Depreciation allowance for qualified production property
Allow immediate deductibility of 100 percent of the cost of certain new factories and improvements
Change calculation of adjusted taxable income
Allow immediate expensing of 100 percent of the cost of qualified property acquired from 2025 to 2030
Increase dollar limitations
Allow immediate deductibility for expenditures paid or incurred from 2025 to 2030
Provide new tax credit for gifts to organizations that provide scholarships. For calendar years 2026-2029.
Create new savings accounts for children, with a government contribution of $1,000 per child born from 2024 to 2028
The name was changed to “Trump accounts”
Change accounting rules
Modifies credit allocations and bond-financing thresholds, and gives a basis boost to Indian and rural areas
Increase thresholds for reporting payments to independent contractors and other payees
Make the exclusion from gross income permanent and index for inflation
Renew and make changes to the existing program
Make credit partially refundable and change rules for tribal governments
Eliminate transfer tax
A last-minute change would deregulate silencers and eliminate a manufacturer tax on them.
Partially exclude interest on certain loans
Exempt income for the purposes of a “GILTI” deduction
Permanently increase, add a new separate amount for small businesses, index for inflation
This provision was removed from the bill.
Increase ability to expense certain costs of producing sound recordings
Expand allowed expenses
Extend rules
Disregard for purposes of foundation tax on excess business holdings
Limit to publicly available research
Replace program with a public-private partnership to offer free tax filing
Organizations that “provided more than a minor amount of material support or resources to a listed terrorist organization”
Permanently extend limit
Permanently eliminate the exclusion
Require that students or taxpayers filing on behalf of students include their Social Security Numbers on tax returns
Limit amortization deductions for certain sports-related intangibles
Increase by amount of certain fringe benefit expenses for which deduction is disallowed
Treat as unrelated business taxable income
Expand application of tax
Permanently lower the home mortgage interest deduction to the first $750,000 in debt, limit the casualty loss deduction to losses resulting from federally declared disasters and terminate miscellaneous itemized deductions
Increase excise tax for wealthier institutions
Limit drawback of taxes paid with respect to substituted merchandise
Permanently eliminate both, except for active-duty military
Make changes to prevent duplicate claims and create a program integrity task force
Change deduction limitation rules
Increase excise tax rates
Establish a floor of one percent of taxable income on deduction
Impose new excise tax on remittance transfers by those who are not U.S. citizens or U.S. nationals
Make permanent
Repeal the privilege, which currently allows shipments under $800 to enter the U.S. duty-free
Permanently change
Permanently cap itemized deductions for state and local taxes at $30,000 per household. The current cap is set to expire next year, so any cap imposed would save the government money.
Late negotiations increased the SALT cap to $40,000. That change is not reflected in the savings shown here.
