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U.S. Tax Reform: The Current State of Play

Earlier today the House of Representatives voted on and passed the Tax Cuts and Jobs Act. If passed by the Senate, the Act would significantly change the current federal income tax regime in the United States. The legislation would impact all levels of the U.S. economy. The final version of the Tax Cuts and Jobs Act passed by the House is the culmination of a series of negotiations and amendments to the original version of the Act that was released by the House on November 2, 2017. The attached chart summarizes key aspects of the Tax Cuts and Jobs Act passed by the House today.

In parallel track, the Senate is working on its own version of tax reform, taking as its starting point the original Tax Cuts and Jobs Act proposed by the House. The Senate proposals are summarized in a Chairman’s Mark released on November 9th and a second amended Chairman’s Mark released on November 14th. Although the Tax Cuts and Jobs Act shares many similarities with the current Senate proposal, key differences remain to be resolved. The attached chart summarizes the current state of the Senate’s proposed tax reform, in comparison with the just-passed Tax Cuts and Jobs Act.

In order for any tax reform to become law, a final Act must be agreed upon and passed by both the House and the Senate. We will provide updates as the legislation advances.

Copyright © 2017, Sheppard Mullin Richter & Hampton LLP.

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About this Author

David Passey, partner, Sheppard Mullin, attorney, New York
Partner

David Passey is a partner in the Tax, Employee Benefits, and Trusts and Estates Practice Group in the firm's New York office.

Mr. Passey's practice covers a wide variety of matters including tax controversy, mergers and acquisitions, partnership transactions, and structured products. Mr. Passey's practice also regularly includes advising private equity funds with respect to fund formation and acquisitions, with an emphasis on the tax and ERISA aspects of these transactions.

Mr. Passey is co-head of the firm’s REIT...

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John Crisp attorney Sheppard Mullin Orange County
attorney

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.

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attorney

Elizabeth Kelly is an associate in the Tax Practice Group in the firm's Chicago office.

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