An act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018.

enactedUnited States· United States Congress· EN

Introduced

2 November 2017

Last action

22 December 2017 · President

Status

Became Public Law No: 115-97.

Summary

Tax Cuts and Jobs Act This bill amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. With respect to individuals, the bill: replaces the seven existing tax brackets (10%, 15%, 25%, 28%, 33%, 35%, and 39.6%) with four brackets (12%, 25%, 35%, and 39.6%), increases the standard deduction, repeals the deduction for personal exemptions, establishes a 25% maximum rate on the business income of individuals, increases the child tax credit and establishes a new family tax credit, repeals the overall limitation on certain itemized deductions, limits the mortgage interest deduction for debt incurred after November 2, 2017, to mortgages of up to $500,000 (currently $1 million), repeals the deduction for state and local income or sales taxes not paid or accrued in a trade or business, repeals the deduction for medical expenses, consolidates and repeals several education-related deductions and credits, repeals the alternative minimum tax, and repeals the estate and generation-skipping transfer taxes in six years. For businesses, the bill: reduces the corporate tax rate from a maximum of 35% to a flat 20% rate (25% for personal services corporations), allows increased expensing of the costs of certain property, limits the deductibility of net interest expenses to 30% of the business's adjusted taxable income, repeals the work opportunity tax credit, terminates the exclusion for interest on private activity bonds, modifies or repeals various energy-related deductions and credits, modifies the taxation of foreign income, and imposes an excise tax on certain payments from domestic corporations to related foreign corporations. The bill also repeals or modifies several additional credits and deductions for individuals and businesses.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

2 November 2017
Introduced
Referred to the House Committee on Ways and Means.
Source: IntroReferral
2 November 2017
Introduced
Introduced in House
Source: IntroReferral
2 November 2017
Introduced
Introduced in House
Source: IntroReferral
6 November 2017
Committee
Committee Consideration and Mark-up Session Held.
Source: Committee
7 November 2017
Committee
Committee Consideration and Mark-up Session Held.
Source: Committee
13 November 2017
Calendars
Placed on the Union Calendar, Calendar No. 302.
Source: Calendars
13 November 2017
Reported
Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-409.
Source: Committee
13 November 2017
Reported
Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-409.
Source: Committee
15 November 2017
Passed
Rule H. Res. 619 passed House.
Source: Floor
15 November 2017
Floor
Rule provides for consideration of H.R. 1 with 4 hours of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. The rule also provides that on any legislative day during the period from November 17, 2017, through November 27, 2017--the Journal of the proceedings of the previous day shall be considered as approved.
Source: Floor
15 November 2017
Floor
Considered under the provisions of rule H. Res. 619. (consideration: CR H9269-9281, H9302-9361; text of amendment in the nature of a substitute: CR H9302-9345)
Source: Floor
15 November 2017
Reported
Rules Committee Resolution H. Res. 619 Reported to House. Rule provides for consideration of H.R. 1 with 4 hours of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. The rule also provides that on any legislative day during the period from November 17, 2017, through November 27, 2017: the Journal of the proceedings of the previous day shall be considered as approved.
Source: Floor
16 November 2017
Floor
Pursuant to clause 1(c) of rule 19, the House continued with further consideration on H.R. 1. (consideration: CR H9381-9414)
Source: Floor
16 November 2017
Passed
Motion to reconsider laid on the table Agreed to without objection.
Source: Floor
16 November 2017
Floor
The title of the measure was amended pursuant to H. Res. 619.
Source: Floor
16 November 2017
Vote
On passage Passed by the Yeas and Nays: 227 - 205 (Roll no. 637).
Source: Floor
16 November 2017
Vote
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 227 - 205 (Roll no. 637).
Source: Floor
16 November 2017
Floor
The previous question was ordered pursuant to the rule.
Source: Floor
27 November 2017
Calendars
Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Source: Calendars
28 November 2017
Calendars
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 266.
Source: Calendars
29 November 2017
Vote
Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 52 - 48. Record Vote Number: 284. (consideration: CR S7393-7402, S7499-7504)
Source: Floor
30 November 2017
Floor
Considered by Senate. (consideration: CR S7507-7557)
Source: Floor
1 December 2017
Floor
Considered by Senate. (consideration: CR S7653-7712)
Source: Floor
2 December 2017
Vote
Motion by Senator Manchin to commit to Senate Committee on Finance with instructions rejected in Senate by Yea-Nay Vote. 38 - 61. Record Vote Number: 300.
Source: Floor
2 December 2017
Vote
Passed/agreed to in Senate: Passed Senate with an amendment by Yea-Nay Vote. 51 - 49. Record Vote Number: 303.
Source: Floor
4 December 2017
Passed
Motion to reconsider laid on the table Agreed to without objection.
Source: ResolvingDifferences
4 December 2017
ResolvingDifferences
Mr. Brady (TX) moved that the House disagree to the Senate amendment, and request a conference. (consideration: CR H9601-9613)
Source: ResolvingDifferences
4 December 2017
ResolvingDifferences
The Speaker appointed conferees - from the Committee on Ways and Means for consideration of the House bill and the Senate amendment, and modifications committed to conference: Brady (TX), Nunes, Roskam, Black, Noem, Neal, Levin, and Doggett.
Source: ResolvingDifferences
4 December 2017
ResolvingDifferences
The previous question was ordered without objection.
Source: ResolvingDifferences
4 December 2017
Floor
DEBATE - The House proceeded with one hour of debate on the motion to disagree to the Senate amendment and request a conference.
Source: Floor
4 December 2017
Vote
On motion that the House disagree to the Senate amendment, and request a conference Agreed to by the Yeas and Nays: 222 - 192 (Roll no. 653).
Source: ResolvingDifferences
4 December 2017
Floor
Message on Senate action sent to the House.
Source: Floor
5 December 2017
Floor
APPOINTMENT OF CONFEREE - Pursuant to clause 11 of rule I, the Chair announced the removal of the gentleman from Oregon, Mr. Walden, as a conferee on H.R. 1 and appointed the gentleman from Michigan, Mr. Upton, to fill the vacancy.
Source: Floor
5 December 2017
Floor
Message on House action received in Senate and at desk: House requests a conference.
Source: Floor
6 December 2017
ResolvingDifferences
Motion by Senator King to instruct Senate conferees made in Senate.
Source: ResolvingDifferences
6 December 2017
Floor
Measure laid before Senate by unanimous consent. (consideration: CR S7859-7883)
Source: Floor
7 December 2017
ResolvingDifferences
Senate appointed conferees. Hatch; Enzi; Murkowski; Cornyn; Thune; Portman; Scott; Toomey; Wyden; Sanders; Murray; Cantwell; Stabenow; Menendez; Carper.
Source: ResolvingDifferences
11 December 2017
Floor
Message on Senate action sent to the House.
Source: Floor
13 December 2017
ResolvingDifferences
Conference held.
Source: ResolvingDifferences
13 December 2017
ResolvingDifferences
Conference committee actions: Conference held.
Source: ResolvingDifferences
15 December 2017
ResolvingDifferences
Conference report H. Rept. 115-466 filed. (text of conference report: CR H9943-10142)
Source: ResolvingDifferences
15 December 2017
ResolvingDifferences
Conference report filed: Conference report H. Rept. 115-466 filed.(text of conference report: CR H9943-10142)
Source: ResolvingDifferences
18 December 2017
ResolvingDifferences
Conference papers: Senate report and manager's statement held at the desk in Senate.
Source: ResolvingDifferences
19 December 2017
ResolvingDifferences
The previous question was ordered pursuant to the rule.
Source: ResolvingDifferences
19 December 2017
Vote
Motion to proceed to consideration of the conference report agreed to in Senate by Yea-Nay Vote. 51 - 48. Record Vote Number: 321. (CR S8088)
Source: Floor
19 December 2017
ResolvingDifferences
Conference papers: message on House action held at the desk in Senate.
Source: ResolvingDifferences
19 December 2017
Passed
Motions to reconsider laid on the table Agreed to without objection.
Source: ResolvingDifferences
19 December 2017
Vote
On agreeing to the conference report Agreed to by the Yeas and Nays: 227 - 203 (Roll no. 692).
Source: ResolvingDifferences
19 December 2017
Vote
Conference report agreed to in House: On agreeing to the conference report Agreed to by the Yeas and Nays: 227 - 203 (Roll no. 692).
Source: ResolvingDifferences
19 December 2017
Vote
On motion to recommit with instructions to conference committee Failed by the Yeas and Nays: 191 - 236 (Roll no. 691).
Source: ResolvingDifferences
19 December 2017
Floor
The previous question on the motion to recommit with instructions to conference committee was ordered without objection.
Source: Floor
19 December 2017
ResolvingDifferences
Mr. Neal moved to recommit with instructions to the conference committee. The instructions contained in the motion seek to instruct the managers on the part of the House to disagree in section 11042 and part VIII of subtitle A of title I of the conference report.
Source: ResolvingDifferences
19 December 2017
Floor
DEBATE - Pursuant to the provisions of H. Res. 667, the House proceeded with 1 hour of general debate on the conference report to accompany H.R. 1.
Source: Floor
19 December 2017
ResolvingDifferences
Mr. Brady (TX) brought up conference report H. Rept. 115-466 for consideration under the provisions of H. Res. 667. (consideration: CR H10201-10215)
Source: ResolvingDifferences
20 December 2017
Vote
On motion that the House agree to the Senate amendment Agreed to by the Yeas and Nays: 224 - 201 (Roll no. 699). (text: CR H10261-10308)
Source: ResolvingDifferences
20 December 2017
ResolvingDifferences
The previous question was ordered pursuant to the rule.
Source: ResolvingDifferences
20 December 2017
Vote
Motion to waive all applicable budget resolutions with respect to the conference report to accompany H.R. 1 rejected in Senate by Yea-Nay Vote. 51 - 48. Record Vote Number: 322. (12/19/17 CR S8101)
Source: Floor
20 December 2017
Passed
Motion to reconsider laid on the table Agreed to without objection.
Source: ResolvingDifferences
20 December 2017
Vote
Resolving differences -- House actions: On motion that the House agree to the Senate amendment Agreed to by the Yeas and Nays: 224 - 201 (Roll no. 699).(text: CR H10261-10308)
Source: NotUsed
20 December 2017
Floor
Pursuant to the provisions of H.Res. 668, Mr. Brady (TX) brought up H.R. 1 and offered a motion. (consideration: CR H10261-10312)
Source: Floor
20 December 2017
ResolvingDifferences
Mr. Brady (TX) moved that the House agree to the Senate amendment.
Source: ResolvingDifferences
20 December 2017
Passed
Rule H. Res. 668 passed House.
Source: Floor
20 December 2017
Reported
Rules Committee Resolution H. Res. 668 Reported to House. Rule provides for consideration of Senate Amendment to H.R. 1. Previous question shall be considered as ordered without intervening motions.
Source: Floor
21 December 2017
Floor
Presented to President.
Source: Floor
21 December 2017
President
Presented to President.
Source: President
22 December 2017
Became law
Became Public Law No: 115-97.
Source: President
22 December 2017
Became law
Signed by President.
Source: BecameLaw
22 December 2017
President
Signed by President.
Source: President