The Senate passed the tax reform bill in the early hours of Saturday.
The Tax Cuts and Jobs Act passed on a vote of 51 to 49. Sen. Ben Coker was the only Republican to vote against the bill. This bill has moved at breakneck speed as the Senate was negotiation into the early morning hours. The Senate changes have moved so quickly that currently we only have the final bill with adjustments scribbled in the margins of the text. We will provide more details of what was passed later today as the hand written notes are incorporated and final versions of the bill become available.
Since the bill is different from the House version passed a couple of weeks ago, the legislation must either go to conference committee, where members from both chambers unify the differing aspects, or the House could pass the Senate bill as is. It has been speculated for weeks that the House would bypass conference through the adoption of the “managers amendments” which had appeared to be pre-negotiated. However, with all the last minute changes it is more likely go to conference committee.
There is so much speculation and anticipated change that we will refrain from outlining the details of the Senate Bill or expressing an opinion until the conference begins and the final legislation begins to take shape.
Cordasco & Company is a CPA firm specializing in tax law and the development of strategies to help our clients navigate the tax environment. We have been monitoring, analyzing and developing strategies related to this bill since its conceptual establishment in July 2016. We are not reposting mainstream media accounts of the law, but instead are part of a very small brain trust of tax experts which are cultivating the way in which this legislation will impact our clients and strategies. We will continue to monitor its progress and inform our clients of the final legislation along with its direct impact to them and our strategies going forward.
If you have any questions regarding this landmark legislation or its direct impact on your specific situation, please do not hesitate to contact us,