The November 9th release of the Senate Finance Committee Chairman’s Mark has put into high-gear the race to complete once-in-a-generation tax reform. A mere five hours after the House Ways and Means Committee completed a four-day markup and voted its legislation out of Committee along party lines, Senate Republicans released their “conceptual draft,” which they plan to markup on Monday, November 13. Senate Republicans hope to vote on the bill the week after Thanksgiving. A common talking point among tax policy folks is that the Senate version will control and will be handed back to the House with a take-it-or-leave-it message, but the Upper Chamber still has much work to do before advancing its tax reform plan.
In this alert, we present our preliminary review of the Senate’s conceptual draft, identifying significant differences between the House and Senate proposals.