Ways and Means Committee Passes Bill with Manager’s Amendment: Today, House Ways and Means Committee Chairman Brady introduced an additional amendment to the amendment in the nature of a substitute to the Tax Cuts and Jobs Act (H.R. 1) that make substantive changes to the bill. The committee approved the amendment 24 to 16 in a roll call vote. Following approval of the chairman’s amendment, the committee favorably reported the bill out of committee by a vote of 24 to 16. The bill is scheduled to move to the floor next week.
Senate Releases Tax Reform Bill Concepts: Following the conclusion of the House Way and Means Committee markup, the Senate Finance Committee released a conceptual framework for its tax reform proposal. The committee is anticipated to begin a markup of the bill next week. The Senate’s proposal contains several substantial differences from the bill approved by the House Ways and Means committee today, including a one-year delay of the decrease in the corporate tax rate to 20%.
Miscellaneous: The European Parliament’s Committee of Inquiry Into Money Laundering, Tax Avoidance and Tax Evasion (PANA Committee) has issued its final inquiry report on discrepancies between the practices revealed in the Panama Papers and European Union law.