The Senate Finance Committee released its bill to overhaul the tax code Nov. 9. Like the House’s bill, which was released last week, it is named the Tax Cuts and Jobs Act. However, the Senate bill is different in many aspects from the House bill, so a comparison is in order. Receive an even deeper analysis of these bills, a timeline, and next steps in advocacy by registering for the Alliance for Strong Families and Communities’ free webinar , to be held Monday, Nov. 13.

This chart provides some of the provisions that are mostly relevant to the nonprofit human services sector and the communities that we serve.

Rule House Bill  Senate Bill 
Tax Exempt Bonds  Makes all new-issue private-activity bonds (including bonds for 501(c)3 organizations) taxable
Keeps tax exemption for certain private activity bonds
Business Deductions and Credits
  • Repeal of employer-provided child care credit
  • Repeal of Work Opportunity Tax Credit
  • Termination of New Markets Tax Credit
  • Termination of Historic Preservation Tax Credit
  • Repeal of Credit for Expenditures to provide access to disabled individuals
  • Low-income housing credit preserved
Standard Deduction
  • Personal exemption is eliminated
  • Individuals: $12,000
  • Joint Filers: $24,000
  • Same as House bill
  • Single Parents: Increases from $9,300 to $18,000
Individual Credits and Deductions
  • State and local tax deductions limited only to state and local property tax deductions up to $10,000
  • Expands the Child Tax Credit from $1,000 to $1,600 and provides a credit of $300 for each parent and non-child dependent
  • Preserves the Earned Income Tax Credit
  • Repeal of deduction for tax preparation expenses
  • Repeals moving expenses except for the military
  • Repeal of medical expense deduction
  • Repeal of deduction for alimony payments
  • Exclusion of gain from sale of a principal residence
  • Repeal of exclusion for dependent care assistance programs
  • Repeal of student loan interest deduction
  • Repeal of exclusion for adoption assistance programs
  • Repeal of deduction for moving expenses
  • Termination of deduction and exclusions for contributions to medical savings accounts
  • Low-income housing credits retained
  • Eliminates medical expense deduction
  • Eliminates property casualty loss deduction
  • Repeals Electric Vehicle Tax Credit
  • Full repeal of state/local tax deductions including the property tax (saved in the House bill)
  • Preserves the low-income housing credit
  • Preserves the adoption tax credit
  • Expanding the child tax credit from $1,000 to $1,650, up from $1,600 in the House proposal
  • Preserves the child and dependent care tax credit
  • Preserves Electric Vehicle Tax Credit
  • Preserves Earned Income Tax Credit
  • Preserves the medical expense deduction
  • Repeal of deduction for taxes not paid or accrued in a trade or business
  • Modification of deduction for home mortgage interest
  • Repeal of deduction for tax preparation expenses
  • Increase percentage limit for charitable contributions of cash to public charities
  • Repeal of overall limitation on itemized deductions
  • Repeal of deduction for moving expenses
Estate, Gift, and Generation-Skipping Transfer (GST) Tax
  • Doubles the basic exclusion amount per taxpayer ($10 million in 2011 dollars, so $10.98 million per taxpayer in 2017); estate and GST repealed in 2024, but gift tax remains with top rate of 35 percent; maintains “step-up basis” and portability
  • Delays implementation of state and gift tax reform for one year
  • Preserve the estate tax while doubling the current $5.49 million exemption for individuals to $11.98 million

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