Congress Sticking to Tight Timeline for Passage of Tax Reform

This week, the House Ways and Means Committee began the process of marking up HR 1, the Tax Cuts and Jobs Act. We have information from Congressional leadership that indicates that the committee will finish their markup today, Nov. 9. Also today, the Senate Finance Committee is expected to release full legislative text for members to review over the long Veteran’s Day weekend. The Finance Committee will then begin their mark-up on the week of the Nov. 13, while the House bill is on the floor. If the schedule holds, the House is expected to pass their bill on the floor the week of Nov. 13, send it to the Senate, and the Senate will adjourn for the week of Nov. 20.

The week of the Nov. 27, the Senate will officially move HR 1, introduce their Senate Finance Committee mark-up version in the nature of substitute to the House version, and move forward to pass their bill on the Senate floor. The week of Dec. 4, Conferees will be appointed, enter into conference, and then work to produce a conference report (which then must pass both chambers and be sent to the President). If they stay on track, they could get a bill to the President’s desk by Dec. 15. There is a good deal of discipline within the Republican conference to get this done. One well-placed tax lobbyist likened the process to a snowball gaining momentum as it rolls downhill. Even in light of pushback by some prominent business groups, Republican members want to be part of the momentum and don’t want to be what is standing in the way of a key and much-needed accomplishment for the President and Congressional Republicans.

CDA will continue to monitor the bill’s progress with an eye toward provisions of importance to association members.