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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...

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...

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...

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...

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,...

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...

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...

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...

Senate Tax Bill Differs from House Bill in Treatment of Multinationals

The Senate recently released the legislative text of their version of the tax bill. The bill defers in several key respects from the House bill in its treatment of the income of multinational companies, particularly in the way that it addresses global intangible low-taxed income, foreign derived intangible income, and base erosion. The Senate vote could occur as early as November 30th....

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.

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.

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...

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...

Orrin Hatch to introduce Senate tax reform bill amendments changing 401(k), IRA classifications

The Senate Finance Committee has released a full list of the proposed amendments to the Tax Cuts and Jobs Act currently under consideration. Chairman Senator Orrin Hatch will present several amendments to the Senate’s tax reform bill during the mark up. His proposal includes a provision allowing publicly traded companies to deduct up to 12.5% of dividends paid to shareholders from...

Senate Releases JCT Description of the Committee on Finance’s Markup of the Tax Cuts and Jobs Act

The Senate Committee on Finance released the description of the Chairman’s markup on the Tax Cuts and Jobs Acts, prepared by the Joint Committee on Taxation, in anticipation of the Senate’s markup process, starting Monday, November 13. 2017. Read the description here; read the estimated revenue impact...


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