Unveiled late last week was the tax reform package from the House and Senate Tax Cuts and Jobs Act Conference Committee. After a week of intense negotiations, the legislative package is predicted to pass through Congress as the final version before lawmakers leave for the holiday recess later this week.
If passed, the legislative bill would be the most impactful tax change seen in more than 30 years and would be felt by virtually all individuals and businesses on some level. Carrying an effective date of Jan. 1, 2018 for most provisions, the bill would lower individual and corporate tax rates, and repeal countless tax credits and deductions, among many other things. With President Trump’s public support of the bill, we will likely see new tax legislation signed into law before the year-end.
A blend of both the House’s and Senate’s original versions, the final bill submitted will call for the below as it relates to individuals and businesses.
The Senate is likely to vote on the measure early this week with a House vote expected shortly thereafter. Doeren Mayhew will keep you up-to-date as new information becomes available on the nation’s future tax legislation. Should you have any questions in the meantime of how the proposed legislation may impact you or your business, please contact our tax advisors.
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