The House and Senate Tax Plans, Side-by-Side12/08/2017
Over the weekend, the Senate passed its version of the Tax Cuts and Jobs Act (H.R.1). This action followed the passage of H.R.1 in the House on Nov. 16. The business elements of the bills have many similarities, though differences in a handful of areas are quite substantial. In an effort to compare the bills and inform our decision-making, we have prepared a matrix that compares the House and Senate bills to one another, as well as the current tax code. For some elements, the only way to determine the impact on farm and ranch businesses is to compare the tax treatment of the same farm under both plans. We have done that below for differences in the individual income tax rates and the taxation of pass-through businesses.