Tax reform specifies measure for electric cooperatives | KPMG | US

Finance Committee’s tax reform bill specifies measure for electric cooperatives

Tax reform specifies measure for electric cooperatives

The U.S. Senate Finance Committee last evening completed its markup of a tax reform bill, and approved the bill on a party-line vote of 14 to 12, thus sending the bill to the full Senate for its consideration.

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Senate Finance Chairman Orrin Hatch (R-UT) also presented a “manager’s amendment” to the Chairman’s modified mark during the Finance Committee’s markup of the “Tax Cuts and Jobs Act.”  The manager’s amendment which was approved by the committee, includes a measure specifically clarifying that the limitation on deduction for interest that would not apply to certain regulated public utilities also would not apply to certain electric cooperatives.

Also yesterday, the U.S. House of Representatives approved its version of tax reform legislation. Read more about the tax reform legislation in KPMG’s TaxNewsFlash-Tax Reform 

 

For more information, contact KPMG’s National Director of Cooperative Tax Services:

David Antoni | +1 (267) 256-1627 | dantoni@kpmg.com

 

Or Associate National Director of KPMG’s Cooperative Tax Services:

Brett Huston | +1 (916) 554-1654 | bhuston@kpmg.com

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