02 December 2017

Senate approves 'Tax Cuts and Jobs Act'

The Senate early on December 2, 2017, approved the "Tax Cuts and Jobs Act" (H.R. 1) by a 51-49 vote. Senator Bob Corker (R-TN) was the only Republican to vote against the bill.

The House and Senate must now agree to the same version of the bill. A House vote to go to conference with the Senate has been scheduled for 6:30 p.m. on Monday, December 4.

Before the vote, an amendment by Senator Ted Cruz (R-TX) to allow Section 529 accounts to be used for elementary and secondary education was approved 51-50, with Vice President Pence breaking the tie.

An amendment by Senator Bernie Sanders (I-VT) to create a Budget point of order for cuts to Social Security, Medicare and Medicaid fell to a Budget point order (Motion to waive failed 46-54).

Senator Sherrod Brown's (D-OH) amendment on the Child Tax Credit fell to a Budget point of order (Motion to waive failed 48-52).

Senator Marco Rubio's (R-FL) amendment on the Child Tax Credit also fell to a Budget point of order (Motion to waive failed 29-71).

A motion to commit by Senator Robert Menendez (D-NJ) to restore the state and local tax deduction under certain conditions was defeated on a 48-52 vote.

Senator Tim Kaine's (D-VA) amendment to provide for middle-class tax cuts offset by changing the corporate rate and restoring the AMT fell to a Budget point of order (Motion to waive failed 34-65).

A motion to commit by Senator Joe Manchin (D-WV) to make individual tax cuts permanent and to a 25% corporate rate was defeated 38-61.

Senator Maria Cantwell's (D-WA) amendment to strike the energy title allowing oil and gas exploration in ANWR fell to a Budget point of order (Motion to waive failed 48-52).

Senator Jeff Merkley's (D-OR) amendment to strike a provision exempting colleges that do not take federal funds from the tax on endowments was agreed to 52-48.

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Contact Information
For additional information concerning this Alert, please contact:
 
Washington Council Ernst & Young
   • Any member of the group, at (202) 293-7474.

Document ID: 2017-2042