A List of Nearly Everything in the Senate G.O.P. Bill, and How Much It Would Cost or Save

Depreciation allowance for qualified production property

Allow immediate deductibility of 100 percent of the cost of certain new factories and improvements

$141 bil.

Foreign tax credit

Changes to credit to compensate for taxes paid to both the U.S. and a foreign country on foreign source income

$61 bil.

Private school scholarships

Tax credit for contributions made to organizations that provide money for children to attend private schools

The Senate parliamentarian determined that this provision does not comply with the chamber’s rules, and it may be removed or modified

$26 bil.

Expensing of certain depreciable business assets

Increase dollar limitations

$25 bil.

Small business stock gains

Expand an exclusion

$17 bil.

Low-income housing credit

Permanently expand

$16 bil.

Increases to dependent care assistance program and child and dependent care tax credit

$15 bil.

Advanced manufacturing investment credit

Increase the credit

$15 bil.

Foreign-derived intangible income and global intangible low-taxed income deductions

Permanently expand deductions

$14 bil.

Reporting threshold for payments

Increase thresholds for reporting payments to independent contractors and other payees

$13 bil.

Employer payments of student loans

Make the exclusion from gross income permanent and index for inflation

$11 bil.

Charitable contribution deduction

Permanently allow deduction up to $1,000 ($2,000 for married couples) for those who do not itemize, but require a minimum contribution based on income level

$11 bil.

Farmland sales

Allow capital gains taxes to be paid in installments

$7.3 bil.

New markets tax credit

Permanently extend credit to increase investment in low-income communities

$5.2 bil.

Adoption tax credit

Make credit partly refundable and change rules for tribal governments

$2.3 bil.

Change to accounting practice for certain residential construction contracts

$2.2 bil.

Loans secured by rural or agricultural real estate

Partly exclude interest income from certain loans

$2.0 bil.

Reduce distilled spirits tax

$1.9 bil.

Deregulation of silencers and certain guns

Remove the devices from the definition of “firearm” under a law that subjects them to regulations and taxes

The Senate parliamentarian determined that this provision does not comply with the chamber’s rules, and it may be removed or modified

$1.7 bil.

Allow spaceports to issue tax-exempt bonds

$1.0 bil.

Expand use of 529 savings plans

$1.0 bil.

Employer-provided child care credit

Permanently increase; add a new separate amount for small businesses; index for inflation

$0.7 bil.

Sound recording productions

Increase ability to expense certain costs of producing sound recordings

$0.2 bil.

Casualty loss deduction

Permanently limit to losses resulting from federally declared disasters

$0.1 bil.

I.R.S. Direct File program

Replace program with a public-private partnership to offer free tax filing

—

Increase in deduction for certain Alaskan whaling captains

The provision, which was added to the bill to win the support of Senator Lisa Murkowski of Alaska, would allow a $50,000 deduction for whaling-related expenses, up from $10,000

—

New tax exemption to fishers from villages in western Alaska

The provision was added to the bill to win the support of Senator Lisa Murkowski of Alaska

—

American opportunity and lifetime learning credits

Require that students or taxpayers filing on behalf of students include their Social Security Numbers on tax returns

–$0.6 bil.

Investment income of certain private colleges and universities

Increase tax for wealthier institutions

–$0.8 bil.

Third party ligigation funding tax

Increase taxes on court awards distributed to outside investors who finance lawsuits

–$1.5 bil.

Increase penalties connected to Covid-related employee retention credits

–$1.6 bil.

Tax on excess compensation within tax-exempt organizations

Expand application of tax

–$3.8 bil.

Other international tax changes

–$4.0 bil.

Excise tax on money sent abroad

Impose new excise tax on remittance transfers, with exceptions for transfers funded with a debit or credit card issued in the U.S. or made through certain financial institutions

–$10.0 bil.

Treatment of payments from partnerships to partners for property or services

–$12 bil.

Compensation paid to certain high-earning employees

Change deduction limitation rules

–$16 bil.

Charitable contributions made by corporations

Establish a floor of one percent of taxable income on deduction

–$17 bil.

Expand business interest deduction

–$22 bil.

De minimis entry privilege

Repeal the privilege, which currently allows shipments under $800 to enter the U.S. duty-free

–$39 bil.