On November 15, 2017, the Senate Finance Committee released a revised chairman’s mark of its version of the Tax Cuts and Jobs Act.
Some of the highlights for individuals are:
- Individual tax rates remain 7 brackets with changes to the taxable income threshold.
- Child tax credit to $2,000 from $1,000.
- allows a passthrough income deduction of 17.4%.
- Form 1040SR for taxpayers over 65-year-old.
- characterize of IRA contributions.
Some of the highlights for businesses are:
- limitation of NOL to 80% of taxable income.
- credit for paid leave.