December 21, 2017

Tax Reform Bill Awaits President Trump's Signature After Passage by Congress

Holland & Knight Alert
Thomas M. Reynolds

Congress has passed the conference report accompanying H.R. 1, the Tax Cuts and Jobs Act. (See Holland & Knight's alert, "Congress Releases Revised Conference Bill on Tax Reform," Dec. 18, 2017.) First, the House agreed to the conference report by a vote of 227-203 on Dec. 19, 2017, and the Senate passed the report by a vote of 51-48 early on the morning of Dec. 20. Because of the Senate's use of reconciliation procedures to consider the legislation, minor technical changes were made to the conference report (see chart of final conference bill, including the late revisions). This required the House to vote a second time, which occurred on the afternoon of Dec. 20, passing 224-201.

The legislation will likely be on President Donald Trump's desk for signature prior to Christmas. However, because of an issue with the Pay-As-You-Go (PAYGO) legislation, the actual bill signing may be delayed until Jan. 1, 2018, or soon thereafter to avoid certain across-the-board cuts to domestic programs.

For more information on how the new bill could affect you or your company, contact the authors or a member of Holland & Knight's Taxation Team.

Information contained in this alert is for the general education and knowledge of our readers. It is not designed to be, and should not be used as, the sole source of information when analyzing and resolving a legal problem. Moreover, the laws of each jurisdiction are different and are constantly changing. If you have specific questions regarding a particular fact situation, we urge you to consult competent legal counsel.

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