Business Planning Under the Tax Cuts and Jobs Act
by Jeramie J. Fortenberry, JD, LLM and Andreea Olteanu, JD
On November 16, 2017, the House of Representatives passed their version of a tax reform bill: The Tax Cuts and Jobs Act (the “TCJA”). As expected, voting was divided on party lines, with 227 votes for and 205 votes against the bill. (See this Insight Brief for detailed analysis of that version of the bill.)
In the time between the bill’s first introduction on November 2 and its passage in the House on November 16, the Senate Republicans revealed their own tax proposal—also titled The Tax Cuts and Jobs Act—on November 9, 2017. The initial Senate version has been tweaked since its reveal, and the latest version passed the Senate Finance Committee on November 16, 2017. The Senate expects to vote on its bill after the Thanksgiving holiday. The House and Senate tax reform proposals differ in several important ways. Like any bill with differing provisions in the two houses, the tax reform bill will need to be reconciled.
Should a reconciled bill pass before year end, be prepared for the planning opportunities it could create for attorneys and clients. Read this Insight Brief for in-depth analysis of the current version of the bill including:
- Changes to pass-through business taxation
- Changes to corporate taxation
- Changes to international taxation
- 13 potential planning opportunities attorneys and their business clients.
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