The U.S. Senate continued its debate on its version of the tax bill on Nov. 30. The measure was advanced from the Finance Committee the previous day and floor discussion began last Wednesday. The day ended with a failed motion to send the bill back to the committee. As Thursday began senators continued to debate the merits and shortcomings of the bill.
As Thursday progressed several additional motions to send the bill back to committee failed and debate continued. A final vote on the bill had not been taken as of WLJ press time but was expected late Nov. 30 or on Friday, Dec. 1.
Updates to the tax codes are among the top priorities of Senate Republicans who have indicated they would like to present the legislation to the president’s desk before Christmas. Numerous senators have noted a nearly 30-year span since the last major tax reform.
Depending on which side of the aisle offers an opinion, the bill will result in large savings, or additional deficits. Senators are calling for a deficit-neutral bill.
Like the House version, there are provisions that are seen as positive by some agricultural producers, but those points are also debated, including a measure to make changes to the estate or “death” tax. The Senate proposal would double the exemption to $22 million, but unlike the House version it would not be eliminated.
Farmers and ranchers are also keeping an eye on a number of measures including expenses of new investments, interest deductions, cash accounting changes.
Once the bill is approved, lawmakers from both chambers will meet in conference to work out differences and write matching legislation before sending it to the president.
As previously covered (WLJ, Nov. 20, 2017), the House passed its version of tax reform on Nov. 16. At the point when both versions have passed they will go to a conference where a joint committee of House and Senate members will come to agreement on the content of the bills. Once that is accomplished both chambers will vote on the conference version. — WLJ
