Congress released the "Tax Cuts and Jobs Act" on late Friday evening, Dec. 15, 2017. This version of the bill is the result of a conference committee process to marry the different bills previously passed by the U.S. House of Representatives and the U.S. Senate. The House is expected to vote on Tuesday, Dec. 19, and the Senate will likely vote on the bill Tuesday, Dec. 19, or Wednesday morning, Dec. 20, depending on the length of the debate. The margin of error in the Senate, however, is slim. With no support from Senate Democrats, Republicans can stand to lose only two votes. Nevertheless, it is expected that the bill will be passed by both chambers and sent to President Donald Trump for his signature before the Christmas holiday.
Although the bill is not a complete overhaul of the U.S. Tax Code, the bill contains significant changes to many provisions of the Code and impacts every individual and business. If signed into law, the next challenge will be implementation – many of the provisions are effective in 2018 and much of the statutory language will need to be flushed out by the U.S. Department of the Treasury and the Internal Revenue Service (IRS) through the regulatory process.
Holland & Knight will provide further analysis. However, below is a look at how the House and Senate bills compare with the revised conference bill:
Click here to view the table.