Tax Bulletin: Senate Tax Bill

Dear Clients and Friends of the Firm: As communicated in our last Tax Bulletin, the House Republicans recently released a proposal for tax reform titled the ‘Tax Cuts and Jobs Act.’ On November 16, 2017, the House of Representatives officially passed its version of the bill, overcoming a significant hurdle in the tax legislative process, which now advances onto the Senate. On that same day, the Senate Republicans approved their own version of the ‘Tax Cuts and Jobs Act,’ from the Senate Finance Committee. This proposed legislation has many key differences from its House counterpart that, if passed, would need to be reconciled with the House bill in a conference committee. Consequently, the final tax bill, if any, that is presented to the President, may be different from the existing House and Senate proposals. Therefore, we continue to recommend that you maintain your current tax planning strategies at least until the full Senate votes on its bill in the beginning of December. We have highlighted below some key differences between the House and Senate proposals.

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