OMA Connections Partners, Clark Schaefer Hackett and GBQ Partners have taken a look at the version of the sweeping bill to reform the tax code that was released by the House Committee on Ways and Means on November 2, the Tax Cuts and Jobs Act, H.R. 1.
It has been described by the chairman of the House Ways and Means Committee as a starting point for negotiations.
President Trump and GOP lawmakers would like to pass tax reform sooner rather than later. However, before that can happen, a bill would have to be voted on by the full House and the Senate, which is working on its own tax plan.
Here’s a brief rundown from Clark Schaefer Hackett of some of the individual and business provisions in the 429-page bill. Generally, the changes would go into effect after December 31, 2017, but there are exceptions.
Here is the GBQ summary of the bill.
And here is a full section-by-section summary of the bill as published by the House Committee on Ways and Means. 11/6/2017