Policymakers pushed a re-write to our tax system late last week in the most significant rewrite since 1986. The tax bill will impact every business in different ways, and as the bill heads to conference committee for reconciliation, we want to help area businesses understand the ins and outs of the two bills.
Several helpful resources to do this are The Heritage Foundation which has created a chart to explain the differences between the two bills, as well as bi-partisan evaluations of the bills by both the Joint Committee on Taxation and the Tax Policy Center. Here are some of the major differences to know about via The Heritage Foundation:
Leadership from both chambers will appoint members to serve on the conference committee that will work out the difference between the two bills. This committee will have leeway to change the bills and can completely rewrite entire sections if they choose to.
At this time we are not sure what the timeline will be, but we will be following closely and keep members updated as we learn more. The debate among the committee will be limited to 10 hours, so the bill will move quickly once it hits the floor. With that said, now is the time to contact legislators with your input.
We encourage you to reach out to your legislators to let them know how the bill will impact you and your business, as well as ask them to ensure the historic tax credit and New Market Tax credit programs are maintained.
Sen. Chuck Grassley: (563) 322-4331 or email>
Sen. Joni Ernst: (563) 322-0677 or email>
Rep. Dave Loebsack: (563) 323-5988 or email>
Sen. Dick Durbin: (309) 786-5173 or email>
Sen. Tammy Duckworth: (217) 528-6124 or email>
Rep. Cheri Bustos: (309) 786-3406 or email>