taxanalystr DOCUMENT S RVICE Doc 20144426 (193 pgs) 7 COMMITTEE ON \ WAYS AND MEANS CHAIRMAN DAVE CAM P Tax Reform Act of 2014 Discussion Draft Section-by-Section Summary Table of Contents Section I. Short Title; Etc 1 Title I — Tax Reform for Individuals 1 Subtitle A — Individual Income Tax Rate Reform I Secs. 1001-1003. Simplification of individual income tax rates; Deduction for adjusted net capital gain; Conforming amendments related to simplification of individual income tax rates 1 Subtitle B - Simplification of Tax Benefits for Families 3 Sec. 1101. Standard deduction 4 Sec. 1102. Increase and expansion of child tax credit. 5 Sec. 1103. Modification of earned income tax credit. 6 Sec. 1104. Repeal of deduction for personal exemptions. 7 Subtitle C — Simplification of Education Incentives 8 Sec. 1201. American opportunity tax credit. 8 Sec. 1202. Expansion of Pell Grant exclusion from gross income. 9 Sec. 1203. Repeal of exclusion of income from United States savings bonds used to pay higher education tuition and fees 10 Sec. 1204. Repeal of deduction for interest on education loans. 10 Sec. 1205. Repeal of deduction for qualified tuition and related expenses. 10 Sec. 1206. No new contributions to Coverdell education savings accounts 11 Sec. 1207. Repeal of exclusion for discharge of student loan indebtedness 11 Sec. 1208. Repeal of exclusion for qualified tuition reductions. 12 Sec. 1209. Repeal of exclusion for education assistance programs 12 Sec. 1210. Repeal of exception to 10-percent penalty for higher education expenses. 12 Subtitle D — Repeal of Certain Credits for Individuals 13 Sec. 1301. Repeal of dependent care credit. 13 Sec. 1302. Repeal of credit for adoption expenses 13 Sec. 1303. Repeal of credit for nonbusiness energy property 14 Sec. 1304. Repeal of credit for residential energy efficient property. 14 Sec. 1305. Repeal of credit for qualified electric vehicles