Key Individual Provisions and Differences Between the House and Senate Versions of the Proposed Tax Legislation

The contentious proposed tax changes trudging through the House and Senate seem as though they are likely to pass in some mutilated form or another. The legislative process has changed the bill in some substantial parts while leaving other aspects relatively untouched. The Senate Finance Committee’s (SFC) version of the bill retains seven tax brackets with rates scheduled to sunset after 2025. Both the House and SFC aim to repeal the Alternative Minimum Tax (AMT), but the SFC’s version sunsets this provision after January 2026.

See Key Individual Provisions, Venable, LLP.