Eversheds Sutherland Tax Reform Law Blog
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Legal Alert: Reconciling the Differences, the Senate Tax Cuts and Jobs Act

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.
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Senate Tax Plan Will Include Repeal of the Affordable Care Act’s Individual Mandate

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 would increase the federal deficit beyond a ten-year term from being passed without Democratic support pursuant to the budget reconciliation process. Read More: New Hatch plan makes host of individual tax cuts...
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Senate Releases Modification to the Chairman’s Mark of the Tax Cuts and Jobs Act

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.
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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.
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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.
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Orrin Hatch to introduce Senate tax reform bill amendments changing 401(k), IRA classifications

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 their income. Additionally, changes to the treatment of sourcing rules for US territories, and new treatment of domestic partnerships in the new international tax system will be proposed. Read the full list of...
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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.
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Senate Releases JCT Description of the Committee on Finance’s Markup of the Tax Cuts and Jobs Act

The Senate Committee on Finance released the description of the Chairman’s markup on the Tax Cuts and Jobs Acts, prepared by the Joint Committee on Taxation, in anticipation of the Senate’s markup process, starting Monday, November 13. 2017. Read the description here; read the estimated revenue impact...
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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.
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House Bill Passes Out of Committee; Senate Releases Policy Highlights in Advance of Release of Proposed Tax Legislation

The House Ways and Means Committee finished their markup of the Tax Cuts and Jobs Act and voted to advance the bill. The House plans to vote on the proposed bill next week. The Senate Committee on Finance released a summary highlighting the policy underpinnings for the Senate’s version of the Tax Cuts and Jobs Act. Now that the House Ways and Means Committee has finished the markup process, it is anticipated the Senate will release its version on Friday, November 10, 2017. Read the Senate policy highlights here.  Read more on the passage of the House bill...
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House Ways and Means Committee Releases an Amendment to the Amendment in the Form of a Substitute to Tax Reform Bill

Kevin Brady, Chairman of the House Ways and Means Committee, submitted an amendment to the previously amended the Tax Cuts and Jobs Act. The amendment is expected to be approved by the House. Read the amendment and a summary of the changes here.
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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.
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Ways and Means Committee Amends the Tax Cuts and Jobs Act

On Monday, the House Ways and Means Committee approved an amendment offered by Kevin Brady to the proposed tax reform bill. The amendment revises the rules targeting the international base erosion by providing a foreign tax credit, among other items. This amendment also imposes an additional holding period requirement for capital gain on carried interest, increasing the holding period from one year to three years. In addition, the amendment also allows employees of non-publically traded companies who receive stock options to defer recognition of those options for up to five years and raises...
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Senate Will Not Release Bill Until House Finishes Markup

The House Ways and Means Committee  continues the markup process that began on Monday.  No new amendments were agreed to in yesterday’s markup session but the state and local tax deduction and pass-through entities remain key issues in the debate concerning the legislation.  The House’s negotiation process has important implications for the Senate timeline as the Senate bill will not be released on Thursday as originally indicated by Majority Leader Mitch McConnell.  Instead, the Senate will release its version of the tax reform legislation after the House committee has finished its markup....
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Legal Alert: How a Framework Becomes a Law: House Republicans Release Tax Reform Bill

View the Eversheds Sutherland Legal Alert providing an overview of the provisions of H.R. 1 here.
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