The US House of Representatives was expected to vote on Tuesday on a sweeping, debt-financed tax bill, with approval likely. House passage would send the bill on to the Senate, which could vote as soon as Tuesday evening. Here are the key parts of the bill, which would be the biggest overhaul of the US tax code in more than 30 years.

Business corporate tax rate

Cuts corporate income tax rate to 21% from 35%, beginning 1 January 2018.

Pass-throughs

Creates a 20% deduction for the first $315,000 of qualified business income for joint filers of pass-through businesses such as partnerships and sole proprietorships. For income above that threshold, the legislation phases in limits, producing an effective marginal tax rate of no more than 29.6%.

Corporate minimum tax

Repeals the 20% corporate alternative minimum tax, set up to ensure profitable corporations pay at least some tax.

Territorial system

Exempts US corporations from US taxes on most future foreign profits, ending the present worldwide system of taxing profits of all US-based corporations, no matter where they are earned. This would align the US tax code with most other industrialized nations, undercut many offshore tax-dodging strategies and deliver to multinationals a goal they have pursued for years.

Repatriation

Sets a one-time mandatory tax of 8% on illiquid assets and 15.5% on cash and cash equivalents for about $2.6tn in US business profits now held overseas. This foreign cash pile was created by a rule making foreign profits tax-deferred if they are not brought into the United States, or repatriated. That rule would be rendered obsolete by the territorial system.

Anti-base erosion measures

Prevents companies from shifting profits out of the United States to lower-tax jurisdictions abroad. Sets an alternative minimum tax on payments between US corporations and foreign affiliates, and limits on shifting corporate income through transfers of intangible property, including patents. In combination, these measures with the repatriation and territorial system provisions, represent a dramatic overhaul of the US tax system for multinationals.

Capital expensing

Allows businesses to immediately write off, or expense, the full value of investments in new plant and equipment for five years, then gradually eliminates this 100% expensing over five years beginning in year six.

Interest deduction limit

Caps business deductions for debt interest payments at 30% of taxable income, regardless of deductions for depreciation, amortization or depletion.

Clean energy

Preserves tax credits for producing electricity from wind, biomass, geothermal, solar, municipal waste and hydropower.

Carried interest

Leaves in place “carried interest” loophole for private equity fund managers and some hedge fund managers, despite pledges by Republicans including President Donald Trump to close it. These financiers can now claim a lower capital gains tax rate on much of their income from investments held more than a year. A new rule would extend that holding period to three years, putting the loophole out of reach for some fund managers but preserving its availability for many.

Individual brackets

Maintains the current seven tax brackets, but temporarily changes most of the income levels and rates. For married couples filing jointly, effective 1 January 2018 and ending in 2026, income tax would be:

10% up to $19,050, versus 10% up to $18,650 under existing law;

12% on $19,051 to $77,400, versus 15% on $18,651 to $75,900;

22% on $77,401 to $165,000, versus 25% on $75,901 to $153,100;

24% on $165,001 to $315,000, versus 28% on $153,101 to $233,350;

32% on $315,001 to $400,000, versus 33% on $233,351 to $416,700;

35% on $400,001 to $600,000, versus 35% on $416,701 to $470,700 37% above $600,000, versus 39.6% above $470,700.

For single individuals, effective 1 January 2018 and ending in 2026, income tax would be:

10% up to $9,525, versus 10% up to $9,325 under existing law;

12% from $9,526 to $38,700, versus 15% on $9,326 to $37,950;

22% on $38,701 to $82,500, versus 25% on $37,951 to $91,900;

24% on $82,501 to $157,500, versus 28% on $91,901 to $191,650;

32% on $157,501 to $200,000, versus 33% on $191,651 to $416,700;

35% on $200,001 to $500,000, versus 35% on $416,701 to $418,400;

37% above $500,000, versus 39.6% above $418,400. These brackets would expire after 2025.

Standard deduction

In a change expected to end itemizing of deductions for millions of Americans, the bill for eight years beginning on 1 January 2018 would increase the standard deduction – a fixed amount that can be subtracted from adjusted gross income to lower taxable income – to $12,000 from $6,350 for individuals, and to $24,000 from $12,700 for married couples.

Child tax credit

Doubles the child tax credit to $2,000 per dependent child under age 17, with a refundable portion of $1,400. The refundable portion allows families to lower their tax bills to zero and receive a refund for the remaining value.

Personal exemption

Temporarily eliminates the $4,050 individual personal exemption. Under present law, taxpayers who earn below certain income caps can subtract this fixed dollar amount from their adjusted gross incomes to lower their taxable incomes. Generally, one exemption has been allowed per individual, spouse and child or other dependent. This would take effect on 1 January 2018, but then the personal exemption would return in 2026.

Inheritances

Raises the exemption for estate and gift taxes to $10m from $5m per person and indexes the new exemption level for inflation after 2011. That means even fewer Americans would pay the estate tax, but it would stay on the books.

Mortgages

For residences bought from 1 January 2018 through 31 December 2025, the bill caps the deduction for mortgage interest at $750,000 in home loan value. After 31 December 2025, the cap would revert to $1m in loan value. Suspends the deduction for interest on home equity loans from 1 January 2018 until 2026.

Other provisions

Obamacare mandate Repeals a federal fine imposed on Americans under Obamacare for not obtaining health insurance coverage, a change expected to undermine the 2010 healthcare law.

ANWR drilling Allows oil drilling in Alaska’s Arctic national wildlife refuge.