Senate Republicans passed along party lines the most sweeping rewrite of the tax code in decades early Saturday morning. A copy of the bill, which was unveiled just hours before the vote, is available here.
The House will vote today on a motion to go to conference with the Senate to iron out the differences between the Senate’s bill and the bill that the House passed last month. A resulting conference report must then be passed by each chamber before putting the final bill on President Trump’s desk, which GOP leaders hope to do before Christmas. Republicans in the House and Senate are confident that the differences between the two bills are not irreconcilable. However, there are some notable differences: how the estate tax will be handled, when certain tax cuts will expire, repealing the individual mandate under Obamacare, the treatment of pass-through businesses, education incentives and medical expenses, just to name a few. There are also differences with respect to renewable energy incentives, which we discussed in our prior blog post here.