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Sec.
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Provision
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Brief Summary
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Subtitle A—Tax Relief and Support for Families and Individuals
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101
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Exclusion from gross income of discharge of qualified principal residence indebtedness
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Provides a maximum exclusion of $2 million from gross income for a discharge of qualified principal residence indebtedness. Generally, indebtedness must be the result of acquisition, construction, or substantial improvement of primary residence.
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102
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Treatment of mortgage insurance premiums as qualified residence interest
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Provides for the treatment of qualified mortgage insurance premiums as interest for purposes of the mortgage interest deduction. This deduction phases out for taxpayers with adjusted gross income (AGI) over $100,000 ($50,000 if married filing separately).
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103
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Reduction in medical expense deduction floor
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Before 2017, individuals could claim an itemized deduction for unreimbursed medical expenses to the extent that such expenses exceeded 10% of AGI. The provision extends the lower threshold of 7.5% through 2020.
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104
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Deduction of qualified tuition and related expenses
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Provides an above-the-line deduction for qualified tuition and related expenses for higher education. The deduction is capped at $4,000 for an individual whose AGI does not exceed $65,000 or $2,000 for an individual whose AGI does not exceed $80,000.
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105
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Black lung disability trust fund excise tax
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Imposes an excise tax of $1.10/ton for coal from underground mines and $0.55/ton for coal from surface mines, each up to 4.4% of the sale price effective beginning on the first day of the first calendar month after date of enactment.
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Subtitle B—Incentives for Employment, Economic Growth, and Community
Development
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111
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Indian employment credit
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Provides a credit on the first $20,000 of qualified wages and qualified employee health insurance costs paid to or incurred by the employer with respect to each qualified employee who works on an Indian reservation.
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112
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Railroad track maintenance credit
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Provides a credit for 50% of qualified railroad track maintenance expenditures paid or incurred by an eligible taxpayer. The credit is extended through 2022.
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113
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Mine rescue team training credit
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Provides employers a credit equal to the lesser of 20% of the training program costs incurred, or $10,000, with respect to the costs of training each qualified mine rescue team employee.
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114
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Classification of certain race horses as 3-year property
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Assigns a three-year recovery period for race horses 2 years old or younger placed in service before 2021.
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115
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7-year recovery period for motorsports entertainment complexes
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Provides a seven-year recovery period for motorsports entertainment complexes.
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116
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Accelerated depreciation for business property on Indian reservations
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Provides accelerated depreciation for qualified Indian reservation property.
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117
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Expensing rules for certain productions
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Provides a deduction through 2020 of up to $15 million of the aggregate cost ($20 million for certain areas) of a qualifying film, television, or theatrical production in the year the expenditure was incurred.
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118
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Empowerment zone tax incentives
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Provides tax benefits through the end of 2020 for certain businesses and employers operating in empowerment zones. There are 41 areas designated as empowerment zones. The tax benefits available include tax-exempt bond financing, tax credit for employers who hire qualifying employees, accelerated depreciation deductions on qualifying equipment under section 179, and deferral of capital gains tax on the sale of qualified assets sold and replaced.
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119
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American Samoa economic development credit
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Provides a credit to certain corporations in American Samoa that may be claimed against U.S. corporate income tax.
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Subtitle C—Incentives for Energy Production, Efficiency, and Green Economy
Jobs
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121
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Biodiesel and renewable diesel
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Provides a $1.00/gallon tax credit for biodiesel and biodiesel mixtures, and the small agri-biodiesel producer credit of $0.10/gallon. Additionally, the provision treats renewable diesel the same as biodiesel, though there is no small producer credit. The credit is extended through 2022.
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122
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Second generation biofuel producer credit
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Provides a $1.01/gallon nonrefundable income tax credit for second generation biofuel sold at retail into the fuel tank of a buyer’s vehicle, or second generation biofuel mixed with gasoline or a special fuel and sold or used as a fuel. The provision was formerly known as the “cellulosic biofuel producer credit.”
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123
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Nonbusiness energy property
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The provision allows a credit of 10% of amounts paid or incurred by the taxpayer for qualified energy improvements to the building of principal residences. The provision allows credits of fixed dollar amounts ranging from $50 to $300 for energy-efficient property including furnaces, boilers, biomass stoves, heat pumps, water heaters, central air conditioners, and circulating fans, and is subject to a lifetime cap of $500.
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124
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Qualified fuel cell motor vehicles
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Provides a credit for purchases of new qualified fuel cell motor vehicles. The provision allows a credit of between $4,000 and $40,000, depending on the weight of the vehicle. Other vehicles, depending on their fuel efficiency, may qualify for an additional $1,000 to $4,000 credit.
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125
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Alternative fuel refueling property credit
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Provides a credit for the installation of alternative fuel vehicle refueling property, which includes property that dispenses alternative fuels including ethanol, biodiesel, natural gas, hydrogen, and electricity. The credit is capped at $30,000 per location for business property and $1,000 for property installed at a principal residence.
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126
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2-wheeled plug-in electric vehicle credit
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Provides a 10% credit for highway-capable, two-wheeled plug-in electric vehicles (capped at $2,500).
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127
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Credit for electricity produced from certain renewable resources
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For renewable power facilities, the provision extends for three years (one year in the case of wind facilities) the beginning of construction deadline for the renewable electricity production credit and the election to claim the energy credit in lieu of the electricity production credit. For wind facilities the construction of which begins in calendar year 2020, the credit is reduced by 40%.
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128
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Production credit for Indian coal facilities
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Provides a credit $2/ton production tax credit for coal produced on land owned by an Indian tribe.
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129
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Energy-efficient homes credit
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Provides a $1,000 or $2,000 credit for manufacturers of energy-efficient residential homes.
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130
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Special allowance for second-generation biofuel plant property
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Provides an additional first-year 50% bonus depreciation for cellulosic biofuel facilities.
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131
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Energy-efficient commercial buildings deduction
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Provides a deduction for energy efficiency improvements to lighting, heating, cooling, ventilation, and hot water systems of commercial buildings.
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132
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Special rule for sales or dispositions to implement FERC or state electric restructuring policy for qualified electric utilities
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Provides taxpayers an election to recognize gain from qualifying electric transmission transactions ratably over an eight-year period beginning in the year of sale (rather than entirely in the year of sale) if the amount realized from such sale is used to purchase exempt utility property within the applicable period.
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133
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Extension and clarification of excise tax credits relating to alternative fuels
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Provides a $0.50/gallon excise-tax credit or payment for alternative fuel and a $0.50/gallon credit for alternative fuel mixed with traditional fuel. Additionally, the provision modifies the mixture component of the credit by specifying that liquefied petroleum gas, compressed or liquefied natural gas, and compressed or liquefied gas derived from biomass, are not eligible to be included in an alternative fuel mixture.
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134
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Oil spill liability trust fund rate
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Imposes an excise tax of $0.09/barrel on crude oil received at a refinery and petroleum products entered into the U.S. and deposited into the Oil Spill Liability Trust Fund.
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Subtitle D—Certain Provisions Expiring at the End of 2019
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141
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New markets tax credit
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Provides a $5 billion New Markets Tax Credit allocation for 2020. The proposal also extends for one year, through 2025, the carryover period for unused New Markets Tax Credits.
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142
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Employer credit for paid family and medical leave
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Provides an employer credit for paid family and medical leave, which permits eligible employers to claim an elective general business credit based on eligible wages paid to qualifying employees with respect to family and medical leave. The maximum amount of family and medical leave that may be taken into account with respect to any qualifying employee is 12 weeks per taxable year.
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143
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Work opportunity credit
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Provides an elective general business credit to employers hiring individuals who are members of one or more of 10 specified groups.
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144
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Certain provisions related to beer, wine, and distilled spirits
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Provides a reduction of certain excise taxes and simplified record-keeping requirements related to the taxation of beer, wine, and distilled spirits through 2021.
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145
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Look-through rule for related controlled foreign corporations
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Provides look-through treatment for payments of dividends, interest, rents, and royalties between related controlled foreign corporations.
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146
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Credit for health insurance costs of eligible individuals
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Provides a refundable credit of 72.5% of the premiums paid by certain individuals for self-coverage and qualifying family members under qualified health insurance.
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