The U.S. Senate passed its version of Tax Reform on Saturday, December 2nd. The final Senate bill evolved as the Senate dealt with issues amongst their ranks including the deficit, health insurance, state taxes, pass through entities and so forth. The reconciliation process will begin on Monday, December 4th, before the combined legislation heads to the President’s desk for signature. The President has expressed his desire to have a final bill, ready for signature, before the Christmas holiday, per a tweet he sent early on December 2nd.
What ultimately will be passed by Congress is still unknown. We believe it makes sense to begin thinking about the provisions of these two proposals, especially as we approach the end of the calendar year, and consider specific tax planning strategies that might benefit you and your business.
Linked below is a chart that provides a comparative summary of the House and Senate bills. Please note that these summaries are necessarily general in nature.
While there has been significant progress already on both bills, we still have a long way to go, and many hurdles to clear, before tax reform becomes a reality. Still, it makes sense to begin thinking about the provisions of these proposals, especially as we approach the end of the calendar year, and consider specific tax planning strategies that might benefit our clients. We will continue to monitor these proposals as they evolve and wind their way through the legislative process, and plan to issue periodic updates on any progress.
As tax legislation progresses, SC&H Group’s Tax Team is keeping a close watch, to provide recommendations and guidance throughout the process. If you have any questions about the Tax Reform proposals and potential implications please Contact Us.