On December 2, the Senate passed its version of the Tax Cuts and Jobs Act. The House of Representatives earlier approved a competing version of the Act on November 16. The Senate and House entered into conference this week to resolve differences between the two versions of the Act. The attached chart summarizes and compares key components of the two versions.

The Trump administration has asked Congress to reach an agreement on a final bill by December 22. Given the speed at which the legislation has moved thus far, and the relatively few major differences between the two approaches, it is reasonable to expect that Congress will meet that deadline.