Eversheds Sutherland Tax Reform Law Blog
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Senate Bill Anticipated Later This Week; House Begins Markup of Their Tax Reform Legislation

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Joint Committee on Taxation Releases Description of the Tax Cuts and Jobs Act

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...
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House Ways and Means Committee Releases Amendment in the Form of a Substitute to Tax Reform Bill

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”

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Corporate Tax Reforms Proposed by House’s Tax Bill

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

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Delayed Tax Reform Bill Is Expected To Be Released Thursday

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 Monday. Read more:  House Republicans are delaying the rollout of their massive tax reform...
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Set Phasers to Stun: Corporate Tax Cuts May Be Delayed Under Phase-in Plan

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 immediate tax cut. The proposed phase-in plan would reduce the corporate tax rate to an ultimate rate of 20% by reducing the rate by 3% a year over 5 years beginning in 2018, and would be less costly compared...
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Even with Concession on Property Tax Deductions, Tax Bill Aimed for Wednesday Release Faces Early Opposition

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 tax bill after learning that the House would not be moving forward with a proposal to convert homeowner deductions into a credit. To keep groups from mobilizing against the bill and causing further setbacks,...
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House Democrats Release Their Tax Reform Principles

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 involve increasing the domestic manufacturing deduction, enhancing the research and development credit, and eliminating tax provisions that encourage companies to move overseas. With the passage of the budget,...
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House Passes Budget, Clearing the Way for Tax Reform

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State and Local Tax Deduction Presents a Potential Roadblock to Tax Reform

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“Trick or Treat?: Top House Republicans Discuss Timing for Release of Tax Reform Bill”

Yesterday, Rep. Mark Meadows, Chairman of the House Freedom Caucus, revealed that he has been promised that the text of the tax reform bill will be published by November 3rd; he expects a vote on the legislation prior to Thanksgiving. Rep. Kevin Brady, chairman of the House Ways and Means Committee that is currently drafting the legislation, offered a less-specific timeline, saying only that a draft would be released “shortly.” Rep. Brady noted that the timeframe for the passage of the tax reform bill has been accelerated in light of the House’s anticipated vote to adopt the Senate’s version...
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President Trump Urges House Republicans to Adopt the Senate-Approved Budget to Speed Up Tax-Reform Process

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 year remains Speaker Ryan’s target for the adoption of tax reform. The president plans to meet with Senate Republicans tomorrow. Read more:  Trump urges House to speed up process to pass tax...
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Senate GOP Passes Amendment to Repeal State and Local Tax Deduction

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 individual filers are affected, and that corporations will still be allowed to take advantage of the deduction. Senate votes to eliminate state and local tax...
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