HOUSE RELEASES PROPOSED TAX BILL
The House Ways and Means Committee released the text of The Tax Cuts and Jobs Act this morning – the long awaited Republican tax simplification bill.
The bill proposes to modify IRC Section 1031 to apply only to real property. The bill repeals like-kind exchanges for all non-real property assets which presumably includes equipment, machinery, rental vehicles, aircraft, livestock, collectibles and intangible property.
The House Ways and Means Committee is scheduled to mark up the bill beginning at noon on Monday, November 6, 2017 and expects to introduce the bill to the full House for consideration the week of November 13th. This timetable is aggressive and subject to change.
The Senate Finance Committee is working contemporaneously on its own tax reform legislation and has indicated that it may introduce its bill during the week of November 13th with passage of a final bill between Thanksgiving and Christmas. We will continue to provide updates as they become available