Eversheds Sutherland Tax Reform Law Blog
content top

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...

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.

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...

Senate Bill Anticipated Later This Week; House Begins Markup of Their Tax Reform Legislation

  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...

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...

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...

House Releases Tax Bill Titled “Tax Cuts and Jobs Act”

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...

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...

Rates Proposed by House’s Tax Bill

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 –...

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...

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...

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...

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

Republican leaders are counting on a swift vote on the budget in order to meet their end-of-year deadline for passing tax reform.  However, House Republicans from high-tax states like New York, California, Illinois, and New Jersey indicated that they might not vote to pass the budget on Thursday unless they receive a guarantee that tax reform will not eliminate the State and Local Tax...

“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...

Republican Tax Reform Framework, but No Legislation, Reportedly Coming in September

Sources indicate that the Trump administration expects the “Big Six” will release a short three- to five-page document in September outlining a plan for reforming the US tax code. The document will likely not be accompanied by legislation, previously targeted for September, but instead could serve to outline areas of agreement between the White House, Senate, and Congress. Neither the...


« Older Entries