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

Transcription

1 An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018 (Pub L , 131 Stat 2054) Internal Revenue Code Changes IRC Section IRC Subsections Affected Subject Matter of Amendments 1 (f)(2)(a) amended (f)(3) replaced (f)(7) replaced by new (f)(6); old (5) now (7) (h)(11)(c)(iii) (i) amended new (j) 2 (a)(3) Qualified hazardous duty area shall be treated in the same manner as if it were a combat zone (IRC 112) 11 (d) Striking the taxes imposed by subsection (a) and section 55 and inserting the tax imposed by subsection (a). 11 (b) rewritten (b) AMOUNT OF TAX. The amount of the tax imposed by subsection (a) shall be 21 percent of taxable income. 12 (7) stricken 12 (4) & (6) stricken Renumbering 23 (h)(2) Striking for calendar year 1992 in 1

2 24 NEW (h) SPECIAL RULES FOR TAXABLE YEARS 2018 THROUGH A (h)(1)(a)(ii) (h)(2)(a)(ii) Striking for calendar year 1992 in 25B (b)(3)(b). Striking for calendar year 1992 in 25B new (d)(1)(d) 26 new (b)(2)(b) Reference to 59A 32 (b)(2)(b)(ii)(ii) (j)(1)(b)(i) & (ii) Striking for calendar year 1992 in 36B (f)(2)(b)(ii)(ii) Striking for calendar year 1992 in 38 NEW (c)(6)(e) CORPORATIONS 38 NEW (b)(37) NEW (c)(4)(b)(ix) 41 (e)(5)(c)(i) Striking for calendar year 1992 in 41 (e)(5)(c)(ii) Striking 1(f)(3)(B) and inserting 1(f)(3)(A)(ii) ; 2

3 striking 1992 and inserting (d)(1)(a) Referring to new 174 title 42 (e)(3)(d)(ii) (h)(3)(h)(i)(ii) Striking for calendar year 1992 in 42 (h)(6)(g) amended 45C (a) Replacing 50% with 25% 45R (d)(3)(b)(ii) Striking for calendar year 1992 in 45S NEW EMPLOYER CREDIT FOR PAID FAMILY AND MEDICAL LEAVE ends 1/1/ (a) rewritten NEW (c)(1)(a)(iii) (c)(1)(b) stricken (c)(2)(b)(iv) rewritten HISTORIC STRUCTURES 53 (d)(2) amended Adding except that in the case of a corporation, the tentative minimum tax shall be treated as zero before the period at the end. 53 NEW (e) PORTION OF CREDIT TREATED AS REFUNDABLE. 53 NEW (d)(3) AMT TERM REFERENCES 54 (l)(3)(b) 54(l)(3)(B) amended by inserting (as in effect before its repeal by the Tax Cuts and Jobs Act) after section 1397E(I). 3

4 55 (d)(4)(a)(ii) Striking for calendar year 1992 in 55 (a) Striking There and inserting In the case of a taxpayer other than a corporation, there 55 (b)(1) rewritten (b)(3) amended Latter is cross reference only 55 (c)(1) amended Striking the section 936 credit allowable under section 27(b), and the Puerto Rico economic activity credit under section 30A 55 (d) amended As amended by Act section 11002; (d)(2) stricken; other changes 55 (e) stricken 55 NEW (d)(4) (as previously amended) SPECIAL RULE FOR TAXABLE YEARS BEGINNING AFTER 2017 AND BEFORE (b)(1)(b) Adding sentence: This subparagraph shall not 20 apply to taxable years beginning after December 31, 2016, and ending before January 1, (b)(2)(c) stricken Relettering 56 (c) & (g) stricken 58 (a)(3) stricken Renumbering 59 (j)(2)(b) Striking for 1992 in subparagraph (B) and inserting for 2016 in. 4

5 59 (a) amended (b) & (f) stricken 59A NEW TAX ON BASE EROSION PAYMENTS OF TAXPAYERS WITH SUBSTANTIAL GROSS RECEIPTS 61 (a)(8) stricken Inclusion of alimony in gross income repealed 62 (d)(3)(b) Striking for calendar year 1992 in 62 (a)(10) stricken Re repeal of (c)(4)(b) striking for calendar year 1992 in 63 (c) NEW (7) SPECIAL RULES FOR TAXABLE YEARS 2018 THROUGH NEW (g) SUSPENSION FOR TAXABLE YEARS 2018 THROUGH (b)(2)(b) Striking 1(f)(3)(B) and inserting 1(f)(3)(A)(ii) ; Striking 1992 and inserting NEW (f) SECTION NOT TO APPLY 71 STRICKEN Inclusion of alimony in gross income repealed 74 (d)(2)(b) Striking reference to rewritten 5

6 83 NEW (i) QUALIFIED EQUITY GRANTS 86 (d)(2)(a) Striking reference to NEW CERTAIN FOREIGN BRANCH LOSSES TRANSFERRED TO SPECIFIED 10- PERCENT OWNED FOREIGN CORPORATIONS 101 (a)(1) NEW (a)(3) EXCEPTION TO VALUABLE CONSIDERATION RULES FOR COMMERCIAL TRANSFERS 108 NEW (f)(5) DISCHARGES ON ACCOUNT OF DEATH OR DISABILITY 112 Qualified hazardous duty area shall be treated in the same manner as if it were a combat zone (IRC 112) 118 (b)-(c) replaced (d) stricken 121 (d)(3)(b) amended, (d)(3)(c) added Re repeal of 71 DIVORCE OR SEPARATION INSTRUMENT. 125 (i)(2)(b) Striking for calendar year 1992 in 132 (f)(6)(a)(ii) Striking for calendar year 1992 and inserting for calendar year 2016 in subparagraph (A)(ii) thereof 132 NEW (f)(8) SUSPENSION OF QUALIFIED BICYCLE COMMUTING REIMBURSEMENT EXCLUSION 132 (g) amended Exclusion for qualified moving expense reimbursement suspended 6

7 135 (b)(2)(b)(ii) Striking for calendar year 1992 in 135 (c)(4)(a) Striking reference to (f)(2) Striking for calendar year 1992 in 137 (b)(3)(a) Striking reference to G NEW ASSIGNMENTS TO ALASKA NATIVE SETTLEMENT TRUSTS 145 (d)(4) Cross references 146 (d)(2)(b). Striking for calendar year 1992 in 147 (c)(2)(h)(ii) Striking for calendar year 1992 in 148 (f)(4)(c)(xiv) stricken 149 (d)(1) (d)(2), (3), (4) & (6) stricken 151 (d)(4)(b) Striking for calendar year 1992 in 151 (d) amended; NEW (5) SPECIAL RULES FOR TAXABLE YEARS 2018 THROUGH

8 152 (d)(5) rewritten Re repeal of (a) (e)(2) & (7) stricken (f) rewritten (m) amended (m)(2) replaced NEW (m)(4)(f) (o)(3) amended NEW (q) NEW (r) 163 NEW (h)(3)(f) (j) rewritten Deleting in excess of $3,000 from (a) (f) FINES, PENALTIES, AND OTHER AMOUNTS (q) PAYMENTS RELATED TO SEXUAL HARASSMENT AND SEXUAL ABUSE SPECIAL RULES FOR TAXABLE YEARS 2018 THROUGH 2025 LIMITATION ON BUSINESS INTEREST 164 NEW (b)(6) LIMITATION ON INDIVIDUAL DEDUCTIONS FOR TAXABLE YEARS 2018 THROUGH NEW (h)(5) LIMITATION FOR TAXABLE YEARS 2018 THROUGH (d) amended Limiting wagering losses 168 (b)(2)(b) stricken (b)(3)(g) replaced, (H), (I) stricken (e)(3)(b) (e)(3)(e)(iv), (v), (ix) stricken (e)(6) replaced (e)(7)-(8) stricken NEW (g)(1)(f), (G) & (8) (g)(2)(c) table (g)(3)(b) (k)(2)(a) (k)(4) stricken 168 (k)(1)(a), (k)(5)(a)(i); (k)(6) rewritten (k)(5)(f) stricken NEW (k)(8) Required use of 150% method repealed date rate changed to after 12/31/2017 (e)(6) QUALIFIED IMPROVEMENT PROPERTY 50% to applicable percentage (k)(8) PHASE DOWN (k) heading changed 8

9 168 (i)(7)(b) last sentence stricken 168 (k)(2)(a) & (B) & (5)(A) amended; NEW (k)(2)(a)(i)(iv) & (V) (k)(2)(a)(ii) rewritten (k)(2)(e)(ii) rewritten (k)(2)(e)(iii)(i) rewritten; (k)(2)(f) amended NEW (k)(2)(h) NEW (k)(9) NEW (k)(10) 170 (b)(1) (b)(2)(d) 1/1/2020 (January 1, 2021 to 1/1/2027 (January 1, 2028 (9) EXCEPTION FOR CERTAIN PROPERTY (10) SPECIAL RULE FOR PROPERTY PLACED IN SERVICE DURING CERTAIN PERIODS (H) PRODUCTION PLACED IN SERVICE New (G) INCREASED LIMITATION FOR CASH CONTRIBUTIONS; (iv) stricken; NEW (vi) section 199A(g). [now (v)] 170 (f)(8)(d) stricken (l)(1) replaced (l)(2)(b) 172 (a) rewritten (b)(1)(a) (b)(1)(b) & (C) replaced (b)(1)(d)-(f) stricken (b)(2) NEW (d)(6)(c) & (8) (d)(7) stricken NEW (d)(9) (f) replaced (g)-(h) stricken NOL carryback repealed, indefinite carry forward QUALIFIED BUSINESS INCOME DEDUCTION. some (d) changes do not refer to earlier amendments (9) DEDUCTION FOR FOREIGN- DERIVED INTANGIBLE INCOME 174 Rewritten AMORTIZATION OF RESEARCH AND EXPERIMENTAL EXPENDITURES; these amendments constitute change in accounting Act sec (b)(6)(a)(ii) Striking for calendar year 1992 in 9

10 179 (b)(1) (b)(2) $500,000 to $1,000,000 $2,000,0000 to $2,500, (b)(6)(a) & (B) as previously amended 2015 to 2018; 2014 to 2017; updated references; in (B) adding ($100 in the case of any increase in the amount under paragraph (5)(A)) after $ (d)(1)(b) rewritten last sentence of (d)(1) Adding (other than paragraph (2) thereof) after section 50(b) 179 (f) rewritten QUALIFIED REAL PROPERTY 199 STRICKEN 199A NEW QUALIFIED BUSINESS INCOME; (e) defines term. 213 (d)(10)(b)(ii) amended 213 (f) rewritten SPECIAL RULES FOR 2013 THROUGH STRICKEN Alimony deduction repealed 217 NEW (k) SUSPENSION OF DEDUCTION FOR TAXABLE 9 YEARS 2018 THROUGH (b)(5)(c)(i)(ii) (g)(8)(b) Striking for calendar year 1992 in 219 (f)(1) amended Re repeal of (g)(3)(a)(ii) Striking reference to (g)(2) Striking for calendar year 1992 in 10

11 220 (f)(7) amended Re repeal of 71 71(b)(2)(A) replaced with 121(D)(3)(C)(i) 221 (f)(1)(b) Striking for calendar year 1992 in 221 (b)(2)(c) Striking reference to (b)(2)(c) Striking reference to (g)(1)(b) Striking for calendar year 1992 in 223 (f)(7) amended Re repeal of 71 71(b)(2)(A) replaced with 121(D)(3)(C)(i) 243 (a)(1) 70 % to 50 % 243 (c)(1) 80 % to 65 % and 70% to 50%; heading changed to Increased Percentage 245 (a)(4) rewritten (a)(10)(c) (c)(1)(b) 80 % to 65 % and 70% to 50%** 245A NEW DEDUCTION FOR FOREIGN SOURCE- PORTION OF DIVIDENDS RECEIVED BY DOMESTIC CORPORATIONS FROM SPECIFIED 10-PERCENT OWNED FOREIGN CORPORATIONS 246 (a)(1) (b)(1) (b)(3) Adds cross references to 199A &

12 (c) NEW (c)(5) 80 % to 65 % and 70% to 50% (5) SPECIAL RULES FOR FOREIGN SOURCE PORTION OF DIVIDENDS RECEIVED FROM SPECIFIED 10- PERCENT OWNED FOREIGN CORPORATIONS 246 (b)(1) Striking reference to A (a)(1) 80 % to 65 % and 70% to 50% 247 NEW CONTRIBUTIONS TO ALASKA NATIVE SETTLEMENT TRUSTS 250 NEW DEDUCTION FOR FOREIGN- DERIVED INTANGIBLE INCOME AND GLOBAL INTANGIBLE LOW-TAXED INCOME 263A (b)(2) rewritten NEW (d)(2)(c) NEW (f)(4) (f)(5)(b)(ii) NEW (i) APPLICABLE PERCENTAGE SPECIAL TEMPORARY RULE FOR CITRUS PLANTS LOST BY REASON OF CASUALTY (4) EXEMPTION FOR AGING PROCESS OF BEER, WINE, AND DISTILLED SPIRITS EXEMPTION FOR CERTAIN SMALL BUSNESSES. 267A NEW CERTAIN RELATED PARTY AMOUNTS PAID OR ACCRUED IN HYBRID TRANSACTIONS OR WITH HYBRID ENTITIES 274 (a)(1) (a)(2)(c) stricken NEW (a)(4) (d) (j)(3)(a) (l) replaced (n) heading (a) heading now RECREATION, OR QUALIFIED TRANSPORTATION FRINGES (l) TRANSPORTATION AND COMMUTING BENEFITS and Entertainment deleted from 12

13 (n)(1) rewritten (n)(2)(b) stricken (n)(2)(c) stricken NEW (o) 280C (a) NEW (b)(3) (c)(1) replaced (c)(2) stricken (c)(3)(b)(ii)(ii) (n) heading (o) MEALS PROVIDED AT CONVENIENCE OF EMPLOYER [1/1/2026] Adding reference to 45S(a) (b)(3) ELECTION OF REDUCED CREDIT Reference to 11(b)(1) changed to 11(b) 280F (d)(7)(b) amended 280F (a)(1)(a) & (b) $2,500 to $10,000 $4,100 to $16,000 $2,450 to $9,600 $1,475 to $5, F (d)(4)(a)(iv) & (B) stricken (d)(7)(a) & (B) 1988 to to (a)(3) stricken (a)(4) [old (5)] NEW (d)(2)(d) 381 NEW (c)(20) CARRYFORWARD OF DISALLOWED BUSINESS INTEREST 381 (d) stricken 382 NEW (d)(3) (k)(1) APPLICATION TO CARRYFORWARD OF DISALLOWED INTEREST 382 (l)(3)(b)(iii) Re repeal of 71 71(b)(2) replaced with 121(D)(3)(C) 402 (c)(3) NEW (c)(3)(c) 408 (d)(6) NEW (d)(6)(b)(iii) re repeal of 71 71(b)(2)(A) replaced with 121(D)(3)(C)(i) 13

14 408A (c)(3)(d)(ii) striking for calendar year 1992 in 409A NEW (d)(7) TREATMENT OF QUALIFIED STOCK 422 (b) 423 (b)(5) NEW (d) COORDINATION WITH QUALIFIED EQUITY GRANTS 430 (c)(7)(d)(vii)(ii) Striking for calendar year 1992 in 447 (c)(1) & (2) (f) rewritten (d), (e), (h) & (i) stricken 448 (b)(3) & (c)(1) rewritten; NEW (c)(4), (d)(7) rewritten COORDINATION WITH SECTION 481; amended (f) now (d); old (g) now (e) ADJUSTMENT FOR INFLATION COORDINATION WITH SECTION NEW (b) & (c) INCLUSION NOT LATER THAN FOR FINANCIAL ACCOUNTING PURPOSES TREATMENT OF ADVANCE PAYMENTS 453A (c)(3) Deleting reference to B (e) NEW (e)(3) 457 (e)(11)(b)(ii) NEW (e)(11)(b)(iii) NEW (e)(11)(b)(iv) $3,000 to $6, (c)(6)(b)(ii) 460 (e)(1)(b) (e)(2), (3) stricken; NEW (2) RULES RELATED TO GROSS RECEIPTS TEST 14

15 461 NEW (l) LIMITATION ON EXCESS BUSINESS LOSSES OF NONCORPORATE TAXPAYERS. 465 (c)(7)(d)(v)(ii) Replacing section 806(b)(3) with inserting section 7453B(e)(3). 469 (i)(3)(f)(iii) Adding reference to 250; striking reference to NEW (c) EXEMPTION FOR CERTAIN SMALL BUSINESSES. 481 NEW (d) ADJUSTMENTS ATTRIBUTABLE TO CONVERSION FROM S CORPORATION TO C CORPORATION 482 NEW sentence at end 512 (d)(2)(b) NEW (a)(6) NEW (a)(7) Striking for calendar year 1992 in (6) SPECIAL RULE FOR ORGANIZATION WITH MORE THAN 1 UNRELATED TRADE OR BUSINESS (7) INCREASE IN UNRELATED BUSINESS TAXABLE INCOME BY DISALLOWED FRINGE 513 (h)(2)(c)(ii) Striking for calendar year 1992 in 527 (b)(2) stricken & all before is hereby imposed (b) TAX IMPOSED. A tax 529 NEW (c)(3)(c)(iii) 15

16 529 NEW (c)(7) TREATMENT OF ELEMENTARY AND SECONDARY TUITION 529 (e)(3)(a) $10,000 limit on expenses 529A (b)(2)(b) rewritten 529A (b)(2) amended 529A NEW (b)(7) SPECIAL RULES RELATED TO CONTRIBUTION LIMIT 535 (b)(1) amended (c)(5) rewritten Replacing 902(a) or 960(a)(1) with (b)(1) Replacing 902(A) or 960(a)(1) with (a) Deleting reference to (a) Inserting and without the deduction under section 199A & striking and without the deduction under section A (d)(1) (d)(1)(b) stricken New (C) any deduction allowable under 199A [now (B)] 641 NEW (c)(2) 642 NEW (b)(2)(c)(iii) YEARS WHEN PERSONAL EXEMPTION AMOUNT IS ZERO 682 STRICKEN Inclusion of alimony in gross income repealed 691 (c)(4) Deleting reference to Qualified hazardous duty area shall be treated in the same manner as if it were a combat zone (IRC 112) 704 (d) NEW (d)(3) 16

17 708 (b)(1) 743 (d)(1) replaced (e)(4) stricken 801 (a)(2) stricken & all before is hereby imposed (a)(2)(c) & (c) stricken (a) TAX IMPOSED. A tax 802 Rewritten 804 Replacing means and all that follows with means the general deductions provided in section (a)(4)(b)(ii) rewritten old (a)(4)(b)(i) stricken (a)(5) stricken (b)(2)(a)(iv) rewritten old (b)(2)(a)(iii) & (b)(4) stricken 806 Stricken 807 (c) (d)(1) & (2) replaced (d)(3)(a) & (B) (d)(4) & (5) stricken (e)(2) replaced (e)(5) stricken NEW (e)(6) (f) rewritten (d)(2) QUALIFIED SUPPLEMENTAL BENEFITS 808 NEW (g) (g) PREVAILING STATE ASSUMED INTEREST RATE 810 STRICKEN 812 Rewritten 814 (f)(1) 815 STRICKEN 17

18 817A (e)(2) Replacing, 807(d)(2)(B), and 812 with and 807(d)(2)(B) 831 (b)(2)(d)(ii) Striking for calendar year 1992 in 831 (e)(1) stricken Renumbering 831 (b)(3) Cross reference 832 (b)(3)(a) (b)(5)(b) Replacing 1201(a) with 11(b) applicable percentage is 5.25 % divided by the highest rate in effect under section 11(b). 842 (c)(1) stricken 844 STRICKEN 846 (c)(2) rewritten (d)(3)(b) replaced (d)(3)(c)-(g) stricken (e) stricken 847 (9) 847 STRICKEN 848 (a)(2) (b)(1) (c)(1) (c)(2) (c)(3) (i) stricken The last sentence of paragraph (9) is stricken AND Section 847 is stricken 120 to 180-month 1.75% to 2.09% 2.05 to 2.45% 7.7 to 9.2% 852 Last sentence of (b)(1) stricken 857 (b)(3)(a) stricken; NEW (b)(3)(f) Amendments to redesignated (C) & (E) (F) UNDISTRIBUTED CAPITAL GAIN 18

19 860E (e)(2)(b) & (e)(6)(a)(ii) Reference to 11(b)(1) changed to 11(b) 863 (b) 864 (c)(1) NEW (c)(8) (e)(2) rewritten 865 (h)(1)(b) Deleting reference to A (a)(3)(b)(i)(ii). Striking for calendar year 1992 in 882 (a)(1) Striking 55, and or 1201 adding reference to 59A 897 (a)(2)(a) amended Changing 55(b)(1)(A) to 55(b)(1). 901 (a) (e)(2) (f) (j) (k) (m)(1)(b) rewritten Deleting reference to Stricken 904 (b)(2)(c) (b)(3)(d) rewritten (b)(3)(e) rewritten NEW (b)(5) (c) NEW (d)(1)(a) & (B) (d)(2)(a)(ii) (d)(2)(e)(i) rewritten NEW (d)(2)(j) (d)(4) (d)(6) NEW (g)(5) (h)(10)(a) (k) rewritten Deleting reference to 1201(a) (b)(5) TREATMENT OF DIVIDENDS FOR WHICH DEDUCTION IS ALLOWED UNDER SECTION 245A (g)(5) ELECTION TO INCREASE PERCENTAGE OF TAXABLE INCOME TREATED AS FOREIGN SOURCE 19

20 905 (c) 906 (a) (b)(4) & (5) stricken 907 (b)(2)(b) NEW (c)(3)(a) (c)(5) (f)(2)(b)(i) Generally deleting (a) Deleting (b) (d)(5) deleted Deleting 902 SPECIFIED 10-PERCENT OWNED FOREIGN CORPORATIONS 911 (b)(2)(d)(ii)(ii) Striking for 1992 in subparagraph (B) and inserting for 2016 in. 911 (f)(1)(b) & (2)(B) amended Updating 55 cross references 936 NEW (h)(3)(b)(vi) 951 (a)(1)(a) rewritten (a)(3) stricken (b) Subpart to title (a)(1) replacing for an uninterrupted period of 30 days or more with at any time (b) adding, or 10 percent or more of the total value of shares of all classes of stock of such foreign corporation after such foreign corporation 951A NEW CURRENT YEAR INCLUSION OF GLOBAL INTANGIBLE LOW-TAXED INCOME BY UNITED STATES SHAREHOLDERS 952 (c)(1)(b)(i) (c)(1)(b)(iii)(i) stricken Cross reference 20

21 953 (b)(1)(b) rewritten old (b)(1)(a) stricken (c)(1)(c) (d)(4)(b)(iv)(ii) 954 (a) (a)(5) stricken (b)(4) (b)(5) (b)(6) stricken (g) stricken 955 Stricken 957 (a) Subpart to title 958 (a)(1) (b)(4) stricken And updating references 959 (d) & (e) Updating references 960 NEW (d) (d) DEEMED PAID CREDIT FOR TAXES PROPERLY ATTRIBUTABLE TO TESTED INCOME 961 NEW (a), (b) old (c) stricken NEW (d) NEW (e), (f) BASIS IN SPECIFIED 10-PERCENT OWNED FOREIGN CORPORATION REDUCED BY NONTAXED PORTION OF DIVIDEND FOR PURPOSES OF DETERMINING LOSS 962 (a)(1) striking sections 11 and 55 and inserting section (b) NEW (e)(4) Striking 955 reference (4) COORDINATION WITH DIVIDENDS RECEIVED DEDUCTION 965 Rewritten TREATMENT OF DEFERRED FOREIGN INCOME UPON TRANSITION TO PARTICIPATION EXEMPTION SYSTEM OF TAXATION 21

22 970 (b) stricken 1016 (a)(1)(a), (B) replaced (a)(23) NEW (a)(38) 1031 (a)(1) (a)(2) replaced (e) replaced (h) rewritten (i) stricken 1044 stricken Deleting references to 1044 Reference to 1400Z-2 (e) APPLICATION TO CERTAIN PARTNERSHIPS Property replace with real property 1059 (b)(2)(b) Adding reference to 245A 1061 Now 1062 Cross References 1061 NEW PARTNERSHIP INTERESTS HELD IN CONNECTION WITH PERFORMANCE OF SERVICES 1201 Stricken 1221 (a)(3) Inserting a patent, invention, model or design (whether or not patented), a secret formula or process, before a copyright (b)(1)(c) Inserting a patent, invention, model or design (whether or not patented), a secret formula or process, before a copyright NEW (j) (j) COORDINATION WITH DIVIDENDS RECEIVED DEDUCTION. 1274A (d)(2) amended 1291 (g)(2)(a) 1293 NEW (f)(3) 22

23 1297 (b)(2)(b) rewritten NEW (f) (f) QUALIFYING INSURANCE CORPORATION 1351 (i)(3) Cross reference 1361 (c)(2)(b)(v) This clause shall not apply for purposes of subsection (b)(1)(c) NEW (f) CASH DISTRIBUTIONS FOLLOWING POST-TERMINATION TRANSITION PERIOD 1374 Last sentence of (b)(3)(b) stricken (b)(4) stricken Applies 1/1/ (b) Deleting reference to E Stricken 1445 (e)(2) amended Replacing 35 percent of the amount with the highest rate of tax in effect for the taxable year under section 11(b) multiplied by the amount 1445 (e)(6) Replacing 35 percent with the highest rate of tax in effect for the taxable year under section 11(b) ; replacing of the amount with multiplied by the amount 1446 (b)(2)(b) NEW (f) Changing 11(b)(1) to 11(b) (f) SPECIAL RULES FOR WITHHOLDING ON DISPOSITIONS OF PARTNERSHIP INTERESTS 1551 Stricken 1561 Rewritten LIMITATION ON ACCUMULATED EARNINGS CREDIT IN THE CASE OF CERTAIN CONTROLLED CORPORATIONS 23

24 2001 (g) rewritten 2010 (c)(3)(b)(ii). Striking for calendar year 1992 in 2010 NEW (c)(3)(c) Increasing exclusion amount to 10 million 2032A (a)(3)(b) Striking for calendar year 1992 in 2201 Qualified hazardous duty area shall be treated in the same manner as if it were a combat zone (IRC 112) 2503 (b)(2)(b) Striking for calendar year 1992 in 3401 (a)(1) (e) stricken NEW (i) Qualified hazardous duty area shall be treated in the same manner as if it were a combat zone (IRC 112) QUALIFIED STOCK FOR WHICH AN ELECTION IS IN EFFECT UNDER SECTION 83(I) NEW (t) RATE OF WITHHOLDING FOR CERTAIN STOCK 3402 (f)(1), (2) rewritten 3402 (a)(2), (b)(1), (b)(2), (f)(3), (f)(4), (f)(5), (f)(7) (& heading), (g)(4), (l)(1), (l)(2), (n) amended 3402 (m) amended (m)(1) amended Striking exemption each place it appears and inserting allowance. (f) Heading changed to Allowance Re repeal of 215 and 61(a)(10) 24

25 3405 (a)(3), (4) Striking exemption each place it appears and inserting allowance 3405 (a)(4) amended 4161 (b)(2)(c)(i)(ii) Striking for 1992 in (B) and inserting for 2016 in (d) Qualified hazardous duty area shall be treated in the same manner as if it were a combat zone (IRC 112) 4261 (e)(4)(a)(ii) NEW (e)(5) Striking for calendar year 1992 in (B) and inserting for calendar year 2016 in (5) AMOUNTS PAID FOR AIRCRAFT MANAGEMENT SERVICES 4960 NEW TAX ON EXCESS TAX-EXEMPT ORGANIZATION EXECUTIVE COMPENSATION 4968 NEW EXCISE TAX BASED ON INVESTMENT INCOME OF PRIVATE COLLEGES AND UNIVERSITIES 4980I (b)(3)(c)(v)(ii) Striking for 1992 in subparagraph (B) and inserting for 2016 in (a)(1) Reference to 1(h)(1)(C) changed to 1(h)(1)(D) 5000A (c)(3)(d)(ii) Striking for calendar year 1992 in 5000A (c)(2)(b)(iii) & (3) amended; (c)(2)(d) stricken 2.5% to 0% $695 to $0 25

26 5001 NEW (c) & amended NEW (c)(3) 5041 (a) (b)(1) & (2) NEW (c)(3) old (c)(4) NEW (c)(8) & amended NEW (c)(9) NEW (h) 5051 (a) (a)(1) replaced (a)(2)(a) (a)(2)(b) stricken NEW (a)(4) NEW (a)(5) (c) REDUCED RATE FOR 2018 AND 2019 (3) REDUCED TAX RATE FOR FOREIGN MANUFACTURERS AND IMPORTERS (8) SPECIAL RULE FOR 2018 AND 2019 (9) ALLOWANCE OF CREDIT FOR FOREIGN MANUFACTURERS AND IMPORTERS (h) MEAD AND LOW ALCOHOL BY VOLUME WINE (4) REDUCED TAX RATE FOR FOREIGN MANUFACTURERS AND IMPORTERS (5) CONTROLLED GROUP AND SINGLE TAXPAYER RULES 5212 Added at end In the case of distilled spirits transferred in bond after December 31, 2017, and before January 1, 2020, this section shall be applied without regard to whether distilled spirits are bulk distilled spirits Adding pursuant to section 5414 or before by pipeline 5414 Divided into (a) & (b) (b) TRANSFER OF BEER BETWEEN BONDED FACILITIES 6012 NEW (f) SPECIAL RULE FOR TAXABLE YEARS 2018 THROUGH (f)(1) Qualified hazardous duty area shall be treated in the same manner as if it were a combat zone (IRC 112) 6033 (e)(1)(b)(ii) Updating references 26

27 6038 (c)(1)(b) (c)(4)(c) stricken 6038A (b) rewritten (d) Updating reference $10,000 to $25, F (d) Striking subparagraph (B) thereof shall be applied by substituting 1995 for 1992 and inserting subparagraph (A)(ii) thereof shall be applied by substituting 1995 for H Heading amended NEW (e) 6047 NEW (g) relettered (h), NEW (4) Deleting Sponsoring (e) DEDUCTIBLE CONTRIBUTIONS BY NATIVE CORPORATIONS TO ALASKA NATIVE SETTLEMENT TRUSTS INFORMATION RELATING TO LIFE INSURANCE CONTRACT TRANSACTIONS 6050X NEW 6050X. INFORMATION WITH RESPECT TO CERTAIN FINES, PENALTIES, AND OTHER AMOUNTS 6050Y NEW 6050Y. RETURNS RELATING TO CERTAIN LIFE INSURANCE CONTRACT TRANSACTIONS 6051 NEW (a0(16) & (17) 6211 (b)(4)(a) Striking reference to (i)(4)(b) Striking for calendar year 1992 in 6334 (g)(1)(b). Striking for calendar year 1992 in 27

28 6334 NEW (d)(4) YEARS WHEN PERSONAL EXEMPTION AMOUNT IS ZERO 6343 (b) amended 9 months to 2 years 6401 (b)(1) Striking G, H, I, and J and inserting and G (c)(1)(A) rewritten twice (A) the sum of (i) the tax imposed by section 11, or subchapter L of chapter 1, whichever is applicable, plus (ii) the tax imposed by section 59A, over 6431 Stricken 6501 (m) Adding reference to 45S(h) 6532 (c) amended 9 months to 2 years 6601 (j)(3)(b) Striking for calendar year 1992 in 6651 (i)(1) Striking for calendar year 1992 in 6652 (c)(7)(a) NEW (p) Striking for calendar year 1992 in FAILURE TO PROVIDE NOTICE UNDER SECTION 83(I) (e)(2)(a) & (B)(i) amended NEW (e)(2)(b)(iii) Striking and alternative minimum taxable income and adding and 28

29 modified taxable income after taxable income 6655 (g)(1)(a)(i) (g)(1)(a)(ii) stricken NEW (g)(1)(a)(ii) 6695 (g) amended Deleting reference to 1201 relettering 6695 (h)(1) Striking for calendar year 1992 in 6698 (e)(1) Striking for calendar year 1992 in 6699 (e)(1) Striking for calendar year 1992 in 6721 (f)(1) Striking for calendar year 1992 in 6722 (f)(1) Striking for calendar year 1992 in 6724 NEW (d)(1)(b)(xxvi) & (d)(2)(jj) (d)(3)(c) stricken Re repeal of (f)(2) Striking for calendar year 1992 in 29

30 7430 (c)(1) Striking for calendar year 1992 in 7508 Qualified hazardous duty area shall be treated in the same manner as if it were a combat zone (IRC 112) 7518 (g)(6)(a) Deleting reference to 1201(a) 7518 (g)(6)(a) Taking out references to corporations 7652 (f)(2) 7701 (a)(17) (b)(5)(a)(iv) rewritten 7702 (c)(3)(b)(i) rewritten NEW (f)(10) Striking reference to 682 (10) PREVAILING COMMISSIONERS STANDARD TABLES 7872 (g)(5) amended 7874 (e)(1)(b) Reference to 11(b)(1) changed to 11(b) 9831 (d)(2)(d)(ii)(ii). Striking for calendar year 1992 in 1400Z-2 NEW (D)(2)(C) SPECIAL RULES FOR CAPITAL GAINS INVESTED IN OPPORTUNITY ZONES (D)(2)(C) Qualified Opportunity Zone Partnership Interest 1400Z-1 NEW DESIGNATION [Opportunity Zones] 30