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  • Sec. 70115. Extension and enhancement of increased limitation on contributions to ABLE accounts

    Home/All Topics/OBBBA Text(a) In general.—Section 529A(b)(2)(B) is amended— (1) in clause (i), by inserting “(determined by substituting ‘1996’ for ‘1997’ in paragraph (2)(B) thereof)” after “section 2503(b)”, and (2) in clause (ii), by striking “before January 1, 2026”. (b) Effective dates.— (1) IN GENERAL.—Except as otherwise provided in this subsection, the amendments made by this…

  • Sec. 70114. Extension and modification of limitation on wagering losses

    Home/All Topics/OBBBA Text(a) In general.—Section 165 is amended by striking subsection (d) and inserting the following: “(d) Wagering losses.— “(1) IN GENERAL.—For purposes of losses from wagering transactions, the amount allowed as a deduction for any taxable year— “(A) shall be equal to 90 percent of the amount of such losses during such taxable year,…

  • Sec. 70113. Extension and modification of limitation on deduction and exclusion for moving expenses

    Home/All Topics/OBBBA Text(a) Extension of limitation on deduction.—Section 217(k) 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) Allowance of deduction for members of the intelligence community.—Section 217(k), as amended by subsection (a), is further amended— (1)…

  • Sec. 70112. Extension and modification of qualified transportation fringe benefits

    Home/All Topics/OBBBA Text(a) In general.—Section 132(f) is amended— (1) by striking subparagraph (D) of paragraph (1), (2) in paragraph (2), by inserting “and” at the end of subparagraph (A), by striking “, and” at the end of subparagraph (B) and inserting a period, and by striking subparagraph (C), (3) by striking “(other than a qualified…

  • Sec. 70111. Limitation on tax benefit of itemized deductions

    Home/All Topics/OBBBA Text(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)…

  • Sec. 70110. Termination of miscellaneous itemized deductions other than educator expenses

    Home/All Topics/OBBBA Text(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…

  • Sec. 70109. Extension and modification of limitation on casualty loss deduction

    Home/All Topics/OBBBA Text(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…

  • Sec. 70108. Extension and modification of limitation on deduction for qualified residence interest

    Home/All Topics/OBBBA Text(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…

  • Sec. 70107. Extension of increased alternative minimum tax exemption amounts and modification of phaseout thresholds

    Home/All Topics/OBBBA Text(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…

  • Sec. 70106. Extension and enhancement of increased estate and gift tax exemption amounts

    Home/All Topics/OBBBA Text(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…

  • Sec. 70105. Extension and enhancement of deduction for qualified business income

    Home/All Topics/OBBBA Text(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…

  • Sec. 70104. Extension and enhancement of increased child tax credit

    Home/All Topics/OBBBA Text(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…