section 461(k)(2)(E)and inserting section 461(j)(2)(E). Section 464(d)(2)(B)(iii)
- Subparagraphs (B) and (C) of section 1256(e)(3) are each amended by striking section 461(k)(4)and inserting section 461(j)(4).
- is amended by striking section 461(k)(4)and inserting section 461(j)(4). Section 1258(d)(5)(C)
(c) Effective date
- The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

Subtitle C—Tax benefits for families and individuals

Sec. 121. Increase in standard deduction.

(a) In general
- is amended— Section 63(c)(2)
  - by striking in subparagraph (B) and inserting inserting8,000, and
  - by striking in subparagraph (C) and inserting inserting2,000.
(b) Inflation adjustment
- is amended to read as follows: Section 63(c)(4)
  - (4) Adjustments for inflation
    - (A) In general
      - Each dollar amount in paragraph (2)(B), (2)(C), or (5) or subsection (f) shall be increased by an amount equal to—
        
        (i) such dollar amount, multiplied by
        
        (ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting for in subparagraph (A)(ii) thereof—
        
        in the case of the dollar amounts contained in paragraph (2)(B) or (2)(C), ,
        
        in the case of the dollar amounts contained in paragraph (5)(A) or subsection (f), , and
        
        in the case of the dollar amount contained in paragraph (5)(B), .
    - (B) Rounding
      - If any increase under subparagraph (A) is not a multiple of $50, such increase shall be rounded to the next lowest multiple of $50.
(c) Conforming amendment
- is amended by striking paragraph (7). Section 63(c)
(d) Effective date
- The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

Sec. 122. Increase in and modification of child tax credit.

(a) In general
- is amended by striking subsections (a), (b), and (c) and inserting the following new subsections: Section 24
  - (a) Allowance of credit
    - There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the sum of—
      - $2,000 for each qualifying child of the taxpayer, and
      - $500 for each qualifying dependent (other than a qualifying child) of the taxpayer.
  - (b) Limitation based on adjusted gross income
    - The amount of the credit allowable under subsection (a) shall be reduced (but not below zero) by $50 for each $1,000 (or fraction thereof) by which the taxpayer's modified adjusted gross income exceeds $400,000 in the case of a joint return ($200,000 in any other case). For purposes of the preceding sentence, the term “modified adjusted gross income” means adjusted gross income increased by any amount excluded from gross income under section 911, 931, or 933.
  - (c) Qualifying child; qualifying dependent
    - For purposes of this section—
    - (1) Qualifying child
      - The term qualifying child means any qualifying dependent of the taxpayer—
        
        who is a qualifying child (as defined in section 7706(c)) of the taxpayer,
        
        who has not attained age 17 at the close of the calendar year in which the taxable year of the taxpayer begins, and
        
        whose name and social security number are included on the taxpayer’s return of tax for the taxable year.
    - (2) Qualifying dependent
      - The term qualifying dependent means any dependent of the taxpayer (as defined in section 7706 without regard to all that follows in section 7706(b)(3)(A)) whose name and TIN are included on the taxpayer’s return of tax for the taxable year. The term means any dependent of the taxpayer (as defined in section 7706 without regard to all that follows in section 7706(b)(3)(A)) whose name and TIN are included on the taxpayer’s return of tax for the taxable year. resident of the United States
    - (3) Social security number defined
      - For purposes of this subsection, the term social security number means, with respect to a return of tax, a social security number issued to an individual by the Social Security Administration, but only if the social security number is issued—
        
        to a citizen of the United States or pursuant to subclause (I) (or that portion of subclause (III) that relates to subclause (I)) of section 205(c)(2)(B)(i) of the Social Security Act, and
        
        on or before the due date of filing such return.
(b) Portion of credit refundable
- (1) In general
  - is amended to read as follows: Section 24(d)(1)(A)
    - the credit which would be allowed under this section determined—
      - (i) by substituting for in subsection (a)(1), $1,400 $2,000
      - (ii) without regard to subsection (a)(2), and
      - (iii) without regard to this subsection (other than this subparagraph) and the limitation under section 26(a), or
- (2) Modification of limitation based on earned income
  - is amended by striking $3,000and inserting ,500. Section 24(d)(1)(B)(i)
- (3) Inflation adjustment
  - is amended by inserting after paragraph (3) the following new paragraph: Section 24(d)
    - (4) Adjustment for inflation
      - (A) In general
        
        The $1,400 amount in paragraph (1)(A)(i) shall be increased by an amount equal to—
        
        (i) such dollar amount, multiplied by
        
        (ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting for in subparagraph (A)(ii) thereof.
      - (B) Rounding
        
        If any increase under subparagraph (A) is not a multiple of $100, such increase shall be rounded to the next lowest multiple of $100.
      - (C) Limitation
        
        The amount of any increase under subparagraph (A) (after the application of subparagraph (B)) shall not exceed $600.
- (4) Conforming amendments
  - is amended to read as follows: Section 24(e)
    - (e) Taxpayer identification requirement
      - No credit shall be allowed under this section if the identifying number of the taxpayer was issued after the due date for filing the return of tax for the taxable year.
  - is amended by striking subsection (h). Section 24
(c) Repeal of certain later enacted provisions
- is amended by striking subsections (i), (j), and (k). Section 24
- is amended by striking section 7527A (and by striking the item relating to section 7527A in the table of sections for such chapter). Chapter 77
- is amended by inserting at the end of subparagraph (X), by striking at the end of subparagraph (Y) and inserting a period, and by striking subparagraph (Z). Section 26(b)(2)
- is amended by striking section 24 (determined after application of subsection (j) thereof)and inserting section 24(a). Section 3402(f)(1)(C)
- is amended— Section 6211(b)(4)(A)
  - by striking 24 by reason of subsections (d) and (i)(1) thereofand inserting 24(d), and
  - by striking 6428B, and 7527Aand inserting and 6428B.
- Paragraph (2) of section 1324(b) of title 31, United States Code, is amended by striking 6431, or 7527Aand inserting or 6431.
(d) Effective date
- The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

Sec. 123. Increased limitation for certain charitable contributions.

(a) In general
- is amended to read as follows: Section 170(b)(1)(G)
  - (G) Cash contributions
    - (i) Any contribution of cash to an organization described in subparagraph (A) shall be allowed to the extent that the aggregate of such contributions does not exceed 60 percent of the taxpayer’s contribution base for the taxable year, reduced by the aggregate amount of contributions allowable under subparagraph (A) for such taxpayer for such year.
    - (ii) If the aggregate amount of contributions described in clause (i) exceeds the limitation of clause (i), such excess shall be treated (in a manner consistent with the rules of subsection (d)(1)) as a charitable contribution to which clause (i) applies in each of the 5 succeeding years in order of time.
(b) Coordination with limitations on other contributions
- (1) Coordination with 50 percent limitation
  - is amended by striking Any charitable contributionand inserting Any charitable contribution other than a contribution described in subparagraph (G). Section 170(b)(1)(A)
- (2) Coordination with 30 percent limitation
  - is amended— Section 170(b)(1)(B)
    - in the matter preceding clause (i), by striking to which subparagraph (A) appliesand inserting to which subparagraph (A) or (G) applies,
      - (ii) the excess of—
      - the sum of 50 percent of the taxpayer’s contribution base for the taxable year, plus so much of the amount of charitable contributions allowable under subparagraph (G) as does not exceed 10 percent of such contribution base, over
      - the amount of charitable contributions allowable under subparagraphs (A) and (G) (determined without regard to subparagraph (C)).
    - by amending clause (ii) to read as follows:
    - in the matter following clause (ii), by striking (to which subparagraph (A) does not apply)and inserting (to which neither subparagraph (A) nor (G) applies).
(c) Effective date
- The amendments made by this section shall apply to contributions made in taxable years beginning after the date of the enactment of this Act.

Sec. 124. Increased contributions to ABLE accounts.

(a) Increase in limitation for contributions from compensation of individuals with disabilities
- is amended by striking . Section 529A(b)(2)(B)(ii)
(b) Allowance of saver’s credit for ABLE contributions by account holder
- is amended by striking . Section 25B(d)(1)(D)
(c) Effective date
- The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

Sec. 125. Rollovers to ABLE programs from 529 programs.

(a) In general
- is amended by striking . Section 529(c)(3)(C)(i)(III)
(b) Effective date
- The amendments made by this section shall apply to distributions after the date of the enactment of this Act.

Sec. 126. Treatment of certain individuals performing services in the Sinai Peninsula of Egypt.

(a) In general
- is amended— Section 112(c)(2)
  - by striking and inserting
    - means—
      - any area
    - , and
      - the Sinai Peninsula of Egypt.
  - by striking the period at the end and inserting
(b) Period of treatment
- is amended— Section 112(c)(3)
  - by striking and inserting
    - only if—
      - in the case of an area described in paragraph (2)(A), such service is performed
    - , and
      - in the case of the area described in paragraph (2)(B), such service is performed during any period with respect to which one or more members of the Armed Forces of the United States are entitled to special pay under section 310 of title 37, United States Code (relating to special pay; duty subject to hostile fire or imminent danger), for service performed in such area.
  - by striking the period at the end and inserting
(c) Conforming amendment
- The Tax Cuts and Jobs Act is amended by striking section 11026.
(d) Effective date
- The amendments made by this section shall apply with respect to services performed on or after the date of the enactment of this Act.

Subtitle D—Education

Sec. 131. Treatment of student loan discharges.

(a) Sunset of special rule for discharges of certain loans
- is amended— Section 108(f)(5)
  - in the heading, by striking and inserting , and
  - by striking January 1, 2026and inserting January 1, 2025.
(b) Reinstatement of rule for discharges on account of death or disability after 2024
- is amended by adding at the end the following new paragraph: Section 108(f)
  - (6) Discharges on account of death or disability after 2024
    - (A) In general
      - In the case of an individual, gross income does not include any amount which (but for this subsection) would be includible in gross income for such taxable year by reasons of the discharge (in whole or in part) of any loan described in subparagraph (B) after December 31, 2024, if such discharge was—
        
        (i) pursuant to subsection (a) or (d) of section 437 of the Higher Education Act of 1965 or the parallel benefit under part D of title IV of such Act (relating to the repayment of loan liability),
        
        (ii) pursuant to section 464(c)(1)(F) of such Act, or
        
        (iii) otherwise discharged on account of the death or total and permanent disability of the student.
    - (B) Loans described
      - A loan is described in this subparagraph if such loan is—
        
        (i) a student loan (as defined in paragraph (2)), or
        
        (ii) a private education loan (as defined in section 140(7) of the Consumer Credit Protection Act ()). 15 U.S.C. 1650(7)
(c) Effective date
- The amendments made by this section shall apply to discharges of indebtedness after December 31, 2024.

Sec. 132. 529 account funding for homeschool and additional elementary and secondary expenses.

(a) In general
- of the Internal Revenue Code of 1986 is amended to read as follows: Section 529(c)(7)
  - (7) Treatment of elementary and secondary tuition
    - Any reference in this section to the term shall include a reference to the following expenses in connection with enrollment or attendance at, or for students enrolled at or attending, an elementary or secondary public, private, or religious school: qualified higher education expense
      - Tuition.
      - Curriculum and curricular materials.
      - Books or other instructional materials.
      - Online educational materials.
      - Tuition for tutoring or educational classes outside of the home, including at a tutoring facility, but only if the tutor or instructor is not related to the student and—
        
        (i) is licensed as a teacher in any State,
        
        (ii) has taught at an eligible educational institution, or
        
        (iii) is a subject matter expert in the relevant subject.
      - Fees for a nationally standardized norm-referenced achievement test, an advanced placement examination, or any examinations related to college or university admission.
      - Fees for dual enrollment in an institution of higher education.
      - Educational therapies for students with disabilities provided by a licensed or accredited practitioner or provider, including occupational, behavioral, physical, and speech-language therapies.
    - Such term shall include expenses for the purposes described in subparagraphs (A) through (H) in connection with a homeschool (whether treated as a homeschool or a private school for purposes of applicable State law).
(b) Effective date
- The amendment made by this section shall apply to distributions made after the date of the enactment of this Act.

Subtitle E—Deductions and exclusions

Sec. 141. Repeal of deduction for personal exemptions.

(a) In general
- Part V of subchapter B of chapter 1 is hereby repealed.
(b) Definition of dependent retained
- Section 152, prior to the repeal made by subsection (a), is hereby redesignated as section 7706 and moved to the end of chapter 79.
(c) Application to trusts and estates
- is amended— Section 642(b)
  - in paragraph (2)(C)—
    - in clause (i), by striking the exemption amount under section 151(d)and all that follows through the period at the end and inserting the dollar amount in effect under section 7706(d)(1)(B)., and
    - by striking clause (iii),
  - by striking paragraph (3), and
  - by striking in the heading thereof and inserting .
(d) Application to nonresident aliens
- is amended by striking paragraph (3). Section 873(b)
(e) Modification of return requirement
- (1) In general
  - is amended to read as follows: Section 6012(a)(1)
    - Every individual who has gross income for the taxable year, except that a return shall not be required of—
      - an individual who is not married (determined by applying section 7703) and who has gross income for the taxable year which does not exceed the standard deduction applicable to such individual for such taxable year under section 63, or
      - an individual entitled to make a joint return if—
        
        (i) the gross income of such individual, when combined with the gross income of such individual’s spouse, for the taxable year does not exceed the standard deduction which would be applicable for such taxable year under section 63 if such individual and such individual’s spouse made a joint return,
        
        (ii) such individual’s spouse does not make a separate return, and
        
        (iii) neither such individual nor such individual’s spouse is an individual described in section 63(c)(4) who has income (other than earned income) in excess of the amount in effect under section 63(c)(4)(A).
- (2) Bankruptcy estates
  - is amended by striking the sum of the exemption amount plus the basic standard deduction under section 63(c)(2)(C)and inserting the standard deduction in effect under section 63(c)(1)(B). Section 6012(a)(8)
- (3) Conforming amendment
  - is amended by striking subsection (f). Section 6012
(f) Conforming amendments
- is amended by striking section 152(e)and inserting section 7706(e). Section 1(g)(5)(A)
- is amended— Section 2(a)(1)(B)
  - by striking section 152and inserting section 7706, and
  - by striking with respect to whom the taxpayer is entitled to a deduction for the taxable year under section 151and inserting whose TIN is included on the taxpayer’s return of tax for the taxable year.
- is amended— Section 2(b)(1)(A)(i)
  - in the matter preceding subclause (I)—
    - (i) by striking section 152(c)and inserting section 7706(c), and
    - (ii) by striking section 152(e)and inserting section 7706(e), and
  - in subclause (II), by striking section 152(b)(2) or 152(b)(3)and inserting section 7706(b)(2) or 7706(b)(3).
- is amended by striking if the taxpayer is entitled to a deduction for the taxable year for such person under section 151and inserting if the taxpayer included such person’s TIN on the return of tax for the taxable year. Section 2(b)(1)(A)(ii)
- is amended by striking if the taxpayer is entitled to a deduction for the taxable year for such father or mother under section 151and inserting if such father or mother is a dependent of the taxpayer and the taxpayer included such father or mother’s TIN on the return of tax for the taxable year. Section 2(b)(1)(B)
- is amended— Section 2(b)(3)(B)
  - by striking in clause (i) and inserting section 7706(d)(2), and
  - by striking in clause (ii) and inserting section 7706(d).
- is amended by striking section 152(a)(1)and inserting section 7706(a)(1). Section 21(b)(1)(A)
- is amended by striking section 152and inserting section 7706. Section 21(b)(1)(B)
- is amended by striking section 152(e)and inserting section 7706(e). Section 21(e)(5)(A)
- is amended by striking in the matter following subparagraph (B) and inserting section 7706(e)(4)(A). Section 21(e)(5)
- is amended to read as follows: Section 21(e)(6)(A)
  - who is a dependent of either the taxpayer or the taxpayer’s spouse for the taxable year, or
- is amended by striking section 152(f)(1)and inserting section 7706(f)(1). Section 21(e)(6)(B)
- is amended by striking . Section 25A(f)(1)(A)(iii)
- is amended by striking If a deduction under section 151 with respect to an individual is allowed to another taxpayerand inserting If an individual is a dependent of another taxpayer. Section 25A(g)(3)
- is amended by striking any individual with respect to whom a deduction under section 151 is allowed to another taxpayerand inserting any individual who is a dependent of another taxpayer. Section 25B(c)(2)(A)
- is amended by striking section 152(f)(2)and inserting section 7706(f)(2). Section 25B(c)(2)(B)
- is amended by striking a dependent for whom a deduction is allowable under section 151 to another taxpayerand inserting a dependent of another taxpayer. Section 32(c)(1)(A)(ii)(III)
- is amended— Section 32(c)(3)
  - in subparagraph (A)—
    - (i) by striking section 152(c)and inserting section 7706(c), and
    - (ii) by striking section 152(e)and inserting section 7706(e),
  - in subparagraph (B), by striking unless the taxpayer is entitled to a deduction under section 151 for such taxable year with respect to such individual (or would be so entitled but for section 152(e)and inserting if such individual is not treated as a dependent of such taxpayer for such taxable year by reason of section 7706(b)(2) (determined without regard to section 7706(e)), and
  - in subparagraph (C), by striking section 152(c)(1)(B)and inserting section 7706(c)(1)(B).
- is amended by striking with respect to whom the taxpayer is entitled to a deduction under section 151(c)and inserting if the taxpayer included such person’s TIN on the return of tax for the taxable year. Section 35(d)(1)(B)
- is amended— Section 35(d)(2)
  - by striking section 152(e)and inserting section 7706(e), and
  - by striking section 152(e)(4)(A)and inserting section 7706(e)(4)(A).
- is amended by striking section 152and inserting section 7706. Section 36B(b)(2)(A)
- is amended— Section 36B(b)(3)(B)
  - in clause (ii)(I)(aa), by striking who is not allowed a deduction under section 151 for the taxable year with respect to a dependentand inserting who does not have any dependents for the taxable year, and
  - in the flush matter at the end, by striking unless a deduction is allowed under section 151 for the taxable year with respect to a dependentand inserting unless the taxpayer has a dependent for the taxable year (and the taxpayer included such dependent’s TIN on the return of tax for the taxable year).
- is amended by striking with respect to whom a deduction under section 151 is allowable to another taxpayerand inserting who is a dependent of another taxpayer. Section 36B(c)(1)(D)
- is amended by striking equal to the number of individuals for whom the taxpayer is allowed a deduction under section 151 (relating to allowance of deduction for personal exemptions) for the taxable yearand inserting the sum of 1 (2 in the case of a joint return) plus the number of individuals who are dependents of the taxpayer for the taxable year. Section 36B(d)(1)
- is amended by striking 1 or more individuals for whom a taxpayer is allowed a deduction under section 151 (relating to allowance of deduction for personal exemptions) for the taxable year (including the taxpayer or his spouse)and inserting 1 or more of the taxpayer, the taxpayer’s spouse, or any dependent of the taxpayer. Section 36B(e)(1)
- is amended by striking section 152and inserting section 7706. Section 42(i)(3)(D)(ii)(I)
- is amended— Section 45R(e)(1)(A)(iv)
  - by striking section 152(d)(2)and inserting section 7706(d)(2), and
  - by striking section 152(d)(2)(H)and inserting section 7706(d)(2)(H).
- is amended— Section 51(i)(1)
  - by striking in subparagraphs (A) and (B) and inserting section 7706(d)(2), and
  - by striking in subparagraph (C) and inserting section 7706(d)(2)(H).
- is amended— Section 56(b)(1)(D)
  - by striking , and
  - by striking in the heading thereof.
- is amended by adding at the end of paragraph (1), by striking paragraph (2), and by redesignating paragraph (3) as paragraph (2). Section 63(b)
- Section 63(c), as amended by is amended by striking paragraph (3) and redesignating paragraphs (4), (5), and (6) as paragraphs (3), (4), and (5), respectively. section 121,
- Section 63(c)(4), as redesignated, is amended—
  - by striking with respect to whom a deduction under section 151 is allowable toand inserting who is a dependent of, and
  - by striking in the heading thereof.
- is amended by striking all that precedes paragraph (3) and inserting the following: Section 63(f)
  - (f) Additional standard deduction for the aged and blind
    - (1) In general
      - For purposes of subsection (c)(1), the additional standard deduction is, with respect to a taxpayer for a taxable year, the sum of—
        
        $600 if the taxpayer has attained age 65 before the close of such taxable year, and
        
        $600 if the taxpayer is blind as of the close of such taxable year.
    - (2) Application to married individuals
      - (A) Joint returns
        
        In the case of a joint return, paragraph (1) shall be applied separately with respect to each spouse.
      - (B) Certain married individuals filing separately
        
        In the case of a married individual filing a separate return, if—
        
        (i) the spouse of such individual has no gross income for the calendar year in which the taxable year of such individual begins,
        
        (ii) such spouse is not the dependent of another taxpayer for a taxable year beginning in the calendar year in which such individual’s taxable year begins, and
        
        (iii) the TIN of such spouse is included on such individual’s return of tax for the taxable year,
        
        the additional standard deduction shall be determined in the same manner as if such individual and such individual’s spouse filed a joint return.
- is amended by striking paragraphs (1) and (2)and inserting subparagraphs (A) and (B) of paragraph (1). Section 63(f)(3)
- is amended by striking section 152and inserting section 7706. Section 72(t)(2)(D)(i)(III)
- is amended by striking section 152(f)(1)and inserting section 7706(f)(1). Section 72(t)(7)(A)(iii)
- is amended— Section 105(b)
  - by striking as defined in section 152and inserting as defined in section 7706,
  - by striking section 152(f)(1)and inserting section 7706(f)(1), and
  - by striking section 152(e)and inserting section 7706(e).
- is amended by striking section 152and inserting section 7706. Section 105(c)(1)
- is amended by striking section 152and inserting section 7706. Section 125(e)(1)(D)
- is amended to read as follows: Section 129(c)(1)
  - who is a dependent of such employee or of such employee’s spouse, or
- is amended by striking section 152(f)(1)and inserting section 7706(f)(1). Section 129(c)(2)
- is amended— Section 132(h)(2)(B)
  - by striking section 152(f)(1)and inserting section 7706(f)(1), and
  - by striking section 152(e)and inserting section 7706(e).
- is amended by striking section 152and inserting section 7706. Section 139D(c)(5)
- is amended by striking section 152and inserting section 7706. Section 139E(c)(2)
- is amended by striking section 152(f)(1)and inserting section 7706(f)(1). Section 162(l)(1)(D)
- is amended by striking section 152and inserting section 7706. Section 170(g)(1)
- is amended by striking section 152(d)(2)and inserting section 7706(d)(2). Section 170(g)(3)
- is amended by striking paragraph (3). Section 172(d)
- is amended by striking section 152and inserting section 7706. Section 213(a)
- is amended by striking section 152(e)and inserting section 7706(e). Section 213(d)(5)
- is amended by striking in the matter following subparagraph (B) and inserting section 7706(d)(2). Section 213(d)(11)
- is amended by striking with respect to whom a deduction under section 151 is allowable toand inserting who is a dependent of. Section 220(b)(6)
- is amended by striking section 152and inserting section 7706. Section 220(d)(2)(A)
- is amended by striking section 152and inserting section 7706. Section 221(d)(4)
- is amended by striking with respect to whom a deduction under section 151 is allowable toand inserting who is a dependent of. Section 223(b)(6)
- is amended by striking section 152and inserting section 7706. Section 223(d)(2)(A)
- is amended by striking in the last sentence and inserting section 7706(f)(1). Section 401(h)
- is amended by striking section 152and inserting section 7706. Section 402(l)(4)(D)
- is amended by striking section 152(a)and inserting section 7706(a). Section 409A(a)(2)(B)(ii)(I)
- is amended by striking . Section 441(f)(2)(B)(iii)
- is amended— Section 443
  - in subsection (b)—
    - (i) by striking paragraph (3), and
    - (ii) by striking modified taxable incomeand inserting each place such term appears,
  - by striking subsection (c), and
  - by redesignating subsections (d) and (e) as subsections (c) and (d), respectively.
- is amended by striking section 152(f)(1)and inserting section 7706(f)(1). Section 501(c)(9)
- is amended by striking section 152(d)(2)and inserting section 7706(d)(2). Section 529(e)(2)(B)
- is amended— Section 529A(e)(4)
  - by striking section 152(d)(2)(B)and inserting section 7706(d)(2)(B), and
  - by striking section 152(f)(1)(B)and inserting section 7706(f)(1)(B).
- is amended— Section 643(a)(2)
  - by striking (relating to deduction for personal exemptions)and inserting (relating to basic deduction), and
  - by striking in the heading thereof and inserting .
- is amended by striking subparagraph (A) and by redesignating subparagraphs (B) through (F) as subparagraphs (A) through (E), respectively. Section 703(a)(2)
- is amended by striking subsection (b) and by redesignating subsection (c) as subsection (b). Section 874
- is amended by striking . Section 891
- is amended to read as follows: Section 904(b)(1)
  - (1) Deduction for estates and trusts
    - For purposes of subsection (a), the taxable income of an estate or trust shall be computed without any deduction under section 642(b).
- is amended to read as follows: Section 931(b)(1)
  - any deduction from gross income, or
- is amended— Section 933
  - by striking in paragraph (1) and inserting any deduction from gross income, and
  - by striking in paragraph (2) and inserting any deduction from gross income.
- is amended to read as follows: Section 1212(b)(2)(B)(ii)
  - (ii) in the case of an estate or trust, the deduction allowed for such year under section 642(b).
- is amended by striking section 152(f)(1)(C)and inserting section 7706(f)(1)(C). Section 1361(c)(1)(C)
- is amended by striking paragraph (7). Section 1402(a)
- is amended by striking section 152(f)(2)and inserting section 7706(f)(2). Section 2032A(c)(7)(D)
- is amended by striking for whom a deduction is allowable with respect to another taxpayer under section 151and inserting who is a dependent of another taxpayer. Section 3402(f)(1)(A)
- is amended by striking . Section 3402(m)(1)
- is amended by striking section 63(c)(3)and inserting section 63(f). Section 3402(m)(3)
- is amended by striking the sum of—and all that follows and inserting the basic standard deduction (as defined in section 63(c)) for an individual to whom section 63(c)(2)(C) applies.. Section 3402(r)(2)
- is amended by striking section 152and inserting section 7706. Section 5000A(b)(3)(A)
- is amended by striking the number of individuals for whom the taxpayer is allowed a deduction under section 151 (relating to allowance of deduction for personal exemptions) for the taxable yearand inserting the sum of 1 (2 in the case of a joint return) plus the number of the taxpayer’s dependents for the taxable year. Section 5000A(c)(4)(A)
- is amended— Section 6013(b)(3)(A)
  - by striking in clause (ii) and inserting had no gross income,
  - by striking in clause (iii) and inserting had any gross income, and
  - by striking the flush language following clause (iii).
- is amended by striking section 6012(a)(1)(C)(i)and inserting section 6012(a)(1)(B)(iii). Section 6014(a)
- is amended by striking 63(c)(5)and inserting 63(c)(4). Section 6014(b)(4)
- is amended— Section 6103(l)(13)
  - in subparagraph (A), by striking clause (iv) and redesignating clauses (v) and (vi) as clauses (iv) and (v), respectively, and
  - in subparagraph (C)(i), by striking clauses (i) through (iv)and inserting clauses (i) through (iii).
- is amended to read as follows: Section 6103(l)(21)(A)(iii)
  - (iii) the number of the taxpayer’s dependents,
- is amended by striking section 21 (relating to expenses for household and dependent care services necessary for gainful employment) or section 151 (relating to allowance of deductions for personal exemptions)and inserting subsection (a)(1)(B), (b)(1)(A)(ii), or (b)(1)(B) of section 2 or section 21, 35(d)(1)(B), 36B(b)(3)(B), or 63(f)(2)(B). Section 6213(g)(2)(H)
- is amended— Section 6334(d)
  - by amending paragraph (2) to read as follows:
    - (2) Exempt amount
      - (A) In general
        
        For purposes of paragraph (1), the term exempt amount means an amount equal to—
        
        (i) the sum of the amount determined under subparagraph (B) and the standard deduction, divided by
      - (B) Amount determined
        
        For purposes of subparagraph (A), the amount determined under this subparagraph is—
        
        (i) the dollar amount in effect under section 7706(d)(1)(B), multiplied by
        
        (ii) the number of the taxpayer’s dependents for the taxable year in which the levy occurs.
      - (C) Verified statement
        
        Unless the taxpayer submits to the Secretary a written and properly verified statement specifying the facts necessary to determine the proper amount under subparagraph (A), subparagraph (A) shall be applied as if the taxpayer were a married individual filing a separate return with no dependents.
  - by striking paragraph (4).
- is amended by striking section 152(d)(2)and inserting section 7706(d)(2). Section 7702B(f)(2)(C)(iii)
- is amended by striking . Section 7703(a)
- is amended by striking section 152(f)(1))and all that follows and inserting section 7706(f)(1)) who is a dependent of such individual for the taxable year (or would be but for section 7706(e)),. Section 7703(b)(1)
- Section 7706(a), as redesignated by this section, is amended by striking this subtitleand inserting this title.
- (93)
  - Section 7706(d)(1)(B), as redesignated by this section, is amended by striking the exemption amount (as defined in section 151(d))and inserting $4,150.
    - (6) Inflation adjustment
      - The $4,150 amount in paragraph (1)(B) shall be increased by an amount equal to—
        
        such dollar amount, multiplied by
        
        the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which such taxable year begins, determined by substituting for in subparagraph (A)(ii) thereof. calendar year 2017 calendar year 2016
      - If any increase determined under the preceding sentence is not a multiple of $50, such increase shall be rounded to the next lowest multiple of $50.
  - Section 7706(d), as redesignated by this section, is amended by adding at the end the following new paragraph:
  - Section 7706(e)(3), as redesignated by this section, is amended by inserting after .
  - Section 7706(f)(6)(B), as redesignated by this section, is amended by striking clause (i) and designating clauses (ii), (iii), and (iv) as clauses (i), (ii), and (iii), respectively.
  - The table of parts for subchapter B of is amended by striking the item relating to part V. chapter 1
  - The table of sections for is amended by adding at the end the following new item: chapter 79
    - Sec. 7706. Dependent defined.
    - Sec. 7706. Dependent defined.
(g) Effective date
- The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

Sec. 142. Limitation on deduction for State and local, etc., taxes.

(a) In general
- is amended by striking all that precedes and inserting the following: Section 164(b)(6)
  - (6) Limitation on individual deductions
    - In the case of an individual—
      - no deduction shall be allowed under this chapter for foreign real property taxes paid or accrued during the taxable year, and
      - the aggregate amount of the deduction allowed under this chapter for taxes described in paragraphs (1), (2), and (3) of subsection (a) and paragraph (5) of this subsection (and any tax described in any such paragraph taken into account under section 216(a)(1)) paid or accrued by the taxpayer during the taxable year shall not exceed $10,000 ($5,000 in the case of a married individual filing a separate return).
(b) Effective date
- The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

Sec. 143. Limitation on deduction for qualified residence interest.

(a) Interest on home equity indebtedness
- is amended by striking during the taxable year onand all that follows through and inserting residence of the taxpayer.. Section 163(h)(3)(A)
(b) Limitation on acquisition indebtedness
- is amended to read as follows: Section 163(h)(3)(B)(ii)
  - (ii) The aggregate amount treated as acquisition indebtedness for any period shall not exceed the excess (if any) of—
  - $750,000 ($375,000, in the case of a married individual filing a separate return), over
  - the sum of the aggregate outstanding pre-October 13, 1987, indebtedness (as defined in subparagraph (D)) plus the aggregate outstanding pre-December 15, 2017, indebtedness (as defined in subparagraph (C)).
(c) Treatment of indebtedness incurred on or before December 15, 2017
- is amended to read as follows: Section 163(h)(3)(C)
  - (C) Treatment of indebtedness incurred on or before December 15, 2017
    - (i) In the case of any pre-December 15, 2017, indebtedness, subparagraph (B)(ii) shall not apply and the aggregate amount of such indebtedness treated as acquisition indebtedness for any period shall not exceed the excess (if any) of—
    - $1,000,000 ($500,000, in the case of a married individual filing a separate return), over
    - the aggregate outstanding pre-October 13, 1987, indebtedness (as defined in subparagraph (D)).
    - (ii) For purposes of this subparagraph—
    - The term pre-December 15, 2017, indebtedness means indebtedness (other than pre-October 13, 1987, indebtedness) incurred on or before December 15, 2017.
    - In the case of a taxpayer who enters into a written binding contract before December 15, 2017, to close on the purchase of a principal residence before January 1, 2018, and who purchases such residence before April 1, 2018, the term shall include indebtedness secured by such residence. pre-December 15, 2017, indebtedness
    - (iii) Refinancing indebtedness
      - In the case of any indebtedness which is incurred to refinance indebtedness, such refinanced indebtedness shall be treated for purposes of this subparagraph as incurred on the date that the original indebtedness was incurred to the extent the amount of the indebtedness resulting from such refinancing does not exceed the amount of the refinanced indebtedness.
      - Subclause (I) shall not apply to any indebtedness after the expiration of the term of the original indebtedness or, if the principal of such original indebtedness is not amortized over its term, the expiration of the term of the 1st refinancing of such indebtedness (or if earlier, the date which is 30 years after the date of such 1st refinancing).
(d) Coordination with treatment of indebtedness incurred on or before October 13, 1987
- is amended— Section 163(h)(3)(D)
  - by striking clause (ii) and redesignating clauses (iii) and (iv) as clauses (ii) and (iii), respectively, and
  - in clause (iii) (as so redesignated)—
    - by striking in the matter preceding subclause (I) and inserting clause (ii), and
    - by striking in subclauses (I) and (II) and inserting clause (ii)(I).
(e) Coordination with exclusion of income from discharge of indebtedness
- is amended by striking . Section 108(h)(2)
(f) Conforming amendment
- is amended by striking subparagraph (F). Section 163(h)(3)
(g) Effective date
- The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

Sec. 144. Modification of deduction for personal casualty losses.

(a) In general
- is amended by striking . Section 165(h)(5)(A)
(b) Conforming amendments
- is amended by striking . Section 165(h)(5)(B)
- is amended by striking in the heading thereof and inserting . Section 165(h)(5)
(c) Effective date
- The amendments made by this section shall apply to losses sustained in taxable years beginning after the date of the enactment of this Act.

Sec. 145. Termination of miscellaneous itemized deductions.

(a) In general
- is amended— Section 67
  - (a) In general
    - In the case of an individual, miscellaneous itemized deductions shall not be allowed.
  - by amending subsection (a) to read as follows:
  - by striking subsection (g).
(b) Movement of definition of adjusted gross income for estates and trusts
- is amended by striking subsection (e). Section 67
- is amended by adding at the end the following new subsection: Section 641
(c) Conforming amendments
- is amended to read as follows: Section 56(b)(1)(A)
  - (A) Certain taxes
    - No deduction (other than a deduction allowable in computing adjusted gross income) shall be allowed for any taxes described in paragraph (1), (2), or (3) of section 164(a) or clause (ii) of section 164(b)(5)(A).
- Section 56(b)(1)(C), as amended by the preceding provisions of this Act, is amended by striking subparagraph (A)(ii)and inserting subparagraph (A).
- is amended by striking in the matter preceding paragraph (1) and inserting title. Section 62(a)
- is amended to read as follows: Section 641(c)(2)(E)
  - Section 642(c) shall not apply.
- is amended by striking . Section 1411(a)(2)
- is amended by striking clause (iii). Section 6654(d)(1)(C)
- is amended in the heading, by striking and inserting . Section 67
- The table of sections for part 1 of subchapter B of is amended by striking the item relating to section 67 and inserting the following new item: chapter 1
  - Sec. 67. Denial of miscellaneous itemized deductions.
  - Sec. 67. Denial of miscellaneous itemized deductions.
(d) Effective date
- The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

Sec. 146. Repeal of overall limitation on itemized deductions.

(a) In general
- Part 1 of subchapter B of is amended by striking section 68 (and the item relating to such section in the table of sections for such part). chapter 1
(b) Conforming amendments
- Section 56(b)(1), as amended by the preceding provisions of this Act, is amended by striking subparagraph (E).
- is amended by striking . Section 164(b)(5)(H)(ii)(III)
- is amended by adding at the end the following new clause: Section 164(b)(5)(H)
  - (iii) For purposes of clause (ii), the term applicable amount means—
  - $300,000 in the case of a joint return or a surviving spouse,
  - $275,000 in the case of a head of household,
  - $250,000 in the case of an individual who is not married and who is not a surviving spouse or head of household, and
  - ½ the amount applicable under subclause (I) in the case of a married individual filing a separate return.
  - For purposes of this paragraph, marital status shall be determined under section 7703. In the case of any taxable year beginning in calendar years after the date of the enactment of this clause, each of the dollar amounts in this clause shall be increased by an amount equal to such dollar amount, multiplied by the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting for in subparagraph (A)(ii) thereof. If any amount after adjustment under the preceding sentence is not a multiple of $50, such amount shall be rounded to the next lowest multiple of $50.
(c) Effective date
- The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

Sec. 147. Termination of exclusion for qualified bicycle commuting reimbursement.

(a) In general
- is amended by striking subparagraph (D). Section 132(f)(1)
(b) Conforming amendments
- is amended by adding at the end of subparagraph (A), striking at the end of subparagraph (B) and inserting a period, and striking subparagraph (C). Section 132(f)(2)
- is amended by striking . Section 132(f)(4)
- is amended by striking paragraph (8). Section 132(f)
- is amended by striking . Section 274(l)(2)
(c) Effective date
- The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

Sec. 148. Qualified moving expense reimbursement exclusion limited to members of Armed Forces.

(a) In general
- is amended— Section 132(g)
  - by striking in paragraph (1) and inserting by a qualified military individual, and
  - by striking paragraph (2) and inserting the following new paragraph:
    - (2) Qualified military individual
      - For purposes of this subsection, the term qualified military individual means a member of the Armed Forces of the United States on active duty who moves pursuant to a military order and incident to a permanent change of station.
(b) Effective date
- The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

Sec. 149. Deduction for moving expenses limited to members of Armed Forces.

(a) In general
- is amended— Section 217
  - (a) Deduction allowed
    - There shall be allowed as a deduction moving expenses paid or incurred during the taxable year by a member of the Armed Forces of the United States on active duty who moves pursuant to a military order and incident to a permanent change of station.
  - by amending subsection (a) to read as follows:
  - by striking subsections (c), (d), (f), (g), and (k) and redesignating subsections (h), (i), and (j) as subsections (c), (d), and (f), respectively, and
    - (e) Expenses furnished In-Kind
      - Any moving and storage expenses which are furnished in-kind (or for which reimbursement or an allowance is provided, but only to the extent of the expenses paid or incurred)—
        
        to a member described in subsection (a), or to such member’s spouse or dependents, shall not be includible in gross income, and no reporting with respect to such expenses shall be required by the Secretary of Defense or the Secretary of Transportation, as the case may be, and
        
        to the spouse and dependents of a member described in subsection (a) with regard to moving to a location other than the one to which such member moves (or from a location other than the one from which such member moves), this section shall apply with respect to the moving expenses of such spouse and dependents as if such spouse were a member described in subsection (a).
  - by inserting after subsection (d), as so redesignated, the following new subsection:
(b) Conforming amendments
- Subsections (d)(3)(C) and (e) of section 23 are each amended by striking section 217(h)(3)and inserting section 217(c)(3).
- is amended by striking paragraph (11). Section 7872(f)
- is amended in the heading by striking and inserting . Section 217
- The table of sections for part VII of subchapter B of is amended by striking the item relating to section 217 and inserting the following new item: chapter 1
  - Sec. 217. Certain moving expenses of members of Armed Forces.
  - Sec. 217. Certain moving expenses of members of Armed Forces.
(c) Effective date
- The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

Sec. 150. Limitation on wagering losses.

(a) In general
- is amended by striking . Section 165(d)
(b) Effective date
- The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

Subtitle F—Increase in estate and gift tax exemption

Sec. 151. Increase in estate and gift tax exemption.

(a) In general
- is amended in subparagraph (A), by striking $5,000,000and inserting inserting0,000,000. Section 2010(c)(3)
(b) Conforming amendment
- is amended by striking subparagraph (C). Section 2010(c)(3)
(c) Effective date
- The amendments made by this section shall apply to estates of decedents dying and gifts made after the date of the enactment of this Act.

Title II—Increased exemption for Alternative Minimum Tax made permanent

Sec. 201. Increased exemption for individuals.

(a) In general
- is amended— Section 55(d)(1)
  - by striking in subparagraph (A) and inserting inserting09,400, and
  - by striking in subparagraph (B) and inserting $70,300.
(b) Phase-Out of exemption amount
- is amended— Section 55(d)(2)
  - by striking in subparagraph (A) and inserting inserting,000,000, and
  - by striking subparagraphs (B) and (C) and by inserting the following new subparagraphs:
    - 50 percent of the dollar amount applicable under subparagraph (A) in the case of a taxpayer described in paragraph (1)(B) or (1)(C), and
    - $75,000 in the case of a taxpayer described in paragraph (1)(D).
(c) Inflation adjustment
- is amended to read as follows: Section 55(d)(3)
  - (3) Inflation adjustment
    - Each dollar amount described in clause (i) or (ii) of subparagraph (B) shall be increased by an amount equal to—
      - such dollar amount, multiplied by
      - the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting—
        
        (i) in the case of a dollar amount contained in paragraph (1)(D) or (2)(C) or in subsection (b)(1)(A), for in subparagraph (A)(ii) thereof, and calendar year 2011 calendar year 2016
        
        (ii) in the case of a dollar amount contained in paragraph (1)(A), (1)(B), or (2)(A), for in subparagraph (A)(ii) thereof. calendar year 2017 calendar year 2016
    - Any increased amount determined under this paragraph shall be rounded to the nearest multiple of $100 ($50 in the case of the dollar amount contained in paragraph (2)(C)).
(d) Repeal of coordination with rules relating to the taxation of unearned children
- is amended by striking subsection (j). Section 59
(e) Conforming amendment
- is amended by striking paragraph (4). Section 55(d)
(f) Effective date
- The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.