‘‘(12) MAXIMUM 15-PERCENT
RATE
AMOUNT 
DEFINED.—For purposes of this subsection, the 
maximum 15-percent rate amount shall be— 
‘‘(A) in the case of a joint return or sur-
viving spouse (as defined in section 2(a)), 
$479,000 (1⁄2 such amount in the case of a 
married individual filing a separate return), 
‘‘(B) in the case of an individual who is a 
head of household (as defined in section 2(b)), 
$452,400, 
‘‘(C) in the case of any other individual 
(other than an estate or trust), $425,800, and 
‘‘(D) in the case of an estate or trust, 
$12,700. 
‘‘(13) DETERMINATION OF 0 PERCENT RATE 
BRACKET FOR ESTATES AND TRUSTS.—In the case 
of any estate or trust, paragraph (1)(B) shall be ap-
plied by treating the amount determined in clause (i) 
thereof as being equal to $2,600. 
‘‘(14) INFLATION ADJUSTMENT.— 
‘‘(A) IN
GENERAL.—Each of the dollar 
amounts in paragraphs (12) and (13) shall be 
increased by an amount equal to— 
‘‘(i) such dollar amount, multiplied by 
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‘‘(ii) the cost-of-living adjustment de-
termined under subsection (f)(3) for the 
calendar year in which the taxable year be-
gins, determined by substituting ‘calendar 
year 2017’ for ‘calendar year 2016’ in sub-
paragraph (A)(ii) thereof. 
‘‘(B) ROUNDING.—If any increase under 
subparagraph (A) is not a multiple of $50, such 
increase shall be rounded to the next lowest 
multiple of $50.’’. 
(i) CONFORMING AMENDMENTS.— 
(1) Section 1 is amended by striking sub-
sections (i) and (j). 
(2) Section 3402(q)(1) is amended by striking 
‘‘third lowest’’ and inserting ‘‘fourth lowest’’. 
(j) APPLICATION OF SECTION 15.— 
(1) IN GENERAL.—Subsection (a) of section 15 
is amended by striking ‘‘If any rate of tax’’ and in-
serting ‘‘In the case of a corporation, if any rate of 
tax’’. 
(2) CONFORMING AMENDMENTS.— 
(A) Section 15 is amended by striking sub-
sections (d), (e), and (f). 
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(B) Section 6013(c) is amended by strik-
ing ‘‘sections 15, 443, and 7851(a)(1)(A)’’ and 
inserting ‘‘section 443’’. 
(C) The heading of section 15 is amended 
by inserting ‘‘ON CORPORATIONS’’ after ‘‘EF-
FECT OF CHANGES’’. 
(D) The table of sections for part III of 
subchapter A of chapter 1 is amended by strik-
ing the item relating to section 15 and inserting 
the following new item: 
‘‘Sec. 15. Effect of changes on corporations.’’. 
(k) EFFECTIVE DATE.— 
(1) IN GENERAL.—The amendments made by 
this section shall apply to taxable years beginning 
after the date of the enactment of this Act. 
(2) APPLICATION OF SECTION 15.—Section 15 
of the Internal Revenue Code of 1986 shall not 
apply to any change in a rate of tax by reason of— 
(A) section 1(j) of such Code (as in effect 
before its repeal by this section), or 
(B) any amendment made by this Act. 
SEC. 3. INCREASE IN STANDARD DEDUCTION. 
(a) IN GENERAL.—Section 63(c)(2) is amended— 
(1) by striking ‘‘$4,400’’ in subparagraph (B) 
and inserting ‘‘$18,000’’, and 
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(2) by striking ‘‘$3,000’’ in subparagraph (C) 
and inserting ‘‘$12,000’’. 
(b) INFLATION ADJUSTMENT.—Section 63(c)(4) is 
amended to read as follows: 
‘‘(4) ADJUSTMENTS FOR INFLATION.— 
‘‘(A) IN GENERAL.—In the case of a tax-
able year beginning after 2018, each dollar 
amount in paragraph (2)(B), (2)(C), or (5) or 
subsection (f) shall be increased by an amount 
equal to— 
‘‘(i) such dollar amount, multiplied by 
‘‘(ii) the cost-of-living adjustment de-
termined under section 1(f)(3) for the cal-
endar year in which the taxable year be-
gins, determined by substituting for ‘2016’ 
in subparagraph (A)(ii) thereof— 
‘‘(I) in the case of the dollar 
amounts 
contained 
in 
paragraph 
(2)(B) or (2)(C), ‘2017’, 
‘‘(II) in the case of the dollar 
amounts 
contained 
in 
paragraph 
(5)(A) or subsection (f), ‘1987’, and 
‘‘(III) in the case of the dollar 
amount 
contained 
in 
paragraph 
(5)(B), ‘1997’. 
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‘‘(B) ROUNDING.—If any increase under 
subparagraph (A) is not a multiple of $50, such 
increase shall be rounded to the next lowest 
multiple of $50.’’. 
(c) CONFORMING AMENDMENTS.— 
(1) Section 1(f)(7)(A) is amended by striking 
‘‘section 63(c)(4),’’. 
(2) Section 1(f)(7)(B) is amended by striking 
‘‘sections 63(c)(4) and’’ and inserting ‘‘section’’. 
(3) Section 63(c) is amended by striking para-
graph (7). 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
the date of the enactment of this Act. 
SEC. 4. REPEAL OF OVERALL LIMITATION ON ITEMIZED DE-
DUCTIONS. 
(a) IN GENERAL.—Part 1 of subchapter B of chapter 
1 is amended by striking section 68 (and the item relating 
to such section in the table of sections for such part). 
(b) CONFORMING AMENDMENTS.— 
(1) Section 1(f)(7)(A), as amended by section 
2, is amended by striking ‘‘or section 68(b)(2)’’. 
(2) Section 56(b)(1) is amended by striking 
subparagraph (E). 
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(3) Section 164(b)(5)(H)(ii)(III) is amended by 
striking ‘‘(as determined under section 68(b))’’. 
(4) Section 164(b)(5)(H) is amended by adding 
at the end the following new clause: 
‘‘(iii) 
APPLICABLE
AMOUNT
DE-
FINED.—For purposes of clause (ii), the 
term ‘applicable amount’ means— 
‘‘(I) $300,000 in the case of a 
joint return or a surviving spouse, 
‘‘(II) $275,000 in the case of a 
head of household, 
‘‘(III) $250,000 in the case of an 
individual who is not married and who 
is not a surviving spouse or head of 
household, and 
‘‘(IV) 1⁄2 the amount applicable 
under subclause (I) in the case of a 
married individual filing a separate 
return. 
For purposes of this paragraph, marital 
status shall be determined under section 
7703. In the case of any taxable year be-
ginning in calendar years after 2017, each 
of the dollar amounts in this clause shall 
be increased by an amount equal to such 
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dollar amount, multiplied by the cost-of-liv-
ing adjustment determined under section 
1(f)(3) for the calendar year in which the 
taxable year begins, determined by sub-
stituting ‘2012’ for ‘2016’ in subparagraph 
(A)(ii) thereof. If any amount after adjust-
ment under the preceding sentence is not 
a multiple of $50, such amount shall be 
rounded to the next lowest multiple of 
$50.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
the date of the enactment of this Act. 
SEC. 5. INCREASED EXEMPTION FOR ALTERNATIVE MIN-
IMUM TAX MADE PERMANENT. 
(a) IN GENERAL.—Section 55(d)(1) is amended— 
(1) by striking ‘‘$78,750’’ in subparagraph (A) 
and inserting ‘‘$109,400’’, and 
(2) by striking ‘‘$50,600’’ in subparagraph (B) 
and inserting ‘‘$70,300’’. 
(b) PHASE-OUT OF EXEMPTION AMOUNT.—Section 
55(d)(2) is amended— 
(1) by striking ‘‘$150,000’’ in subparagraph 
(A) and inserting ‘‘$1,000,000’’, and 
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‘‘(ii) in the case of a dollar amount 
contained in paragraph (1)(A), (1)(B), or 
(2)(A), ‘calendar year 2017’ for ‘calendar 
year 2016’ in subparagraph (A)(ii) thereof. 
Any increased amount determined under this 
paragraph shall be rounded to the nearest mul-
tiple of $100 ($50 in the case of the dollar 
amount contained in paragraph (2)(C)).’’. 
(d) CONFORMING AMENDMENT.—Section 55(d) is 
amended by striking paragraph (4). 
(e) EFFECTIVE DATE.—The amendments made by 
this subsection shall apply to taxable years beginning after 
the date of the enactment of this Act. 
Æ 
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