Chairman Brady added more proposed amendments to the Tax Cuts and Jobs Act that were released on Thursday.

Chairman’s Second Amendment Summary

Removed self-employment tax revisions (which includes S corporations)
Restores adoption credit
Require SSN for child in order to claim entire amount of the enhanced child credit
Can rollover from 529 to ABLE account
Floor plan financing interest fully deductible but no full expensing for such businesses
S corporation gets special 6 year rule if terminates status due to Act for
- Accounting method changes
- Also gets special rule for distributions to be pro-rata from E&P and AAA
Requirement to capitalize research and development are required to be capitalized and amortized over 5 years (15 years for foreign)
Immediate deduction for expenses of attorney in contingent fee litigation
Remove changes to deferred compensation
83(b) election cannot be made on restricted stock units (RSU)
Raised rate on repatriated assets to
7% on earnings held in illiquid investments
14% on other earnings and profits