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Senate Passes Tax Bill with Flurry of Last Minute Changes
Posted by Chrissy Hammond on Mon, Dec 4, 2017 @ 04:41 PM

The Senate passed its version of the Tax Cuts and Jobs Act (TCJA) by a vote of 51-49, on the heels of substantial changes–some handwritten in the margins of the bill’s text–that pushed the vote into the pre-dawn hours of December 2. Senator Bob Corker (R-TN) was the only Republican to vote against the measure, citing concerns about the bill’s effect on the deficit. These last minute alterations dramatically reshape some of the bill’s initial provisions, but were necessary to secure the final votes required for passage. The changes moved the Senate bill closer to its House counterpart in some areas and further apart in others. Contrasted with the earlier version of the Senate’s tax reform plan, the key provisions changed in the final version of the Senate’s TCJA provide context for the ensuing reconciliation in a Congressional conference committee.

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Topics: Tax Reform, House of Representatives, Business Tax Provisions, tax bill, senate

Senate Tax Reform Plan Features Big Differences from House's Plan
Posted by Chrissy Hammond on Mon, Nov 13, 2017 @ 05:27 PM

The Senate released the basic structure of its tax plan on November 9 as the House Ways and Means Committee was making changes to the House bill. The House’s changes come in preparation for a floor vote that could come as early as this week. The Senate Plan was not released as legislative text, and instead provides descriptions of the features included with their tax plan. The Senate’s draft legislation will be introduced once the House bill has cleared that chamber, and prompt action is expected in the Senate to pass its version. This will enable the two chambers to advance to a conference committee, where the differences between the two chambers’ versions of the Tax Cuts and Jobs Act would be reconciled. However, the following differences are widely expected to slow this breakneck pace.

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Topics: Tax Reform, House of Representatives, Business Tax Provisions, tax bill, senate

The House Releases Tax Bill: One Step Toward Tax Reform?
Posted by Chrissy Hammond on Fri, Nov 3, 2017 @ 10:40 AM

The House of Representatives released draft legislation on November 2 for the highly anticipated tax reform bill. This first attempt will be revised, perhaps extensively, by the House committees before a vote, which House GOP leaders want by Thanksgiving. Lawmakers and President Trump are signaling they want the passage of a reconciled bill by Christmas; however, the Senate plans to release its own tax bill the week of November 13, where significant areas of concern from moderate and conservative groups must be reconciled.

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Topics: Tax Reform, House of Representatives, Business Tax Provisions, tax bill

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