On December 2, 2017, the U.S. Senate passed its version of the Tax Cuts and Jobs Act, which follows a prior passage on November 16, 2017, of a House version of the tax bill. The bills must now be reconciled by a joint committee of House and Senate members, but both bills would make significant changes to the Internal Revenue Code rules affecting executive compensation paid by tax-exempt employers and publicly traded companies, which would require employers to review and possibly restructure their executive compensation arrangements, in some cases prior to 2018.