House and Senate pass Tax Reform Bill; President expected to sign

December 2017

After a historic second vote in the House on December 20, 2017, both the House and Senate have now passed the "An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018," previously referred to as the "Tax Cuts and Jobs Act."  The bill has been sent to the President, which he is expected to sign. The bill's second stop in the House of Representatives was necessary to ensure compliance with Senate rules.
 
These amendments consist of the following:  (1) The bill’s short title was removed, and will no longer be known as the “Tax Cuts and Jobs Act,” but rather as “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018"; (2) the provision that would have permitted the use of Section 529 educational savings plans to be used for certain homeschooling expenses was removed; and (3) a provision that would have exempted small universities with fewer than 500 tuition-paying students from the endowment excise tax was also removed.  For a summary of key provisions in the conference report, which is now law, click here.