Removing Barriers Blog

Tax Reform Legislation Ready for House Vote and Senate Committee Vote
Posted November 10,2017 by CUNA Advocacy

On November 2, 2017, House Ways and Means Committee Chairman Kevin Brady (R-TX) unveiled a 429-page tax reform bill.  H.R. 1, the “Tax Cuts and Jobs Act,” would cut taxes by roughly $1.5 trillion over ten years and would make significant changes to and simplify our nation’s tax laws.  On November 9, 2017, after a four-day markup, the Committee passed the bill and it is expected to be considered by the full House of Representatives the week of November 13, 2017. Click here to read our analysis of H.R. 1, as introduced.  Few, if any, amendments will be allowed as the full House of Representatives debates and votes on the bill’s passage. 

On November 9, 2017, Senate Finance Committee Chairman Orrin Hatch (R-UT) released the “Tax Cuts and Jobs Act” (TJCA), legislation that also would cut taxes by roughly $1.5 trillion over ten years.  Differing in details but sharing the same title as the House bill, the Senate Finance Committee will begin a multi-day markup on its version of the legislation on November 13, 2017.  Senate floor consideration of this bill will occur the week of November 20, 2017.  If passed out of the Senate, both House and Senate negotiators will attempt to reconcile their differing tax bills.  During the week of December 18, 2017, CUNA expects House and Senate passage of the “reconciled” tax reform conference report. 

Congressional leaders plan to have the legislation signed into law by the president before Christmas. 

It is also important to remember that government funding expires on December 8, 2017.  This deadline will necessitate separate legislative action to avoid a government shutdown.  This may interfere with the current Congressional tax reform timeline. 

Both the House and Senate bills would not alter or eliminate the credit union federal income tax status in any way.  For more information on the details of the Senate bill, please return to CUNA’s “Removing Barriers” Blog webpage as we expect to post detailed information in short order.