House Bill Passes Out of Committee; Senate Releases Policy Highlights in Advance of Release of Proposed Tax Legislation
Posted on Nov 9, 2017
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 here.
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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
Posted on Nov 9, 2017
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
Posted on Nov 8, 2017
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
Posted on Nov 8, 2017
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
Posted on Nov 8, 2017
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
Posted on Nov 7, 2017
View the Eversheds Sutherland Legal Alert providing an overview of the provisions of H.R. 1 here.
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Legal Alert: Energy Tax Changes Proposed by House Republicans Tax Reform Bill
Posted on Nov 7, 2017
View the Eversheds Sutherland Legal Alert discussing the energy tax provisions of H.R. 1 here.
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Legal Alert: The Tax Cuts and Jobs Act, Take One: A Methods-Based Overview of the Initial Draft of the House Tax Bill
Posted on Nov 7, 2017
View the Eversheds Sutherland Legal Alert discussing accounting method issues in H.R. 1 here.
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Legal Alert: Tax Cut and Run: Employee Benefits Change Under the Tax Cuts and Jobs Act
Posted on Nov 6, 2017
View the Eversheds Sutherland Legal Alert discussing the employee benefits provisions of H.R. 1 here.
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Senate Bill Anticipated Later This Week; House Begins Markup of Their Tax Reform Legislation
Posted on Nov 6, 2017
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 repeal of deductions for state and local taxes, home mortgage and the adoption credit. Senate Finance Chairman Orrin Hatch says he plans to release a bill for his committee to consider once the House Ways and Means...
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Joint Committee on Taxation Releases Description of the Tax Cuts and Jobs Act
Posted on Nov 6, 2017
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.
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House Ways and Means Committee Releases Amendment in the Form of a Substitute to Tax Reform Bill
Posted on Nov 3, 2017
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.
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House Releases Tax Bill Titled “Tax Cuts and Jobs Act”
Posted on Nov 2, 2017
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
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Corporate Tax Reforms Proposed by House’s Tax Bill
Posted on Nov 2, 2017
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 public utility company or any property used in a real property trade or business. Second, the net interest expense deduction for every business, regardless of its form, is limited to 30 percent of the business’s...
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Rates Proposed by House’s Tax Bill
Posted on Nov 2, 2017
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 – The Tax Cuts & Jobs Act; Committee on Ways and Means – Tax Cuts & Jobs Act
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