On November 9, 2017, the House Ways and Means Committee voted on the final amendments to its tax reform bill, the Tax Cuts and Jobs Act (H.R. 1). On the same day, Senate Finance Committee Chairman Orrin Hatch (R-UT) released a summary of the Senate GOP's version of the Tax Cuts and Jobs Act.  On November 15, 2017, the Senate Committee on Finance released a list of proposed changes to the original Senate Tax Reform Proposal. The tweaks by Senate Finance Committee Chairman Orrin Hatch, R-Utah, largely move to make the bill comply with Senate budget rules.  One change of note is the insertion of a provision to eliminate the Affordable Care Act individual shared responsibility payment (personal insurance mandate) for post-December 31, 2018.

 

The House and Senate versions of the bill have several similar provisions, but there are some significant differences. Both versions would move the United States from a worldwide tax regime to a territorial system, reduce corporate income tax rates, eliminate the corporate and individual alternative minimum taxes, increase the standard deduction, and expand child tax credits. Differences include the rules relating to the mortgage interest deduction, IRC Section 179 deduction, and the Estate Tax.