On December 19, 2017, both the U.S. House and U.S. Senate passed the Tax Cuts and Jobs Act (H.R. 1). On December 20th, the House took a final vote on the measure due to slight changes in the Senate-passed version. President Trump is expected to sign the legislation into law.
The tax reform legislation includes several significant changes affecting retirement, executive compensation, and health and welfare plans. The January 2018 issue of GRS Insight will discuss the impact of tax reform on pension and health care plans.
Further information on H.R. 1 is available here.
On December 19th, Groom Law Group also published a comparison chart of various provisions under current law as compared with those in the House and Senate tax reform bills and the tax reform conference committee report.
The chart is available here.