With a Consensus Tax Bill, Christmas May Come Early for Republicans
An agreement between Senate and House Republicans on a tax bill was finalized Wednesday morning. According to lawmakers and reports from aides, Senate and House Republicans have agreed to provisions including the following: • Corporate tax rate will drop from 35% to 21%, to go in effect in 2018. • Individuals will be allowed to deduct up to $10,000 in state and local taxes, split...All in a Late Night’s Work: Senate Passes Tax Bill
Posted on Dec 4, 2017 in News, Uncategorized
At approximately 2:00 a.m. on Saturday morning, the Senate passed its tax reform bill with a vote of 51-49. Changes to the bill, including some handwritten into the document, were made leading up to the final vote. The only Republican to vote against the bill was Senator Bob Corker who has continued concerns regarding the estimated $1+ trillion deficit over the next 10 years. Corker...
Senate Tax Bill Differs from House Bill in Treatment of Multinationals
Posted on Nov 22, 2017 in News, Uncategorized
The Senate recently released the legislative text of their version of the tax bill. The bill defers in several key respects from the House bill in its treatment of the income of multinational companies, particularly in the way that it addresses global intangible low-taxed income, foreign derived intangible income, and base erosion. The Senate vote could occur as early as November 30th....
Senate Finance Committee Approves Republican Tax Reform Proposal
Posted on Nov 17, 2017 in News
On November 16, 2017, by a partisan 14-12 vote, the Senate Finance Committee approved the Senate GOP’s version of the tax reform plan, which differs from the proposed House bill, after adoption of Chairman Orrin Hatch’s manager’s amendment. Legislative language will now be drafted and taken up for vote by the full Senate following Thanksgiving. Senate Finance Committee Approves GOP...
Legal Alert: A Comparison of the Energy Tax Changes in the Proposed House and Senate Tax Reform Bills
View the Eversheds Sutherland Legal Alert summarizing the principal proposals in the Senate Plan that impact the energy sector, and the meaningful differences from the House Plan, here.Legal Alert: Reconciling the Differences, the Senate Tax Cuts and Jobs Act
Posted on Nov 16, 2017 in Legal Alerts, News
View the Eversheds Sutherland Legal Alert summarizing the principal proposals in the Senate Plan and discussing the most significant differences from the House Plan here.
Senate Tax Plan Will Include Repeal of the Affordable Care Act’s Individual Mandate
Posted on Nov 15, 2017 in News, Uncategorized
Finance Committee Chairman Orrin Hatch recently revised the Senate tax proposal to include a repeal of the Affordable Care Act’s individual mandate. Recent revisions also made many of the tax cuts for individuals temporary. Corporate tax cuts remain permanent. These changes were made so that the tax proposal would comply with the Senate’s Bryd Rule, which prevents legislation that...
Legal Alert: Tax Cuts and Jobs Bill Update: Major Insurance Industry Changes
View the Eversheds Sutherland Legal Alert discussing the insurance provisions of the amended House version and the Senate tax reform plans here.Legal Alert: The Tax Cuts and Jobs Act, Take Two: A Methods-Based Comparison of the Senate and House’s Tax Reform Plans
View the Eversheds Sutherland Legal Alert comparing accounting method issues in the House and Senate versions of H.R. 1 here.Legal Alert: The State and Local Tax Implications of Federal Tax Reform
View the Eversheds Sutherland Legal Alert discussing state and local tax issues under H.R. 1 here.Legal Alert: Sometimes Smaller is Better – How H.R. 1 Offers Small Business Welcome Flexibility
View the Eversheds Sutherland Legal Alert discussing the small business provisions of H.R. 1 here.Legal Alert: Tax Cuts and Jobs Bill: Major Insurance Industry Changes
View the Eversheds Sutherland Legal Alert discussing the insurance provisions of H.R. 1 here.Legal Alert: How a Framework Becomes a Law: House Republicans Release Tax Reform Bill
Posted on Nov 7, 2017 in Legal Alerts, News
View the Eversheds Sutherland Legal Alert providing an overview of the provisions of H.R. 1 here.