Kernutt Stokes has been monitoring tax reform and the legislative process very closely. You have likely seen updates and tidbits in recent news, but here is a short summary of recent highlights as of yesterday.
November 16th, 2017 – The House of Representatives passed a 429 page tax reform bill (H.R. 1) also known as the “Tax Cuts and Jobs Act”. This bill contains a wide variety of changes that will impact both businesses and individuals. On the same day, the Senate Finance Committee also approved its version of a tax reform bill.
November 20th, 2017 – The Senate Finance Committee released their bill and all 515 pages of legislative text to the public.
November 28th, 2017 – The Senate Budget Committee voted to send their tax reform bill to the Senate floor.
As with any proposed tax legislation, the final agreed up on legislation must be passed by the House and the Senate and signed by the President. During this process, tax bills generally undergo multiple revisions and changes that may or may not be similar to the initially proposed tax legislation. In addition, tax bills may take days or months to go through this process.
Until the tax legislation and timing is more concrete, we do not believe it is advisable to make any adjustments to tax planning strategies at this time.
We will continue to monitor the proposed tax legislation and once the details and the timing of the bills become clearer, we will review your tax situation and help you plan for the future.
If you have any questions, please don’t hesitate to contact us.