Update on the House Passed Tax Cuts and Jobs Act, contrasted to the Senate Plan
News is coming in quickly on the tax reform that is working its way through the House and Senate. The House bill passed yesterday by a vote of 227-205 and the Senate bill was approved by the Senate Finance Committee last night by a party-line vote of 14-12. The Senate bill is expected to be brought to the floor for debate and vote after the Thanksgiving holiday. Assuming the Senate bill passes, the Conference committee will work to reconcile the two bills that have many subtle and stark differences.
To help you begin to consider how these bills might impact you, please see the Special Report: House Passes Tax Bill; Senate GOP Unveils Plan. If we can be of assistance with any of your questions or concerns, please reach out to us.