On Thursday, November 16, 2017, by a vote of 227-205, the House of Representatives passed the Tax Cuts and Jobs Act, paving the way for further action by the Senate as they take up their own version of tax reform legislation.
Modified House Bill. The final House version of the bill contains many of the significant changes to individual and corporate tax provisions outlined in the theHRBenefitsAuthority on November 8. However, the final version of the bill notably removes the sweeping changes to nonqualified deferred compensation in the original bill. The final House bill preserves current law and Section 409A.
Senate Bill. The Senate continues to work through its version of the legislation. Importantly, like the final version of the House bill, the current Senate bill also makes no changes to nonqualified deferred compensation plans. If the Senate also passes a bill, the bills will go to a Conference Committee to try to reach a compromise. We will continue to monitor the progress of these bills closely and will update you on important developments.
Contact Information. For more information, please contact Don Mazursky (404.888.8840), David Putnal (404.888.8836), Glenn Infinger (404.888.8845), Toby Walls (404.888.8870), Teri King (404.888.8847), Angela Roberts (404.888.8822), Alex Smith (404.888.8839) or Chandra Burns (404.888.8834).