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Tax Reform Arrives
On Tuesday, December 19th, the House passed the tax reform bill with a vote of 227-203. The tax bill hit a late snag on Tuesday afternoon, as the Senate parliamentarian noted that the House-passed bill contained three minor provisions that violated Senate rules, thus requiring slight modifications. After further deliberations, the Senate passed the bill (with the struck-down provisions) early Wednesday morning with a vote of 51-48. Given the bill’s required changes to meet Senate rules, the tax bill then returned to the House for another vote, with the House passing the updated version on Wednesday. Having now passed both the House and Senate, the bill now heads to President Trump to sign the bill into law. The article that follows highlights key provisions of the final tax bill as well as several year-end planning opportunities.