Today, the House agreed to the Senate’s budget resolution parameters. This means Congress can now turn to passing tax legislation, including TCJA extensions and other tax reform measures promoted by President Trump and congressional members. This will be done through the budget reconciliation process, which will allow both chambers of Congress to pass significant tax legislation by simple majority vote.
There is no set time period by which Congress must pass the budget reconciliation bill, but we will keep you posted as news develops.
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