Senate Passes Tax Reform Bill
In a late night Friday/early morning Saturday session, the Senate finished crafting its version of a tax reform bill. The bill was formally passed just before 2 a.m. on December 2nd by a 51-49 margin. No Democrats voted for the bill, and one Republican senator voted no, Sen. Bob Corker (Tenn.).
The bill included many last-minute changes in order to secure the votes of several holdout Republican Senators. The House bill that was previously passed on November 16, 2017 and the newly passed Senate bill now will head to a joint House and Senate committee to negotiate a compromised version of the bills to be approved by both chambers.
The hotly debated issues that may be among the most difficult to reconcile between the bills include the Senate’s retention of the alternative minimum tax, pass-through taxation and removal of the Affordable Care Act mandate. We expect more details to emerge shortly before the Christmas holiday break.
Keep checking the Schneider Downs Our Thoughts On: Tag Reform blog as we continue to monitor and update developments in the tax reform process.