S.Amdt. 1591

SA 1591. Ms. COLLINS submitted an amendment intended to be proposed
by her to the bill H.R. 1, to provide for reconciliation pursuant to
titles II and V of the concurrent resolution on the budget for fiscal
year 2018; which was ordered to lie on the table; as follows:

Strike section 11042 and insert the following:

SEC. 11042. SUSPENSION OF DEDUCTION FOR STATE AND LOCAL, ETC.
TAXES.

(a) In General.--Subsection (b) of section 164 is amended
by adding at the end the following new paragraph:
``(6) Suspension of individual deductions for taxable years
2018 through 2025.--In the case of an individual and a
taxable year beginning after December 31, 2017, and before
January 1, 2026--
``(A) foreign real property taxes (other than taxes which
are paid or accrued in carrying on a trade or business or an
activity described in section 212) shall not be taken into
account under subsection (a)(1),
``(B) the aggregate amount of taxes (other than taxes which
are paid or accrued in carrying on a trade or business or an
activity described in section 212) taken into account under
subsection (a)(1) for any taxable year shall not exceed
$10,000 ($5,000 in the case of a married individual filing a
separate return),
``(C) subsection (a)(2) shall only apply to taxes which are
paid or accrued in carrying on a trade or business or an
activity described in section 212,
``(D) subsection (a)(3) shall not apply to State and local
taxes, and
``(E) paragraph (5) shall not apply.''.
(b) Offsets.--
(1) Adjustment of highest rate bracket.--

[[Page S7410]]

(A) Joint returns.--The last row of the table contained in
section 1(j)(2)(A), as added by section 11001(a), is amended
to read as follows:

``Over $1,000,000.........................  $301,479, plus 39.6% of the
excess over $1,000,000.''.

(B) Heads of households.--The last row of the table
contained in section 1(j)(2)(B), as added by section
11001(a), is amended to read as follows:

``Over $500,000...........................  $149,348, plus 39.6% of the
excess over $500,000.''.

(C) Unmarried individuals.--The last row of the table
contained in section 1(j)(2)(C), as added by section
11001(a), is amended to read as follows:

``Over $500,000...........................  $150,739.50, plus 39.6% of
the excess over
$500,000.''.

(D) Married individuals filing separate returns.--The last
row of the table contained in section 1(j)(2)(D), as added by
section 11001(a), is amended to read as follows:

``Over $500,000...........................  $150,739.50, plus 39.6% of
the excess over
$500,000.''.

(2) Corporate tax rate.--
(A) In general.--Section 11(b), as amended by this Act, is
amended by striking ``20 percent'' and inserting ``21
percent''.
(B) Effective date.--The amendment made by this paragraph
shall apply to taxable years beginning after December 31,
2018.
(c) Effective Date.--Except as provided in subsection
(b)(2)(B), the amendments made by this section shall apply to
taxable years beginning after December 31, 2017.
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