Here’s what’s in final GOP tax bill

Republican House and Senate negotiators released a final tax bill Friday that would overhaul the individual and corporate codes. Congress expects to vote on the bill in the coming week in the hopes of having it ready for President Donald Trump’s signature before Christmas.

Here’s a look at some of the bill’s provisions:

Eliminated

Personal exemptions, which in 2017 reduce taxable income by $4,050 each for taxpayers, spouses and dependent children.

Increased

The standard deduction, from $12,700 this year to $24,000 next year for couples filing jointly. For individuals, the amount goes from $6,350 to $12,000.

State and local tax deduction

New maximum of $10,000 for a combination of property and income taxes or property and sales taxes.

Tax brackets and rates

10 percent rate when taxable income exceeds $19,050 for couples and $9,525 for individuals.

12 percent kicks in at $77,400 for couples and $38,700 for individuals.

22 percent kicks in at $165,000 for couples and $82,500 for individuals.

24 percent kicks in at $315,000 for couples and $157,500 for individuals.

32 percent kicks in at $400,000 for couples and $200,000 for individuals.

35 percent kicks in at $600,000 for couples and $500,000 for individuals.

37 percent for higher amounts.

Charitable contributions

Remain deductible for those who itemize, and the limitation of 50 percent of income rises to 60 percent.

Child tax credit

Increased from $1,000 per child to $2,000, of which $1,400 is refundable, meaning it would be paid to parents even if they do not owe income tax. Value of the credit starts to decrease when family income exceeds $400,000.

Mortgage interest

Remains deductible for those who itemize, but for new mortgages on first and second homes, only the interest on the first $750,000 borrowed is deductible. The interest on home equity loans will no longer be deductible.

Important dates

Changes to the individual tax code are effective Jan. 1. Most would expire at the end of 2025.

Estate tax

Exemption is doubled so no estate worth less than nearly $11 million would be taxed.