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Senate Finance Committee Advances Tax Bill

Posted By Mark Ellis, Friday, November 17, 2017

Yesterday evening the Senate Finance Committee approved the Republican plan to overhaul the tax code.  The Committee voted along party lines, 14-12, to forward the proposal on to the full Senate.  Approval came after four days of sometimes testy consideration, during which Republicans substantially revised the measure while voting down dozens of Democratic amendments.  Senate leaders aim to take up the bill -- which would cut both business and individual taxes while killing Obamacare's individual mandate requiring health insurance -- sometime after Thanksgiving.

The percentage depletion tax deduction remains unchanged as current law -- no repeal or modification of the current percentage depletion tax deduction is included in the Senate tax reform bill.  We will provide more information as the tax reform process evolves in Washington.  Many thanks to IMA-NA member companies for your engagement and feedback during the legislative process!

Tags:  percentage depletion deduction  tax reform 

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