On December 15, 2017, a Congressional conference committee released a report reconciling the versions of the Tax Cut and Jobs Act previously passed by the U.S. Senate on December 2nd and the House of Representatives on November 16th. Identical versions of the bill, largely consistent with the conference report, were approved by the Senate and House on December 20th. The bill, which will provide a sweeping overhaul of the current tax code, is now heading to the White House, where the President is expected to sign it into law very soon.
Below are summaries of some of the bill’s key provisions affecting individuals. Please be aware of the upcoming changes and consider possible opportunities for year-end planning.