House Passes Tax Bill; Senate Proposal on Track for Vote
On November 2, 2017, House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced H.R. 1, the “Tax Cuts and Jobs Act” (the “Initial House Bill”). Our previous alert discussed the possible impact of certain provisions of the Initial House Bill on tax-exempt organizations. On November 16, 2017, the House of Representatives passed an amended version of H.R. 1 by a vote of 227-205 (the “Final House Bill”). The Final House Bill promises substantial changes to the Internal Revenue Code of 1986, as amended (the “Code”).
On November 20, 2017, the Senate Finance Committee released the Senate’s proposal for its own version of the Tax Cuts and Jobs Act (the “Senate Proposal”). A section-by-section summary is available here. On November 29, 2017, the Senate voted to begin debate on the legislation.
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