Sec. 3122. Phaseout and repeal of deduction for income attributable to domestic production activities

234 words·~1 min read·/bill/113/hr/1/ih/section-3122

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Subsection

(a)of section 199 is amended by adding at the end the following new paragraph: In the case of any taxable year beginning after 2014, paragraph

(1)shall be applied by substituting for the percentage contained therein the phaseout percentage determined under the following table: For taxable years beginning in: The phaseout percentage is: 2015 6% 2016 3% . Section 199(d) is amended by striking paragraph (9). The amendments made by this subsection shall apply to taxable years beginning after December 31, 2014. Part VI of subchapter B of chapter 1 is amended by striking section 199 (and by striking the item relating to such section in the table of sections for such part). Sections 86(b)(2)(A), 137(b)(3)(A), 246(b)(1), and 469(i)(3)(F)(iii) are each amended by striking 199, . Section 163(j)(6)(A)(i), as amended by the preceding provisions of this Act, is amended by striking subclause

(III)and by redesignating subclauses

(IV)and

(V)as subclauses

(III)and (IV), respectively. Section 170(b)(2)(C), as amended by the preceding provisions of this Act, is amended by striking clause (v), by redesignating clause

(vi)as clause (v), and by inserting and at the end of clause (iv). Section 172(d) is amended by striking paragraph (7). Section 1402(a) is amended by adding and at the end of paragraph

(15)and by striking paragraph (16). The amendments made by this subsection shall apply to taxable years beginning after December 31, 2016.