Tax Reform Bill Provides More Benefits for Small Business

A final tax reform package is expected to be on President Trump’s desk as early as Wednesday, Dec. 20. Following the passage of differing bills in the House and Senate, a conference committee with leaders from both chambers was formed to come to reach a compromise. A representative of the U.S. Chamber of Commerce told local chambers that the final legislation provides additional benefits to small businesses and middle class taxpayers.

The Tax Cuts and Jobs Act conference report was filed on Friday evening, Dec. 15. A few technical changes had to be made prior to the Senate vote, which then needed to be confirmed in the House. Here is an executive summary prepared by the House Ways and Means and Senate Finance Committees.