The House Ways and Means Committee advanced to the full House the proposed Tax Cuts and Jobs Act on November 9, 2017. The committee approved, along party lines, as was expected, a number of amendments to the original bill released on November 2. (for more details, see link to post below) The House is expecting to hold a vote on the bill during the week of November 13, 2017.
Additionally, the Senate Finance Committee released its version of the Tax Cuts and Jobs Act, which in many respects varies greatly from the version approved by the House Ways and Means Committee. (for more details, see link to post below) The Senate Finance Committee is also expecting to make additional revisions during the week of November 13, 2017.
To continue to move forward, the tax reform process will require substantial reconciliation between the two versions of the bill, if the full House and Senate approve their respective bills as marked up this week.
A number of possible roadblocks exist that may ultimately stall the final bill and keeping it from getting to the President’s desk before year end. These challenges are expected to 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.
For highlights of the tax reform bill as approved by the House Ways and Means Committee, with comparisons to the version of the bill proposed by the Senate Finance Committee, along with advice on the impact of various provisions, see the latest Tax Briefing published by Wolters Kluwer.