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2018 Tax Reform Bill Passes House, Heads to Senate
Source:
cpapracticeadvisor.com
- Dec 20, 2017
The House of Representatives passed the Tax Cuts and Jobs Act on Tuesday, the biggest change to tax laws since 1986. The bill passed on a mostly party line vote, 227-203, with two members not voting. All House Democrats voted against the bill, and were joined by 12 Republican Representatives voting no.
The bill initially hit a snag after the first vote, because the Senate Parliamentarian determined that three provisions in the bill may have violated Senate rules. The House is expected to revote on the bill on Wednesday morning. The Senate is expected to still hold a vote on Tuesday evening of a version with those provisions removed. The provisions that will have to be removed involved using Sec. 529 college savings plans for homeschooling expenses, and part of the university endowment sections.
The bill now heads to the Senate where it is expected to see a close vote late Tuesday or early Wednesday. If the Senate also passes the bill, it will immediately head to President Trump for his signature, most likely before Christmas.
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Category: General Business
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