# 115-hr-1: An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018.

115-hr-1, An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018., is a 115th Congress bill sponsored by Rep. Brady, Kevin [R-TX-8] (R-TX); status Became Public Law No: 115-97. (as of 2025-11-18).

- Canonical: https://policyrisk.com/legislation/115-hr-1
- As of: 2025-11-18
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 115-hr-1
- Congress: 115
- Title: An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018.
- Status: Became Public Law No: 115-97.
- Introduced: 2017-11-02
- Sponsor: Rep. Brady, Kevin [R-TX-8] (R-TX)
- Cosponsors: 24
- Policy area: Taxation
- Touches household money: no
- Last recorded action: 2025-11-18

## Summary

Tax Cuts and Jobs Act This bill amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. With respect to individuals, the bill: replaces the seven existing tax brackets (10%, 15%, 25%, 28%, 33%, 35%, and 39.6%) with four brackets (12%, 25%, 35%, and 39.6%), increases the standard deduction, repeals the deduction for personal exemptions, establishes a 25% maximum rate on the business income of individuals, increases the child tax credit and establishes a new family tax credit, repeals the overall limitation on certain itemized deductions, limits the mortgage interest deduction for debt incurred after November 2, 2017, to mortgages of up to $500,000 (currently $1 million), repeals the deduction for state and local income or sales taxes not paid or accrued in a trade or business, repeals the deduction for medical expenses, consolidates and repeals several education-related deductions and credits, repeals the alternative minimum tax, and repeals the estate and generation-skipping transfer taxes in six years. For businesses, the bill: reduces the corporate tax rate from a maximum of 35% to a flat 20% rate (25% for personal services corporations), allows increased expensing of the costs of certain property, limits the deductibility of net interest expenses to 30% of the business's adjusted taxable income, repeals the work opportunity tax credit, terminates the exclusion for interest on private activity bonds, modifies or repeals various energy-related deductions and credits, modifies the taxation of foreign income, and imposes an excise tax on certain payments from domestic corporations to related foreign corporations. The bill also repeals or modifies several additional credits and deductions for individuals and businesses.

## Cosponsors (24)

- SAM JOHNSON (R-TX), 2017-11-02T00:00:00.000Z
- Rep. Nunes, Devin [R-CA-22] (R-CA), 2017-11-02T00:00:00.000Z
- PATRICK TIBERI (R-OH), 2017-11-02T00:00:00.000Z
- Rep. Roskam, Peter J. [R-IL-6] (R-IL), 2017-11-02T00:00:00.000Z
- Rep. Reed, Tom [R-NY-23] (R-NY), 2017-11-02T00:00:00.000Z
- Rep. Kelly, Mike [R-PA-16] (R-PA), 2017-11-02T00:00:00.000Z
- Rep. Renacci, James B. [R-OH-16] (R-OH), 2017-11-02T00:00:00.000Z
- Rep. Meehan, Patrick [R-PA-7] (R-PA), 2017-11-02T00:00:00.000Z
- Rep. Noem, Kristi L. [R-SD-At Large] (R-SD), 2017-11-02T00:00:00.000Z
- Rep. Holding, George [R-NC-2] (R-NC), 2017-11-02T00:00:00.000Z
- Rep. Smith, Jason [R-MO-8] (R-MO), 2017-11-02T00:00:00.000Z
- Rep. Rice, Tom [R-SC-7] (R-SC), 2017-11-02T00:00:00.000Z
- Rep. Schweikert, David [R-AZ-1] (R-AZ), 2017-11-02T00:00:00.000Z
- Rep. Walorski, Jackie [R-IN-2] (R-IN), 2017-11-02T00:00:00.000Z
- Rep. Curbelo, Carlos [R-FL-26] (R-FL), 2017-11-02T00:00:00.000Z
- Rep. Bishop, Mike [R-MI-8] (R-MI), 2017-11-02T00:00:00.000Z
- Rep. Ryan, Paul D. [R-WI-1] (R-WI), 2017-11-02T00:00:00.000Z
- Rep. Reichert, David G. [R-WA-8] (R-WA), 2017-11-02T00:00:00.000Z
- Rep. Buchanan, Vern [R-FL-16] (R-FL), 2017-11-02T00:00:00.000Z
- Rep. Smith, Adrian [R-NE-3] (R-NE), 2017-11-02T00:00:00.000Z
- Rep. Jenkins, Lynn [R-KS-2] (R-KS), 2017-11-02T00:00:00.000Z
- Rep. Paulsen, Erik [R-MN-3] (R-MN), 2017-11-02T00:00:00.000Z
- Rep. Marchant, Kenny [R-TX-24] (R-TX), 2017-11-02T00:00:00.000Z
- Rep. Black, Diane [R-TN-6] (R-TN), 2017-11-02T00:00:00.000Z

## Related bills

- 115-hr-1861: Larry Doby Congressional Gold Medal Act
- 115-hr-6760: Protecting Family and Small Business Tax Cuts Act of 2018
- 115-hr-6757: Family Savings Act of 2018
- 115-hr-6756: American Innovation Act of 2018
- 115-hr-5499: Stephen Michael Gleason Congressional Gold Medal Act
- 115-hr-1697: Israel Anti-Boycott Act

## Sources
- [115-hr-1 on Congress.gov](https://www.congress.gov/bill/115th-congress/house-bill/1)

## Related
- [115-hr-1861: Larry Doby Congressional Gold Medal Act](https://policyrisk.com/legislation/115-hr-1861)
- [115-hr-6760: Protecting Family and Small Business Tax Cuts Act of 2018](https://policyrisk.com/legislation/115-hr-6760)
- [115-hr-6757: Family Savings Act of 2018](https://policyrisk.com/legislation/115-hr-6757)
- [115-hr-6756: American Innovation Act of 2018](https://policyrisk.com/legislation/115-hr-6756)
- [115-hr-5499: Stephen Michael Gleason Congressional Gold Medal Act](https://policyrisk.com/legislation/115-hr-5499)
- [115-hr-1697: Israel Anti-Boycott Act](https://policyrisk.com/legislation/115-hr-1697)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/115-hr-1 (as of 2025-11-18).