Senate Budget Committee Passes the Tax Cuts and Jobs Act
Posted on Nov 28, 2017 in News
The Senate Budget Committee has passed the Tax Cuts and Jobs Act on a 12-11 vote. This procedural hurdle was necessary for the bill to be considered on the floor of the Senate. Read more: Senate Budget Committee Advances GOP Tax Bill
Senate Tax Bill Differs from House Bill in Treatment of Multinationals
Posted on Nov 22, 2017 in News, Uncategorized
The Senate recently released the legislative text of their version of the tax bill. The bill defers in several key respects from the House bill in its treatment of the income of multinational companies, particularly in the way that it addresses global intangible low-taxed income, foreign derived intangible income, and base erosion. The Senate vote could occur as early as November 30th....
Senate Releases the Legislative Text of the Tax Cuts and Jobs Act
Posted on Nov 21, 2017 in News
The Senate has released the its version of the legislative text for the Tax Cuts and Jobs Act. Read the full text here. Read the section by section summary of the act here.
House Passes the Tax Cut and Jobs Act
Posted on Nov 16, 2017 in News
The House voted to pass H.R. 1, the Tax Cuts and Jobs Act, that passed through committee last week without further amendment. Read the bill as passed here.
Senate Tax Plan Will Include Repeal of the Affordable Care Act’s Individual Mandate
Posted on Nov 15, 2017 in News, Uncategorized
Finance Committee Chairman Orrin Hatch recently revised the Senate tax proposal to include a repeal of the Affordable Care Act’s individual mandate. Recent revisions also made many of the tax cuts for individuals temporary. Corporate tax cuts remain permanent. These changes were made so that the tax proposal would comply with the Senate’s Bryd Rule, which prevents legislation that...
Senate Releases Modification to the Chairman’s Mark of the Tax Cuts and Jobs Act
Posted on Nov 15, 2017 in News, Uncategorized
The Senate Finance Committee Chairman, Orrin Hatch, has released a modified version of the chairman’s mark for the Tax Cuts and Jobs Act. Read the full text here: Description of the Chairman’s Modification to the Chairman’s Mark of the Tax Cuts and Jobs Act.
Orrin Hatch to introduce Senate tax reform bill amendments changing 401(k), IRA classifications
Posted on Nov 13, 2017 in International Tax, News
The Senate Finance Committee has released a full list of the proposed amendments to the Tax Cuts and Jobs Act currently under consideration. Chairman Senator Orrin Hatch will present several amendments to the Senate’s tax reform bill during the mark up. His proposal includes a provision allowing publicly traded companies to deduct up to 12.5% of dividends paid to shareholders from...
Senate Releases JCT Description of the Committee on Finance’s Markup of the Tax Cuts and Jobs Act
Posted on Nov 10, 2017 in News
The Senate Committee on Finance released the description of the Chairman’s markup on the Tax Cuts and Jobs Acts, prepared by the Joint Committee on Taxation, in anticipation of the Senate’s markup process, starting Monday, November 13. 2017. Read the description here; read the estimated revenue impact here.
House Bill Passes Out of Committee; Senate Releases Policy Highlights in Advance of Release of Proposed Tax Legislation
Posted on Nov 9, 2017 in News
The House Ways and Means Committee finished their markup of the Tax Cuts and Jobs Act and voted to advance the bill. The House plans to vote on the proposed bill next week. The Senate Committee on Finance released a summary highlighting the policy underpinnings for the Senate’s version of the Tax Cuts and Jobs Act. Now that the House Ways and Means Committee has finished the markup...
House Ways and Means Committee Releases an Amendment to the Amendment in the Form of a Substitute to Tax Reform Bill
Posted on Nov 9, 2017 in News
Kevin Brady, Chairman of the House Ways and Means Committee, submitted an amendment to the previously amended the Tax Cuts and Jobs Act. The amendment is expected to be approved by the House. Read the amendment and a summary of the changes here.
Ways and Means Committee Amends the Tax Cuts and Jobs Act
Posted on Nov 8, 2017 in International Tax, News
On Monday, the House Ways and Means Committee approved an amendment offered by Kevin Brady to the proposed tax reform bill. The amendment revises the rules targeting the international base erosion by providing a foreign tax credit, among other items. This amendment also imposes an additional holding period requirement for capital gain on carried interest, increasing the holding period...
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