Senate Approves Tax Cuts and Jobs Act; Conference with House Next

Saturday, December 2, 2017 - 11:45am

The U.S. Senate early today approved the Tax Cuts and Jobs Act by a party-line 51-49 vote. Sen. Bob Corker, R-Tenn. was the only Republican Senator voting no. The next step will be a conference committee to work out the differences between tax reform versions approved by the Senate and House of Representatives. The Senate bill retains the low-income housing tax credit (LIHTC), tax-exemption for private activity bonds, the 20 percent historic tax credit (HTC) and preserves the new markets tax credit (NMTC) through the 2019 allocation round. It also retains the phase-down schedule for the renewable energy investment tax credit (ITC) and production tax credit (PTC). The House version retains only the 9 percent LIHTC, the 30 percent ITC phasedown, extending the “orphaned” ITC technologies, and the PTC phasedown without the inflation adjustment and with a continuous construction requirement.