Early Saturday morning, December 2nd, the Senate passed the Tax Cuts and Jobs Act with a vote of 51 to 49. The bill was approved mainly along party lines with no Democrats voting for the bill and one Republican also voting against the Bill. The bill was passed with several significant amendments, including a few last minute handwritten amendments.
Before the tax reform proposals become law, the proposal passed by the Senate must be reconciled with the House proposal. Once these proposals are reconciled and the same bill is approved by the House and Senate, the bill will be presented to the President to be signed into law or vetoed.
Author: Paul Morrow, Manager | DHG Tax