Draft of Tax Reform Bill Released by House Ways and Means Committee

The House Ways and Means Committee released its first draft of a tax reform bill that proposes a significant overhaul to the U.S. tax system. In the coming weeks, the legislation will be reviewed by a formal committee process and the House of Representatives will vote on whether to move the bill forward.  If it passes the House, the bill will go to the Senate, and if the Senate passes a bill that differs from the House bill, the bills will have to go to a conference committee to reconcile any differences prior to a version being signed into law. In general, the tax provisions would become effective for taxable years beginning after 2017. Changes are likely to occur during the committee markup and the Senate will likely provide its own version of tax reform legislation. http://bit.ly/2iUNsNs

Leave a Reply

Your email address will not be published. Required fields are marked *