The Senate, on December 2, 2017, approved a sweeping tax reform package, the Tax Cuts and Jobs Act (HR 1), by a vote of 51 to 49. The GOP now moves one step closer to achieving a signature legislative victory. Previously, the House approved its version of HR 1, along party lines. Now, GOP House and Senate leaders need to work out the differences in the two bills in conference. Now, GOP leaders hope to reach an agreement on a final bill, and secure passage in the House and Senate, before year-end.
Tax Cuts and Jobs Act
For highlights of the tax bill passed by the Senate and a comparison of the provisions with the House’s version of the bill, see Wolters Kluwer’s latest Tax Briefing here.