S. 1: An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018.

115th Congress · introduced 2017-11-28 · Taxation · Latest: Placed on Senate Legislative Calendar under General Orders. Calendar No. 269.

federal

Follow this bill, step by step

Where it came from: introduced 2017-11-28 · official record
Who proposed it: Sen. Enzi, Michael B. [R-WY] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Placed on Senate Legislative Calendar under General Orders. Calendar No. 269. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018.

Plain summary

(This measure has not been amended since it was introduced. The summary of that version is repeated here.) Tax Cuts and Jobs Act This bill amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. With respect to individuals, the bill: replaces the existing tax brackets (10%, 15%, 25%, 28%, 33%, 35%, and 39.6%) with new tax brackets (10%, 12%, 22%, 24%, 32%, 35%, and 38.5%); increases the standard deduction; suspends the deduction for personal exemptions; allows a deduction for business income of pass-through entities (i.e., partnerships, S corporations, limited liability companies, sole proprietorships); increases the child tax credit and allows a credit for dependents who are not children; suspends the deduction for state and local taxes not incurred in carrying on a trade or business or an activity for the production of income; suspends the deduction for home equity loan interest; repeals the penalty for individuals who fail to maintain minimum essential health coverage as required by the Patient Protection and Affordable Care Act (commonly referred to as the individual mandate); suspends the overall limitation on certain itemized deductions; suspends the alternative minimum tax for individuals; and doubles the basic exemption amount for the estate, gift, and generation-skipping transfer taxes. Many of the provisions in the bill that affect individual taxpayers expire after 2025. For businesses, the bill: permanently reduces the corporate tax rate from a maximum of 35% to a flat 20% rate, permanently repeals the alternative minimum tax for corporations, allows increased expensing of the costs of certain property, repeals the deduction for income attributable to domestic production activities, modifies the net operating loss deduction, limits the deductibility of net interest expenses to 30% percent of the business's adjusted taxable income, and modifies the taxation of foreign income. The bill also: (1) repeals or modifies several additional credits and deductions for individuals and businesses, (2) directs the Department of the Interior to implement an oil and gas leasing program for the Coastal Plain of the Arctic National Wildlife Refuge (ANWR) in Alaska, and (3) directs the Department of Energy to draw down and sell oil from the Strategic Petroleum Reserve.

Congressional Research Service summary (Reported to Senate without amendment), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018.

Source: Congressional Research Service summary (Reported to Senate without amendment)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Enzi, Michael B. [R-WY] · 0 cosponsors

Cost estimate: No cost estimate published yet.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (4)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Exemption: A rule that removes certain people, property or activities from a tax or requirement.
Fiscal year: The 12-month period a government uses for its budget. The federal fiscal year runs from October 1 to September 30 and is named for the calendar year in which it ends. Most states use July 1 to June 30.
Resolution: A formal statement or decision by a legislative body. Simple resolutions often only express an opinion or set rules for one chamber; they do not become law.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Reported to Senate without amendment)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-115s1.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/115/s>

Record fed-us-cong115-s1 · catalog fed-us-congress-bills-cong115 · updated 2026-11-15 by psicol fed-bills-cong115