trending Market Intelligence /marketintelligence/en/news-insights/trending/kLHAjg1Qb825FIT2jCLDRg2 content esgSubNav
In This List

Republicans set to unveil final tax reform bill

Video

S&P Capital IQ Pro | Powering Your Edge

Case Study

A Prestigious Global Business School Gains a Competitive Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage

S&P Capital IQ Pro | Powered by Expert Insights


Republicans set to unveil final tax reform bill

The final version of the Republican tax bill will be made public at 5:30 p.m. on Dec. 15, though GOP leaders declined to reveal any details.

Sen. Rob Portman, R-Ohio, told reporters that he is "confident we'll have the votes" when the Senate votes on the package, which should happen during the week of Dec. 18. While he did not outline any specific provisions, Portman said the conference report more closely matches the tax reform bill passed by the Senate, especially in its treatment of pass-through businesses.

"The structure is a little closer to the Senate version because we kept our provisions for these smaller companies, for these pass-throughs, which was viewed as simpler," Portman said. "The fact that we had two or three weeks more to work on it and to see some of the reaction to the House bill, and I think the House acknowledged that maybe we had a little simpler way to deal with these smaller companies who pay taxes as individuals."

"The committee report is valid. It will be filed in pro forma session at 5:30 this evening, same time it will be made public so the American people can look at the new tax code we're proposing before the House and Senate votes on it next week," said House Ways and Means Chairman Kevin Brady. "I'm confident at the end of the day the Senate will approve this conference committee report because no one should be defending the status quo in this horrible tax code Americans have had to live with for too long."

Brady dismissed concerns that two Republican absences in the Senate and last-minute opposition from Sen. Marco Rubio, R-Fla., — who said on Dec. 14 he would not vote for the conference report if it did not expand the child tax credit posed a danger to the bill.