On December 2, 2017, the Senate passed its version of the "Tax Cuts and Jobs Act," following the House-passed version of tax reform legislation in mid-November. The House and the Senate will now work to reconcile differences between their two bills in a conference committee, determining the fate of several key health care provisions including the Senate's repeal of the Affordable Care Act's (ACA) individual mandate, the House's repeal of the medical expense deduction and orphan tax credit, and several other provisions that impact both individuals and businesses. Additionally, the looming "Pay Go" trigger resulting from either version of the bill could have a monumental impact on Medicare spending and other mandatory programs in years to come if not addressed by Congress.

The attached Tax Alert outlines the estimated impact of these provisions along with side-by-side charts, divided into the following four areas:

— Overarching impact on mandatory spending
— Individual impact: key health care provisions
— Business impact: key health care provisions
— Impact on tax-exempt entities

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Tax Reform and Health Care