Proposed tax code changes

Allowed individual deductions and credits

House Bill

• Charitable contributions
• Interest on new mortgages up to $500,000
• Property taxes up to $10,000
• Child tax credit of $1,600 for each child
• Tax credit for expenses of adopting a child
• Family tax credit of $300 for each parent and non-child dependent
• Child and dependent care tax credit
• Earned income tax credit for low- and moderate-income workers

Senate bill

• Charitable contributions
• Interest on new mortgages up to $1 million
• Medical expenses
• Student loan interest
• Uninsured losses from federally declared disasters
• Child tax credit of $1,650 for each child
• Tax credit for expenses of adopting a child
• Child and dependent care tax credit
• Earned income tax credit for low- and moderate-income workers