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Legal Update

A Good Piece of Music? The Senate Releases Its “Conceptual Mark” for 2018 Tax Reform

13 November 2017
Mayer Brown Legal Update
On November 9, 2017, the Joint Committee on Taxation released a 247-page description of the “Tax Cuts and Jobs Act,” tax reform legislation proposed by the Senate Finance Committee (Senate Tax Reform Proposals). The Senate “conceptual mark” follows the House Ways & Means bill and would implement a sweeping revision of the US Tax Code. While there are many similarities to the Ways & Means bill, the Senate proposals present many new and different changes. The attached Mayer Brown Legal Update discusses how the Senate’s proposed legislation would affect (i) business generally, (ii) international taxation, (iii) financial institutions, (iv) compensation taxation, (v) individuals, (vi) partnerships, (vii) real estate, (viii) tax exempt organizations, (ix) insurance and (x) the life settlement industry.

Authors

  • Mark H. Leeds
    T +1 212 506 2499
  • Jason S. Bazar
    T +1 212 506 2323
  • George W. Craven
    T +1 312 701 7231
  • Brian W. Kittle
    T +1 212 506 2187
  • Edward C. Osterberg Jr.
    T +1 713 238 2666
  • Warren S. Payne
    Legal Professional / Consultant, Senior Advisor
    T +1 202 263 3831
  • James C. Williams
    T +1 312 701 8139
  • Lucas Giardelli
    T +1 212 506 2238
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