Tax Reform Passed in House, Now Moving Through Senate
The U.S. Senate continues voting today on its version of tax reform – the Tax Cuts and Jobs Act – which the Senate Budget Committee approved earlier this week. Several prominent Republican Senators have voiced concerns over the bill, noting projected increases to the national debt, which has raised some questions as to the possibility of Senate passage. The full House of Representatives passed its tax reform bill (H.R. 1) on November 16, setting up a possible path forward for reconciliation if the Senate succeeds in passing its bill.
CPA’s legal counsel, George Constantine, has shared a high-level analysis, prepared by his colleagues at Venable, highlighting the differences between the initial Senate and final House bills and current law. As noted above, the Senate bill is subject to amendment as it goes to the floor, so some changes are likely in play. Moreover, a final tax law will have to be reconciled from both the House and Senate bills, raising the likelihood of further changes. That said this analysis is an excellent snapshot of the current state-of-play. See Venable Analysis