byAlma Abell

In .

Passed by the Republican Vote

The bill came into effect on tax year.

What’s in a Name

Interestingly, the name change had more to do with Senate convention than any objection on the part of the Democrats, none of whom voted in support of the bill. Going by the archaic Byrd Rule, which essentially decreed certain provisions as extraneous, the Republican faction was compelled to change the name of the bill. This also necessitated the removal of two provisions, which the House had to reapprove before a vote could be taken.

Senate Ruling

The Senate savings accounts. The other provision dealt with colleges being subject to a new excise tax.

As recorded in public records, the bill is now named “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018”. However, most still refer to it by its less long-winded name, the Tax Cuts and Jobs Act, which has stuck since its introduction in .

Find out more about how the Tax Cuts and Jobs Act will affect you by visiting the Bharti Sudan CPA website.