December 13, 2017

December 13, 2017

Subscribe to Latest Legal News and Analysis

December 12, 2017

Subscribe to Latest Legal News and Analysis

December 11, 2017

Subscribe to Latest Legal News and Analysis

Senate GOP Pass Tax Bill

Senate Republicans passed along party lines the most sweeping rewrite of the tax code in decades early Saturday morning. A copy of the bill, which was unveiled just hours before the vote, is available here.

The House will vote today on a motion to go to conference with the Senate to iron out the differences between the Senate’s bill and the bill that the House passed last month. A resulting conference report must then be passed by each chamber before putting the final bill on President Trump’s desk, which GOP leaders hope to do before Christmas. Republicans in the House and Senate are confident that the differences between the two bills are not irreconcilable. However, there are some notable differences: how the estate tax will be handled, when certain tax cuts will expire, repealing the individual mandate under Obamacare, the treatment of pass-through businesses, education incentives and medical expenses, just to name a few. There are also differences with respect to renewable energy incentives, which we discussed in our prior blog post here.

Whether any of these items will be a sticking point is anyone’s guess, but Republicans are under tremendous pressure to get the bill signed into law so that they can claim a legislative victory before elections next November, especially after their failure to repeal Obamacare. Republican law makers will need to smooth over these differences as Congress simultaneously faces a December 8th deadline to extent the current continuing resolution to keep the government running, Alabama gets ready for its special Senate election, and the Russia investigation encircles the White House. Nonetheless, with members in both the House and Senate already on record with their votes, we believe that the prospect that tax reform is passed is strong.

© 2017 Foley & Lardner LLP

TRENDING LEGAL ANALYSIS


About this Author

John A. Eliason, Foley Lardner, Tax Lawyer, Energy Industry Attorney
Partner

John A. Eliason is a partner and business lawyer at Foley & Lardner LLP. He provides tax, legal, and business advice to financial institutions, equity investors, manufacturers, and project developers in the energy sector and is co-chair of the firm’s Energy Industry Team.

Mr. Eliason regularly represents clients participating in wind, solar, and other renewable energy transactions that rely on tax and other federal and state incentives such as investment tax credits, production tax credits, bonus depreciation, and other government incentive...

202.295.4100
David B. Weisblat, Foley Lardner, Transactional Tax Lawyer, Project Finance Attorney,
Of Counsel

David Weisblat is of counsel and a transactional tax lawyer with Foley & Lardner LLP focusing on federal and state tax issues arising in representing financial institutions, developers, utilities and other participants in energy, project finance and leveraged lease transactions. Mr. Weisblat regularly advises clients on renewable energy projects, including solar, wind and biomass projects. He is familiar with current tax equity structures with an emphasis on sale-leaseback and partnership-flip transactions and advises on utility, commercial and residential projects.

Mr. Weisblat also structures domestic and cross-border energy and project finance transactions of power plants, aircraft, rail equipment and infrastructure assets. He also advises on tax issues associated with climate change policies, including carbon trading. Additionally, Mr. Weisblat represents clients in tax audit and controversy proceedings and advises corporations on tax issues in bankruptcy and restructuring. 

202.295.4176
Kurt R. Rempe, Foley Lardner, Energy, Tax Lawyer, Pipeline Industry
Associate

Kurt Rempe is an associate and business lawyer with Foley & Larder LLP where he focuses on energy and tax law. His experience includes representing clients in tax equity investments in renewable energy projects; and regulatory matters related to the electric, natural gas and oil pipeline industry. Mr. Rempe has electric experience in transmission service and interconnection agreements, power purchase agreements, open access requirements, market-based rates, qualifying facility certification, reliability rules, sales and acquisitions of electric generation assets,...

202.672.5326
Tori Roessler, Foley Lardner Law Firm, Washington DC, Securities Law Attorney
Associate

Tori Roessler is an associate with Foley & Lardner LLP and a member of the Transactional & Securities Practice.

Ms. Roessler previously served as a summer associate with Foley at the firm’s Washington, DC office, where she participated in projects concerning mergers and acquisitions, securities law, and false claims act investigations. Prior to joining Foley, Ms. Roessler gained experience with several Birmingham-based law firms, where she served as a summer associate.

202-672-5498