Conference Committee Working to Resolve House and Senate Differences
Posted on Dec 12, 2017 in News, State and Local Tax
Conference Committee negotiators in the House and Senate over the weekend did not reach a compromise on the different versions of the Tax Cuts and Jobs Act. The main issues include the timing of the 20% corporate rate cut and whether to allow deductions for state and local taxes. Currently, Congressional Republicans hope to finalize the bill by December 20th, and Kevin Brady, Chair of the House Ways and Means Committee, expects a vote on the finalized bill by next week. Additionally, the Department of Treasury released its growth and revenue estimates regarding the Tax Cuts and Jobs Act, concluding that overall, the Act would be revenue positive. Read the Treasury’s analysis here: Treasury Analysis of Tax Reform Plan.