KPMG analysis and observations on tax reform legislation in 2017
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]
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 1.7 MB]
Now that both the House and the Senate have now passed their own versions of a tax reform bill, the next step is for the House and Senate to reconcile the differences between their respective bills. This could involve a formal House-Senate conference, informal negotiations, or even the House simply accepting the Senate’s version of the tax reform bill.
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