The Tax Cuts and Jobs Act is slowly winding its way through Congress. On November 16 the House of Representatives passed its version of the bill and the Senate followed suit; passing their version on December 2. Currently both houses are working to reconcile the differences between their versions. There are still a number of differences between the Senate and House Bills. Presented below is a chart developed by The Tax Policy Center comparing our current tax law with both the Senate and House’s version of The Tax Cuts and Jobs Act.
While most experts expect a major tax law to be enacted this year, it’s by no means a sure bet. So keep a close eye on the news and don’t swing into action until the ink is dry on the President’s signature of the tax reform bill.
