Congress Finalizes Huge Tax Cuts And Reform Package

On December 15, 2017, the members of the US Congress responsible for reconciling the tax reform packages passed by the US House of Representatives and the US Senate filed their conference report. The tax package set forth in the conference report represents the most significant and extensive changes to the US Internal Revenue Code (IRC) since the Tax Reform Act of 1986.

The tax package, which includes not just statutory language, but explanations of the statutory language as well, is scheduled for votes in the House of Representatives and the Senate during the first part of the week of December 18. The legislation cannot be amended, other than isolated provisions being struck due to failure to comply with budget rules. Once H.R. 1, the "Tax Cuts and Jobs Act" (the Act), passes both houses, it will go to President Trump for his signature and enactment into law.