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.
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