Congress Approves Tax Reform Legislation, Bill Now Awaits President’s Signature

Filed in Capitol Hill by on December 20, 2017 0 Comments

treasury checkThe Senate approved landmark tax reform legislation, the Tax Cuts and Jobs Act, just before 1 a.m. this morning by a 51-48 vote along party lines. The House passed the bill yesterday but had to revote today because technical changes were made to the Senate bill. The House approved the amended Senate version several hours later on a 224 to 201 vote. President Trump is expected to sign the bill into law in the near future.

“This legislation moved swiftly, and once signed into law by President Trump will deliver significant tax cuts starting the first of January,” said NAHB Chairman Granger MacDonald.

MacDonald thanked the members from across the NAHB Federation who wrote and called their members of Congress to urge their support for the bill after NAHB was able to earn victories on the real estate exception to the business interest deduction, second homes, private activity bonds, the capital gains exclusion and other provisions.

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