Public Law 115-97
E390998
Public Law 115-97 is the 2017 U.S. federal tax legislation that significantly overhauled the tax code by cutting corporate tax rates, altering individual tax brackets, and revising numerous deductions and credits.
All labels observed (1)
| Label | Occurrences |
|---|---|
| Public Law 115-97 canonical | 2 |
Statements (50)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal statute
ⓘ
tax law ⓘ |
| affects | pass-through business income ⓘ |
| alsoKnownAs |
Tax Cuts and Jobs Act of 2017
ⓘ
surface form:
Tax Cuts and Jobs Act
|
| amends |
Internal Revenue Code
ⓘ
surface form:
Internal Revenue Code of 1986
|
| appliesToJurisdiction |
United States government
ⓘ
surface form:
United States federal government
|
| budgetaryEffect | projected increase in federal budget deficit ⓘ |
| changes |
Child Tax Credit
ⓘ
surface form:
child tax credit
|
| changesCorporateTaxRate | 35% to 21% ⓘ |
| congressNumber | 115th United States Congress ⓘ |
| corporateProvisionsExpireAfter | do not generally expire in 2025 ⓘ |
| corporateTaxRateAfterEnactment | 21% ⓘ |
| corporateTaxRateChangeType | permanent ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| creates | Section 199A deduction ⓘ |
| dateSigned | 2017-12-22 ⓘ |
| effectiveTaxYearForMostProvisions | 2018 ⓘ |
| eliminates | personal exemptions ⓘ |
| estateTaxExemptionChangeEffectiveYear | 2018 ⓘ |
| increases |
child tax credit amount
ⓘ
standard deduction ⓘ |
| individualMandatePenaltyZeroEffectiveYear | 2019 ⓘ |
| individualProvisionsExpireAfter | 2025 ⓘ |
| legislativeChamber |
United States House of Representatives
ⓘ
United States Senate ⓘ |
| limits | state and local tax deduction ⓘ |
| modifies |
individual income tax brackets
ⓘ
mortgage interest deduction ⓘ |
| officeOfSigner | President of the United States ⓘ |
| policyGoal |
reduce tax burden on corporations
ⓘ
simplify individual income tax filing ⓘ stimulate economic growth ⓘ |
| primaryPoliticalOppositionFrom | Democratic Party ⓘ |
| primaryPoliticalSupportFrom | Republican Party ⓘ |
| publicLawNumber | 115-97 ⓘ |
| reduces | individual income tax rates ⓘ |
| reducesToZero | individual mandate penalty under the Affordable Care Act ⓘ |
| section199ADeductionRate | up to 20% of qualified business income ⓘ |
| shortTitle |
Tax Cuts and Jobs Act of 2017
ⓘ
surface form:
Tax Cuts and Jobs Act
|
| signedBy | Donald Trump ⓘ |
| standardDeductionChangeEffectiveYear | 2018 ⓘ |
| stateAndLocalTaxDeductionCap | $10,000 ⓘ |
| subjectMatter |
corporate taxation
ⓘ
estate tax ⓘ federal income tax ⓘ individual income taxation ⓘ international taxation ⓘ |
| temporarilyIncreases | estate tax exemption ⓘ |
| votePattern | passed largely along party lines ⓘ |
| yearEnacted | 2017 ⓘ |
Referenced by (2)
Full triples — surface form annotated when it differs from this entity's canonical label.