Sec. 202. 35-percent limitation on certain deductions and exclusions
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Part I of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: In the case of an individual, for any taxable year with respect to which the highest rate of tax imposed under section 1 exceeds 35 percent, the tax imposed by such section shall be increased by the excess (if any) of— the tax which would be imposed under such section if taxable income were determined without regard to itemized deductions, over the tax which would be determined under paragraph
(1)if the highest rate of tax imposed under such section on amounts in excess of the taxpayer’s taxable income (determined without regard to this section) was 35 percent. . The table of sections for part I of subchapter B of chapter 1 of such Code is amended by adding at the end the following new item: Sec. 69. Limitation on itemized deductions. . The amendments made by this section shall apply to taxable years beginning after December 31, 2015.