On December 2, 2017, the full Senate passed its amended version of the Tax Cuts and Jobs Act. This Bill now goes to a joint committee (conference committee) of House and Senate members who will try to reconcile the differences in the House and Senate bills and arrive at a compromised version. Republican legislators from high-tax states, however, have some concerns and may be looking for more concessions (e.g., concerns about the repeal of the state and local income tax deduction). The compromised version of the Bill, if any, will then be sent to both chambers of Congress for approval. It is difficult to predict when (or if) the Bill will be finalized, but the goal is to pass the final version of the Bill before the holiday recess. If Congress passes the Bill, it then goes to President Trump for signature.
Chilton Trust Company