WASHINGTON DC – On Nov. 2, House Ways and Means Committee Chairman Kevin Brady (R-Texas) released a 429-page tax reform bill, entitled: Tax Cuts and Jobs Act of 2017 (H.R. 1). According to the Chairman, the legislation aims to lower business and individual tax rates, modernize U.S. international tax rules, and simplify the tax law, with significant impacts on numerous sectors of the economy.
On Nov. 6, the Ways and Means Committee began consideration of the bill. Chairman Brady has announced that he may propose modifications to his bill in advance of the committee ‘markup’ sessions, at which time additional amendments offered by committee members could be considered. Chairman Brady has also said that he intends for the committee to complete action on the bill by the end of that week.
Under the bill, the current 35 percent top corporate rate would be reduced to 20 percent, for tax years beginning after 2017. A 25 percent corporate rate would apply for certain personal service corporations in the fields of health, law, engineering, architecture, accounting, actuarial services, performing arts, or consulting in which services are substantially performed by employee-owners.
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