House tax reform bill passes cmte, floor consideration up next

November 9, 2017

The House Ways and Means Committee approved the Tax Cuts and Jobs Act (H.R. 1) Thursday afternoon, concluding its four-day markup of the tax reform legislation. The bill leaves the credit union tax status untouched.

“Advancing this bill for House consideration is the next step in the tax reform process, and CUNA will engage with policymakers in both Houses of Congress as the process continues,” said CUNA President/CEO Jim Nussle. “CUNA remains committed to tax reforms that build and support a strong middle class, and will continue our advocacy.”

CUNA published its analysis of H.R. 1 earlier this week, examining the bill’s effect on Unrelated Business Income Tax, executive compensation, retirement savings rules, mortgage interest, property tax deductions and business loan interest deductibility, among others.

H.R. 1 is expected to see House consideration next week.

The Senate Finance Committee released its tax reform legislation Thursday, with a markup next week and Senate floor consideration possible the week of Nov. 20.