Comprehensive Tax Reform Language Finalized
The conference committee tasked with reconciling the differences between the Senate and House tax reform bills has finalized language that would largely overhaul the U.S. tax code for the first time since 1986. President Trump and Congressional leadership have prioritized reaching a deal on tax reform before the end of 2017 in order to give the President a signature legislative victory in his first year in office. The House and the Senate must now vote on the legislation before it is delivered to President Trump for final approval. These votes are expected to occur before Congress adjourns for the year prior to the Christmas holiday. While there were some early concerns within Republican leadership that the bill would fail to secure enough Senate votes to proceed, that appears to not be the case. Over the weekend, several Senators who had expressed some opposition to the legislation, including Sens. Bob Corker (R-TN) and Marco Rubio (R-FL), announced that they would vote in favor of the bill. It is widely expected that no Democrats in the House or the Senate will support the legislation.
Importantly, the language that both chambers will vote on does not include the controversial provision that would treat a tuition waiver for students in graduate programs as taxable income. The Academy joined many organizations in opposing this specific provision as it would certainly harm current doctoral audiology students. The Academy thanks, all of its members who contacted their members of Congress via the Legislative Action Center to express their opposition to this provision in the tax reform package.