Congress is officially back from the Thanksgiving holidays, and is expected to move full steam ahead on tax reform. The Senate is set to consider its tax bill on the floor later this week, and to bring the bill to a vote before the weekend. Unlike on the House side, we expect the Senate to consider (and perhaps even adopt) a number of amendments to their tax reform bill during the floor debate, so stay tuned.
You can read the current legislative text of the Senate Bill on our updated Senate Bill Navigator, available here. We also ran a comparison of the major corporate and international provisions of the House and Senate bills, which you can view here.
Republicans on both sides of the aisle are still working toward their stated goal of sending a final tax reform bill to President Trump’s desk before the end of the year. Although progress has been swift to date, the schedule leaves little time for delay – the Senate has 15 legislative days left this year, while the House only has 12. Once the Senate passes their Bill, the House and Senate’s tax reform proposals need to be reconciled in Conference Committee before a single bill is voted on by each Chamber. That is, unless the final Senate Bill can garner enough votes in the House to pass as-is, avoiding the Conference Committee altogether.