Eversheds Sutherland Tax Reform Law Blog
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Legal Alert: Tax Reform Provisions Affecting BDCs and Closed-End Funds

View the Eversheds Sutherland Legal Alert discussing important developments that may affect closed-end funds, including business development companies (BDCs), and the portfolio companies in which closed-end funds invest, in the Final Tax Reform Bill here.
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Legal Alert: Compensation and Benefits Provisions in the Final Tax Cuts Bill

View the Eversheds Sutherland Legal Alert focusing on key provisions affecting compensation and benefits in the Final Tax Reform Bill here.
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Legal Alert: Following the Senate’s Lead – The International Tax Provisions in the Final Bill

View the Eversheds Sutherland Legal Alert focusing on the international tax provisions in the Final Tax Reform Bill here.
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Legal Alert: Final Tax Reform Bill Released – What Does it Mean for the Energy Sector?

View the Eversheds Sutherland Legal Alert summarizing the principal provisions in the Final Tax Reform Bill that impact the energy sector here.
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Congress to Begin Voting on the Tax Cuts and Jobs Act Today

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
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Conference Committee Agreement Released for Tax Cuts & Jobs Act

House and Senate Republicans unveiled their collective tax bill with the Conference Report and Agreement early Friday night. The text follows the Senate bill, but resolves differences between the Senate and House bills, and makes modifications and clarifications throughout. Republicans are expected to vote this week. Conference Report and Bill Read more: GOP unveils sweeping tax...
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Conference Committee to Release Tax Bill and Report Tonight but Passage not Guaranteed

The conference committee has announced they will approved a conference report on the final version of the Tax Cuts and Jobs Act. The report and the bill text will be released tonight. The Republicans can only afford to lose two votes in the Senate in order to pass the final version.  Senator Marco Rubio announced that he will not support the tax bill unless Senate Republicans are able to increase the refundable portion of the proposed child tax credit. In addition to Rubio causing concerns for the party, Senators Bob Corker and Susan Collins have withheld judgement until the final draft of...
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With a Consensus Tax Bill, Christmas May Come Early for Republicans

An agreement between Senate and House Republicans on a tax bill was finalized Wednesday morning. According to lawmakers and reports from aides, Senate and House Republicans have agreed to provisions including the following: • Corporate tax rate will drop from 35% to 21%, to go in effect in 2018. • Individuals will be allowed to deduct up to $10,000 in state and local taxes, split between property taxes and income or sales taxes paid. • Corporate alternative minimum tax will be rescinded. • The individual income tax rate will drop from 39.6% to 37%, however the threshold for this top rate...
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House-Senate Conference Committee Meeting on Republican Tax Reform Bill Held Today

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 the House-Senate Conference Committee that will be held. Earlier today congressional Republicans reached a deal on a final version of the tax bill. Republicans expect to have a final vote on the bill next week....
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Conference Committee Working to Resolve House and Senate Differences

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 the House Ways and Means Committee, expects a vote on the finalized bill by next week. Additionally, the Department of Treasury released its growth and revenue estimates regarding the Tax Cuts and Jobs Act,...
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Brady Indicates That Tax Legislation Will Include Repeal of Individual Mandate

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 individual mandate was not in the House bill as there were concerns that it would decrease support for the legislation. However, there is support for the provision from conservative Republicans, and Ways and Means...
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House Sends Tax Cuts and Jobs Act to Conference Committee

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, John Shimkus, Greg Walden, and Don Young. The Democratic members are: Kathy Castor, Lloyd Doggett, Raúl Grijalva, Sander Levin, and Richard Neal. Read more: Congress Moves Closer to Final Tax bill with House...
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All in a Late Night’s Work: Senate Passes Tax Bill

At approximately 2:00 a.m. on Saturday morning, the Senate passed its tax reform bill with a vote of 51-49. Changes to the bill, including some handwritten into the document, were made leading up to the final vote. The only Republican to vote against the bill was Senator Bob Corker who has continued concerns regarding the estimated $1+ trillion deficit over the next 10 years. Corker made many last-minute demands to offset the deficit and dramatically held court on the Senate floor for nearly an hour. However, those concerns did not block former holdout Senator Jeff Flake from his “yea” vote...
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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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