- news
- LEGISLATION
House passes tax reform bill
Please note: This item is from our archives and was published in 2017. It is provided for historical reference. The content may be out of date and links may no longer function.
Related
Paper tax refund checks on the way out as IRS shifts to electronic payments
IRS keeps per diem rates unchanged for business travel year starting Oct. 1
AICPA urges IRS to modernize estate and trust tax forms
The U.S. House of Representatives passed the Tax Cuts and Jobs Act bill, H.R. 1, by a vote of 227–205, on Thursday afternoon, with all Democrats and 13 Republicans voting no.
The legislation as passed had not been amended since its approval by the House Ways and Means Committee last week (see “House Ways and Means Approves Amended Tax Cuts and Jobs Bill,” for details).
The bill features four tax brackets for individuals, instead of the current seven; a larger standard deduction; the repeal of many itemized deductions; a reduction of the corporate income tax rate to 20%; repeal of the alternative minimum tax and, after 2023, the estate and generation-skipping taxes; and many other changes.
The Senate Finance Committee approved its own version of the Tax Cuts and Jobs Act late on Thursday, which differs significantly from the bill the House passed. The Senate is expected to consider its bill after Congress’s Thanksgiving break.
—Sally P. Schreiber (Sally.Schreiber@aicpa-cima.com) is a Tax Adviser senior editor.