Tax reform is at the home stretch as Politico’s description appearing below nicely summarizes. The United States Chamber of Commerce has engaged very effectively on a wide range of issues in both the House and Senate bills and they have provided below a list of summarized information from last week’s action.
State of Play from Politico
On the calendar this week — in fact, no real public tax events at all. But Republicans on Capitol Hill will be furiously doing some of the more tedious, behind-the-scenes work as they seek to get a tax overhaul to President Donald Trump's desk by the end of the year. (That's 41 days away, for those counting at home.)
For the Senate, that means turning the tax measure that passed the Finance Committee last Thursday into legislative language, and ensuring everything complies with those strict reconciliation rules, according to aides. Senate GOP leadership can also be expected to further get a sense of where those several potential holdouts on the tax bill are thinking and what it might require to get their votes.
With the House having already passed its tax bill, you can also expect the two chambers to try to get a sense of how the two measures could be reconciled, provided a bill makes its way through the Senate. “For all of the attention on the differences, there are quite a lot of similarities between our two bills which won't require much attention,” a spokeswoman for House Ways and Means Chairman Kevin Brady (R-Texas) told Morning Tax. “In the areas the House and Senate have taken different approaches, Chairman Brady will continue to have discussions with members and stakeholders about finding the best approach or merging the best aspects of each.”
If we can be helpful with the information below, please reach out to us for specific issues. We are happy to help with any further information.
- Section-by-Section Summary
- Joint Committee on Taxation Revenue Table
- Summary of Changes Reflected in the Chairman’s Mark Prepared by the Joint Committee on Taxation
- Joint Committee on Taxation Revenue Table for the Chairman’s Mark
Senate [Please note, we are still awaiting legislative language. It will be circulated when available.]
- The Chairman's Modification to the Mark
- The Chairman's Mark
- JCT Revenue Effects of the Chairman's Modification
- JCT Description of the Chairman's Modification
- JCT Revenue Estimate
- JCT Distribution Estimate
- Policy Highlights
- Real World Taxpayer Examples
- Finance Committee History
- Amendments Filed
- Amendment List
- Results of Executive Session to Consider an Original Bill Entitled Tax Cuts and Jobs Act
- Senate Finance Committee Section-by-Section summary of Reported Bill