Members of the joint conference committee held a public hearing this week as they continue to negotiate to resolve differences between the House and Senate versions of the Tax Cut and Jobs Act legislation. Congressional leadership remains optimistic that both chambers will vote to pass the revised bill by the middle of next week and send to President Trump for his signature prior to leaving for holiday break on Dec. 22.
Democrats have repeatedly asked Republicans for a delay in the process to allow time for recently elected Senator Doug Jones (D-AL) to be sworn in so he can participate in the process, but their requests have been ignored.
It is anticipated that additional details from the tax agreement may be released later today. However, some details have been shared related to the impact on health care providers.
The tax deduction for qualified medical expense deductions will be preserved and the threshold may be temporarily reduced to 7.5 percent of an individual’s or family’s adjusted gross income for two years. After two years, it would return to the current 10 percent rate.
Private activity bonds are also likely to be preserved, however, there is uncertainty if the advanced refunds provision will be included. Despite a growing outcry, the provision which would eliminate the Affordable Care Act (ACA) individual mandate requirement is likely to be included in the final legislation.
Click here to view a comparison of the House- and Senate-passed version of the Tax Cuts and Jobs Act.