115TH CONGRESS HOUSE OF REPRESENTATIVES REPORT 1st …

1 115TH CONGRESS HOUSE OF REPRESENTATIVES REPORT 1st Session 115 ___ TAX cuts AND jobs ACT _____, 2017. Ordered to be printed Mr. Brady of Texas, from the committee of conference, submitted the following CONFERENCE REPORT [To accompany 1] The committee of conference on the disagreeing votes of the two Houses on the amendment of the Senate to the bill ( 1), to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, having met, after full and free conference, have agreed to recommend and do recommend to their respective Houses as follows.

2 That the HOUSE recede from its disagreement to the amendment of the Senate and agree to the same with an amendment as follows: In lieu of the matter proposed to be inserted by the Senate amendment, insert the following: And the Senate agree to the same. TITLE I 1 SEC. 11000. SHORT TITLE, ETC. 2(a) SHORTTITLE. This title may be cited as the 3 Tax cuts and jobs Act . 4(b) AMENDMENT OF1986 CODE. Except as other-5wise expressly provided, whenever in this title an amend-6ment or repeal is expressed in terms of an amendment 7to, or repeal of, a section or other provision, the reference 8shall be considered to be made to a section or other provi-9sion of the Internal Revenue Code of 1986.

3 10 Subtitle A Individual Tax Reform 11 PART I TAX RATE REFORM 12 SEC. 11001. MODIFICATION OF RATES. 13(a) INGENERAL. Section 1 is amended by adding 14at the end the following new subsection: 15 (j) MODIFICATIONS FORTAXABLEYEARS2018 16 THROUGH2025. 17 (1) IN GENERAL. In the case of a taxable 18year beginning after December 31, 2017, and before 19 January 1, 2026 20 (A) subsection (i) shall not apply, and 21 VerDate Nov 24 2008 09:32 Dec 15, 2017 Jkt 000000 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 C:\USERS\HWCHRI~1\APPDATA\ROAMING\SOFTQU AD\XMETAL\ \GEN\C\CONFRP~1 December 15, 2017 (9:32 )G:\P\15\TAX\TR\CONF\.

4 \VHLC\121517\ (683052|2)2 (B) this section (other than subsection 1(i)) shall be applied as provided in paragraphs 2(2) through (6). 3 (2) RATE TABLES. 4 (A) MARRIED INDIVIDUALS FILING JOINT 5 RETURNS AND SURVIVING SPOUSES. The fol-6lowing table shall be applied in lieu of the table 7contained in subsection (a): 8 If taxable income is: The tax is: Not over $19,050 .. 10% of taxable income. Over $19,050 but not over $77,400 .. $1,905, plus 12% of the excess over $19,050. Over $77,400 but not over $165,000.

5 $8,907, plus 22% of the excess over $77,400. Over $165,000 but not over $315,000 .. $28,179, plus 24% of the excess over $165,000. Over $315,000 but not over $400,000 .. $64,179, plus 32% of the excess over $315,000. Over $400,000 but not over $600,000 .. $91,379, plus 35% of the excess over $400,000. Over $600,000 .. $161,379, plus 37% of the excess over $600,000. (B) HEADS OF HOUSEHOLDS. The fol-9lowing table shall be applied in lieu of the table 10contained in subsection (b): 11 If taxable income is: The tax is: Not over $13,600.

6 10% of taxable income. Over $13,600 but not over $51,800 .. $1,360, plus 12% of the excess over $13,600. Over $51,800 but not over $82,500 .. $5,944, plus 22% of the excess over $51,800. Over $82,500 but not over $157,500 .. $12,698, plus 24% of the excess over $82,500. Over $157,500 but not over $200,000 .. $30,698, plus 32% of the excess over $157,500. Over $200,000 but not over $500,000 .. $44,298, plus 35% of the excess over $200,000. VerDate Nov 24 2008 09:32 Dec 15, 2017 Jkt 000000 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 C:\USERS\HWCHRI~1\APPDATA\ROAMING\SOFTQU AD\XMETAL\ \GEN\C\CONFRP~1 December 15, 2017 (9:32 )G:\P\15\TAX\TR\CONF\ :\VHLC\121517\ (683052|2)3 If taxable income is: The tax is: Over $500,000.

7 $149,298, plus 37% of the excess over $500,000. (C) UNMARRIEDINDIVIDUALSOTHER 1 THAN SURVIVING SPOUSES AND HEADS OF 2 HOUSEHOLDS. The following table shall be ap-3plied in lieu of the table contained in subsection 4(c): 5 If taxable income is: The tax is: Not over $9,525 .. 10% of taxable income. Over $9,525 but not over $38,700 .. $ , plus 12% of the excess over $9,525. Over $38,700 but not over $82,500 .. $4, , plus 22% of the excess over $38,700. Over $82,500 but not over $157,500.

8 $14, , plus 24% of the excess over $82,500. Over $157,500 but not over $200,000 .. $32, , plus 32% of the excess over $157,500. Over $200,000 but not over $500,000 .. $45, , plus 35% of the excess over $200,000. Over $500,000 .. $150, , plus 37% of the ex-cess over $500,000. (D) MARRIED INDIVIDUALS FILING SEPA-6 RATE RETURNS. The following table shall be 7applied in lieu of the table contained in sub-8section (d): 9 If taxable income is: The tax is: Not over $9,525 .. 10% of taxable income.

9 Over $9,525 but not over $38,700 .. $ , plus 12% of the excess over $9,525. Over $38,700 but not over $82,500 .. $4, , plus 22% of the excess over $38,700. Over $82,500 but not over $157,500 .. $14, , plus 24% of the excess over $82,500. Over $157,500 but not over $200,000 .. $32, , plus 32% of the excess over $157,500. VerDate Nov 24 2008 09:32 Dec 15, 2017 Jkt 000000 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 C:\USERS\HWCHRI~1\APPDATA\ROAMING\SOFTQU AD\XMETAL\ \GEN\C\CONFRP~1 December 15, 2017 (9:32 )G:\P\15\TAX\TR\CONF\ :\VHLC\121517\ (683052|2)4 If taxable income is: The tax is: Over $200,000 but not over $300,000.

10 $45, , plus 35% of the excess over $200,000. Over $300,000 .. $80, , plus 37% of the excess over $300,000. (E) ESTATES AND TRUSTS. The fol-1lowing table shall be applied in lieu of the table 2contained in subsection (e): 3 If taxable income is: The tax is: Not over $2,550 .. 10% of taxable income. Over $2,550 but not over $9,150 .. $255, plus 24% of the excess over $2,550. Over $9,150 but not over $12,500 .. $1,839, plus 35% of the excess over $9,150. Over $12,500 .. $3, , plus 37% of the excess over $12,500.