Earlier this month, House Republicans introduced H.R. 1, the Tax Cuts and Jobs Act. This legislation was called by The New York Times the most sweeping tax rewrite in decades. The Tax Cuts and Jobs Act is the first step in a long process of updating and simplifying the U.S. tax code. While House leaders hope to have a tax cut package passed by the end of the year, there are many hurdles to clear. The House Ways and Means Committee – the powerful taxation committee in the House of Representatives – is considering the legislation this week and hopes to pass a “marked-up” or amended version by Friday, November 10. Highlights of the tax package include cutting the corporate tax rate to 20%, setting the pass-through rate at 25%, phasing out the estate tax, immediate expensing and expanded Section 179 expensing.
Click here for a top line overview of the tax proposal and links to in-depth analyses. If you have comments or priorities that you would like to communicate to the NRMCA Government Affairs team, please e-mail Andrew Tyrrell at atyrrell@nrmca.org with “Tax Reform Priorities” in the subject line.
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