(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 amount of itemized deductions, or

“(2) so much of the taxable income of the taxpayer for the taxable year (determined without regard to this section and increased by such amount of itemized deductions) as exceeds the dollar amount at which the 37 percent rate bracket under section 1 begins with respect to the taxpayer.

“(b) Coordination with other limitations.—This section shall be applied after the application of any other limitation on the allowance of any itemized deduction.”.

(b) Limitation not applicable to determination of deduction for qualified business income.—

(1) IN GENERAL.—Section 199A(e)(1) is amended by inserting “without regard to section 68 and” after “shall be computed”.

(2) PATRONS OF SPECIFIED AGRICULTURAL AND HORTICULTURAL COOPERATIVES.—Section 199A(g)(2)(B) is amended by inserting “section 68 or” after “without regard to”.

(c) Effective date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2025.

(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 of paragraph (11), by striking the period at the end of paragraph (12) and inserting “, and”, and by adding at the end the following new paragraph:

“(13) the deductions allowed by section 162 for educator expenses (as defined in subsection (g)).”.

(2) INCLUSION OF COACHES AND CERTAIN NONATHLETIC INSTRUCTIONAL EQUIPMENT.—Section 67 is amended by redesignating subsection (g), as amended by this section, as subsection (h), and by inserting after subsection (f) the following new section:

“(g) Educator expenses.—For purposes of subsection (b)(13), the term ‘educator expenses’ means expenses of a type which would be described in section 62(a)(2)(D) if—

“(1) such section were applied—

“(A) without regard to the dollar limitation,

“(B) without regard to ‘(other than nonathletic supplies for courses of instruction in health or physical education)’ in clause (ii) thereof, and

“(C) by substituting ‘as part of instructional activity’ for ‘in the classroom’ in clause (ii) thereof, and

“(2) section 62(d)(1)(A) were applied by inserting ‘, interscholastic sports administrator or coach,’ after ‘counselor’.”.

(c) Effective date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2025.

(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)(5), as amended by subsection (a), is further amended by striking “(i)(5))” and inserting “(i)(5)) or a State declared disaster”.

(2) EXCEPTION RELATED TO PERSONAL CASUALTY GAINS.—Clause (i) of section 165(h)(5)(B) is amended by striking “(as so defined)” and inserting “(as so defined) or a State declared disaster”.

(3) STATE DECLARED DISASTER.—Paragraph (5) of section 165(h) is amended by adding at the end the following new subparagraph:

“(C) STATE DECLARED DISASTER.—For purposes of this paragraph—

“(i) IN GENERAL.—The term ‘State declared disaster’ means, with respect to any State, any natural catastrophe (including any hurricane, tornado, storm, high water, wind-driven water, tidal wave, tsunami, earthquake, volcanic eruption, landslide, mudslide, snowstorm, or drought), or, regardless of cause, any fire, flood, or explosion, in any part of the State, which in the determination of the Governor of such State (or the Mayor, in the case of the District of Columbia) and the Secretary causes damage of sufficient severity and magnitude to warrant the application of the rules of this section.

“(ii) STATE.—The term ‘State’ includes the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands.”.

(c) Effective date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2025.

(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)”, and

(D) by inserting after subclause (II) the following new subclause:

“(III) MORTGAGE INSURANCE PREMIUMS TREATED AS INTEREST.—Clause (iv) of subparagraph (E) shall not apply.”,

(2) by striking clause (ii) and redesignating clauses (iii) and (iv) as clauses (ii) and (iii), respectively, and

(3) by striking “2018 through 2025” in the heading and inserting “beginning after 2017”.

(b) Effective date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2025.

(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, in the case of the $1,000,000 amount in subparagraph (A)(ii)(I))”, and

(2) by striking “determined by substituting ‘calendar year 2017’ for ‘calendar year 2016’ in subparagraph (A)(ii) thereof.” and inserting “determined by substituting for ‘calendar year 2016’ in subparagraph (A)(ii) thereof—

“(1) ‘calendar year 2017’, in the case of the $109,400 amount in subparagraph (A)(i)(I) and the $70,300 amount in subparagraph (A)(i)(II), and

“(2) ‘calendar year 2025’, in the case of the $1,000,000 amount in subparagraph (A)(ii)(I).”.

(c) Modification of phaseout amount.—Section 55(d)(4)(A)(ii) is amended by striking “and” at the end of subclause (II), and by adding at the end the following new subclause:

“(IV) by substituting ‘50 percent’ for ‘25 percent’, and”.

(d) Effective date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2025.

(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” and inserting “calendar year 2025”, and

(3) by striking subparagraph (C).

(b) Effective date.—The amendments made by this section shall apply to estates of decedents dying and gifts made after December 31, 2025.

(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 return)”.

(2) CONFORMING AMENDMENT.—Paragraph (3) of section 199A(d) 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 return)” .

(b) Minimum deduction for active qualified business income.—

(1) IN GENERAL.—Subsection (i) of section 199A is amended to read as follows:

“(i) Minimum deduction for active qualified business income.—

“(1) IN GENERAL.—In the case of an applicable taxpayer for any taxable year, the deduction allowed under subsection (a) for the taxable year shall be equal to the greater of—

“(A) the amount of such deduction determined without regard to this subsection, or

“(B) $400.

“(2) APPLICABLE TAXPAYER.—For purposes of this subsection—

“(A) IN GENERAL.—The term ‘applicable taxpayer’ means, with respect to any taxable year, a taxpayer whose aggregate qualified business income with respect to all active qualified trades or businesses of the taxpayer for such taxable year is at least $1,000.

“(B) ACTIVE QUALIFIED TRADE OR BUSINESS.—The term ‘active qualified trade or business’ means, with respect to any taxpayer for any taxable year, any qualified trade or business of the taxpayer in which the taxpayer materially participates (within the meaning of section 469(h)).

“(3) INFLATION ADJUSTMENT.—In the case of any taxable year beginning after 2026, the $400 amount in paragraph (1)(B) and the $1,000 amount in paragraph (2)(A) shall each be increased by an amount equal to —

“(A) such dollar amount, multiplied by

“(B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting ‘calendar year 2025’ for ‘calendar year 2016’ in subparagraph (A)(ii) thereof.

If any increase under this paragraph is not a multiple of $5, such increase shall be rounded to the nearest multiple of $5.”.

(2) CONFORMING AMENDMENT.—Section 199A(a) is amended by inserting “except as provided in subsection (i), ” before “there”.

(c) Effective date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2025.

(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 after 2017”.

(b) Social security number required.—Section 24(h)(7) is amended to read as follows:

“(7) SOCIAL SECURITY NUMBER REQUIRED.—

“(A) IN GENERAL.—No credit shall be allowed under this section to a taxpayer with respect to any qualifying child unless the taxpayer includes on the return of tax for the taxable year—

“(i) the taxpayer’s social security number (or, in the case of a joint return, the social security number of at least 1 spouse), and

“(ii) the social security number of such qualifying child.

“(B) SOCIAL SECURITY NUMBER.—For purposes of this paragraph, the term ‘social security number’ means a social security number issued to an individual by the Social Security Administration, but only if the social security number is issued—

“(i) to a citizen of the United States or pursuant to subclause (I) (or that portion of subclause (III) that relates to subclause (I)) of section 205(c)(2)(B)(i) of the Social Security Act, and

“(ii) before the due date for such return.”.

(c) Inflation adjustments.—Section 24(i) is amended to read as follows:

“(i) Inflation adjustments.—

“(1) MAXIMUM AMOUNT OF REFUNDABLE CREDIT.—In the case of a taxable year beginning after 2024, the $1,400 amount in subsection (h)(5) shall be increased by an amount equal to—

“(A) such dollar amount, multiplied by

“(B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting ‘2017’ for ‘2016’ in subparagraph (A)(ii) thereof.

“(2) SPECIAL RULE FOR ADJUSTMENT OF CREDIT AMOUNT.—In the case of a taxable year beginning after 2025, the $2,200 amount in subsection (h)(2) shall be increased by an amount equal to—

“(A) such dollar amount, multiplied by

“(B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting ‘2024’ for ‘2016’ in subparagraph (A)(ii) thereof.

“(3) ROUNDING.—If any increase under this subsection is not a multiple of $100, such increase shall be rounded to the next lowest multiple of $100.”.

(d) Conforming amendment.—Section 24(h)(5) is amended to read as follows:

“(5) MAXIMUM AMOUNT OF REFUNDABLE CREDIT.—The amount determined under subsection (d)(1)(A) with respect to any qualifying child shall not exceed $1,400, and such subsection shall be applied without regard to paragraph (4) of this subsection.”.

(e) Omission of correct social security number treated as mathematical or clerical error.—Section 6213(g)(2)(I) is amended by striking “section 24(e)” and inserting “section 24”.

(f) Effective date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2024.

(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 the case of a taxable year beginning before January 1, 2029, there shall be allowed a deduction in an amount equal to $6,000 for each qualified individual with respect to the taxpayer.

“(ii) QUALIFIED INDIVIDUAL.—For purposes of clause (i), the term ‘qualified individual’ means—

“(I) the taxpayer, if the taxpayer has attained age 65 before the close of the taxable year, and

“(II) in the case of a joint return, the taxpayer’s spouse, if such spouse has attained age 65 before the close of the taxable year.

“(iii) LIMITATION BASED ON MODIFIED ADJUSTED GROSS INCOME.—

“(I) IN GENERAL.—In the case of any taxpayer for any taxable year, the $6,000 amount in clause (i) shall be reduced (but not below zero) by 6 percent of so much of the taxpayer’s modified adjusted gross income as exceeds $75,000 ($150,000 in the case of a joint return).

“(II) MODIFIED ADJUSTED GROSS INCOME.—For purposes of this clause, the term ‘modified adjusted gross income’ means the adjusted gross income of the taxpayer for the taxable year increased by any amount excluded from gross income under section 911, 931, or 933.

“(iv) SOCIAL SECURITY NUMBER REQUIRED.—

“(I) IN GENERAL.—Clause (i) shall not apply with respect to a qualified individual unless the taxpayer includes such qualified individual’s social security number on the return of tax for the taxable year.

“(II) SOCIAL SECURITY NUMBER.—For purposes of subclause (I), the term ‘social security number’ has the meaning given such term in section 24(h)(7).

“(v) MARRIED INDIVIDUALS.—If the taxpayer is a married individual (within the meaning of section 7703), this subparagraph shall apply only if the taxpayer and the taxpayer’s spouse file a joint return for the taxable year.”.

(b) Omission of correct social security number treated as mathematical or clerical error.—Section 6213(g)(2) is amended by striking “and” at the end of subparagraph (U), by striking the period at the end of subparagraph (V) and inserting “, and”, and by inserting after subparagraph (V) the following new subparagraph:

“(W) an omission of a correct social security number required under section 151(d)(5)(C) (relating to deduction for seniors).”.

(c) Effective date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2024.

(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) is amended—

(1) by striking “$18,000” both places it appears in subparagraphs (A)(i) and (B)(ii) and inserting “$23,625”,

(2) by striking “$12,000” both places it appears in subparagraphs (A)(ii) and (B)(ii) and inserting “$15,750”,

(3) by striking “2018” in subparagraph (B)(ii) and inserting “2025”, and

(4) by striking “2017” in subparagraph (B)(ii)(II) and inserting “2024”.

(c) Effective date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2024.