Senate Passes Tax Reform Bill

December 05, 2017

The U.S. Senate passed its version of the GOP tax reform bill, the Tax Cuts and Jobs Act (the “Senate Bill”), on Saturday, December 2, 2017. Shortly before approving the Senate Bill, the U.S. Senate adopted a Manager’s Amendment which significantly modified the prior version of the Senate Bill. Passage of the Senate Bill considerably increases the likelihood that some form of tax reform legislation will be enacted before the end of the year, although several key differences between the Senate Bill and the U.S. House version of the Tax Cuts and Jobs Act (the “House Bill”) must first be reconciled. For prior coverage of the House Bill, click here. Several of the important provisions of the Senate Bill and House Bill are summarized in the OnPoint.

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