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Senate Approves Tax Bill

On December 1, the Senate passed, 51-49, S. 1, the Tax Cuts and Jobs Act. As instructed by the FY2018 Budget Resolution (H. Con. Res. 71), on November 28, the Senate Budget Committee adopted, 12-11, legislation passed by the Senate Finance Committee on November 16. The House also passed its version of the tax bill (H.R. 1) on November 16 (see The Source, 11/17/17).

Among other provisions, the bill would increase the child tax credit to $2,000; the credit would begin to phase out at $500,000 for married taxpayers. The legislation would repeal the individual mandate provision, which requires individuals to purchase health insurance, of the Patient Protection and Affordable Care Act (P.L. 111-148).

The bill also would make settlements and fees related to sexual harassment or abuse non-deductible if payments were subject to nondisclosure agreements.

The House and Senate must resolve differences between H.R. 1 and S. 1 before the legislation can be signed into law.

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