House Passes Tax Reform Legislation Following Rules Committee Revisions; No Changes to Tax-Exemption
May 22, 2025
Service: Public Finance,Tax Related Professionals: Leslie Powell, Michelle Adams, Matthias Edrich, Steven Likes, Fred Marienthal, Michael Thomas

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This morning the House of Representatives narrowly passed the “One Big Beautiful Bill” on a largely party-line vote. The vote count was 215-214, with 2 Republicans voting “No”, one absent, and another voting “Present.” The bill advanced to the House Floor overnight following an 8–4 vote out of the House Rules Committee late last night. During that meeting, the Rules Committee adopted a manager’s amendment that introduced a series of substantive and technical revisions to the bill, signaling a tightening of the legislative coalition ahead of House floor consideration.

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House Budget Committee Advances Tax Reform Legislation by One-Vote Margin
May 19, 2025
Service: Public Finance,Tax Related Professionals: Leslie Powell, Michelle Adams, Matthias Edrich, Steven Likes, Fred Marienthal, Michael Thomas

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Late last night, the House Budget Committee voted 17–16 to report the “One, Big, Beautiful Bill” to the House Rules Committee. The bill advanced only after four members of the House Freedom Caucus voted “present,” withholding support but permitting the legislative process to proceed. These members have signaled continuing concerns with the bill’s fiscal offsets and overall deficit impact, but chose not to block advancement to preserve ongoing negotiations.

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“One, Big, Beautiful Bill” Fails House Budget Committee Vote Today
May 16, 2025
Service: Public Finance,Tax Related Professionals: Leslie Powell, Michelle Adams, Matthias Edrich, Steven Likes, Fred Marienthal, Michael Thomas

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Earlier this morning the House Budget Committee attempted to pass the "One, Big, Beautiful Bill" out of committee. With a count of 16-21, the vote failed. Republican Representatives Norman, Roy, Brecheen, Clyde, and Smucker all voted against the legislation. Reports indicate that these members do not believe the spending cuts go far enough and remain extremely focused on and concerned about the deficit.

Tax Reform Passes Ways and Means Test
May 14, 2025
Service: Public Finance,Tax Related Professionals: Leslie Powell, Michelle Adams, Matthias Edrich, Steven Likes, Fred Marienthal, Michael Thomas

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Around 8:00 a.m. (ET) this morning, the House Ways and Means Committee voted to approve its tax reform legislation. While there were spirited discussions on several issues during the almost 17-hour session, the tax-exempt status of bonds did not come up. All proposed amendments were rejected in favor of maintaining the language as initially released on Monday.

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Ways and Means Releases "The One, Big, Beautiful" Tax Package
May 12, 2025
Service: Public Finance,Tax Related Professionals: Leslie Powell, Michelle Adams, Matthias Edrich, Steven Likes, Fred Marienthal, Michael Thomas

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On May 12, the House Ways and Means Committee released a complete copy of its draft tax reform legislation. You can find it here. The Ways and Means Committee will hold a “mark-up” session on May 13, at 2:30 p.m. (ET).

The legislation, entitled “The One, Big, Beautiful Bill,” generally breaks down into three major categories: extensions of the 2017 Tax Cuts and Jobs Act (TCJA), Presidential campaign priorities, and offsets (many of which are achieved by repealing Inflation Reduction Act energy tax policies).

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House Takes Critical Step Forward for Tax Reform
April 10, 2025
Service: Public Finance,Tax Related Professionals: Leslie Powell, Michelle Adams, Matthias Edrich, Steven Likes, Fred Marienthal, Michael Thomas

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This morning, the House passed an amendment to its original budget framework to align it with the budget resolution passed by the Senate late last week. With this procedural hurdle now cleared, the House committees of jurisdiction can move forward with drafting the details of tax reform legislation.

Today’s action by the House is in line with the President’s desire to pass omnibus legislation as part of a single bill. It allows the Senate to utilize budget reconciliation rules and circumvent the 60-vote filibuster hurdle when the time comes to pass tax reform.

Click here to learn more about the implications and next steps in making the economic case for tax-exempt bonds.

Advocacy Initiative: Preserving Tax-Exempt Bonds
April 7, 2025
Service: Public Finance, Tax Related Professionals: Leslie Powell,Michelle Adams, Matthias Edrich, Steven Likes, Fred Marienthal, Michael Thomas

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It is no surprise that 2025 is a big year for tax reform. Many of the provisions in the Tax Cuts and Job Act (TCJA) are expiring, and negotiations are already under way for how to extend them. Once again, tax-exempt bonds may be in jeopardy.

With this focus on tax reform and its important implications for you, Kutak Rock is dedicated to keeping you informed and actively engaging on this issue. 

We’d like to introduce you to Capitol Connection – our platform for connecting our clients and community to the rapidly changing discussions in Washington, D.C. and, most immediately, how tax reform could impact the tax-exempt bond industry. 

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