Major Changes for Tax-Exempt Organizations Move Forward: Comparing House and Senate Versions of the Tax Cuts and Jobs Act

On November 16, 2017, the House of Representatives passed the Tax Cuts and Jobs Act (the Act). Quarles & Brady analyzed the original House version in two previous Updates (Click here for a general summary and here for the Bill’s impact on tax-exempt organizations). The table below compares specific provisions in the House Bill (as adopted) and Senate Bill (as modified earlier this week), focusing on how each version will affect tax-exempt organizations. Most provisions of the Act would be effective for tax years beginning after December 31, 2017.

*Click here for more information about the House Bill’s repeal of the above bonds.

The House Bill (as adopted) and Senate Bill (as modified) contain many other provisions with implications for tax-exempt organizations, including changes in income tax rates, the standard deduction, and the estate tax. It is likely that the Senate Bill will continue to be revised throughout November, and Quarles & Brady will continue to monitor these developments closely. For more information about the Act’s potential application to your organization, contact Janice Rodgers at Janice.Rodgers@quarles.com/(312) 715-5034, Norah Jones at Norah.Jones@quarles.com/(312) 715-5052, Jodi Pellettiere at Jodi.Pellettiere@quarles.com/(312) 715-5063, or your Quarles & Brady attorney.