Early last Saturday, by a 51-to-49 vote, the Senate passed its version of landmark tax reform legislation. Prior to final passage, the Senate adopted amendments that affected more than 50 different provisions in the Senate bill.
As the Senate version differs from the version the House passed a few days ago, the two chambers have to reconcile the differences. That process begins this evening (December 4), with the House requesting a conference with the Senate. Speaker Ryan has named Ways and Means Chairman Brady to chair the Conference. To keep you informed in this rapidly changing environment, we have prepared the following analysis, which compares the key proposals as passed by the House and Senate. The analysis covers five tax policy areas: Individual, Business, International, Employer-Employee related, and Compensation and Exempt Organizations. Also included is a brief description of present law and some observations and key differences between the two versions of the new bill. We hope you find this analysis helpful.