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Following the recent tax reform proposal, Alvarez and Marsal, Taxand USA, presents a special alert explaining the two bills.
As expected, the Senate Finance Committee released its initial tax reform proposal on Friday. Separately, the House Ways and Means Committee put out its final legislative markup (the night before). Yes, we now have two bills to evaluate. Thankfully, you will see many overlapping provisions.
On the other hand, expect challenges following the legislation, as each chamber of congress is introducing its own unique game-changers, and both bills add a ton of new complexity for multinationals.
Discover more: Now tracking… two complex bills
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We suggest corporates use the chart below to monitor the international provisions of both bills. We also recommend using high-level analytical tools to quickly assess the comparative impact of the bills through the remainder of the legislative process (as we are also doing with our clients). And finally, we suggest corporates immediately identify potential year-end planning techniques and action items, especially considering the high likelihood and overlapping provisions of the bills.