Tax Cuts and Jobs Act: Our Insights

November 16, 2017

On November 2, 2017, the much anticipated tax reform bill (the “Tax Cuts & Jobs Act”) was introduced in the U.S. House of Representatives.

After several amendments, the bill was approved by the House Ways & Means Committee on November 9, and approved by the full House of Representatives on November 16.

On November 9, 2017, the U.S. Senate released a detailed description of their own version of the Tax Cuts & Jobs Act (prepared by the Joint Committee on Taxation). After two amendments, the bill was approved by the Senate Finance Committee on November 16, and it will be considered by the full Senate during the week of November 27. While having many similarities to the House bill, the Senate version is also significantly different. We have prepared a side-by-side comparison of key provisions in the House and Senate bills.

Additional modifications are highly likely as the bills go through the legislative process, and it is uncertain whether and when a single agreed-upon version of the bill ultimately will be passed.

In the meantime, we have identified a number of ways in which the proposed House and Senate bills can impact global businesses and have prepared key takeaways to consider for:

On November 7, our firm hosted a webinar on the House bill. Video of the program is available here.

The House tax bill, and related official documents, can be found at the following links:

The Senate tax bill, and related official documents, can be found at the following links: