The managers representing the House and the Senate in Conference approved a revised version of H.R. 1, the Tax Cuts and Jobs Act (the Conference Report) on Friday, December 15, 2017, resolving the differences between the versions of the legislation passed by the House on November 16 and the Senate on December 2. Over the weekend (Sunday morning), the managers released a Joint Explanatory Statement of the effect of the action agreed upon by the managers and recommended in the Conference Report. The leadership of the House and Senate plan to schedule votes on the reconciled provisions this week.

Here is a Nelson Mullins summary of the provisions of the Conference Report as compared to Current Law. Unless otherwise noted, the new provisions are effective for 2018. Most of the individual income tax changes will revert to current (2017) law after 2025 unless extended by future legislation.