Congress Reaches Agreement on Tax Reform, Plans to Vote This Week
On Friday, December 15, members of the U.S. Congress unveiled a conference report on tax reform, resolving differences between the House and Senate bills.
Full text of the conference report, which is nearly 1,100 pages long, can be found here. For those who want to go into the weeds, a joint explanatory statement, which describes current law, the House and Senate provisions, and what is in the conference agreement, can be found here.
As has been mentioned in my earlier blog and in the members-only AACTE Federal Update webinars, the American Council on Education (ACE) has an excellent website on the higher education provisions and implications of tax reform. A summary of all the provisions affecting higher education and the agreement met via conference can be viewed here. Notably, the student loan interest deduction survived, and there will be no taxing of tuition waivers.
The House and Senate are expected to vote on the agreement this week and send it to the president for his signature before Christmas.