,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #bhid  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #bb1 #bjai,mr4   
,lip9ski introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,ways & ,means
  ,a ,,bill  ,to am5d ! ,int]nal ,rev5ue
 ,code ( #aihf to increase ! limitation 
on ! d$uction = ,/ate & local taxes1 & =
 o!r purposes4  #a4 ,%ort title ,?is    
,act may be cit$ z ! ,save ! ,/ate &    
,local ,tax ,d$uction = ,middle ,class  
,families ,act ( #bjai4  #b4 ,increase 9
 limitation on d$uction = ,/ate & local 
taxes  7a7 ,9 g5]al ,section            
#afd7;b77#f77;,b7 ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ by /rik+ #aj1jjj 
7#e1jjj 9 ! case ( a m>ri$ individual   
fil+ a sep>ate return7 & ins]t+ #ae1jjj 
7twice su* am\nt 9 ! case ( a jo9t      
return74  7b7 ,inflation adju/m5t       
,section #afd7;b77#f7 ( su* ,code is    
am5d$-- 7#a7 by /rik+ & at ! end (      
subp>agraph 7,a71 by /rik+ ! p]iod at ! 
end ( subp>agraph 7,b7 & ins]t+ 1 &1 &  
by ins]t+ aft] subp>agraph 7,b7 ! foll[+

 new subp>agraph3  7,c7 9 ! case ( a    
taxable ye> beg9n+ 9 a cal5d> ye> aft]  
#bjai1 ! #ae1jjj am\nt 9 subp>agraph    
7,b7 %all be increas$ by an am\nt equal 
to--  7i7 su* doll> am\nt1 multipli$ by 
7ii7 ! co/-(-liv+ adju/m5t det]m9$ "u   
section #a7;f77#c7 = ! cal5d> ye> 9 :i* 
! taxable ye> beg9s1 det]m9$ by         
sub/itut+ cal5d> ye> #bjah = cal5d> ye> 
#bjaf 9 subp>agraph 7,a77ii7 !re(4  1 & 
7#b7 by add+ at ! end ! foll[+3 ,any    
increase det]m9$ "u subp>agraph 7,c7    
%all be r\nd$ to ! ne>e/ multiple (     
#ajj4  7c7 ,effective date ,! am5dm5ts  
made by ?is section %all apply to       
taxable ye>s beg9n+ aft] ,decemb] #ca1  
#bjah4  #c4 ,increase 9 corporate income
 tax rate  7a7 ,9 g5]al ,section #aa7;b7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by /rik+ #ba p]c5t ( taxable      
income4 & ins]t+ ! applicable p]c5tage (
 taxable income4 ,= purposes ( ! prec$+ 
s5t5ce1 ! t]m applicable p]c5tage means 
su* p]c5tage z ! ,secret>y det]m9es 7n  
lat] ?an #fj days aft] ! date ( !       

enactm5t ( ?is s5t5ce7 w result 9 an    
increase 9 rev5ues to ! ,treasury       
7relative to ! rev5ues t ! ,secret>y    
e/imates w\ld h be5 receiv$ 9 !         
,treasury if ! applicable p]c5tage 7 #ba
 p]c5t7 equal to ! r$uction 9 rev5ues to
 ! ,treasury :i* ! ,secret>y e/imates w 
occur by reason ( ! am5dm5t made by     
section #b ( ! ,save ! ,/ate & ,local   
,tax ,d$uction = ,middle ,class         
,families ,act ( #bjai44  7b7 ,effective
 date ,! am5dm5t made by ?is section    
%all apply to taxable ye>s beg9n+ aft]  
,decemb] #ca1 #bjah4