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Senate Passes Tax Reform Bill

Posted By Mark Ellis, Monday, December 4, 2017

Early this past Saturday morning the Senate passed its version of tax reform legislation by a vote of 51-49, with all Republicans except Sen. Bob Corker (R-TN) in favor and all Democrats opposed.  The bill that cleared the Senate Finance Committee before Thanksgiving underwent some changes in the ensuing weeks to secure the Republican votes necessary to secure its passage on the Senate floor.  While differences exist between the separate tax reform bills passed by the House and Senate, the conference committee that will attempt to reconcile the two bills is expected to move expeditiously.  Conferees are expected to be named by the House and Senate leadership early this week.

The percentage depletion deduction is preserved in the Senate bill, as it likewise is in the House bill, in that the current tax code provisions of Title 26 U.S.C. §613 are not repealed or modified and remain existing law.  Preserving the percentage depletion deduction has been IMA-NA’s highest legislative priority this year because the deduction typically is worth millions of dollars to IMA-NA producer member companies.  IMA-NA will continue to advocate for preservation of the percentage depletion deduction as tax reform moves through the legislative process until, ultimately, it is signed into law by the President.

Tags:  percentage depletion deduction  tax reform legislation 

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