Early Saturday morning, the Senate passed their version of a tax reform package by a vote of 51-49. The House and Senate must now reconcile the two separate proposals into one that will need to be voted on in both chambers before sending it to the President’s desk.
After days of debate and hours of negotiating, Republicans are now one step closer to one of their key policy goals. Most notable to the aggregates industry was an amendment introduced by Sen. Ben Cardin, D-Md., that would have used deemed repatriation on one-time infrastructure spending. Unfortunately, the motion failed by a vote of 43-57. Private activity bonds were kept exempt for state and local governments to use on infrastructure projects. Percentage depletion, the LIFO accounting method, and Like-Kind Exchanges for real estate have remained intact in both the House and Senate bills.
A vote was scheduled on the House calendar for Monday to agree to a House-Senate conference on the bill and to appoint conferees so that a final version can be negotiated and enacted by Christmas.