“To amend the Internal Revenue Code of 1986 to allow unreimbursed employee expenses to be taken into account as miscellaneous itemized deductions.”
No CRS summary available for this bill.
This section modifies the suspension of miscellaneous itemized deductions (i.e., certain unreimbursed employee business expenses otherwise allowed only to the extent exceeding 2% of adjusted gross income) imposed by the 2017 Tax Cuts and Jobs Act by (1) extending it through 2027 (from 2025) and (2) excepting 85% of unreimbursed food, lodging, travel, or transportation expenses paid or incurred by employees, which are deductible subject to a 1%-of-AGI floor (from 2%). The changes apply to tax years beginning after December 31, 2017, as if included in the Tax Cuts and Jobs Act, and the section extends the statute of limitations for related refund claims by one year from enactment (if the original period would otherwise expire sooner).