coe-staff: Fwd: Memos: Final Enactment of the Tax Legislation and Comparison Chart

[Randy Kamphaus]

Faculty and staff
For those interested, please see the tax law summary from our LEARN coalition colleagues.
Randy

Sent from my iPhone

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From: Ally Cady <ACady at pennhillgroup.com<mailto:ACady at pennhillgroup.com>>
Date: December 20, 2017 at 10:08:55 AM PST
To: Ally Cady <ACady at pennhillgroup.com<mailto:ACady at pennhillgroup.com>>
Subject: Memos: Final Enactment of the Tax Legislation and Comparison Chart

Hello,

Today, the House of Representatives passed the tax bill, sending the legislation to the President for signature into law. The House's action followed passage by the Senate last night. The bill passed by the Senate was slightly different from the version that the House had passed earlier in the day, due to Democrats pressing a point of order under the "Byrd Rule." This change by the Senate required the House to take a second vote on the measure. The final bill, as passed by both chambers, is available here<https://www.gpo.gov/fdsys/pkg/BILLS-115hr1eas2/pdf/BILLS-115hr1eas2.pdf>.

The changes made in the Senate were in three areas: (1) striking the name of the legislation; (2) striking language permitting withdrawals from "529 Plans" to be used for expenses associated with homeschooling (language expanding Section 529 to allow withdrawals to be used for public and private elementary and secondary school tuition remains in the bill); and (3) revising language that limits the coverage of a new excise tax on private college endowment income to institutions with at least 500 tuition-paying students (the reference to "tuition-paying" was struck, but the requirement to have at least 500 students and all other criteria remain in the bill).

Attached, please find a memorandum describing the provisions of the final bill that will affect K-12 education, higher education and child care, as well as an updated side-by-side comparison of current law, the House- and Senate-passed bills, and the final agreement regarding the provisions affecting education. This updates the memo and side-by-side comparison that we provided yesterday.

Let us know if you have any questions.
-Penn Hill Group

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