As you’ve probably seen in the media, this week has been a very important one for Republicans in Washington trying to pass tax reform. As of this writing, the full House of Representatives plans to vote on H.R. 1, the Tax Cuts and Jobs Act, by Friday, November 17 and it appears that Republicans have the 218 votes to pass the bill. Also this week, the Senate Finance Committee began a multi-day committee mark-up process of its version of the tax plan, released late on November 10. If the House and Senate can each pass their own version of the bills, they will have to work out the differences in a Conference Committee. While some of those differences are significant, GOP leadership is very concerned that if the President doesn’t sign a tax plan by the end of this year/early next year, the GOP majorities in the House and Senate are at serious risk.
Several of FIA’s key priorities for tax reform have been addressed in the House and Senate plans. Here’s the Laurin Baker Group’s analysis of the good and bad for FIA members:
The Laurin Baker Group would like to hear from you as soon as possible if you have any specific examples of how these business provisions are helpful or harmful to your business, so they can weigh in with legislators on behalf of FIA. Please feel free to contact Jennifer Baker Reid directly at [email protected]