senate passes tax reform bill | KPMG | US

Senate passes tax reform bill: Modifications made on Senate floor

U.S. Senate passes tax reform bill

The U.S. Senate early this morning passed reconciliation legislation that includes tax reform, by a vote of 51 to 49. All but one Republican and no Democrats voted for the bill, which was amended on the Senate floor.

1000

Related content

The reconciliation bill passed by the Senate includes a tax reform title that reflects the following modifications relative to the Finance Committee bill:

  • A manager’s amendment. This amendment replaced the legislative text of the tax reform title with new text that reflects significant modifications. Read the amendment [PDF 16.7 MB] as posted on the Senate Finance Committee website. Read a short summary of some of the changes on the Senate Finance Committee website. The JCT also has issued a revenue table (JCX-62-17) that reflects the changes made in the manager’s amendment. 
  • An amendment offered by Senator Cruz regarding section 529 plans. Read the amendment [PDF 633 KB]
  • An amendment offered by Senator Merkley modifying the excise tax on university endowments. (Official text not yet available)

What's next?

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 tax reform bill.

KPMG will issue a report with preliminary analysis and observations regarding the Senate bill soon.

© 2017 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Request for proposal

 

Submit