The Associated Press reported this afternoon that Congressional Republicans have an agreement on the tax reform legislation and that final votes are expected next week. Quoting top Republican aides, AP said lawmakers had reached an agreement in principle on the final package. Details still need to be drafted, but they will likely be unveiled later in the week.
Yesterday, The Washington Post reported lawmakers had agreed to lower the top individual income tax rate to 37 percent from 39.6 percent and cut the corporate rate from 35 percent to 21 percent instead of 20 percent as originally proposed. Mortgage interest deductions on mortgages of up to $750,000 reportedly will be included as well.
The fate of state and local tax deductions is unclear. NJBIA has joined with other business groups to urge Congress to keep a portion of the property tax deductions.