By Alistair M. Nevius
After two days of markup, the Senate Finance Committee released a revised chairman's mark of its version of the Tax Cuts and Jobs Act late on Tuesday. Among the many changes, the revised bill would sunset almost all tax changes affecting individuals after Dec. 31, 2025. This allows the bill to conform to the Senate's budget reconciliation process, which requires bills to not increase the federal deficit for more than 10 years. The repeal of the alternative minimum tax would also sunset after 2025.
Individual changes that are indexed for inflation would not sunset; nor would changes affecting businesses.
The Senate Finance Committee is reportedly planning to vote on the marked-up bill later this week.
Here are highlights of some of the changes.