Tax Bill Passes in Senate Wednesday Morning, House Expected to Vote (Again) Later Today
Posted on Dec 20, 2017 in News
Senate Republicans voted to pass a revised version of the Tax Cuts and Jobs Acts early Wednesday morning. The House voted yesterday in favor of the legislation, however several minor provisions of the bill did not comply with Senate rules and had to be removed. The House is expected to vote on the revised version of the bill sometime today. Read More: Senate passes sweeping GOP tax...
House Passes Revised Bill; Senate to Vote as Early as Tonight
Posted on Dec 19, 2017 in News
The House has passed the Tax Cuts and Jobs Act, as revised by the Conference Committee, along party lines. The bill will now go to the Senate, who may vote as early as this evening. Should the bill pass both houses, it will be sent to President Trump to sign into law. Read more: House Passes Final Tax Bill; Senate Votes Next on Republican Plan
Congress to Begin Voting on the Tax Cuts and Jobs Act Today
Posted on Dec 19, 2017 in Uncategorized
With the Conference Agreement finalized, the Agreement must be approved by both the House and Senate, and once approved, it will head to President Trump for his signature. The House is expected to vote later today, and the Senate will vote soon afterwards, either today or tomorrow. Read more: Tax Voting Starts Tuesday
House-Senate Conference Committee Meeting on Republican Tax Reform Bill Held Today
Posted on Dec 13, 2017 in Uncategorized
The House-Senate Conference Committee met today to discuss the previously passed Senate and House versions of the Tax Cuts and Jobs Act. During this meeting the Chief of Staff of the Joint Committee on Taxation, Thomas Barthold, provided a brief overview of the key differences in the tax bills and answered questions regarding the two bills in question. This is the only such meeting of...
Conference Committee Working to Resolve House and Senate Differences
Posted on Dec 12, 2017 in News, State and Local Tax
Conference Committee negotiators in the House and Senate over the weekend did not reach a compromise on the different versions of the Tax Cuts and Jobs Act. The main issues include the timing of the 20% corporate rate cut and whether to allow deductions for state and local taxes. Currently, Congressional Republicans hope to finalize the bill by December 20th, and Kevin Brady, Chair of...
Brady Indicates That Tax Legislation Will Include Repeal of Individual Mandate
Posted on Dec 6, 2017 in News
The Senate voted to go to conference in order to reconcile their tax bill with the House Tax bill today. However, there are many differences that need to be worked out between the two bills. Key differences include the repeal of the alternative minimum tax, the implementation timing of the corporate tax rate reduction, and the repeal of the individual mandate. The repeal of the...
House Sends Tax Cuts and Jobs Act to Conference Committee
Posted on Dec 5, 2017 in News
The House voted Monday to send the Tax Cuts and Jobs Act to conference committee to resolve the differences between the House and Senate versions of the bill. The committee has 14 House total members, 9 Republican and 5 Democratic. The Republican members are: Keven Brady (the Chair of the House Ways and Means Committee), Ron Bishop, Diane Black, Kristi Noem, Devin Nunes, Peter Roskam,...
Increased Support Among Senate Republicans For Tax Bill But Some Opposition Remains
Posted on Nov 29, 2017 in News
The Senate voted today on party lines to proceed with floor debate on the tax bill. Recently, there has been increased support for the tax legislation among Senate Republicans. Senators James Lankford and Jerry Moran, both former holdouts, indicated that they would support the legislation. Senators Ron Johnson and Bob Corker, vocal critics of the bill, both voted in favor of the bill...
Senate Budget Committee Passes the Tax Cuts and Jobs Act
Posted on Nov 28, 2017 in News
The Senate Budget Committee has passed the Tax Cuts and Jobs Act on a 12-11 vote. This procedural hurdle was necessary for the bill to be considered on the floor of the Senate. Read more: Senate Budget Committee Advances GOP Tax Bill
Legal Alert: Tax Reform Executive Summary – A 2-Pager on the 7 Things You Need to Know
Posted on Nov 28, 2017 in Legal Alerts, News
View the Eversheds Sutherland Legal Alert providing a high-level overview of the top 7 tax reform issues that all executives need to know here.
Senate Releases the Legislative Text of the Tax Cuts and Jobs Act
Posted on Nov 21, 2017 in News
The Senate has released the its version of the legislative text for the Tax Cuts and Jobs Act. Read the full text here. Read the section by section summary of the act here.
White House Officials State Willingness to Sacrifice Health Care Provision for the Tax Reform Greater Good
Posted on Nov 20, 2017 in Insurance Tax, News
The White House Budget Director, Mick Mulvaney, indicated that the Trump Administration is willing to strike the health care provision in the Senate’s proposed tax legislation repealing the requirement that everyone in the U.S. have health insurance or pay a fine. Striking this provision would leave the Senate $338 billion short of their revenue goal and would require Republican...
House Passes the Tax Cut and Jobs Act
Posted on Nov 16, 2017 in News
The House voted to pass H.R. 1, the Tax Cuts and Jobs Act, that passed through committee last week without further amendment. Read the bill as passed here.
Senate Releases Modification to the Chairman’s Mark of the Tax Cuts and Jobs Act
Posted on Nov 15, 2017 in News, Uncategorized
The Senate Finance Committee Chairman, Orrin Hatch, has released a modified version of the chairman’s mark for the Tax Cuts and Jobs Act. Read the full text here: Description of the Chairman’s Modification to the Chairman’s Mark of the Tax Cuts and Jobs Act.
Orrin Hatch to introduce Senate tax reform bill amendments changing 401(k), IRA classifications
Posted on Nov 13, 2017 in International Tax, News
The Senate Finance Committee has released a full list of the proposed amendments to the Tax Cuts and Jobs Act currently under consideration. Chairman Senator Orrin Hatch will present several amendments to the Senate’s tax reform bill during the mark up. His proposal includes a provision allowing publicly traded companies to deduct up to 12.5% of dividends paid to shareholders from...