Senate Will Not Release Bill Until House Finishes Markup
The House Ways and Means Committee continues the markup process that began on Monday. No new amendments were agreed to in yesterday’s markup session but the state and local tax deduction and pass-through entities remain key issues in the debate concerning the legislation. The House’s negotiation process has important implications for the Senate timeline as the Senate bill will not...House Ways and Means Committee Releases Amendment in the Form of a Substitute to Tax Reform Bill
Posted on Nov 3, 2017 in News
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.
Rates Proposed by House’s Tax Bill
Posted on Nov 2, 2017 in News, Pass-through Taxation
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 –...