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