Tax Cuts and Jobs Act UPDATE

Date December 20, 2017
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The House approved the Tax Cuts and Jobs Act Tuesday afternoon (Dec. 19) and the Senate voted after midnight today to approve a slightly different bill. Now the House must re-vote to pass the bill as amended.

The changes in the Senate’s version of the bill were made to conform the bill to the Senate’s Byrd rule, allowing it to be passed with only 51 votes. The Senate’s changes are:

• The removal of an expansion of the Sec. 529 accounts that would have allowed distributions of up to $10,000 to be used for home-schooling expenses (Section 11032 of the bill).

• The removal of an exception to the endowment excise tax for colleges with fewer than 500 tuition-paying students (Section 13701 of the bill).

The House is expected to re-vote on the bill this morning, when it is expected to pass, after which it will go to President Donald Trump for his signature.

We will continue to keep you updated as the process is completed.

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