On November 16, 2017, the Senate Finance Committee approved its version of tax reform legislation (the “Tax Cuts and Jobs Act”) by a party-line vote of 14 to 12. Senate procedures require that the bill now move to the Senate Budget Committee, followed by consideration by the full Senate.
The report below based on “conceptual” documents available as of November 17. Bill text is not yet available and details may be further refined before text is released. Significant changes may also be made as the bill moves through the process (including addition of Senate floor amendments).
Read a November 2017 report [PDF 1.3 MB] of preliminary analysis and observations regarding the Senate Finance Committee tax reform bill prepared by KPMG LLP
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