National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
GOP Tax Victory Delayed by Procedural Speed Bump
Story Update 12/20, 10 a.m.: Today, the House re-affirmed the Senate package by a vote of 224-201. The measure now heads to the President’s desk for signature.
The sweeping tax reform bill was approved Tuesday by the House, then it wasn’t. The House passed the final version of Republicans’ $1.5-trillion tax overhaul on Tuesday afternoon. Then a Senate parliamentarian ruled that two provisions would have to be removed from the bill, forcing a new House vote, likely today.
The Senate debated the bill Tuesday night and voted to approve the bill early Wednesday morning. The House initially passed the final version of Republicans’ $1.5-trillion tax overhaul on Tuesday afternoon.
The provisions in question involve allowing families to use education savings accounts (529 accounts) to pay for K-12 private schools and home-schooling expenses. The other would exempt private colleges and universities with fewer than 500 tuition-paying students from a new tax on their endowments.
Those were found to be in violation of the Byrd Rule, which stipulates the types of legislation that can be passed under reconciliation, a process allowing budget bills to pass the Senate with 51 votes, without first getting the 60 votes needed to close debate.
For comments, questions or concerns, please contact Dennis Kaiser
