Senate Bill Anticipated Later This Week; House Begins Markup of Their Tax Reform Legislation
Posted on Nov 6, 2017 in News, State and Local Tax
The House Ways and Means Committee began marking up the GOP tax bill this afternoon, and the process is expected to continue until Thursday. The markup will start with opening statements and then amendments are expected to be introduced throughout the week by Chairman Kevin Brady. With the floor open to Democrats, discussions and amendments are anticipated to focus on the...
Joint Committee on Taxation Releases Description of the Tax Cuts and Jobs Act
Posted on Nov 6, 2017 in News
The Joint Committee on Taxation has published the description of the House’s recently released tax legislation, the Tax Cuts and Jobs Act, which contains an explanation of the various bill provisions. The House Committee on Ways and Means has scheduled a markup on November 6, 2017. 2017 Read the full report. Read the description of the amendment.
House Ways and Means Committee Releases Amendment in the Form of a Substitute to Tax Reform Bill
Posted on Nov 3, 2017 in News
The House Ways and Means Committee released an amended version of the Tax Cuts and Jobs Act. Among other changes, the amended bill no longer contains a limitations on treaty benefits provision for deductible related party payments. Read the revised bill here.
House Releases Tax Bill Titled “Tax Cuts and Jobs Act”
Posted on Nov 2, 2017 in News
The House Ways and Means Committee released the first draft of their tax reform legislation, titled “Tax Cuts and Jobs Act.” The Senate is expected to release their draft legislation before Thanksgiving. Read the section-by-section summary and the text of the bill
Corporate Tax Reforms Proposed by House’s Tax Bill
Posted on Nov 2, 2017 in News
The tax bill released by the House Ways and Means Committee offers three major changes to corporate tax legislation. First, businesses will be able to immediately deduct qualified property for five years. The deduction is no longer limited to taxpayers that had “original use” of the property. The bill excludes from the definition of qualified property any property used by a regulated...
Rates Proposed by House’s Tax Bill
Posted on Nov 2, 2017 in News, Pass-through Taxation
The tax bill released by the House Ways and Means Committee proposes significant changes to both individual and corporate rates. The corporate tax rate will be lowered from 35% to 20% while the rate on “pass-through” businesses will be lowered to 25%. On the individual side, tax rates will be consolidated into four brackets: 12%, 25%, 35% and 39.6%. Read more: Policy Highlights –...
Delayed Tax Reform Bill Is Expected To Be Released Thursday
Posted on Nov 1, 2017 in News
Kevin Brady, the Republican chair of the House Ways and Means Committee, stated that the tax reform bill will be released on Thursday. The bill was originally slated to be released today but there are still several unsettled matters related to the plan, such as the in threshold for the top marginal individual tax rate. The Ways and Means Committee remains set to mark up the bill on...