On November 2, 2017, House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced a tax bill entitled the Tax Cuts and Jobs Act, and later proposed amendments to the bill on November 3, November 6, and November 9, 2017. The House passed the amended version of the bill on November 16, 2017. On November 9, 2017, Senate Finance Committee Chairman Orrin Hatch (R-UT) released a Senate version of the bill, and later proposed amendments to the bill on November 14, 2017. On November 16, 2017, the Senate Finance Committee approved the bill after making some last minute changes in a manager's amendment. The Senate passed the bill with further amendments on December 2, 2017. Next, the conference committee will attempt to reconcile the House and Senate versions of the bill. If the bill were to become law, there would be certain fundamental changes to the U.S. rules regarding international taxation.
A brief summary of the comparison of the impact of the House and Senate versions of the bill on international taxation is available here. A more detailed version of such comparison is available here.
