(a) Trump accounts.— (1) IN GENERAL.—Subchapter F of chapter 1 is amended by adding at the end the following new part: “PART IX—Trump accounts “Sec. 530A. Trump accounts. “SEC. 530A. Trump accounts. “(a) General rule.—Except as provided in this section or under regulations or guidance established by
(a) In general.—Section 163(h) is amended by redesignating paragraph (4) as paragraph (5) and by inserting after paragraph (3) the following new paragraph: “(4) SPECIAL RULES FOR TAXABLE YEARS 2025 THROUGH 2028 RELATING TO QUALIFIED PASSENGER VEHICLE LOAN INTEREST.— “(A) IN GENERAL.—In the case of taxable years
(a) Deduction allowed.—Part VII of subchapter B of chapter 1, as amended by the preceding provisions of this Act, is amended by redesignating section 225 as section 226 and by inserting after section 224 the following new section: “SEC. 225. Qualified overtime compensation. “(a) In general.—There shall be
(a) Deduction allowed.—Part VII of subchapter B of chapter 1 is amended by redesignating section 224 as section 225 and by inserting after section 223 the following new section: “SEC. 224. Qualified tips. “(a) In general.—There shall be allowed as a deduction an amount equal to the qualified
SEC. 70101. Extension and enhancement of reduced rates. (a) In general.—Section 1(j) is amended— (1) in paragraph (1), by striking “, and before January 1, 2026”, and (2) by striking “2018 through 2025” in the heading and inserting “beginning after 2017”. (b) Inflation adjustment.—Section 1(j)(3)(B)
(a) In general.—Section 164(b)(6) is amended— (1) by striking “and before January 1, 2026”, and (2) by striking “$10,000 ($5,000 in the case of a married individual filing a separate return)” and inserting “the applicable limitation amount (half the applicable limitation amount in the case
(a) In general.—Section 108(f)(5) is amended to read as follows: “(5) DISCHARGES ON ACCOUNT OF DEATH OR DISABILITY.— “(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
(a) Treatment made permanent.—Section 11026(a) of Public Law 115–97 is amended by striking “, with respect to the applicable period”. (b) Kenya, Mali, Burkina Faso, and Chad included as hazardous duty areas.—Section 11026(b) of Public Law 115–97 is amended to read as follows: “(b) Qualified
(a) In general.—Section 529(c)(3)(C)(i)(III) is amended by striking “before January 1, 2026,”. (b) Effective date.—The amendment made by this section shall apply to taxable years beginning after December 31, 2025. Published with DiscussionBridge from the Repeal OBBBA Forum Source author: Editor · DiscussionBridge for
(a) Extension.— (1) IN GENERAL.—Section 25B(d)(1) is amended to read as follows: “(1) IN GENERAL.—The term ‘qualified retirement savings contributions’ means, with respect to any taxable year, the sum of— “(A) the amount of contributions made by the eligible individual during such taxable year to the
(a) In general.—Section 529A(b)(2)(B) is amended— (1) in clause (i), by inserting “(determined by substituting ‘1996’ for ‘1997’ in paragraph (2)(B) thereof)” after “section 2503(b)”, and (2) in clause (ii), by striking “before January 1, 2026”. (b) Effective dates.— (1) IN GENERAL.—Except as
(a) In general.—Section 165 is amended by striking subsection (d) and inserting the following: “(d) Wagering losses.— “(1) IN GENERAL.—For purposes of losses from wagering transactions, the amount allowed as a deduction for any taxable year— “(A) shall be equal to 90 percent of the amount of such