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.

Source: https://www.finance.senate.gov/imo/media/doc/JCX-56-17%20%20SFC%20Chairman’s%20Modification.pdf