Legal Alert: Tax Cut and Run: Employee Benefits Change Under the Tax Cuts and Jobs Act
View the Eversheds Sutherland Legal Alert discussing the employee benefits provisions of H.R. 1 here.Senate Bill Anticipated Later This Week; House Begins Markup of Their Tax Reform Legislation
Posted on Nov 6, 2017 in News, State and Local Tax
The House Ways and Means Committee began marking up the GOP tax bill this afternoon, and the process is expected to continue until Thursday. The markup will start with opening statements and then amendments are expected to be introduced throughout the week by Chairman Kevin Brady. With the floor open to Democrats, discussions and amendments are anticipated to focus on the...
Joint Committee on Taxation Releases Description of the Tax Cuts and Jobs Act
Posted on Nov 6, 2017 in News
The Joint Committee on Taxation has published the description of the House’s recently released tax legislation, the Tax Cuts and Jobs Act, which contains an explanation of the various bill provisions. The House Committee on Ways and Means has scheduled a markup on November 6, 2017. 2017 Read the full report. Read the description of the amendment.
House Ways and Means Committee Releases Amendment in the Form of a Substitute to Tax Reform Bill
Posted on Nov 3, 2017 in News
The House Ways and Means Committee released an amended version of the Tax Cuts and Jobs Act. Among other changes, the amended bill no longer contains a limitations on treaty benefits provision for deductible related party payments. Read the revised bill here.
House Releases Tax Bill Titled “Tax Cuts and Jobs Act”
Posted on Nov 2, 2017 in News
The House Ways and Means Committee released the first draft of their tax reform legislation, titled “Tax Cuts and Jobs Act.” The Senate is expected to release their draft legislation before Thanksgiving. Read the section-by-section summary and the text of the bill
Corporate Tax Reforms Proposed by House’s Tax Bill
Posted on Nov 2, 2017 in News
The tax bill released by the House Ways and Means Committee offers three major changes to corporate tax legislation. First, businesses will be able to immediately deduct qualified property for five years. The deduction is no longer limited to taxpayers that had “original use” of the property. The bill excludes from the definition of qualified property any property used by a regulated...
Rates Proposed by House’s Tax Bill
Posted on Nov 2, 2017 in News, Pass-through Taxation
The tax bill released by the House Ways and Means Committee proposes significant changes to both individual and corporate rates. The corporate tax rate will be lowered from 35% to 20% while the rate on “pass-through” businesses will be lowered to 25%. On the individual side, tax rates will be consolidated into four brackets: 12%, 25%, 35% and 39.6%. Read more: Policy Highlights –...
Delayed Tax Reform Bill Is Expected To Be Released Thursday
Posted on Nov 1, 2017 in News
Kevin Brady, the Republican chair of the House Ways and Means Committee, stated that the tax reform bill will be released on Thursday. The bill was originally slated to be released today but there are still several unsettled matters related to the plan, such as the in threshold for the top marginal individual tax rate. The Ways and Means Committee remains set to mark up the bill on...
Set Phasers to Stun: Corporate Tax Cuts May Be Delayed Under Phase-in Plan
Posted on Oct 31, 2017 in News
An unnamed member of the House Ways and Means Committee stated Monday that the Committee is discussing a phase-in plan for the corporate tax-rate cut. In response, Kevin Brady, Chairman of the House Ways and Means Committee, said only that the Committee preferred an option with no phase-in. Both President Trump and Treasury Secretary Steve Mnuchin also expressed their preference for an...
Even with Concession on Property Tax Deductions, Tax Bill Aimed for Wednesday Release Faces Early Opposition
Posted on Oct 30, 2017 in News, State and Local Tax
Kevin Brady, Chairman of the House Ways and Means Committee, announced that the House’s tax plan will allow individuals to deduct their state and local property taxes from their federal returns, “to help taxpayers with local tax burdens,” although not their state and local income or sales taxes. However, the National Association of Home Builders has already voiced its opposition to the...
House Democrats Release Their Tax Reform Principles
Posted on Oct 27, 2017 in News
The ranking Democrat on the House Ways and Means Committee, Rep. Richard Neal, released their principles on tax reform on Wednesday, outlining the Democrats’ priorities for tax reform legislation. The outline calls for increases to tax credits and incentives targeted towards the middle class and expanding infrastructure investment. On the corporate side, the Democrats’ goals...
House Passes Budget, Clearing the Way for Tax Reform
Posted on Oct 26, 2017 in News
The House of Representatives approved the Senate version of the 2018 federal budget by a narrow margin (216-212). The budget will allow for tax legislation that could add up to $1.5 trillion to the federal deficit over 10 years, and will clear the path for Congress to fast-track tax reform legislation. House Republicans are expected to unveil the text of their tax bill next week....
State and Local Tax Deduction Presents a Potential Roadblock to Tax Reform
Posted on Oct 25, 2017 in News, State and Local Tax
Republican leaders are counting on a swift vote on the budget in order to meet their end-of-year deadline for passing tax reform. However, House Republicans from high-tax states like New York, California, Illinois, and New Jersey indicated that they might not vote to pass the budget on Thursday unless they receive a guarantee that tax reform will not eliminate the State and Local Tax...
President Trump Urges House Republicans to Adopt the Senate-Approved Budget to Speed Up Tax-Reform Process
Posted on Oct 23, 2017 in News
President Trump and Vice President Mike Pence urged House Republicans on a conference call yesterday to speed up the tax reform process by adopting the Senate-approved budget without further amendments. The chairwoman of the House Budget Committee, Rep. Diane Black, as well as Speaker Paul Ryan also voiced their support for the passage of the Senate budget this week. The end of this...
Senate GOP Passes Amendment to Repeal State and Local Tax Deduction
Posted on Oct 20, 2017 in News, State and Local Tax
With a 52-47 vote, Senate Republicans passed an amendment to the budget resolution to repeal the state and local tax deduction, which allows federal filers to deduct taxes paid for their real estate, personal property, state income, and sales taxes. The measure is expected to raise $1.3 trillion over the next ten years. Opponents of the move are critical of the fact that only...