Overview
Early this morning the Senate passed its version of the $1.4 trillion Tax Cuts and Jobs Act by a vote of 51 to 49, with Sen. Bob Corker (R-Tenn.) as the only Republican who voted against the bill. The vote on the bill followed the release of a manager’s amendment late yesterday evening. The manager’s amendment that was released would have eliminated the provision in the original Senate bill that would treat royalties from names and logos as unrelated business taxable income and increased the threshold for the excise tax on private college and university endowments from $250,000 to $500,000 per student. However, the manager’s amendment that was released did not incorporate the full package of amendments that were incorporated into the bill as passed by the Senate. As of this afternoon, the Senate has still not released the final legislative text of the bill as passed. The conference process to reconcile the House and Senate versions of the bill is expected to start soon.