Tag Archives: business

Tax Reform: Congressional Republicans Release Proposed Tax Bill

Finally we have something to look at in the movement toward tax reform. At the end of this post there are two links (1) a 90 page “summary” of the tax reform bill and (2) the tax reform bill known as the Tax Cut and Jobs Act.

On a quick perusal of the 425 page bill, the thrust of the bill is as follows:

  • Increase standard deduction
  • Fewer income tax brackets
  • Many deductions eliminated (the charitable and mortgage interest deductions are essentially intact)
  • Reduced corporate tax rate to 20%
  • Reduced non-corporate business tax rate to 25%
  • Elimination of the Alternative Minimum Tax
  • Estate and Gift Tax exemption increased to $10,000,000 per person
  • Phase out of Estate and Generation Skipping Taxes to repeal after 2023
  • Retention of step-up income tax basis upon death

Continue reading Tax Reform: Congressional Republicans Release Proposed Tax Bill

New Tennessee Limited Partnership bill headed to Haslam’s desk

On May 9, the Tennessee House passed the Senate’s bill to add a new chapter to Title 61 of the Tennessee Code governing limited partnerships.  The bill as has passed both houses can be read here: SB0438. It is now headed to Governor Haslam’s desk for his signature.  Once signed by the Governor, the act will take effect January 1, 2018.

Stay Tuned.