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.
Whether any of these items will be a sticking point is anyone’s guess, but Republicans are under tremendous pressure to get the bill signed into law so that they can claim a legislative victory before elections next November, especially after their failure to repeal Obamacare. Republican law makers will need to smooth over these differences as Congress simultaneously faces a December 8th deadline to extent the current continuing resolution to keep the government running, Alabama gets ready for its special Senate election, and the Russia investigation encircles the White House. Nonetheless, with members in both the House and Senate already on record with their votes, we believe that the prospect that tax reform is passed is strong.
This blog is made available by Foley & Lardner LLP (“Foley” or “the Firm”) for informational purposes only. It is not meant to convey the Firm’s legal position on behalf of any client, nor is it intended to convey specific legal advice. Any opinions expressed in this article do not necessarily reflect the views of Foley & Lardner LLP, its partners, or its clients. Accordingly, do not act upon this information without seeking counsel from a licensed attorney.
This blog is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Communicating with Foley through this website by email, blog post, or otherwise, does not create an attorney-client relationship for any legal matter. Therefore, any communication or material you transmit to Foley through this blog, whether by email, blog post or any other manner, will not be treated as confidential or proprietary.
The information on this blog is published “AS IS” and is not guaranteed to be complete, accurate, and or up-to-date. Foley makes no representations or warranties of any kind, express or implied, as to the operation or content of the site. Foley expressly disclaims all other guarantees, warranties, conditions and representations of any kind, either express or implied, whether arising under any statute, law, commercial use or otherwise, including implied warranties of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Foley or any of its partners, officers, employees, agents or affiliates be liable, directly or indirectly, under any theory of law (contract, tort, negligence or otherwise), to you or anyone else, for any claims, losses or damages, direct, indirect special, incidental, punitive or consequential, resulting from or occasioned by the creation, use of or reliance on this site (including information and other content) or any third party websites or the information, resources or material accessed through any such websites.
In some jurisdictions, the contents of this blog may be considered Attorney Advertising. If applicable, please note that prior results do not guarantee a similar outcome. Photographs are for dramatization purposes only and may include models. Likenesses do not necessarily imply current client, partnership or employee status.