A Complete List of Everything in the Republican Bill, and How Much It Would Cost or Save

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A Complete List of Everything in the Republican Bill, and How Much It Would Cost or Save

Depreciation allowance for qualified production property

Allow immediate deductibility of 100 percent of the cost of certain new factories and improvements

$148 bil.

Business interest deduction

Change calculation of adjusted taxable income

$40 bil.

Depreciation allowance for certain property

Allow immediate expensing of 100 percent of the cost of qualified property acquired from 2025 to 2030

$37 bil.

Expensing of certain depreciable business assets

Increase dollar limitations

$25 bil.

Deduction of domestic research and experimental expenditures

Allow immediate deductibility for expenditures paid or incurred from 2025 to 2030

$23 bil.

Charitable contributions to organizations with scholarships

Provide new tax credit for gifts to organizations that provide scholarships. For calendar years 2026-2029.

$20 bil.

“MAGA accounts”

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”

The name was changed to “Trump accounts”

$17 bil.

Small manufacturing businesses

Change accounting rules

$15 bil.

Low-income housing credit

Modifies credit allocations and bond-financing thresholds, and gives a basis boost to Indian and rural areas

$14 bil.

Reporting threshold for payments

Increase thresholds for reporting payments to independent contractors and other payees

$13 bil.

Employer payments of student loans

Make the exclusion from gross income permanent and index for inflation

$11 bil.

Opportunity zones

Renew and make changes to the existing program

$5.5 bil.

Adoption tax credit

Make credit partially refundable and change rules for tribal governments

$2.3 bil.

Interactions between provisions

$1.8 bil.

Firearm silencers

Eliminate transfer tax

A last-minute change would deregulate silencers and eliminate a manufacturer tax on them.

A last-minute change would deregulate silencers and eliminate a manufacturer tax on them.

$1.4 bil.

Loans secured by rural or agricultural real estate

Partially exclude interest on certain loans

$1.1 bil.

Certain income earned in the U.S. Virgin Islands

Exempt income for the purposes of a “GILTI” deduction

$0.9 bil.

Employer-provided child care credit

Permanently increase, add a new separate amount for small businesses, index for inflation

$0.7 bil.

Repeal excise tax on indoor tanning

This provision was removed from the bill.

This provision was removed from the bill.

$0.4 bil.

Sound recording productions

Increase ability to expense certain costs of producing sound recordings

$0.2 bil.

529 savings plans

Expand allowed expenses

$0.1 bil.

Disaster-related personal casualty losses

Extend rules

$0.1 bil.

Certain purchases of employee-owned stock

Disregard for purposes of foundation tax on excess business holdings

—

Exclusion of research income from unrelated business taxable income

Limit to publicly available research

—

I.R.S. Direct File program

Replace program with a public-private partnership to offer free tax filing

—

Increase penalties for unauthorized disclosures of taxpayer information

—

Postpone tax deadlines for those wrongfully detained abroad

—

Restrict regulation of contingency fees

—

Terminate tax-exempt status of certain organizations

Organizations that “provided more than a minor amount of material support or resources to a listed terrorist organization”

—

Wagering losses

Permanently extend limit

—

Qualified bicycle commuting reimbursement

Permanently eliminate the exclusion

–$0.2 bil.

American opportunity and lifetime learning credits

Require that students or taxpayers filing on behalf of students include their Social Security Numbers on tax returns

–$0.9 bil.

Sports franchises

Limit amortization deductions for certain sports-related intangibles

–$1.0 bil.

Increase penalties connected to Covid-related employee retention credits

–$1.6 bil.

Unrelated business taxable income of a tax-exempt organization

Increase by amount of certain fringe benefit expenses for which deduction is disallowed

–$2.7 bil.

Name and logo royalties

Treat as unrelated business taxable income

–$3.8 bil.

Tax on excess compensation within tax-exempt organizations

Expand application of tax

–$3.8 bil.

Mortgage, casualty loss and other itemized deductions

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

–$6.2 bil.

Investment income of certain private colleges and universities

Increase excise tax for wealthier institutions

–$6.7 bil.

Excise tax for tobacco products

Limit drawback of taxes paid with respect to substituted merchandise

–$12 bil.

Moving expenses exclusion and deduction

Permanently eliminate both, except for active-duty military

–$14 bil.

Earned income tax credit

Make changes to prevent duplicate claims and create a program integrity task force

–$15 bil.

Compensation paid to certain high-earning employees

Change deduction limitation rules

–$16 bil.

Investment income of tax-exempt private foundations

Increase excise tax rates

–$16 bil.

Charitable contributions made by corporations

Establish a floor of one percent of taxable income on deduction

–$17 bil.

Excise tax on on money sent abroad

Impose new excise tax on remittance transfers by those who are not U.S. citizens or U.S. nationals

–$22 bil.

Limitation on excess business losses by noncorporate taxpayers

Make permanent

–$27 bil.

De minimis entry privilege

Repeal the privilege, which currently allows shipments under $800 to enter the U.S. duty-free

–$39 bil.

New limitation on itemized deductions

Permanently change

–$41 bil.

Raise certain taxes to retaliate against “unfair foreign taxes”

–$116 bil.

State and local tax deduction

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.

Late negotiations increased the SALT cap to $40,000. That change is not reflected in the savings shown here.

–$916 bil.

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