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Senate House Bill Clears Committee

Tax_thumb.jpg Late on Thursday, November 16th, the Senate Committee on Finance voted 14-12 to approve its tax reform bill. There were several amendments to the Senate bill from the time that it entered the Committee until it was approved including: increasing the child tax credit from $1,650 to $2,000, and lowering of the top individual rate from 39.6 percent to 38.5 percent.

Before passing the bill, Senate Finance Committee Chair Orrin Hatch issued amendments for technical corrections and substantial policy changes, including treatment for carried interest, similar to the House proposal, introducing a three-year holding period requirement for some partnership interests received in connection with services.

The bill is scheduled to be introduced to the full Senate for debate and vote, which will most likely be after Thanksgiving as the full Senate is not expected to meet before then.

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