Eversheds Sutherland Tax Reform Law Blog
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Increased Support Among Senate Republicans For Tax Bill But Some Opposition Remains

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 in the Tuesday Senate Budget Committee vote. In addition, Senator Susan Collins, who voted against the healthcare bill, might be open to supporting the bill. However, Senators Steve Daines, John McCain, and Jeff...
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Senate Budget Committee Passes the Tax Cuts and Jobs Act

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
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Legal Alert: The Tax Cuts and Jobs Act, Take Three: A Methods-Based Review of the Senate’s Initial Draft of Tax Reform Legislation

View the Eversheds Sutherland Legal Alert comparing the tax accounting and accounting method provisions of the initial Senate proposal that differ from the final legislative language passed by the Senate Finance Committee here.
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Legal Alert: Tax Reform Executive Summary – A 2-Pager on the 7 Things You Need to Know

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.
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Senate May Vote on Its Tax Reform Bill as Early as Thursday, but There Are Hurdles to Overcome

At least a half dozen Republican senators have shown concern about the Senate version of the Tax Cuts and Jobs Act, threatening the passage of the bill by the end of this year. The bill, passed out of the Senate Finance Committee on November 17, faces its next major hurdle from the Senate Budget Committee who will meet Tuesday, November 28, to add a revenue-raising measure allowing drilling in the Arctic National Wildlife Refuge. Senate Budget Committee members who have expressed doubts regarding the bill include Sen. Ron Johnson, the only declared “no” on the tax legislation who believes...
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Senate Tax Bill Differs from House Bill in Treatment of Multinationals

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Legal Alert: Worldwide Territoriality: International Tax Proposals Broaden the Base

View the Eversheds Sutherland Legal Alert focusing on international tax reform proposals in the House Plan and the Senate Plan here.
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Senate Releases the Legislative Text of the Tax Cuts and Jobs Act

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.
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White House Officials State Willingness to Sacrifice Health Care Provision for the Tax Reform Greater Good

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 senators to find money elsewhere in order to vote on tax reform with a simple majority vote. Director Mulvaney said that there is no doubt that the White House plans to repeal and replace Obamacare, but “if it...
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Senate Finance Committee Approves Republican Tax Reform Proposal

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 Tax Reform Plan Manager’s Amendment – Hatch Modification to Amendment...
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House Passes the Tax Cut and Jobs Act

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.
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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.
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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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