Senate Passes Tax Reform Bill - December 2, 2017
The Senate passed its version of tax reform in the wee hours of the morning today. Some last-minute changes were made, including treatment of pass-through income, capital investment, and various deductions. Tax Foundation has done a great job explaining these changes in this recent article.
What happens now? This Senate bill still needs to be reconciled with the House bill. The next step will be a conference committee with the House to iron out differences with the bill it passed on Nov. 16. We expect that to happen sooner than later. President Trump tweeted yesterday he's hoping to sign legislation before Christmas.
Remember that there are key distinctions between the House and Senate bills (we've detailed them in this blog) that could prove to be contentious. We'll keep our eye on all of it and keep you informed through the process.