Last week, we sent out an overview of the tax reform bill released by the House Ways and Means Committee – the “Tax Cuts and Jobs Act.” On November 9th, the Joint Committee on Taxation released the Description of the Chairman’s Mark of the Tax Cuts and Jobs Act, revealing the Senate’s version of proposed tax reform. On November 16th, the House passed the “Tax Cuts and Jobs Act” and the Senate Finance Committee passed its version, currently referred to as the “Chairman’s Mark.” Both the House and the Senate are proposing significant changes to the current tax Code, but there are important differences between the two approaches. The “Chairman’s Mark” is scheduled to be debated in the Senate the week of November 27th.
This alert highlights some of the differences between the House and Senate proposals. Buchanan’s tax team and Government Relations specialists are committed to closely monitoring the legislative process and providing you with information regarding the most recent developments. When and if Congress passes a tax reform bill, we will be poised to help you understand what has changed and the impact of those changes on your business and wealth and succession planning.
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