House Tax Reform Bill Released: Would Cause Major Changes to US Tax System

November 09, 2017

The U.S. House of Representatives GOP conference released its long-awaited tax reform bill, the Tax Cuts and Jobs Act (the “House Bill”), on Thursday, November 2, 2017. The House Bill, if enacted in its current form, would produce significant changes to the U.S. taxation of corporations and individuals (including income received through pass-through entities) and would significantly alter the U.S. taxation of international operations of U.S. taxpayers. On Monday, November 6, 2017, House Ways and Means Committee Chairman Rep. Kevin Brady offered an amendment that was subsequently approved by the Ways and Means Committee (the “First Brady Amendment”). On Thursday, November 9, 2017, Chairman Brady released a second amendment (the “Second Brady Amendment”), with the House Ways and Means Committee approving the Second Brady Amendment and the overall House Bill on the same day. The House Bill remains subject to continuing negotiations within the U.S. House of Representatives GOP conference and needs to be reconciled with a separate U.S. Senate GOP tax reform bill expected to be released this week.  

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