(7) Section 67 is amended in the heading, by striking 2-percent floor on and inserting Denial of . (8) The table of sections for part 1 of subchapter B of chapter 1 is amended by striking the item relating to section 67 and inserting the following new item: Sec. 67. Denial of miscellaneous itemized deductions. . (d) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act. 146. Repeal of overall limitation on itemized deductions (a) In general Part 1 of subchapter B of chapter 1 is amended by striking section 68 (and the item relating to such section in the table of sections for such part). (b) Conforming amendments (1) Section 56(b)(1), as amended by the preceding provisions of this Act, is amended by striking subparagraph (E). (2) Section 164(b)(5)(H)(ii)(III) is amended by striking (as determined under section 68(b)) . (3) Section 164(b)(5)(H) is amended by adding at the end the following new clause: (iii) Applicable amount defined For purposes of clause (ii), the term applicable amount means— (I) $300,000 in the case of a joint return or a surviving spouse, (II) $275,000 in the case of a head of household, (III) $250,000 in the case of an individual who is not married and who is not a surviving spouse or head of household, and (IV) ½ the amount applicable under subclause (I) in the case of a married individual filing a separate return. For purposes of this paragraph, marital status shall be determined under section 7703. In the case of any taxable year beginning in calendar years after the date of the enactment of this clause, each of the dollar amounts in this clause shall be increased by an amount equal to such dollar amount, multiplied by the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting 2012 for 2016 in subparagraph (A)(ii) thereof. If any amount after adjustment under the preceding sentence is not a multiple of $50, such amount shall