Tax reform recap: CU tax exemption intact in House, Senate bills
Last week, the House and Senate made progress on federal tax reform. The credit union tax exemption remains intact in each of the chamber’s respective tax bills.
Here’s a rundown of what happened last week:
- The House Tax Cuts and Jobs Act (H.R. 1) was voted on by the full House Thursday and passed by a vote of 227-205. It now moves to the Senate for consideration.
- The Senate Finance Committee late Thursday night approved and reported out the Senate Tax Cuts and Jobs Act on a party-line vote after four days of mark-up. It now moves to the full Senate for consideration. Potentially complicating the Senate’s passage of the bill is the inclusion of the repeal of the Affordable Care Act’s individual mandate. The tax reform bill is being moved through the reconciliation process, which requires only a simple majority to pass; however, a few Republican senators are unlikely to support the bill with the individual mandate repeal included.
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