graph (D)) plus the aggregate out-
standing pre-December 15, 2017, in-
debtedness (as defined in subpara-
graph (C)).’’. 
(c) TREATMENT OF INDEBTEDNESS INCURRED ON 
OR BEFORE DECEMBER 15, 2017.—Section 163(h)(3)(C) 
is amended to read as follows: 
‘‘(C) TREATMENT OF INDEBTEDNESS IN-
CURRED ON OR BEFORE DECEMBER 15, 2017.— 
‘‘(i) IN GENERAL.—In the case of any 
pre-December 15, 2017, indebtedness, sub-
paragraph (B)(ii) shall not apply and the 
aggregate amount of such indebtedness 
treated as acquisition indebtedness for any 
period shall not exceed the excess (if any) 
of— 
‘‘(I) $1,000,000 ($500,000, in 
the case of a married individual filing 
a separate return), over 
‘‘(II) the aggregate outstanding 
pre-October 13, 1987, indebtedness 
(as defined in subparagraph (D)). 
‘‘(ii) PRE-DECEMBER
15, 2017, IN-
DEBTEDNESS.—For purposes of this sub-
paragraph—
‘‘(I) IN
GENERAL.—The term 
‘pre-December 15, 2017, indebted-
ness’ means indebtedness (other than 
pre-October 13, 1987, indebtedness) 
incurred on or before December 15, 
2017. 
‘‘(II) BINDING
WRITTEN
CON-
TRACT EXCEPTION.—In the case of a 
taxpayer who enters into a written 
binding contract before December 15, 
2017, to close on the purchase of a 
principal residence before January 1, 
2018, and who purchases such resi-
dence before April 1, 2018, the term 
‘pre-December 15, 2017, indebted-
ness’ shall include indebtedness se-
cured by such residence. 
‘‘(iii) 
REFINANCING
INDEBTED-
NESS.— 
‘‘(I) IN GENERAL.—In the case 
of any indebtedness which is incurred 
to refinance indebtedness, such refi-
nanced indebtedness shall be treated 
for purposes of this subparagraph as 
incurred on the date that the original
indebtedness was incurred to the ex-
tent the amount of the indebtedness 
resulting from such refinancing does 
not exceed the amount of the refi-
nanced indebtedness. 
‘‘(II) LIMITATION ON PERIOD OF 
REFINANCING.—Subclause (I) shall 
not apply to any indebtedness after 
the expiration of the term of the origi-
nal indebtedness or, if the principal of 
such original indebtedness is not am-
ortized over its term, the expiration of 
the term of the 1st refinancing of 
such indebtedness (or if earlier, the 
date which is 30 years after the date 
of such 1st refinancing).’’. 
(d) COORDINATION WITH TREATMENT OF INDEBT-
EDNESS INCURRED ON OR BEFORE OCTOBER 13, 1987.— 
Section 163(h)(3)(D) is amended— 
(1) by striking clause (ii) and redesignating 
clauses (iii) and (iv) as clauses (ii) and (iii), respec-
tively, and 
(2) in clause (iii) (as so redesignated)—
(A) by striking ‘‘clause (iii)’’ in the matter 
preceding subclause (I) and inserting ‘‘clause 
(ii)’’, and 
(B) by striking ‘‘clause (iii)(I)’’ in sub-
clauses (I) and (II) and inserting ‘‘clause 
(ii)(I)’’. 
(e) COORDINATION WITH EXCLUSION OF INCOME 
FROM
DISCHARGE
OF
INDEBTEDNESS.—Section 
108(h)(2) 
is 
amended 
by 
striking 
‘‘$1,000,000 
($500,000’’ and inserting ‘‘$750,000 ($375,000’’. 
(f) CONFORMING AMENDMENT.—Section 163(h)(3) 
is amended by striking subparagraph (F). 
(g) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2017. 
SEC. 144. MODIFICATION OF DEDUCTION FOR PERSONAL 
CASUALTY LOSSES. 
(a) IN GENERAL.—Section 165(h)(5)(A) is amended 
by striking ‘‘in a taxable year beginning after December 
31, 2017, and before January 1, 2026,’’. 
(b) CONFORMING AMENDMENTS.— 
(1) Section 165(h)(5)(B) is amended by strik-
ing ‘‘for any taxable year to which subparagraph (A) 
applies’’.
(2) Section 165(h)(5) is amended by striking 
‘‘FOR TAXABLE YEARS 2018 THROUGH 2025’’ in the 
heading thereof and inserting ‘‘TO LOSSES ATTRIB-
UTABLE TO FEDERALLY DECLARED DISASTERS’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to losses sustained in taxable years 
beginning after December 31, 2017. 
SEC. 145. TERMINATION OF MISCELLANEOUS ITEMIZED DE-
DUCTIONS. 
(a) IN GENERAL.—Section 67 is amended— 
(1) by amending subsection (a) to read as fol-
lows: 
‘‘(a) IN GENERAL.—In the case of an individual, mis-
cellaneous itemized deductions shall not be allowed.’’, and 
(2) by striking subsection (g). 
(b) MOVEMENT
OF
DEFINITION
OF
ADJUSTED 
GROSS INCOME FOR ESTATES AND TRUSTS.— 
(1) Section 67 is amended by striking sub-
section (e). 
(2) Section 641 is amended by adding at the 
end the following new subsection: 
‘‘(d) COMPUTATION OF ADJUSTED GROSS INCOME.— 
For purposes of this title, the adjusted gross income of 
an estate or trust shall be computed in the same manner 
as in the case of an individual, except that—
‘‘(1) the deductions for costs which are paid or 
incurred in connection with the administration of the 
estate or trust and which would not have been in-
curred if the property were not held in such trust or 
estate, and 
‘‘(2) the deductions allowable under sections 
642(b), 651, and 661, 
shall be treated as allowable in arriving at adjusted gross 
income.’’. 
(c) CONFORMING AMENDMENTS.— 
(1) Section 56(b)(1)(A) is amended to read as 
follows: 
‘‘(A) 
CERTAIN
TAXES.—No 
deduction 
(other than a deduction allowable in computing 
adjusted gross income) shall be allowed for any 
taxes described in paragraph (1), (2), or (3) of 
section 164(a) or clause (ii) of section 
164(b)(5)(A).’’. 
(2) Section 56(b)(1)(C), as amended by the 
preceding provisions of this Act, is amended by 
striking ‘‘subparagraph (A)(ii)’’ and inserting ‘‘sub-
paragraph (A)’’. 
(3) Section 62(a) is amended by striking ‘‘sub-
title’’ in the matter preceding paragraph (1) and in-
serting ‘‘title’’.
(4) Section 641(c)(2)(E) is amended to read as 
follows: 
‘‘(E) Section 642(c) shall not apply.’’. 
(5) Section 1411(a)(2) is amended by striking 
‘‘(as defined in section 67(e))’’. 
(6) Section 6654(d)(1)(C) is amended by strik-
ing clause (iii). 
(7) Section 67 is amended in the heading, by 
striking ‘‘2-PERCENT FLOOR ON’’ and inserting 
‘‘DENIAL OF’’. 
(8) The table of sections for part 1 of sub-
chapter B of chapter 1 is amended by striking the 
item relating to section 67 and inserting the fol-
lowing new item: 
‘‘Sec. 67. Denial of miscellaneous itemized deductions.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2017. 
SEC. 146. REPEAL OF OVERALL LIMITATION ON ITEMIZED 
DEDUCTIONS. 
(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 sections 
121 and 141, is amended by striking ‘‘or section 
68(b)(2)’’. 
(2) Section 56(b)(1), as amended by the pre-
ceding provisions of this Act, is amended by striking 
subparagraph (E). 
(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 
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 
December 31, 2017. 
SEC. 147. TERMINATION OF EXCLUSION FOR QUALIFIED BI-
CYCLE COMMUTING REIMBURSEMENT. 
(a) IN GENERAL.—Section 132(f)(1) is amended by 
striking subparagraph (D). 
(b) CONFORMING AMENDMENTS.—
(1) Section 132(f)(2) is amended by adding 
‘‘and’’ at the end of subparagraph (A), striking ‘‘, 
and’’ at the end of subparagraph (B) and inserting 
a period, and striking subparagraph (C). 
(2) Section 132(f)(4) is amended by striking 
‘‘(other than a qualified bicycle commuting reim-
bursement)’’. 
(3) Section 132(f) is amended by striking para-
graph (8). 
(4) Section 274(l)(2) is amended by striking 
‘‘after December 31, 2017, and before January 1, 
2026’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2017. 
SEC. 148. QUALIFIED MOVING EXPENSE REIMBURSEMENT 
EXCLUSION 
LIMITED 
TO 
MEMBERS 
OF 
ARMED FORCES. 
(a) IN GENERAL.—Section 132(g) is amended— 
(1) by striking ‘‘by an individual’’ in paragraph 
(1) and inserting ‘‘by a qualified military indi-
vidual’’, and 
(2) by striking paragraph (2) and inserting the 
following new paragraph:
‘‘(2) QUALIFIED
MILITARY
INDIVIDUAL.—For 
purposes of this subsection, the term ‘qualified mili-
tary individual’ means a member of the Armed 
Forces of the United States on active duty who 
moves pursuant to a military order and incident to 
a permanent change of station.’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2017. 
SEC. 149. DEDUCTION FOR MOVING EXPENSES LIMITED TO 
MEMBERS OF ARMED FORCES. 
(a) IN GENERAL.—Section 217 is amended— 
(1) by amending subsection (a) to read as fol-
lows: 
‘‘(a) DEDUCTION ALLOWED.—There shall be allowed 
as a deduction moving expenses paid or incurred during 
the taxable year by a member of the Armed Forces of the 
United States on active duty who moves pursuant to a 
military order and incident to a permanent change of sta-
tion.’’, 
(2) by striking subsections (c), (d), (f), and (g) 
and redesignating subsections (h), (i), (j), and (k) as 
subsections (c), (d), (f) and (g), respectively, and 
(3) by inserting after subsection (d), as so re-
designated, the following new subsection:
‘‘(e) EXPENSES FURNISHED IN KIND.—Any moving 
and storage expenses which are furnished in kind (or for 
which reimbursement or an allowance is provided, but only 
to the extent of the expenses paid or incurred)— 
‘‘(1) to such member, his spouse, or his depend-
ents, shall not be includible in gross income, and no 
reporting with respect to such expenses shall be re-
quired by the Secretary of Defense or the Secretary 
of Transportation, as the case may be, and 
‘‘(2) to such member’s spouse and his depend-
ents with regard to moving to a location other than 
the one to which such member moves (or from a lo-
cation other than the one from which such member 
moves), this section shall apply with respect to the 
moving expenses of his spouse and dependents as if 
his spouse commenced work as an employee at a new 
principal place of work at such location.’’. 
(b) CONFORMING AMENDMENTS.— 
(1) Subsections (d)(3)(C) and (e) of section 23 
are each amended by striking ‘‘section 217(h)(3)’’ 
and inserting ‘‘section 217(c)(3)’’. 
(2) Section 7872(f) is amended by striking 
paragraph (11). 
(3) Section 217 is amended in the heading by 
striking ‘‘MOVING
EXPENSES’’ and inserting
‘‘CERTAIN MOVING EXPENSES OF MEMBERS OF 
ARMED FORCES’’. 
(4) The table of sections for part VII of sub-
chapter B of chapter 1 is amended by striking the 
item relating to section 217 and inserting the fol-
lowing new item: 
‘‘Sec. 217. Certain moving expenses of members of Armed Forces.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2017. 
SEC. 150. LIMITATION ON WAGERING LOSSES. 
(a) IN GENERAL.—Section 165(d) is amended by 
striking ‘‘in the case of taxable years beginning after De-
cember 31, 2017, and before January 1, 2026,’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to taxable years beginning after 
December 31, 2017. 
Subtitle F—Increase in Estate and 
Gift Tax Exemption 
SEC. 151. INCREASE IN ESTATE AND GIFT TAX EXEMPTION. 
(a) IN GENERAL.—Section 2010(c)(3) is amended in 
subparagraph (A), by striking ‘‘$5,000,000’’ and inserting 
‘‘$10,000,000’’. 
(b) CONFORMING AMENDMENTS.— 
(1) Section 2001(g) is amended to read as fol-
lows:
‘‘(g) MODIFICATIONS TO GIFT TAX PAYABLE TO RE-
FLECT DIFFERENT TAX RATES.—For purposes of apply-
ing subsection (b)(2) with respect to 1 or more gifts, the 
rates of tax under subsection (c) in effect at the decedent’s 
death shall, in lieu of the rates of tax in effect at the time 
of such gifts, be used both to compute— 
‘‘(1) the tax imposed by chapter 12 with respect 
to such gifts, and 
‘‘(2) the credit allowed against such tax under 
section 2505, including in computing— 
‘‘(A) the applicable credit amount under 
section 2505(a)(1), and 
‘‘(B) the sum of the amounts allowed as a 
credit for all preceding periods under section 
2505(a)(2).’’. 
(2) Section 2010(c)(3) is amended by striking 
subparagraph (C). 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to estates of decedents dying and 
gifts made after December 31, 2017. 
TITLE 
II—INCREASED 
EXEMP-
TION FOR ALTERNATIVE MIN-
IMUM TAX MADE PERMANENT 
SEC. 201. INCREASED EXEMPTION FOR INDIVIDUALS. 
(a) IN GENERAL.—Section 55(d)(1) is amended—