The House of Representatives on November 16, 2017, passed the “Tax Cuts and Jobs Act” (H.R. 1) by a vote of 227 to 205. Also on November 16, the Senate Finance Committee approved its version of tax reform legislation by a vote of 14 to 12. The Senate Budget Committee then on November 28 voted along party lines (12 to 11) to send reconciliation legislation to the Senate floor.
There are significant differences concerning provisions that would affect banks and their customers in H.R. 1 (as passed by the House) and in the version of tax reform currently pending before the Senate.
A side-by-side comparison prepared by KPMG LLP examines key provisions in H.R. 1 and compares them to measures in the Finance Committee bill, and includes KPMG’s initial observations of the potential effects of the proposals for banks and their customers. Read KPMG's report (as of November 29) [PDF 272 KB] that describes the tax proposals affecting banks and their customers
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