Tax Cuts and Jobs Act

Major Provisions in the
Senate Wraparound Amendment

deduction for property tax 

Raise pass-through deduction from 17.4% to 23% ($11413)
Extension and phase-down of bonus depreciation (-55.3413)
Restore to present law 

Expand two-year medical itemiser ($433)

Conformityr of contribution limits for clerg}.r pension plans 

Increase the individual AMT exemption amounts and phase-out thresholds
in lieu of full repeal {$13313}

Increase repatriation charges to and 14% (same as the House bill}
{$973)

Maintain current corporate AMT ($4oB]

Reconciliation instruction Savings (approx. 5503)