Senate Passes Tax Bill That Would Cut Alcohol Excise Taxes
The Senate passed tax reform legislation on Dec. 2 by a vote of 51-49, setting up a legislative conference process with the House to settle differences between the two chambers’ passed tax bills and to form one united bill that…
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would be subject to another round of congressional votes. The Senate bill proposes to cut excise taxes on beer, wine and certain distilled spirit imports (see 1711170012), provisions that the House bill omits. The House on Nov. 16, passed its version of tax reform legislation, which would install a new excise tax on payments from U.S. corporations to related foreign corporations for imports (see 1711060056), a provision that the Senate bill omits. The GOP majority of both the Senate and the House will now lead meetings in hopes of combining elements of both chambers’ bills into one piece of legislation, which would be subject to both House and Senate approval before it could be sent to the White House for signature. Republican lawmakers aim to send final tax legislation to President Donald Trump by the end of 2017.