The House Ways and Means Committee advanced to the full House the proposed Tax Cuts and Jobs Act (HR 1) on November 9, 2017. The committee approved, along party lines, a number of amendments to the original bill. Now, the House is expected to hold a vote on the bill during the week of November 13, 2017. Meanwhile, the Senate Finance Committee has released their version of the Tax Cuts and Jobs Act. In many respects the SFC bill varies greatly from the version approved by the House Ways and Means Committee. The Senate Finance Committee is expected to mark up their version during the week of November 13, 2017.
There are possible roadblocks to ultimately getting a bill to the president’s desk before year end. These roadblocks include:
- unified opposition from Democrats,
- intense lobbying efforts to preserve tax breaks slated for elimination, and
- the significant differences between the House and Senate versions.
Updated Special Tax Briefing
Wolters Kluwer’s updated Special Tax Briefing, Tax Cuts and Jobs Act, provides highlights of the tax reform bill approved by the House Ways and Means Committee. It also compares the house bill to the bill proposed by the Senate Finance Committee, along with advice on the impact of various provisions.
Wolters Kluwer’s updated Special Tax Briefing, Tax Cuts and Jobs Act, is available here.
Need to know more? Join Wolters Kluwer Principal Analyst Mark Luscombe Nov. 29 for Tax Legislation Update: Tax Cuts and Jobs Act, a 2 CPE webinar from CCH® CPElink. Mark will discuss what you need to know about the proposed legislation and now it will impact businesses and individuals.