Tax Reform: Expectations for 2017 | KPMG | US

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TaxNewsFlash-Tax Reform

What are the prospects for tax reform in 2017? While enactment of tax reform legislation is by no means certain, the odds for tax reform appear to be more favorable than they have been at any other time since the Tax Reform Act of 1986.


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TaxNewsFlash-Tax Reform


House bill

The U.S. House of Representatives on November 16, 2017, passed a tax reform bill, H.R. 1, the “Tax Cuts and Jobs Act.” The bill was approved by a vote of 227 to 205.

Read KPMG's analysis and observations on H.R. 1: House tax reform bill – Initial observations on House-passed bill [PDF 1.8 MB] 


Senate bill

The U.S. Senate on December 2, 2017, approved its version of tax reform legislation (the “Tax Cuts and Jobs Act”) by a vote of 51 to 49.  

Read KPMG's initial analysis and observations about the Senate-passed bill: Senate tax reform bill – Initial observations on Senate-passed bill [PDF 1.3 MB]


Dec 7 - Conferees for tax reform conference

Dec 7 - JCT comparison of House- and Senate-passed tax reform bills

Dec 6 - KPMG report: Tax reform for tax-exempt organizations and donors

Dec 4 - Conference on tax reform bills; House conferees named; Senate rules preclude certain items

Dec 4 - KPMG report: Insurance provisions in tax bill passed by U.S. Senate

Dec 4 - KPMG report: Preliminary analysis and observations regarding Senate-passed bill

Dec 2 - Senate passes tax reform bill: Modifications made on Senate floor

Nov 30 - Explanation, macroeconomic estimate of reconciliation (tax reform) bill in Senate

Nov 29 - KPMG report: Tax reform proposals, implications for banking and capital markets

Nov 28 - Senate Budget Committee votes to send tax reform bill to Senate floor

Nov 28 - KPMG report: Income tax accounting considerations of U.S. tax reform

Nov 27 - KPMG report: Oil, gas and mining provisions—House, Senate Finance Committee versions of tax reform bills 

Nov 22 - KPMG report: Provisions affecting private equity funds in tax reform bills—House bill and Senate Finance Committee bill

Nov 21 - KPMG report: Insurance provisions in tax reform approved by Senate Finance Committee (as of November 20)

Nov 20 - Senate Finance Committee releases tax reform bill text

Nov 18 - KPMG report: Senate tax reform bill—Initial observations on Finance Committee bill

Nov 17 - JCT revenue estimate of Senate Finance-approved tax reform bill

Nov 16 - Senate Finance Committee approves tax reform bill, including Chairman’s “manager’s amendment” 

Nov 16 - KPMG’s analysis on House tax reform bill; House passes H.R. 1

Nov 15 - Senate Finance Chairman’s modified mark, correction made to tax bracket calculations

Nov 15 - Initial impressions: Senate Finance Chairman's modified mark

Nov 15 - Senate Finance Chairman’s modified mark is released

Nov 14 - KPMG report: Insurance provisions in tax bill approved by Ways and Means Committee

Nov 14 - KPMG report: Power and utilities provisions, Ways and Means tax reform bill

Nov 14 - KPMG report: Tax reform proposals that may affect tax-exempt organizations and donors

Nov 14 - JCT report, distributional effects of Ways and Means tax bill

Nov 13 - KPMG report: Senate tax reform bill—Initial observations on Chairman Hatch's mark

Nov 12 - Senate Finance Committee staff's description of tax reform bill

Nov 11 - KPMG report: House Republican tax reform bill—Initial observations on Ways and Means Committee bill

Nov 11 - JCT revenue table on Ways and Means tax reform bill

Nov 10 - Senate Finance tax reform markup set for Monday afternoon, November 13

Nov 10 - Text of tax reform bill, as approved by Ways and Means 

Nov 9 - Initial impressions: Ways and Means Committee approves tax reform bill

Nov 9 - U.S. Senate Finance Chairman's mark for tax reform released

Nov 9 - Ways and Means amendments for markup of tax reform bill (H.R. 1)

Nov 6 - Ways and Means begins consideration of H.R. 1; adopts amendment

Nov 5 - KPMG report: House Republican tax reform bill—initial observations on Chairman Brady's mark

Nov 3 - JCT description of tax reform bill (H.R. 1)

Nov 3 - Ways and Means “Chairman’s mark” released in advance of markup, November 6

Nov 2 - Initial impressions: Tax reform bill released in House, November 2

Nov 2 - U.S. House Ways and Means Committee releases tax reform bill

Nov 1 - Ways and Means to release tax reform bill text, November 2

Oct 26 - Tax reform bill release November 1, House passes budget resolution

Oct 20 - U.S. Senate passes budget resolution; what does this mean for tax reform?

Oct 16 - KPMG report: Tax reform implications for low-income housing credit

Oct 5 - KPMG report: What are possible state tax implications of tax reform framework?

Oct 5 - Budget resolutions passed by House, Senate Budget Committee; steps toward U.S. tax reform legislation

Oct 3 - KPMG report: Framewnork for tax reform: Implications for banking and capital markets

Sep 29 - Senate FY 2018 proposed budget resolution; implications for tax reform legislation

Sep 28 - Senate Finance Committee schedules hearing on international tax reform

Sep 27 - KPMG report: Unified framework for comprehensive tax reform, initial observations

Sep 27 - Framework for U.S. tax reform

Sep 26 - President meets with Ways and Means members on tax reform

Sep 13 - New tax reform outline to be released week of September 25

Sep 12 - Senate Finance Committee schedules hearing on business tax reform

Sep 7 - Senate Finance schedules hearing on individual tax reform

Sep 6 - President calls for tax reform, territoriality in speech in North Dakota

Sep 5 - Congress returns to busy agenda

Aug 30 - President's speech on tax reform

Aug 15 - KPMG report: Taxes and healthcare reform—now what?

Aug 3 - U.S. Senate confirms Treasury Assistant Secretary for Tax Policy

Jul 28 - Senate healthcare bill fails; tax reform implications?

Jul 27 - Administration and congressional Republican leaders release statement on tax reform

Jul 24 - KPMG report: Deferral structures based on licensing models under potential tax reform

Jul 24 - KPMG report: Federal tax reform proposals may revive dormant state tax issues

Jul 20 - Senate Finance Chairman Hatch urges shift to territorial tax system

Jul 20 - Finance Committee approves Treasury Assistant Secretary for Tax Policy

Jul 17 - JCT report: Tax reform and individuals and families, Ways and Means subcommittee hearing

Jul 14 - JCT report: Senate Finance Committee hearing on tax reform prospects, challenges

Jun 22 - KPMG report: FAQs on tax reform (substantially updated)

Jun 20 - House Speaker Ryan’s “first major speech on tax reform”

Jun 16 - Finance Chairman Hatch requests ideas, feedback on tax reform

Jun 7 - Hatch’s statement on tax reform: Revenue offsets “on the table”

May 25 - Camp tax reform proposal—revisited

May 23 - Trump Administration releases budget proposals

May 22 - JCT report: Destination-based taxation and border adjustments; report for Ways and Means hearing

May 22 - KPMG report: FAQs concerning the American Healthcare Act and taxes

May 19 - Senate Finance schedules hearing on FY 2018 budget proposals, tax reform

May 18 - Ways and Means hearing scheduled on administration’s FY 2018 budget proposals 

May 17 - Senate Finance’s Thune introduces bill to simplify, reform tax law

May 16 - JCT report on tax reform, in advance of Ways and Means’ tax reform hearing

May 11 - Ways and Means schedules hearing on tax reform

May 11 - President announces nominee for Treasury Assistant Secretary for Tax Policy

Apr 28 - Comparisons: Key aspects of president’s tax plan, House GOP blueprint, Camp tax reform bill

Apr 26 - Trump Administration releases tax reform principles

Apr 26 - CRS report on border adjustment tax and exchange rates

Apr 24 - Comparison: House GOP blueprint versus Camp tax reform proposals

Apr 20 - Treasury Secretary: Statement on possible tax reform plan

Apr 5 -  KPMG report: Questions for insurers, reinsurers raised by proposed border adjustment tax

Mar 30 - KPMG report: Tax reform considerations for life sciences companies

Mar 21 - KPMG report: Engineering and construction tax reform considerations

Feb 28 - President’s comments on taxes in speech to Congress

Feb 28 - KPMG report: Potential tax implications of healthcare reform

Feb 27 - Treasury Secretary comments about tax reform, border adjustments, “reciprocal tax”

Feb 20 - KPMG report: Employer challenges, opportunities in potential tax reform

Feb 20 - KPMG report: State tax implications of federal tax reform—FAQs

Feb 9 - Trump says, expect tax announcement in a few weeks

Feb 2 - Chairman Hatch's remarks on Senate tax reform process

Jan 24 - Tax reform and potential implications for insurance industry (tables comparing proposals)

Jan 23 - KPMG report: Possible tax reform effects on REITs

Jan 20 - Senate Finance Committee hearing on nomination of Mnuchin

Jan 17 - Preparing for BEPS under the new U.S. administration

Jan 16 - KPMG report: Possible issues for real estate under House Republican “blueprint”

Jan 9 - KPMG report: Economic considerations of Trump’s tax proposals

Jan 3 - 115th Congress convenes; tax agenda items

Read more

>> Read more on KPMG Institutes: Outlook for U.S. tax reform

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