On December 7th, the Joint Committee on Taxation released its comparison of the House and Senate versions of tax reform. This report provides a helpful summary of the status of all provisions in the House and Senate versions of the Tax Cuts and Jobs Act.
Some of the provisions common to both versions include:
• Repeal of the deduction for personal exemptions
• Repeal of the deduction for non-business taxes with a $10,000 exception for individual real estate taxes
• Increase in the charitable contribution percentage limit from 50% to 60%
To access the report, please visit the Joint Committee on Taxation’s website.
As always, if you have any questions about how the proposed tax reforms may impact you or your business, please don’t hesitate to contact us.