House Approves Tax Reform Bill

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December 19, 2017

Today, the House voted 227-203 to approve the final version of the Tax Cuts and Jobs Act (the “Bill”), which was released December 15 by the House-Senate Conference Committee.  For further detail on the substance of the Bill, please see the series we released over the weekend (Part I; Part II; and Part III).  The vote generally followed party lines, with all Democrats, as well as twelve Republicans, voting against it.  The Senate begins debate this afternoon and is expected to approve the Bill, and most believe it will be signed into law by the President before the end of the week.  The Bill has gone through several iterations since it was first introduced by Chairman Brady on November 2 and will make several notable changes to areas covered by this Blog, but also notable are the changes proposed in earlier versions and ultimately dropped.  Our prior coverage of the Bill discusses these changes and details the proposed changes left out of the final version passed by the House today.

Democratic Senators have indicated that a few provisions in the Bill may run afoul of the Byrd Rule, which, if applicable, would require the House to hold another vote on the Bill with those provisions removed, provided Senate Republicans cannot manage 60 votes to waive the rule.