Tax Reform

Congress Kicks off Passage of Tax Reform

The bill is making its way through Congress and currently is in the House markup phase. That should be finalized by Nov. 9, when it will then head over to the Senate side.

National Restaurant Association

“Tax reform will help small businesses like restaurants remain strong economic engines and job creators,” National Restaurant Association Executive Vice President Cicely Simpson says.

Here’s the latest on what’s happening:

Lay of the land. On Nov. 1, House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced the “Tax Cuts and Jobs Act,” Congress’ much-anticipated tax-reform legislation. The bill is currently in committee markup, but should be finalized by Nov. 9.

What’s in the bill. As the saying goes, “It ain’t over ‘till the fat lady sings.” In other words, the bill isn’t final until the markup is complete. Right now, the bill calls for a cut in the corporate tax rate from 35 percent to 20 percent, something President Trump strongly supports. It also asks for the repeal of the so-called “Death Tax,” which would impact small business owners and family farmers. The latest Manager’s Amendment also includes revisions to the Earned Income Tax Credit (EITC) and the treatment of carried interest.

What’s next. Once the House markup is complete, the Senate should quickly release its version of tax reform. The Senate Finance Committee could begin marking up its version of the bill as early as the week of Nov. 13. A House floor vote could also occur that same week.

Be in the know. Below are the publicly released documents on the House’s tax reform bill:

Amendment in the Nature of a Substitute to Tax Bill
Joint Committee on Taxation Description of Tax Bill
Section-by-Section Summary of Tax Bill

Manager’s Amendment
Summary of the Chairman’s Amendment

Continue to check for updates as the tax-reform debate continues.

Logos, product and company names mentioned are the property of their respective owners.