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Congressional Republicans Reach a Deal on Tax Bill

As an update to our previous blog post entitled, Senate Stays Up Late to Approve Tax Bill, dated December 5, 2017, the Senate and the House appear to have come to an agreement on the final version of the tax bill that will be voted on by Congress. While nothing official has been stated or released regarding the final bill, word from the latest news outlets revolves mostly around changes to corporate and individual tax rates. One interesting thing to note is that the current agreement would allegedly repeal the corporate alternative minimum tax, which was reflected in the Senate’s final version of their bill. For a review of the differences regarding executive compensation matters between the Senate and House versions of the bills, please refer to our original blog posts entitled  Thanksgiving Tax Frenzy – New Tax Bill Proposes Executive Compensation Changes That Could Derail Deferred Compensation and Stock Options on November 14 and Startups Have Much To Be Thankful For – Senate Amendments to New Tax Bill Remove Deferred Compensation and Stock Options from Endangered Species List on November 16. 

Congress continues to work at a break-neck speed to bring significant tax legislation to President Trump’s desk before Christmas. It is expected that the final package will be voted on by Congress some time next week. Stay tuned for further details as they become available.

Copyright © 2020, Sheppard Mullin Richter & Hampton LLP.


About this Author

Gregory Schick, Tax and Employee Benefits Legal Specialist, Sheppard Mullin

Gregory C. Schick is a partner in the Tax, Employee Benefits and Estate Planning Practice Group in the firm's San Francisco and Palo Alto offices.

Areas of Practice

Gregory Schick's practice focuses primarily in the executive compensation, tax and corporate securities laws, and corporate governance areas.

Mr. Schick advises both publicly traded and privately held companies as well as individual clients. He negotiates, prepares and reviews equity compensation and change of control plans/agreements, Rule 10b5-1 trading plans along with proxy statements,...

John Crisp attorney Sheppard Mullin Orange County

John Crisp is an associate in the Tax Practice Group in the firm's Orange County office.

Areas of Practice

Mr. Crisp focuses his practice on the tax aspects of corporate restructurings, mergers and acquisitions, real estate transactions, and entity formations and liquidations.