Ind: exemption increased

Corp: repealed

Deductible

MFJ: $12,700

S: $6,350

HH: $9,350

10, 12 , 22, 24, 32, 35, 37%

$4,050

Prior Law (2017)

Mortgage Interest

Alternative Mininum Tax

Individual Rates

Corporate Rate

MFJ: $24,000

S: $12,000

HH: $18,000

$1,000 (refundable up to $1,000)

Repealed; none

The Tax Cuts and Jobs Act was passed by congress on December 20, 2017.

‚ÄčThe President signed it into law on December 22, 2017..

Child Tax Credit

Standard Deduction

Maximum $10,000 deduction

35% maximim rate

10, 15 , 25, 28, 33, 35, 39.6%

H.R. (2018)

$750,000 limit, mortgages purchased prior to 2017 are grandfathered

Personal Exemptions

21% flat rate

Ind: 26, 28%

Corp: 20%

$2,000 (refundable up to $1,400)

$1 million limit

State and Local Taxes