Ghost - Repeal OBBBA · Ghost (Page 74)

Sec. 70113. Extension and modification of limitation on deduction and exclusion for moving expenses

(a) Extension of limitation on deduction.—Section 217(k) is amended— (1) by striking “, and before January 1, 2026”, and (2) by striking “2018 through 2025” in the heading and inserting “beginning after 2017”. (b) Allowance of deduction for members of the intelligence community.—Section 217(k), as amended by

Sec. 70112. Extension and modification of qualified transportation fringe benefits

(a) In general.—Section 132(f) is amended— (1) by striking subparagraph (D) of paragraph (1), (2) in paragraph (2), by inserting “and” at the end of subparagraph (A), by striking “, and” at the end of subparagraph (B) and inserting a period, and by striking subparagraph (C), (3) by striking

Sec. 70111. Limitation on tax benefit of itemized deductions

(a) In general.—Section 68 is amended to read as follows: “(a) In general.—In the case of an individual, the amount of the itemized deductions otherwise allowable for the taxable year (determined without regard to this section) shall be reduced by 2⁄37 of the lesser of— “(1) such

Sec. 70110. Termination of miscellaneous itemized deductions other than educator expenses

(a) In general.—Section 67(g) is amended— (1) by striking “, and before January 1, 2026”, and (2) by striking “2018 through 2025” in the heading and inserting “beginning after 2017”. (b) Deduction for educator expenses.— (1) IN GENERAL.—Section 67(b) is amended by striking “and” at the end

Sec. 70109. Extension and modification of limitation on casualty loss deduction

(a) In general.—Section 165(h)(5) is amended— (1) in subparagraph (A), by striking “, and before January 1, 2026”, and (2) by striking “2018 through 2025” in the heading and inserting “beginning after 2017”. (b) Extension to State declared disasters.— (1) IN GENERAL.—Subparagraph (A) of section 165(h)

Sec. 70108. Extension and modification of limitation on deduction for qualified residence interest

(a) In general.—Section 163(h)(3)(F) is amended— (1) in clause (i)— (A) by striking “, and before January 1, 2026”, (B) by redesignating subclauses (III) and (IV) as subclauses (IV) and (V), respectively, (C) by striking “subclause (III)” in subclause (V), as so redesignated, and inserting “subclause (IV)

Sec. 70107. Extension of increased alternative minimum tax exemption amounts and modification of phaseout thresholds

(a) In general.—Section 55(d)(4) is amended— (1) in subparagraph (A), by striking “, and before January 1, 2026”, and (2) by striking “and before 2026” in the heading. (b) Modification of inflation adjustment.—Section 55(d)(4)(B) is amended— (1) by striking “2018” and inserting “2018 (2026,

Sec. 70106. Extension and enhancement of increased estate and gift tax exemption amounts

(a) In general.—Section 2010(c)(3) is amended— (1) in subparagraph (A) by striking “$5,000,000” and inserting “$15,000,000”, (2) in subparagraph (B)— (A) in the matter preceding clause (i), by striking “2011” and inserting “2026”, and (B) in clause (ii), by striking “calendar year 2010”

Sec. 70105. Extension and enhancement of deduction for qualified business income

(a) Increase in taxable income limitation phase-in amounts.— (1) IN GENERAL.—Subparagraph (B) of section 199A(b)(3) is amended by striking “$50,000 ($100,000 in the case of a joint return)” each place it appears and inserting “$75,000 ($150,000 in the case of a joint

Sec. 70104. Extension and enhancement of increased child tax credit

(a) Extension and increase of expanded child tax credit.—Section 24(h) is amended— (1) in paragraph (1), by striking “, and before January 1, 2026”, (2) in paragraph (2), by striking “$2,000” and inserting “$2,200”, and (3) by striking “2018 through 2025” in the heading and inserting “beginning

Sec. 70103. Termination of deduction for personal exemptions other than temporary senior deduction

(a) In general.—Section 151(d)(5) is amended— (1) by striking “2018 through 2025” in the heading and inserting “beginning after 2017”, (2) by striking “, and before January 1, 2026”, and (3) by adding at the end the following new subparagraph: “(C) DEDUCTION FOR SENIORS.— “(i) IN GENERAL.—In

Sec. 70102. Extension and enhancement of increased standard deduction

(a) In general.—Section 63(c)(7) is amended— (1) by striking “, and before January 1, 2026” in the matter preceding subparagraph (A), and (2) by striking “2018 through 2025” in the heading and inserting “beginning after 2017”. (b) Additional increase in standard deduction.—Paragraph (7) of section 63(c)