Extend certain expiring tax provisions, including provisions related to tax relief and support for families and individuals; incentives for employment, economic growth, and community development; and incentives for energy production, efficiency, and green economy jobs
Reduce the unified credit against the estate tax beginning after December 31, 2022
Provide tax relief for areas affected by certain natural disasters in 2018 and 2019
Estimated budgetary effects would primarily stem from
The extension of biodiesel and renewable diesel incentives, an employer credit for paid family and medical leave, and the exclusion from gross income of discharge of qualified personal residence indebtedness
Accelerating the reduction in the unified credit against the estate tax by three years
New rules related to the deduction for qualified disaster-related personal casualty losses
The Congressional Budget Act of 1974, as amended, stipulates that revenue estimates provided by the staff of the Joint Committee on Taxation (JCT) are the official estimates for all tax legislation considered by the Congress. CBO therefore incorporates such estimates into its cost estimates of the effects of legislation. All of the estimates for the provisions of H.R. 3301 were provided by JCT.